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By Robert Rapier on Nov 6, 2007 with no responses

Making It Up As They Go Along

Oil Watchdog’s latest press release has finally prompted me to write my own. I am composing it now, to be released in the next day or so. Here is the article that is prompting the response:

Oil Watchdog: We Make It Up As We Go Along

“Oil companies are reaping profits of up to $75 a barrel on $95-a-barrel oil, and now they’re taking the leash off of gasoline prices as well,” said Judy Dugan, research director of FTCR and its OilWatchdog project. “With the U.S. economy at a tipping point, a 14-cent jump in gasoline over a single week signals a spike that will empty consumers’ pockets during the holiday season. It’s not hard to imagine $4.00 a gallon early next year.”

FTCR noted that the major oil companies’ third-quarter profit dips were an anomaly, pushed by Congressional threats to cut their subsidies and cap their profits. An unexpected dip in summer gasoline usage, linked to record pump prices, also increased supply and put downward pressure on outlandish refinery profits, said FTCR.

Have no fear. I will apply the same level of journalistic integrity employed by Oil Watchdog. And like Oil Watchdog, if I don’t know the answer to a question, I will just authoritatively make something up. Stay tuned.