Gas – Who Controls The Price?

The price of gas in central Illinois today is $2.73 per gallon. Today the cost of a barrel of crude passed $90.00.

Six months ago, the price of crude was between $50.00 and $60.00 a barrel, but gas prices in central Illinois hovered around $3.00 – $3.50 per gallon.

Back then, oil companies argued the cost was dependent on the price of crude, and they could not control prices. Today, it seems they’re controlling the price very efficiently. At least, for the time being.

Here’s an interesting statistic:

The US consumes an average of 20 million barrels of oil per day. At $90.00 per barrel, the cost of that crude is $1.8 billion EVERY DAY, or around $657 billion dollars per year.

There are some very rich oil sheiks out there.

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6 Replies to “Gas – Who Controls The Price?”

  1. Anan – thanks, Anan. I was aware the US imported a lot of oil from Canada, but never realized it was the biggest supplier. I guess there are some very rich Canadian oil sheiks out there?

    Flimsy – the prices make no sense if one believes the nonsense spouted by the oil companies and their media disinformation outlets.

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