[Vision2020] Institute for Public Accuracy: "Big Oil and Energy Traders Manipulating Consumers"

[Ted Moffett]

http://www.accuracy.org/release/record-gas-costs-and-price-manipulation/“Big
Oil and Energy Traders Manipulating Consumers”
August 21, 2012

 AP just ran a piece titled “Summertime Blues for Drivers: Gas at August
Record.”<http://www.sfgate.com/news/article/Summertime-blues-for-drivers-Gas-at-August-record-3800934.php#ixzz24BakZP6c>

 <http://www.sfgate.com/news/article/Summertime-blues-for-drivers-Gas-at-August-record-3800934.php#ixzz24BakZP6c>The
San Francisco Chronicle recently published “Gas Costs More — in Absence of
Shortage.”
<http://www.sfgate.com/default/article/Gas-costs-more-in-absence-of-shortage-3797116.php>

ANTONIA JUHASZ, antoniajuhasz at gmail.com,
@AntoniaJuhasz<https://twitter.com/AntoniaJuhasz>
Juhasz <http://www.antoniajuhasz.com/> is an oil and energy analyst, author
and journalist. Her books on the oil industry include *The Tyranny of Oil*.
She is an investigative journalism fellow at the University of California,
Berkeley Graduate School of Journalism. *The Los Angeles Times *recently
published<http://www.latimes.com/news/opinion/commentary/la-oe-0814-juhasz-chevron-refinery-pollution-20120814,0,5532083.story>an
op-ed of hers on the Chevron refinery fire.

Juhasz said today: “Price manipulation is driving rising gasoline prices,
not supply and demand fundamentals. In California, gasoline production
increased by more than 12 percent in the week following the Chevron
refinery fire as other refineries increased production. At the same time,
gas prices increased dramatically driven by price manipulation. Big Oil and
energy traders, who are often one in the same as every major oil company
(with the possible exception of Exxon Mobil) report in SEC filings engaging
in speculative energy trading, are manipulating consumers.

“According to the U.S. Energy Information Administration, nationally, U.S.
crude oil stocks are higher now than they were at this time last year; U.S.
oil production is at its highest levels since 1998; more gasoline was
supplied nationally last week than at any time since July 2011; and overall
U.S. gasoline consumption is down. In fact, U.S. oil companies are
increasingly exporting oil and gasoline produced here out of the United
States to furnish other markets. Meanwhile, globally, crude oil production
is up from this time last year as global consumption slumps. Manipulation,
not supply, is the problem.

“Increased oil production, the release of oil from the Strategic Petroleum
Reserve, and building more gasoline refineries will not affect gasoline
prices. Instead, increased regulation, oversight, and enforcement of how
gasoline prices are set at the pump and, even more importantly, energy
futures markets, are the best tools for affecting price.

“Gasoline prices should be high and probably much higher than they
currently are to account for the externalities of oil and gasoline usage.
But rather than put this money into the already overstuffed pockets of Big
Oil, governments should capture it to invest in meaningful alternatives to
make us far less dependent on our cars and provide a massive jobs program
while they’re at it by investing in increased, more affordable, and more
convenient public transportation.”

Tagged With: Antonia<http://www.accuracy.org/tags/antonia/?post_type=news-release>,
Big Oil <http://www.accuracy.org/tags/big-oil/?post_type=news-release>,
Chevron <http://www.accuracy.org/tags/chevron/?post_type=news-release>,
gas<http://www.accuracy.org/tags/gas/?post_type=news-release>,
Juhasz <http://www.accuracy.org/tags/juhasz/?post_type=news-release>,
oil<http://www.accuracy.org/tags/oil/?post_type=news-release>,


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Vision2020 Post: Ted Moffett
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