rrrevolution
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Sat Aug-27-05 10:36 AM
Response to Reply #1 |
| 16. An Anonymous Energy Co Insider, "Its the Enron version of oil" |
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The Oil Companies are gaming the system just like Enron gamed the electricity blackouts in California to maximize profits.
The Oil companies take a refinery off-line for a short time, announce it is going off line, then raise prices in anticipation but never really take the refinery offline for any substantial amount of time. They have even admitted that prices spiked up just on the prospect that refineries might go offline, or that hurricanes might hit offshore platforms, or on rumors that Venezuela will cut sales to US.
It is the old Enron playbook.
They made so much money they could not reinvest it fast enough to dampend quarterly profit reports to shareholders. They are drowning in profits, and Bush just gave them billions more taxpayer money absolutely free of charge in the new Energy Bill passed.
The size of this fraud defies description.
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