"Flood of earnings are to continue during the coming week with the earnings of oil companies to come under sharp focus. Market for the year is expecting oil companies to top annual industry profit of $63 billion. For the third quarter profits at Exxon Mobil is expected to jump 45%, Chevron 50%, Conoco Phillips 79%, Amerada Hess 91%, Marathon Oil 100%, Apache Corp 76% and Anadarko Petroleum 15% from a year ago."
So actually there is a reason for prices for your natural and refined gas to go down. But it seems that they demand more profit and we supply the surplus.
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"So actually there is a reason for prices for your natural and refined gas to go down."
Okay! What is it?
I thought the oil companies and other capitalist apologists argue that the reason that prices are going up is because production/supply has been disrupted (Hurricanes) and demand is way up (China and India) and thus price has to go up so that they can make a profit? That is what they are saying to justify the massive increase in price in both gasoline and natural gas. Is it not?
If this is the case then why is their profit not down? Because they use these excuses to make super profits. There actually has been no change in what it costs to produce oil, except in Iraq. And Russia is producing more oil than ever. Is it not obvious that they are charging as much as they possibly can to enrich themselves to unimagenable levels? What is a moral or ethical profit in your system? As much as you can charge and get?
I don't think capitalism is either moral or ethical, but unfortunately it is the system. Just saying I'm not convinced this is price gougeing in the sense of something outside the norms of the modern markets. The price is possibly a reflection of the changing balance in supply/demand as you mention. I would emphasize that the balance is changing (or at least there is the perception that it is.)
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