I saw the news on the internet yesterday, then on the front page of the Arizona Republic paper today, it turns out that the big oil companies really are making a mint off of the oil shortage. That is all well and good, that it to be expected, they are in business to turn a profit, but $10,000,000,000 in profit, for a single oil company, in a single quarter, seems a bit excessive. (that number was later revised to just over $9,000,000,000)
I am no financial analyst, but it seems to me that the oil companies may have been getting a bit too rich off of the oil shortage. Their profit margins seem to indicate that it really wasn’t costing them any more, why did it cost all of the customers more? Stupid supply and demand.
My main beef with this situation is that many commuters can no longer afford to buy other things. We are coming up on the holiday season and your average, middle class family is going to have to spend most of their disposable income on gas and increased heating costs, as opposed to throwing it away on petty crap in the malls. I am betting that this Christmas shopping season is going to hit with a resounding thud. But, the oil companies will have record profits for the quarter, yet again!
Wouldn’t it be nice if there were some sort of system whereby the oil companies were forced to follow strict guidelines when gouging their customers? Of course that would have to be a federal act and even I laugh at the thought of the current administration approving any form of regulation for big oil. That would be a serious conflict of interests.
I hope that at the very least, this “oil crisis” will force some staunch republican voters to think that maybe we need to look into funding for alternative energy sources. While there is no way that can truly matter for at least a couple of years, it would at least be something. If, once the current administration is out, the legislation were to pass immediately, wouldn’t that be a nice legacy for Mr. Bush. The President who refused to pass legislation that could possibly take away from his massive oil empire. That has to be right up there with “The Great Emancipator” as far as single phrase summations go.