Much has been said about oil companies reporting record profits over the past couple of years, thanks to the unbelievable rise in fuel prices and the profit the companies are realizing on a barrel of oil right now. Other factors have been driving the price of fuel upward, such as tight supplies, record worldwide demand, seasonal changeovers and other bull being fed to us ‘round the clock.
The bottom line is that speculators are pressuring the prices more than anything else, and oil and energy companies are enjoying the surge while they can.
The profits from oil, though they may be disparaged throughout the media, are a blessing to some, though. I imagine those who have a stake in these oil and energy companies–employees, managers, shareholders, or other investors–are feeling pretty good right now, in spite of having to pay more for just about everything else.
Furthermore, if companies exist to make money for investment, to divide profits among shareholders and become leaders in their field, then who can blame them for record profits? Why should they try to figure out how to do away with our reliance on oil, when the oil is where the gold is?
Joe Buck Coates