Posted by
Rational Mind on Monday, November 27, 2006 9:26:56 AM
In a shocking exposé of Capitalism, the AP news outlet has released their findings of rampant free-market forces and enlightened self interest within the oil industry! Shell Oil company decided to close their Bakersfield oil refinery without asking for AP's permission. Oil industry executives have gone on record as trying to "make more money on other projects"!
AP also makes the charge that the oil industry would like to "maximize profit" and decide how much of their product to produce. Oil industry executives also decide when to invest in new wells and equipment. Apparently, studies have shown that the oil industry also decides when to sell its products in order to get the best prices.
Yes, you heard it here. Oil industry executives apparently think it is their job to make money for their stockholder and to get the best return on their investments. Stop the presses and call the Nobel Prize committee!
What was the result of all these evil market forces? Shell decided to close the Bakersfield refinery and another company purchased it. Shell did not think they could make money on the refiner, Flying J does think they can make money. Shell thinks their money will be put to better use elsewhere, Flying J believes their money will be best put ot use in Bakersfield.
AP does not understand the free market and never will.