Ethics and the Oil Industry - 1623 Words

Ethics and the Oil Industry Todd Bosta Monday, November 8, 2010 Does anybody Care? As the US Economy continues to dive, unemployment persists at a level not seen since the Great Depression, and the US Federal Government sees fit to continually bailout big business, it escapes logic why the cost of oil once again, is on the rise. The US oil companies would have us believe it has to do with the Middle East oil producing nations cutting back on production, therefore raising the price. The energy traders at the New York Stock Exchange shrug it off to supply and demand. Many theorize that America has billions of surplus barrels of oil. I believe it is pure greed from these entities. With so many Americans struggling†¦show more content†¦Based on this type of fabricated speculation, the value of the dollar and supposed turmoil around the world, this can have a serious effect on the price of oil, or so we are lead to believe. â€Å"In California, over a 21 month period, October 2006 to June 2008, a gallon of gas rose from $2.29 to $4.59 a gallon† (Herszenhorn, 2008). On a network-news website in Tallahassee, Florida, the lead article said, â€Å"Congress is poised to investigate what role speculators are playing in rising gas prices.† It went on to say, â€Å"The prices keep cl imbing. The price at this Tallahassee station was 10 cents cheaper just six days ago. Panama City stations are even worse where the price of gas Monday jumped 10 cents a gallon just Monday afternoon.† (Ray, May 2008). In April of 2008, Governors from several states called on the White House, the Energy and Justice Departments to begin an investigation into insider trading, illegal price fixing and speculator manipulation. This included collusion within the oil companies. Amazingly, by November 24, 2008, a gallon of gas was $1.71 a gallon. Everyone was so relieved of the incredible price drop, no one bothered to ask the oil companies how it was possible that gas could drop $2.87 a gallon in five months when it took 21 months to increase $2.30. I suppose we will never know. I suppose I would not fret if I was one who had a lot of stock in any oil company. 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