Well, folks, the general public is right. We have been gouged at the gas pumps.
And those responsible need to pay.
But, see, the thing is, the oil companies ain't where we should be pointing the finger. Indeed, if you have mutual funds, you probably got a chunk of the oil companies' profits back in your portfolio somewhere. While the oil companies DID make money, they used the laws of supply and demand to induce a conservative mindset among consumers at a time when supply was low. Nothing irregular or unethical about that.
No, the ones who have been gouging us at the pumps are the federal and state representatives. Even if you dismiss the taxes and tariffs that drive up the wholesale cost of gasoline in the first place, you need look no further than the gas taxes applied to your purchase. While it varies from state to state, most consumers are paying between 30 and 50 cents per gallon in taxes on their gas purchases.
Arguably, these gas taxes are put to good use. Nowhere in this article do I intend to imply that they do not. But the fact remains, if you're going to call for someone's head over the post-Katrina gas hikes, it should be the politicians, NOT the oil barons.