WASHINGTON (Reuters) - An investigation by U.S. antitrust authorities found no evidence that oil companies illegally manipulated gasoline prices or constrained oil refining operations, the Federal Trade Commission said on Monday.
I’ve commented on this many times. I have defined the three biggest problems facing America today: 1) Terrorism, specifically Iran and North Korea and their lunatic leaders 2) Illegal immigration 3) OPEC and the power they have on the rest of the world, holding us all hostage to their commodity.
When the FCC announced the investigation into US oil companies, I didn’t think they would find evidence of price gouging. That’s because I don’t think US companies are to blame for the high price of oil, it’s simply too risky for them to do something like that when they know the FCC watchdog is right around the corner.
However, OPEC is a different story. They set the price of oil and manipulate that price by altering their production capacity. It has NOTHING to do with free market influences and natural supply and demand because the supply side of it is fabricated by the oil producing nations. OPEC claims that they can’t produce at a higher rate because supplies are limited, yet the two leading crude oil producers in the world, Saudi Arabia and Russia (who is not a member of OPEC) refuse to release data about their in-ground oil reserves.
How can supplies be limited when we don’t know how much supply there is? Actually, the producing nations DO know, they simply won’t tell us. Which leads me to believe that their reserves are plentiful. After all, if there really was a limited supply of reserves, wouldn’t OPEC release those numbers in an effort to push prices even higher?
But they don’t. Instead, they fabricate the price and rake us over the coals. Add the fact that Mexico will do little to help out (despite the millions of illegal immigrants in our country) and Venezuela’s Marxist dictator clearly has a score to settle with the US, with domestic problems in Iran and Nigeria and you can see how OPEC has all sorts of ammunition to use in their claims that they do not manipulate the price of oil.
Well, I’m not buying it. We need to take action against these thieves, whether it be legal or simply do what we can to eliminate our need for their product. OPEC has become too powerful, and when the money they make off of us goes to fund the very terrorists that are killing our troops, then we must all agree that it’s time to bring them down.