Most Recent News

The Oil Report, July 24, 2006 by A.B. Dada and Mike Bryson

The oil industry is one of the largest State-Business cartels in the world, and most of the time we hear government blaming Big Business on oil’s rocketing price in dollars. Today, though, we see the volley back as the oil lobby lays some blame on government for the rising price of oil. Edward Murphy, downstream general manger at the American Petroleum Institute, said ethanol mandates, instead of the free-market approach, along with government prerogatives like gasoline price-gouging legislation, “exacerbate” the already high prices. The article continues: ethanol was first subsidized in 1978 and is currently empowered by the high prices and slow, but growing, commitment of automakers to create more vehicles that can run on E85 — 85 percent ethanol and 15 percent gasoline. Read this entire article at the oil report site.