Keep Doing Whatever It Is You Are Doing!
Written by: Tom Sawyer
“Stocks stayed flat Friday as the price of oil extended its decline, falling below $112 a barrel and helping to offset a disappointing report on consumer sentiment.
Oil fell on a growing sense that economies around the world are joining the U.S. in a slowdown. The rising dollar, which is gaining strength on economic concerns, contributed to the sell-off in crude and other commodities.”
The above is from the article “Oil skids below $112 as commodities sell off; stocks flat.”
Whatever we have been doing, we need to keep doing! The economy has caused oil prices to go down. In my mind, this is notable for two reasons:
- We need to watch the oil prices because if the price of oil goes down and the gas prices don’t follow, we have been duped. Why on earth would the price of gas follow the price of oil when oil is on the rise, but not follow when oil prices are on the decline? Read number 2.
- If a slow global economy means the price of oil will go down, why was it ever so high to begin with? Yes oil is important, but is it so important that oil drives everything else?
According to a story by Elizabeth Douglass and Richard Simon in the Los Angeles Times, Exxon Mobil Corporation posted a profit of $11.68 billion for the second quarter of 2008 — the highest three-month profit in the history of the US.
It is basic economics. Let’s say I make $10 profit on an item. If production costs go up $2.50 and I raise the price by $5.00 I now make a profit of $12.50. Pretty simple huh? That is what happens every time you go to the pump ladies and gentlemen. How does that make you feel? It kind of upsets me.
At a time when we have to pay more across the board for products, I just don’t think it is fair for some people to be making record profits. It just isn’t right! Our salaries stay the same, prices go up and we essentially become poorer. Meanwhile, some businesses are doing better than ever. Our taxes are on a roller coaster cycle and oh, by the way, government officials keep getting those raises like clockwork.
I love this country, but “the land of the free…?” I’m not so sure anymore.
August 16th, 2008 at 12:30 am
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October 22nd, 2008 at 11:49 am
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