Oil prices have highly increased over the last two years with a record of 3.30 dollar. High prices of oil illustrate that the Americans are getting stolen of their money by the huge oil companies. According to the American Progress Centre, illustrates that the oil companies making huge profits that responds to approximately 200 million dollars increase for three months. Oil companies such as Cocophillips, Chevron, BP, Royal Dutch Shell and ExxonMobil are the big five oil companies benefitting from the massive increase of oil.
CAP indicated that the prices of gasoline have highly increased since the year began illustrating that almost the oil prices will directly be linked to gas prices in the coming years. Many people would assert that oil prices have increased as result of gasoline prices increase, but not the only influential factor.
The increase of oil prices provided an opportunity to the big five oil companies a rake as effective companies making over 130 billion dollars last years. The high profits were as result of the one trillion dollar profits earned in between 2000 and 2011. Despite the fact that the companies have immersive profits, the main contributors are the taxpayers. Well, this is highly indicated by the large amounts of tax deducted from the citizen’s income.
Although the oil companies had asserted on the idea of ending handouts on the taxpayer, many of the industries leaders oppose the aspect that would benefit the consumers remarkably. According to Hofmeister John the founder of Affordable Energy to all Citizens and former CEO of Shell Oil opposed the notion and asserted that it was not imperative to lower the oil prices as result of selling reserve oil from the petroleum reserve., why should a leader oppose such a notion, when the citizens suffer in the hands of the huge increase in oil prices.
Oil companies spent a lot of million dollars in last year lobbying Congress instead of using the millions on energy investments and creating employments. Additionally, the top big five oil companies spend a lot of finances on contributions of the federal campaigns.
Therefore, it makes no sense to suffer in the hands of the giant oil companies making good advantage from the citizens; instead, citizens need to look for other alternatives of reducing reliance on oil which is incurred with high exploitative prices. This is supported by American President Barrack Obama, asserting on standards of modernizing the fuel efficacy that will save the citizens approximately 10,000 dollars in oil purchases.