“Chevron said Friday that net income fell 6 percent in the
third quarter as weak refining results and higher operating costs offset higher
oil and gas production and prices.”
Here in Humboldt County, the price for a gallon of gasoline
has recently dropped to $3.99. It has
been between $4.19 and $4.29 for most of the year.
The US is producing the most oil from domestic sources in
over 30 years. Our imports are down
significantly, and our exports are way up.
So we are now saving 25 cents on a gallon of gas…whoopee! But just wait. The price will go up again, because: “Chevron's worldwide oil and
gas production rose 3 percent, or about 70,000 barrels per day compared with
last year. Higher oil prices in the U.S. and abroad, and higher natural gas
prices in the U.S. also helped boost revenue. But higher operating and
exploration expenses offset those gains. The company's oil and gas exploration
and production earnings fell 1 percent in the quarter. Refining profit fell by
45 percent in the quarter because input costs such as crude oil stayed high
while prices for fuel products such as gasoline fell.”
Drill, Baby, drill…that whole mantra, and everything that
was said by Palin, Gingrich, and the rest of those morons was really a
lie. Flat out BS to the American
public. We could drill and frack to
their hearts content, become “energy self-sufficient,” produce all our own
energy, and we would not be in control of the price of gasoline. I would expect that Chevron and Exxon (who
reported the same kinds of earnings) will now have to manipulate the refining
market…time for another explosion or fire, or something to get that price of
gasoline back up…this time to $4.49 or more.
It’s the same players and game in the entire fossil fuel and
nuclear business. And we use an
enormous amount of our tax dollars to assure the “health” of these energy
giants, while some of us squabble about the health care for our citizens. Makes one want to think??!!
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