Ah, yes. Oil. The viscous fossil fuel that's costing each of us thousands per year. We keep hearing that the price of oil is rising because of an increase in demand and a decrease in supply. Is this really true or are we being fucked at the gas pump? I've been doing some research and the answers aren't exactly clear. Here are a few findings of mine:
1. The low value of the American dollar has attributed to our rise in fuel costs.
2. Earnings for oil companies for the 1st quarter of 2008 were up over the first quarter of 2007. As an example, BP's 2008 1st quarter profit had increased 63% over the 1st quarter of 2007.
3. Drilling in ANWAR and stateside would greatly benefit Bush's cronies but likely won't help our situation any. We don't have the refining capacity and haven't built a refinery in this country since 1972.
4. Increased demand from developing countries such as China and India has attributed to the rise in fuel costs. However, oil speculators are an even bigger reason that prices have risen.
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