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Chevron Memo Raising Suspicion

Discussion in 'Political Discussion' started by Patters, May 6, 2006.

  1. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Strange how this story isn't getting any play; even MSNBC in their article only devotes three paragraphs to this serious issue.

    http://www.msnbc.msn.com/id/12652455/

    A Chevron memo is raising suspicion that oil executives intentionally reduced refining capacity in an effort to boost profits. The 1995 memo, obtained by Consumers Union, reads:

    "If the U.S. petroleum industry doesn't reduce it's refining capacity, it will never see any substantial increase in refinery profits."

    In the last 20 years, 18 of California's 32 refineries have shut down. The industry is now seeing record prices and profits at the pump.
  2. JJDChE

    JJDChE Rookie

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    Maybe it's not getting any play because everyone suspects this crap goes on anyway.
  3. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    You're probably right, JJDChE. We're all conditioned to take this kind of stuff for granted. The other possibility, of course, is that the media is in the pocket of the oil company, and doesn't want to risk losing the advertising revenues.
  4. JJDChE

    JJDChE Rookie

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    or both. :(
  5. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Similar to the reason all we hear on the news is bad news right now, I suppose. So those liberal freaks can try to get the country to vote against Republicans this fall.

    On subject, one written opinion doesn't make it so. You should buy oil stock, Patters. BTW, gas prices suck but they are fairly negligible overall to the cost of living to most people - although I'll agree it doesn't seem that way at the pump.
  6. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    Bad news sells.

    I'm sure I have some oil stock in my 401K mutual funds. I think gas prices are being artificially driven up by collusion between the oil companies, and they get away with it because they know the Bush administration won't do anything about it, but pay lip service to those who are concerned.
  7. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    And how many refineries were built during Clinton's 8 years ? And how do the environmental freakheads feel about more refineries pumping that dirty, yucky stuff into the air ?
  8. Blue Collar

    Blue Collar Rookie

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    In 2ooo I averaged $ 60.oo per week in gas to run my truck for work... Today its $ 200.oo... To heat my home in 2000 was $600.oo a year, today 2000.00...And in that amount of time my wages have been affected by the illegals working in construction....Those are 2 reasons for me, why this ''economic boom'' is pretty much a joke...At least theres work...
  9. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    BF, we didn't have an oil crisis during which the oil companies were making record profits during Clinton's term, so it's difficult to compare his record against Bush's in this regard. As far as environmental "freakheads," some of them are glad that oil prices are rising because it will reduce consumption and protect the environment. They have a point, but I hardly think that our oil crisis is a result of their activities and you don't either.
  10. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    So we should wait for a crisis before doing anything ? Nice planning. I don't feel like looking it up but I think it was the 70s since the last refinery was built. And, yes, it does have something to do with the environmental freaks.
  11. Patters

    Patters Moderator Staff Member PatsFans.com Supporter

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    BF, If you recall, the linked article says in part,

    "[According to the Chevron memo,] 'If the U.S. petroleum industry doesn't reduce it's refining capacity, it will never see any substantial increase in refinery profits.' In the last 20 years, 18 of California's 32 refineries have shut down. The industry is now seeing record prices and profits at the pump."

    So maybe there's a perverse alliance between environmentalists and oil companies!
  12. BelichickFan

    BelichickFan B.O. = Fugazi PatsFans.com Supporter

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    #24 Jersey

    Sounds like it - one thing's for sure, even if there's no alliance they are both probably happy about it.

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