Few could have missed the recent hike in gasoline prices. Over the last few years, shortages in crude supplies have been largely to blame, but not this time.
This time you’ve got refineries being shut down or operated under capacity to intentionally cause a shortage of supplies and higher prices. Add to that speculators who are aware that this was in the works have capitalized on it further driving prices up.
West coast refineries are operating at 79%, domestic crude supplies are abundant presently so it’s not as though they can’t get the raw materials.
I’m not convinced this is a bad thing, while the crude supply is ample now, and it appears that fracking technology will likely keep it that way for 15-20 years, there is only so much atmosphere, and it’s better to save some crude for chemical feedstock instead of burning it all up.
If the oil companies, through their own greed, price themselves out of the market, in my view that’s a good thing in the long run even if it’s painful in the short term.
Only sustained high fuel prices will encourage people to opt for more fuel efficient vehicles and vehicles capable of using more sustainable energy sources such as electricity and biofuels.
So go ahead, be greedy you bastards! The sooner we’re rid of you the better.