Top Oil Execs To Appear Before US Senate

[MaybeNever]

May 12, 2011 11:47:49 GMT -5 Armand Tanzarian said:

Isn't oil price determined by the cartel OPEC and speculation more than US oil giants? I think settling even minor crises in places like the former USSR (where the pipelines are) and the MidEast it would do more impact on oil price than any removal of tax breaks or loopholes.

Here's an idea. Take the tax break and use the money to subsidize gas in the RON 92-95 range. Imagine the kind of economic boost and extra 50 cents/gallon will bring. It won't cost the companies much (in fact they get reimbursed the subsidy) but it ensures the money goes directly to the middle-class that uses the aforementioned fuel.

Ok, hit me with your worst.

I believe, although I'm not sure how accurate this is, that the problem isn't so much the cost of the crude oil but the fact that demand continues to increase despite our refining capacity being virtually stagnant (and fully loaded).