Day 171
...To continue from yesterday:
Speaking of oil companies, I've notived in the media there's a pretty loud call on the part of the government and the public for OPEC to increase its output, in order that prices will fall back down. It only seems fair, since they have the capacity to do so, and the reserves to supply the demand.
Meanwhile, oil execs are getting dragged in front of congress to testify, responding to demands that they justify their companies' obscene profits.
But wait just one second. Aren't the oil people doing exactly what they're supposed to be doing? This is CAPITALISM! The whole point of having a company is to maximize profit. Why on God's green earth would any sane oil company intentionally sell more of its non-renewable product for less money? That's the complete opposite of running a business properly.
So when Saudi Arabia "...sees no reason to increase production," (quoting from CNN) be not surprized. Why would they? They're making buckets of money!
Ultimately the market forces that bring you underpriced food and fabric are the same market forces that bring you overpriced oil: namely monopolies that control the means of production (to borrow a phrase from Marx). This is what we get, when we give too much authority to corporations. Sometimes we'll get great deals, and sometimes we'll get screwed.
Americans drove a total of 1.3 billion fewer miles last month compared to the average of some previous Mays. Once again it has been proven that a few extra bucks at the pump will accomplish so much more than any courageous moral imperative bellowed by Al Gore or Bono. We're awful people, really.
Speaking of oil companies, I've notived in the media there's a pretty loud call on the part of the government and the public for OPEC to increase its output, in order that prices will fall back down. It only seems fair, since they have the capacity to do so, and the reserves to supply the demand.
Meanwhile, oil execs are getting dragged in front of congress to testify, responding to demands that they justify their companies' obscene profits.
But wait just one second. Aren't the oil people doing exactly what they're supposed to be doing? This is CAPITALISM! The whole point of having a company is to maximize profit. Why on God's green earth would any sane oil company intentionally sell more of its non-renewable product for less money? That's the complete opposite of running a business properly.
So when Saudi Arabia "...sees no reason to increase production," (quoting from CNN) be not surprized. Why would they? They're making buckets of money!
Ultimately the market forces that bring you underpriced food and fabric are the same market forces that bring you overpriced oil: namely monopolies that control the means of production (to borrow a phrase from Marx). This is what we get, when we give too much authority to corporations. Sometimes we'll get great deals, and sometimes we'll get screwed.
Americans drove a total of 1.3 billion fewer miles last month compared to the average of some previous Mays. Once again it has been proven that a few extra bucks at the pump will accomplish so much more than any courageous moral imperative bellowed by Al Gore or Bono. We're awful people, really.
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