Here’s a crazy story: Delta Airlines, hurt by high fuel costs, is looking at buying an oil refinery in Pennsylvania. The idea is that the company would own ore of the supply chain, allowing it to better spread its costs and capture profits. Boy, doesn’t this fly in the face of business wisdom over the last 30 years as companies have shed operations that aren’t core to their business.
Daily Archives: April 5, 2012
A few U.S. senators get it on oil speculation
April 5, 20129:37 a.m.
Very few of them, apparently, as this very informative Reuters piece illustrates.
Nonetheless, it’s somewhat heartening to those of us getting financially destroyed twice a week at the gas pumps to see that a few policymakers have grasped who the demolition groups are.
And it’s again useful to underscore that President Obama appointed a Goldman Sachs ex, Gary Gensler, to oversee the Commodity Futures Trading Commission, which has predictably – given Gensler’s pedigree – sat idly by thus far.