Petrol price action

[Matt Lukes]

What we REALLY need is for someone to finally get the stupid hydrogen vehicle going so we can say bugger off to oil dependence for the majority of transport; certianly vehicles that function on combustion like jets will still need petroleum fuels, so oil won't totally go the way of the dodo, and we still need it for plastics and other by-products, but overall it seriously needs to go SOON. To be honest, even if human-caused 'global warming' actually doesn't exist, I'm thrilled that it's becoming widely-accepted since its necessary response is reduction and eventual elimination of unnecessary burning of petroleum.

Now Byron you said that oil companies work maximally to produce fuels, but I don't honestly see how that can ever be possible; with the unbelievable profits they make, surely they can increase production by building new refineries to whatever level they choose to- but necessarily increased production affects price, which would be self-destructive, no? It's just as is suggested about the diamond industry- the suppliers buy everything they can and keep the supply low to keep the price high. Oil companies may not be actively restricting production except simply by not increasing it. What I figure is that to combat this clear conflict of interests, refining should be separate- federally-owned and run so that it can be increased as demand requires. Of course that'll never happen LOL

But this is really truly out of control- gasoline hit $1.46/L here yesterday and that's beyond disgusting, it's criminal.