3.23.2005

An Oligopoly By Any Definition

Lou Dobbs Gone Wild!
Yes, it was bizarre but Monday night Lou Dobbs said the following:

DOBBS: This is an unpleasant increase, to put it mildly, for all of us in this country, but particularly a tough blow to working men and women in this country, their families. We've seen a 50 percent increase here in energy prices in the past year. That's intolerable, isn't it?

BINGAMAN: Well, it's something we're obviously tolerating. It's a terrible burden on our economy and on a lot of families, you're exactly right about that.

DOBBS: And as we look at what's happening, as Bill Tucker just reported, the consolidation in this country of oil companies and the energy companies has now reached a point where we're talking about controlling two third of the market, a handful of companies, an oligopoly by any definition.

How has it that we've come to this point where we've got this kind of concentration on the part of these companies?
Did Lou just call the 'Oil Companies' an "oligopoly"? You bet he did... and what does that mean kiddies?
ol·i·gop·o·ly
Pronunciation: -'gä-p&-lE
Function: noun
Etymology: olig- + -poly (as in monopoly)
: a market situation in which each of a few producers affects but does not control the market
Hmmm, well as you gas prices go up remember that the 4th Quarter was a banner one for the oil companies in terms of profits: Exon Mobil "earned" $8.42 BILLION alone.

Who's zooming who folks?

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