Big Oil May Be a Big Loser Because of Piggish Excess

May 2006
ENR: Engineering News-Record;5/1/2006, Vol. 256 Issue 17, p84
Trade Publication
The article focuses on an increase in prices of several petroleum products in the U.S. The causes of today's price escalation are more complex. There are too many people chasing too little refined product across the globe and too many commodities futures speculators hoping for the worst rather than working toward a solution. One reflex reaction by some politicians is that recent mergers in the petroleum industry are the root cause of the price escalation--that firms somehow are shorting supply to drive prices higher. President George W. Bush and the Congress have ordered the Federal Trade Commission to investigate. But it has been closely investigating and monitoring the petroleum industry for decades, including 16 large petroleum mergers since 1981. Expanding world demand for petroleum products can be met, at least in the short run, by exploiting known reserves and constructing state-of-the-art refineries, especially in the U.S.


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