Posted by
Gene on Thursday, May 22, 2008 5:38:32 PM
Let's see now. Crude oil was selling at about $10. a barrel in 1998. Ten years later, it's up to around $130. a barrel. Gasoline was selling at around $.98 a gallon in 1998 and is approaching $4.00 a gallon ten years later.
Quick calculation: Crude advanced 1300% and gasoline 400% over those ten years. Gasoline could be costing $13.00 a gallon today using those same percentages.
Now, I'm well aware that a multiplicity of other factors enter into the gas price equation. However, for Congressional Dems to rake oil execs over the coals is beyond hypocritical when those same Dems have hobbled oil exploration and refining for decades as they kowtowed to the environmentalist whackos!
I give no quarter to the oil industry, even though I do own some of their stock, since its execs have bilked the nation before. I also don't get why home heating oil is now more expensive than gasoline. Back in the dark ages of 1970, I remember gas was selling at $.30 a gallon and home heating oil was going for $.17 per gallon. Considering that the latter is relative sludge compared to ultra-refined gasoline, if Congress wants to investigate something let them stick their noses into that.
But let's be serious about pump prices. Euro petrol, sold by the liter, is still double what we pay and our bottled water--some of which is simply tap water--sells for around the same price as gasoline and Americans literally lap it up without complaint.
It's time to wake up and smell reality. America had better start moving on developing energy independence before America has to close up shop and join the Third World!