Oil price is matter of supply and demand – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Oil price is matter of supply and demand – ARAB TIMES – KUWAIT NEWS – Arab Times Kuwait English Daily

Time for US to use its reserves

THIS was the simple reply sent to the US administration in response to a letter sent to the White House by the Federal Trade Commission (FTC), in which the major US oil companies were accused of fixing or manipulating the oil prices, particularly the gasoline prices. Today the gasoline price is around $3.42 per gallon, which is an increase of up to 60 percent compared to last year. This is the main reason for the US oil companies being hit hard. The US administration is fully aware that they themselves are the cause for the high gasoline prices. They are the culprit as they have been threatening and pushing the oil industry, and keeping them on the fast track to move away from fossil oil and focus more on clean energy, wind and solar power.