While society is being robbed, big oil companies, CEOs and distributors are filling up their pockets with the billions of dollars that the oil monopoly produces every year.
Unregulated and protected by a loophole, oil companies are managing to maintain speculative pricing while reasoning that the suffering economy conditions make the price hike a necessity.
As the Federal Reserve started cutting interest rates, the value of the dollar has plummeted, causing it to weaken compared to the Euro.
With the daily commute many students make to and from campus, high gas prices can really be a pain for struggling students.
With tuition as low as it is at $20 a unit, one may confuse economics with the reality of the situation; that students are broke.
Last March, oil was still under $60 a barrel as opposed to the current $120 a barrel.
“There is no shortage of gasoline, no shortage of crude oil, no underlying market reason for these excruciating record prices,” Judy Dugan, research director of oilwatchdog.org, said.
“Yet, President Bush said earlier this month he hadn’t heard about predictions of $4 gasoline and Congress seems to be hiding its head in the sand.”
With Lee Raymond, ex-CEO of Exxon/Mobil, leaving with a retirement package worth nearly $400 million including pension, stock options, a personal jet to be used for “business”and other perks, it goes to show how ravenous and ruthless these wolves of oil have come to be.
American society pays the price while Exxon/Mobil and Chevron glut themselves with profits.
Last year, Exxon/Mobil boasted $36 billion in profits, yet regular, unleaded gasoline is a whopping $3.88, and premium gasoline is at $4.05.
One may do well to combat against this abusive, controlling relationship by simply snuffing out the need to buy gasoline by implementing alternative means of transportation.
Metro.net may provide individuals with citywide bus schedules, while carpooling can help curb the strain on one’s wallet.
Gasoline has never been a necessity, but a luxury that society has branded as an indispensible good.
For whether one has the monetary means to deal with ever-inflating prices or not, the blatantly devious and corrupt money-grubbers need not rob the populace blind, for their eyes are wide-open with anger. Society is angry yet no solution is in sight.
