It’s like blaming Harry Carey for the Cubs losing streak. To see the big oil companies being called out for making billions only shows that people still have no idea how oil prices are set. They actually think that Exxon has some control over oil prices. I don’t know how many times the oil companies can say it but you’re hunting for someones head in the wrong arena. You need to look at the trading pits. Those guys are the “problem”.

Oil is a speculatively traded commodity and the price is determined in an open market ie trading pits. Traders, using supply, demand, and speculation determine the price, not the guys finding it. Oil producers can move markets by announcing finds or problems, but in general, they have no say over what they will receive for their findings. They make billions only because Chuck from Beverly on the South Side keeps bumping up the bid because he heard rumors that two guerrilla fighters have been smoking by the largest oil well in Nigeria and there is an increased chance that it could go up in flames and drop production by 20,000 barrels a day. Sounds idiotic but spend a day on the floor and listen to the banter, you’ll hear crazier reasons for trades than that, I promise.

Wasting our tax dollars chastising the oil companies simply shows the ignorance of our government. Then again they felt compelled to get involved in the Roger Clemens HGH scandal. Now THAT is an answer I want to hear.