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March 24, 2005 -- <!--start bodytext-->HERE'S all you need to know to understand that Americans are getting screwed at the gas pump.
Fact 1: The inventory of crude oil in the U.S. right now is 8 percent larger than it was this same week last year. And that's the biggest amount of crude on hand since the middle of 2002.
Fact 2: That the 8 percent increase doesn't include all the oil purchased by Washington and put into the emergency Strategic Petroleum Reserve, which now has 685 million barrels. That's up from 650 million barrels last year and 599 million in '03.
Fact 3: There is 7.5 percent more gasoline in stock right now in this country than during the same week last year. And you'd have to go back to this same week in 1999 to find more gasoline inventory — when the average price at the pump was only $1.01 a gallon.
Fact 4: Including everything made of oil, there is 4.9 percent more supply this year than when Spring began in 2004. And there's about 10 percent more of all petroleum products in stock today than when the Iraqi war began.
And, finally, Fact 5: American consumers are being conned by speculators — and a media that doesn't ask enough tough questions — into thinking there is some sort of supply problem.
Now here's my No.1 Prediction: If the greedy bottom-feeders who are causing prices to rise end up being responsible for damaging the U.S. economy there will be as much hell to pay on Wall Street as there was when the stock market bubble destroyed people's dreams. <!--OAS Middle-->
<TABLE align=left><TBODY><TR><TD><SCRIPT language=JavaScript> <!-- OAS_AD('Middle');//--></SCRIPT></TD></TR></TBODY></TABLE><!--/OAS Middle-->
Crude oil prices were down nearly $4 a barrel over the past two days because the goon speculators are starting to lose their grip on the market.
*
The next question in the AIG investigation should be: What exactly was the insurance company doing in the Caribbean?
Yesterday both The New York Times and the Wall Street Journal reported that investigators were looking into American International Group's actions in Barbados and other Caribbean Islands.
If you read my column last Thursday I suggested that's where the investigation should head next because Whitewater prosecutor Ken Starr was setting his sights on a company called Coral Reinsurance that was mysteriously connected to AIG The was right before Starr took a wrong turn and made his probe about sex. But here's what everyone is missing.
Starr wasn't investigating AIG He was looking into the Clintons, Arkansas and what that state was getting in return for bankrolling operations like Coral Re that it had no business funding. My point: if investigators start peeling this onion, it could make a lot of people cry
Fact 1: The inventory of crude oil in the U.S. right now is 8 percent larger than it was this same week last year. And that's the biggest amount of crude on hand since the middle of 2002.
Fact 2: That the 8 percent increase doesn't include all the oil purchased by Washington and put into the emergency Strategic Petroleum Reserve, which now has 685 million barrels. That's up from 650 million barrels last year and 599 million in '03.
Fact 3: There is 7.5 percent more gasoline in stock right now in this country than during the same week last year. And you'd have to go back to this same week in 1999 to find more gasoline inventory — when the average price at the pump was only $1.01 a gallon.
Fact 4: Including everything made of oil, there is 4.9 percent more supply this year than when Spring began in 2004. And there's about 10 percent more of all petroleum products in stock today than when the Iraqi war began.
And, finally, Fact 5: American consumers are being conned by speculators — and a media that doesn't ask enough tough questions — into thinking there is some sort of supply problem.
Now here's my No.1 Prediction: If the greedy bottom-feeders who are causing prices to rise end up being responsible for damaging the U.S. economy there will be as much hell to pay on Wall Street as there was when the stock market bubble destroyed people's dreams. <!--OAS Middle-->
<TABLE align=left><TBODY><TR><TD><SCRIPT language=JavaScript> <!-- OAS_AD('Middle');//--></SCRIPT></TD></TR></TBODY></TABLE><!--/OAS Middle-->
Crude oil prices were down nearly $4 a barrel over the past two days because the goon speculators are starting to lose their grip on the market.
*
The next question in the AIG investigation should be: What exactly was the insurance company doing in the Caribbean?
Yesterday both The New York Times and the Wall Street Journal reported that investigators were looking into American International Group's actions in Barbados and other Caribbean Islands.
If you read my column last Thursday I suggested that's where the investigation should head next because Whitewater prosecutor Ken Starr was setting his sights on a company called Coral Reinsurance that was mysteriously connected to AIG The was right before Starr took a wrong turn and made his probe about sex. But here's what everyone is missing.
Starr wasn't investigating AIG He was looking into the Clintons, Arkansas and what that state was getting in return for bankrolling operations like Coral Re that it had no business funding. My point: if investigators start peeling this onion, it could make a lot of people cry
