Will someone please set the alarm and wake up these hard-nosed, ultra conservative Republicans? Make no mistake about it, the problem is not OPEC. It is Exxon/Mobil.
I am sick to death of hearing and reading these conservative myth-makers blame $3-per-gallon gas on OPEC. Did anyone read the third-quarter earnings report by Exxon/Mobil? $10.5 billion. Can you visualize this? The cost of our fuel oil and gasoline is not because of the $61 OPEC cost. It is because of the three- month, $10.5 billion Exxon/Mobil profit.
How about if Exxon/Mobil reduced the cost of gas to $2 per gallon? That would be a $1-per-gallon savings for us and a three-month profit of $7 billion for them. You can bet your butt that the conservative writers would then be saying: “Oil companies report profits down, a $3.5 billion dip in quarterly earnings.”
Before the conservatives start screaming that gas is down to $2.20 per gallon, let me remind them that the projected quarterly profits on $2.20 per gallon is more than $7.2 billion.