Election over; gas prices back on the rise despite falling oil prices. Proof of manipulation?

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Back on September 24th, I posed the question: “Gas prices fall by 1/3, but oil prices drop by less than 1/4. Is Big Oil out to help the GOP win in November?“. Both the oil companies and the Bush Administration denied manipulating the price of gasoline in order to effect the November mid-term elections. Vice President Cheney chuckled in an interview that they “have no such power” to affect gasoline prices. But that’s not true. Rhetoric regarding a possible war with Iran that helped spike oil prices earlier in the year was dramatically toned-down in recent months.

Almost on cue, just as everyone expected, once the election was over, gas prices began to rise again. Defenders of the Bush Administration and Big Business might try to argue that it is mere coincidence, that an extremely quiet hurricane season, coupled with reduced demand and an increased supply helped reduce gas prices.

But here is the kicker: the price of oil has FALLEN since the mid-term election! The per-barrel price of oil recently fell 23% from its all-time high of $78/barrel to a FOUR MONTH LOW of just $59.99 (though it has since climbed to $61).

This suggests that Big Oil cut into its own (obscene) profits temporarily in a vain attempt to help the Republican Party retain control of Congress. Such blatant manipulation should demonstrate loud & clear once and for all that Big Oil KNOWS that having a Republican Congress is more favorable to their corrupt and immoral price manipulation, and would have ensured continuation of their obscene profiteering for at least another two years.

Now that the election is over, it appears they have re-instated their previous profit margins, which would explain why the price of gasoline is back on the rise despite the falling price of oil.

This entry was posted on November 29, 2006 at 10:18 am and is filed under Political News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.