Bruce,
If you are relying on the a politicaly driven system of federal regualtion to reassure/convince you when there is collusion then you've got to reassess your reliance on the integrity of our government.
The very fact that the FTC has
NEVER found the oil and gas industry guilty of collusion show their total lack of being consistent to all industries that come before them.
It's no different than any developing country "it's who you know" or whose campaign your are kicking in moolah for elaborate soft money contribution schemes (ask Duke Cunningham). Where is the campaign finance reform that we were promised over a decade ago? Same place the fines for outright price manipulation by the oil and gas industry ended up, non-existent lala land. It goes against human nature to leave money on the table when a clever bending of the rules will allow you to go home with your pockets that much heavier.
If there are no convictions does this mean their is no price fixing/manipulation?
It defies logic to believe that the oil and gas industry will ever be held accountable for their practices with the current political system. They contribute to politicians who make regulatory and judicial appointments and there's no quid pro quo? c'mon.
Take Immigration. Bush accepts $$$$$$ from huge corporations that rely heavily on the 10+ million undocumented workers and in 2005
his INS Commissioner rubber stamps the penalizing of
less than 500 violations of employer violations for the entire year? Post 9/11? Are you kidding me???
The lack of convictions must mean that their is less employing of undocumented workers?
The EPA fined fewer polluters last year than at any point since Nixon built the agency?
The lack of convictions must mean their is less polluting going on then ever before? Hmmm..
This is what they want you to believe, if there are no convictions that means there is no wrong doing. By the way that Bridge nearby in Brooklyn is still for sale.
As for what SHOULD gas cost, well no one will ever know that because we have no way of knowing to what extent costs are padded at every step of the Oil exploration to unleaded gas futures dog and pony show. Their return of Investments may look as shaky as the airline industry, But believe me, if you look at the executive compensation and the EARNINGS of this sector in the last year alone somebody is making a hell of allot of money. The industry says Katrina will have put a massive dent in our output yet they have to appear before congress to explain if things are sooo bad why are they all looking at bigger pay checks than they have ever cashed in their time on this planet?
Its no different than the major hollywood film studios. Billions are made yet according to them and their accountants at the end of the day they only make just enough to cover their operational costs
and drive home weeping in their Enzos.
Its a wonder a movie ever gets made or a gallon of gas ever gets refined.
Those poor guys.