Insider news and analysis from America's top consumer advocates     Oil Watchdog is a project of Consumer Watchdog

 

Did you hear the one about how the Bush administration used the wrong calculations last year when it declared that it wasn't financial speculation causing the huge oil spike price?  It's one of many newsworthy punchlines of a strong new study that describes how government handed our energy markets over to corporate speculators, with economy-wrecking consequences--right up to destruction of the value of the dollar.

Documents show political appointees interfered with California Energy Commission study of hot fuel ripoff to protect oil companies. Consumer Watchdog says government staff's consumer-oriented findings were altered by commissioners with ties to oil industry.

Here's a truly watchable explanation of how speculative money took over energy markets in 2008 and helped ruin the world economy. Solutions are included, thanks to CBS 60 minutes and Consumer Watchdog's fellow members of the Commodity Markets Oversight Coalition. Click through to see the video.

 

Chevron's latest profit data shows industry lag in producing new oil from U.S. sources, which shows failure of investment, not lack of oil, says Consumer Watchdog.

2nd quarter peport shows industry still buying its own stock, not investing record profits in new oil or renewables. Congress must act, says Consumer Watchdog.

$5 Diesel Fuel, the Economy-Killer. New report shows how oil companies shorted the market and made it happen.

33-cent monthly rise in gasoline keeps big oil's foot on drivers' necks. Oil prices sag yet pump keeps zooming. Lack of oversight means double whammy for consumers" and economy this summer, says group.

ExxonMobil profits soar to record on speculative oil prices while consumers and economy suffer. Posts record 1st qtr profit of almost $11 billion, up 17%, while Bush, Congress avoid real solutions. Thier stance is inexcusable as pump price soars, says consumer group.

Speculative oil price brings roof-busting profits to Shell, BP at cost of squeezed consumers, suffering economy. Government’s ‘business as usual’ stance is inexcusable as pump price soars, says consumer group.

Consumer group sees warning in ConocoPhillips' oil record 1st quarter profit report that refining profits set to rise, spiking gasoline prices further. Analyst predicts over $4 a gallon nationally, up to $5 in California.