6-14-08 by dugan
This business short in Saturday papers caught my eye. Not because a federal court turned down Chevron’s demand for a $101-million tax refund, but because it referred to a time when the government regulated oil and refinery prices, way back in the 1970s and early ’80s. Then again, that was back before oil became just a financial vehicle for hedge fund gambling.
Oil companies were actually forced to pay penalties for overpricing oil and gasoline. It’s hard to grasp when crude oil costs $135 a barrel, drivers are paying $4 to $5 for a gallon of regular and the U.S. Treasury Secretary dismisses it as just "supply and demand."