Tuesday, February 28, 2012

Stossel vs. O'Reilly on Oil

I've written about oil before, but this recent article by John Stossel reiterates some of the points I linked to in the previous column by Jeff Jacoby.

People and other non-petroleum related businesses are continuously slandering the oil companies, either nonchalantly or maliciously, most not even realizing that without oil, their industries would most likely not even exist. Most of the things that many believe about the oil companies are completely false. Lies like the one Bill O'Reilly spouted (that they are in collusion in their pricing), and that they make obscene profits on consumers just because they can, are rampant. While it's true that they make a lot of money, as a percentage, they are nowhere near the top in companies that profit off consumers. Interesting that the other industries on that list get nowhere near the demonization that "Big Oil" gets. Also worthy of note is the fact that those who own large chunks of big oil is, well us. Taking profits away from big oil hurts investors.

I don't love the oil companies, but I certainly don't hate them. I do, however, love oil for what it has enabled us to do; become comfortable, wealthy and technologically advanced. Without oil, we'd probably still be stuck in the technological equivalent of the 1920's or 30's right now.

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