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Re: Check Out These Oil Executives!
« Reply #35 on: May 24th, 2008, 7:17am »
on May 24th, 2008, 3:41am, fubar wrote:
|Pointing fingers at big oil as the problem fails to acknowledge that they do everything than can do, within the law, to have product to delver to us. If you could show me where they have fought to limit their ability to produce (and in the process, increase supply and reduce price) you'd have a leg to stand on here. |
Without being specific to the understood present, there has been a related example in the past making a showing possible.
In a shocking betrayal, they saw fit to capitalize on opportunism,** which revealed in 1947 having overcharged the navy during WWII and afterwards. (Chevron and Texaco, $1.23 a barrel as opposed to other country buyers, .95 - $1.00 a barrel) After examining oil agreements dating back to 1928, a commission concluded that domestic and international oil trade, as well as U.S. and world production, had been artificially restrained and manipulated by the largest multinationals* in an attempt to fix oil prices. Moreover, the oil giants had divided up among themselves the world's most important markets and producing areas with a view to suppressing competition.
Any public airing of the report's findings would have been a spectacular blow to America's credibility as a pillar of fairness and equal justice, offering the Soviet propaganda an unexpected bounty of material for attacks against Western capitalism. For this reason, Truman finally decided to resolve the matter through civil litigation rather than criminal proceedings, there was no way the defendants could escape a guilty verdict as they stuggled to regain an impossible purity.
*the Seven Sisters: Exxon (Standard Oil of New Jersey), Texaco (Texas Oil Company), Chevron (Standard Oil of California), Mobile (Standard Oil New York - Vacuum Oil) Gulf Oil, Royal Dutch Shell, and BP (Anglo-Iranian Oil Company).
from a book encompassing the incident.
**capitalize on: to take advantage of; turn to one's advantage.
opportunism: the policy or practice, as in politics or business, of adapting actions, decisions, etc., to expediency or effectiveness without regard to principles or consequences.
(interesting when combining the emboldened definition)
Capitalism has occasionally snuck in its related ugly cousins.