This page was last updated on May 11, 2011.
Greed runs oil companies; Thomas R. Gaona, Sr.; Beaver County Times; May 9, 2011.
Mr. Gaona wrote at least four letters since 2005. The only previous Gaona letter I critiqued is here.
Below is a detailed critique of the subject letter.
“Do the oil companies think $5.5 billion in profits in the first quarter of the year is enough. [sic] No!”
[RWC] In the interest of disclosure, I worked for Texaco for over 22 years.
“If the oil companies would drop the cost of gasoline, this is what they would make. For them, it’s not enough.”
[RWC] It appears Mr. Gaona wants the oil companies to collude to set the price of gasoline. The last time I checked, that’s illegal. Note Mr. Gaona appears to believe “cost” and “price” are synonyms.
“They want to keep the price of gasoline rising so they can make $11 billion in the first quarter and tell the American public the cost if [sic] rising because of the price of a barrel of oil.
“Where is the oil that is pumped in the United States going?”
[RWC] According to the EIA, U.S. crude oil exports were 47 MBPD (0.8%) out of total production of 5,557 MBPD for the first quarter of 2011.
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