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Gas prices at the pump during the July 4th extended weekend were the highest they have been in six years. This, of course, has little to do with supply-and-demand economics. It has everything to do with supply-and-gouge profits.
Over the past decade, the five largest oil companies have earned more than $1 trillion in profits. Last year, the Big Five--BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell--earned about $93 billion in profits. Their CEOs last year earned an average of about $20 million. Included within the profits is $2.4 billion in taxpayer subsidies because it's hard to make a living when your hourly wage, assuming you work every hour of every day, is only $2,283.
"We have been subsidizing oil companies for a century. That's long enough," President Obama said more than a year ago. The Senate disagreed. Forty-three Republicans and four Democrats blocked the elimination of subsidies. Although the final vote was 51--47 to end the subsidies, a simple majority was not enough because the Republicans threatened a filibuster that would have required 60 votes to pass the bill. A Think Progress financial analysis revealed that the 47 senators who voted to continue subsidies received almost $23.6 million in career contributions from the oil and gas industry. In contrast, the 51 senators who had voted to repeal the subsidies received only about $5.9 million.
For a couple of decades, the oil industry blamed the Arabs for not pumping enough oil to export to the United States. But when the Arab oil cartel (of which the major U.S. oil companies have limited partnerships) decided to pump more oil, the Americans had to look elsewhere for their excuses. In rapid succession, they blamed Mexico, England, the Bermuda Triangle, polar bears who were lying about climate change so they could get more ice for their diet drinks, and infertile dinosaurs.
This year, the oil companies blamed ISIS, a recently-formed terroristic fringe group composed primarily of Sunni Muslims, who have opposed Shia Muslims for more than 14 centuries. Think of the Protestant--Catholic wars in Ireland. Because ISIS was laying a path of destruction through Iraq, the oil companies found it convenient to declare that oil shipments were threatened, and then raise prices, salivating at their good fortune that terrorists had come to their financial assistance during the Summer holidays.
However, because the oil companies have laid a thick propaganda shield upon the America people to make them believe that fracking the environment and destroying public health, while yielding only temporary job growth, will lead to less dependence upon the Arab nations and lower costs to Americans, the Industry has to come up with some excuses to drill the taxpayers.
Through deft journalistic intrigue and a lifetime of investigative reporting, I was able to obtain insider information from the ultra secret Gas and Oil Unified Greedy Excuse Maker sub-committee (GOUGEM). I have not been able to verify the transcript, but in the developing tradition of 21st century journalism, that doesn't really matter.
"We have a problem," declared the GOUGEM Grand Caliph "We have run out of excuses. Last year, we had to find excuses not only for the Summer vacations, but also to justify our surreptitious funding of the Benghazi investigation."
"There must be a hundred different ways to nail Obama for this year's increase," declared the Sunoco representative.
"What if we claim that Obamacare caused gas prices to go up for ambulances," said a newly-appointed representative from the Hess Corp.
"Tried it last year, but we couldn't get much traction," said the Grand Caliph. "Only Fox, Limbaugh, and some guy broadcasting through a tin cup from his room at Bellevue picked it up."
"Afghanistan!" shouted the Marathon representative. "We've gotten good mileage from blaming the war for the cost of gas."