Facts about the oil industry

July 26, 2:32 PMAlbuquerque Green Business ExaminerJean Scheid

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Can't We Ever Get the Truth?

I learned many facts about the oil industry recently. Charles Gibson of ABC did a special report on the oil industry which aired on ABC's 20/20 television show last Friday.

The saddest thing about the oil industry is that we are never told the truth. I guess we're not grown up enough for the tough facts folks. And we seem to think it's OK for our politicians, government, and oil executives to get away with all the lying.

For those of you who missed the 20/20 show with Charles Gibson, here are the facts I found most surprising:

1. Americans consume 400 million gallons of gas a day.
2. Oil companies don't own gas stations, they are run as franchises now. Oil companies do own their "racks." Racks are stations where those large oil trucks fill up and visit the gas station to replenish fuel.
3. The last oil refinery built was in 1978. No one wants them in their backyard, they do stink and forget about the pollution.
4. All gas is the same. It doesn't matter if you go to Chevron, Exxon or some other gas station. No gas station has better gas than another. This is federally regulated so it's a true fact indeed folks.
5. Even in 1978, our leaders in the government and the oil industry knew that our demand was exceeding our supply in the US.
6. We only have 149 domestic oil refineries, 26 were closed as of 1995. Who closed them?
7. Refineries can purposely make the price of gas at the fuel pump go up with delays. Where's that work ethic in America? How many of those delays are foced delays?
8. The New York Mercantile Exchange is one responsible organization that through the speculation of oil prices, made oil more expensive. Greedy Wall Street pops into our lives all the time.
9. President Obama, like other leaders before him, has promised to implement new rules to regulate the oil industry. Good luck on that one people! Obama the Auto Czar is too busy implementing rules for GM and Chrysler to follow: Look out Ford!
10. Seventy percent of our oil is imported while we use an astonishing one-quarter of the world's oil.
11. The war in Iraq which is all about religion and oil really, has cost taxpayers $700 billion dollars to date. How much of that are fuel costs? Lots and lots people.
12. Our government is over- pressured by lobbyists to not regulate oil so big executives make big bucks. If you think they're willing to give up their money and lifestyles, forget it people!
13. The average gas station owner only makes a ten cent profit on fuel sales. If a gas station owner wants to stay in business, they better sell sodas, beer, snacks, and the like.

The facts about the oil industry include these, along with too many others to list. I do hope at some point ABC re-broadcasts Charlie Gibson's report because it was well done, easy-to-understand for all ages, and well, perhaps finally a little bit of truth.

Photo credit: Oil Refinery by UrbanRaven/Flickr Creative Commons