Exxon CEO blames * Policies for High Oil Prices

[BeFree]

DALLAS (Reuters) - The current high price of gasoline at the pump was not caused by a problem with crude oil supply or corporate greed, but by factors such as political uncertainty in the Middle East, Lee Raymond, chief executive of Exxon Mobil Corp., said Wednesday.

http://money.cnn.com/2004/05/27/news/fortune500/exxon_ceo.reut/index.h...

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Remember how Clinton got everybody in the Middle East comfortable with the Political Certainty of Peace in the Middle East and oil was $10 a barrel?

Now, with the Political Uncertainty because of the policies of this bunch in the WH, oil has gone to an all time high. So, what does the CEO of Exxon do? He tells the truth. He is claiming that GW* is too blame for the high prices. Thanks, Mr. Raymond.

GW*....PU

[Dissenting_Prole]

1. Blame

Blame Bush
Blame Saddam
Blame Haliburton
Blame the Republicans
Blame the Democrats
Blame the Oil Companies
Blame the Car Makers
Blame the Tree Huggers
Blame God

Blame the Planet for not creating enough oil.

http://www.endofsuburbia.com/

[BeFree]

10. Here is the unbroken link..sorry 'bout that

http://money.cnn.com/2004/05/27/news/fortune500/exxon_ceo.reut/index.htm

[MARALE]

2. Ahh.....

Link doesn't work for me. He seems to be telling us something we knew though :mad:

[GreenPartyVoter]

3. Welcome to DU

[MARALE]

12. My first welcome!

Thanks! I have been watching for a while- love this place:7

[randr]

4. Heard on NPR this morning

One of the causes of the rise is the amount of money pouring into the futures market. The rich are betting their tax returns on an increase in prices and we all know who is covering the bet!

[BeFree]

5. Oh, there are other factors

But the CEO of the world's largest has turned on his man and laid it out on the table!

The policy of creating political uncertainty has caused OPEC to raise it's wellhead prices.

I bet ol' Mr. Raymond is taking some heat from his buddies about oil prices. Why else would he Blame Bush? He could have pointed out all the other little factors - such as the futures market - but NO, he blames the political uncertainty of the * administration!

He has turned on the squatter!

[underpants]

7. NPR Break down of $2 a gallon (from a few days ago)

$1 goes to drilling company
40-50 cents goes to refinery
35-45 cents goes to taxes
5-15 cents goes to retailer (if different than driller/producer)

The refinery tends to get more in high price areas.

[ProfessorGAC]

11. It's NOT "Tends To Get More"!

As i wrote last week, the fixed margin model used by the petroleum industry is based charging a fixed proportion above total cost. As raw material prices go up, the total cost of production goes up. A fixed proportion on a higher total cost generates more cash. So, they would shift to the high end of your 40 - 50 cent per gallon range.
The Professor

[underpants]

6. pssst follow the money

that is all.

[NewYorkerfromMass]

8. I can't believe he said this, and the link doesn't work for me

but it is great news if he did.
Exxon Mobil is based in Dallas.

[BeFree]

9. The Link was copied from LBN

http://money.cnn.com/2004/05/27/news/fortune500/exxon_ceo.reut/index.htm

Oh, he said it alright. The Policy of Political Uncertainty is the cause of high oil prices. Who's policy is that? It ain't Clinton's.

[Rosco T.]

13. And the worms countinue to turn... n/m