Devil5052 wrote: I guess you guys are right......I can' imagine what I was thinking saying that the energy prices in this country are causing such a problem??? We Americans cant fuel our vehicles, heat our homes or even buy food anymore, while Exxon-Mobil is reporting the highest profits of any business in the history of the world!!....But you are right.....They are really doing a patriotic service to their country in time of war & should be saluted.
Alright, I normally don't enage in this sort of thread but I will share a few opinions. Please keep in mind that's all it is, not a personal attack. That said, no one is arguing that energy prices aren't high or causing problems, we all feel the pain at the pump and grocery store. As for Exxon shouldering the blame for all of this, I think there are a lot of other things to consider.
Exxon owns oil reserves/fields, the world demand for oil is rising, many oil fields are already at maximum production, oil is traded on an open (volitile) market as a commodity, and oil futures are being driven up by investors trying to hedge against a declining dollar.
In my opinion, high demand, limited supply, and investory speculation has driven the price of oil where it is. Exxon didn't slap a $135/barrel price tag on their oil and force you to buy it. As for the price of corn and wheat, you can blame that on high freight costs, high production costs, poor crop yields, and our government ethanol programs. This is capitalism at work, when you have tight supply and high demand the price goes up. I hate to see people on fixed income going hungry and cold, but high oil prices do have some benefit. People are finally starting to wake up and conserve resources, congress is starting to wake up and realize that we need to spend money on alternative energy sources. One year ago the automakers were all against the goverments higher fuel economy standards, now the automakers are designing/producing cars that are above and beyond the govt. standards because that is what people want.
As for the justice department, throwing the Exxon upper management in jail might knock down their stock price, but I doubt it would do anything to the price of oil; if anything, it could cause more uncertainty in the market and drive the price higher.