Peter DeFazio Oil Quotations

Of the 55 refineries closed in America in the last 10 years, they were all closed for economic reasons, mostly oil company mergers. Not a single one was closed for environmental purposes or objections.

First off, the crude oil market, unlike every other commodity in America, is virtually unregulated.

In crude oil trading, we have seen a 46 percent increase over 1 year in the margins there.

About 75 percent of the crude oil marketed here is sold off the books, and they are doing trades that would be illegal if it was a regulated market, and of course they do not want to regulate it.

But they are not going to take on Big Oil because Big Oil is very generous at campaign time, and this is all about the elections. They want to pretend that they are doing something meaningful.

The crude oil market, unlike every other commodity in America, is virtually unregulated.

There is no free market in oil.