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Christmas came early for BIG OIL!


CofCC.org News Team

(by Kyle Rogers, exclusive to CofCC.org)

I live in Charleston, South Carolina. Yesterday the state government gave a spanking to big oil, and all at once every gas station changed their price to 3.89. Two days ago you could find gas prices as high as $4.50 for 87 octane, or as low as $3.80, and everything in between. Now you drive around and it’s $3.89, $3.89, next city $3.89, next county $3.89. lol. Since almost all gas stations are corporate stations now, the prices are determined by higher ups, not the local manager.

But what should gas really be???

Crude oil continues to plummet. NYMEX has been hitting prices as low as $95 per barrel. In mid July crude oil hit nearly $150, yet today we are paying as much or just as much as we were then.

Last Wednesday two gas stations on the corner of my subdivision were selling gas for $3.45. Then news of an impending Hurricane created gas shortage hit the news. Cars lined up to fill their tanks. Lines were so long in my neighborhood that they spilled into the street and blocked traffic. The $3.45 gas was raised about .30 in a matter of hours. Even though they were still selling the same gas. They hadn’t gotten new deliveries. By Friday, one of the stations had raised it’s price to $4.20! Then Saturday morning the truck arrived with a fresh supply of gas. That means that they literally sold gas (which the station paid the same amount for) for prices ranging from $3.45 to $4.20.

Yet we here the media defending the oil companies and saying there is no price gauging. They bring on experts who only give the oil companies point of view (the ones making record profits right now), and no one else.

The last time crude oil was at $100 was last May. The average US price at the pump was $2.80! It is $3.89 in South Carolina and SC is general one of the top five cheapest states for gas.

Now, I’ll let you in on the big secret. The wholesale price of gas on the NYMEX exchange is still going DOWN! For the past week we’ve been paying more at the pump allegedly because of Hurricane IKE, yet NYMEX gasoline wholesale prices are still going down. Wholesale gas is trading at $2.45 a gallon today. Down from $2.77 eight days ago! Before the alleged eminent supply disruption.

So why are you really paying more at the pump? Because the corporate owned gas stations are taking an early Christmas. It’s just that simple.

The supply of gasoline is not disrupted.
The cost of crude oil is still going down.
The cost of wholesale gasoline is still going down.
We are all being ripped off.

This is why I consider myself a George Wallace populist and not a supporter of unlimited predatory capitalism. When was the last time you went to the grocery store and the employees are frantically marking up the price of bananas? “There is a big storm in Jamaica, the cost of Bananas are up!” You have never seen that happen have you. You have never seen a grocery store employee run out and raise the cost of produce because the future cost of that produce might go up in the near future.

Yet with the corporate owned gas stations it is an everyday occurrence. Some call that “Price Gouging!”