First, to Titus - you clearly want to nationalize oil. You keep justifying your claims for government intervention in one way or another because oil is "vital." Sorry, that's not the way it works with private industry outside of Venezuela. And the problem as it stands now is the GOVERNMENT. THEIR red tape and restrictions have prevented any new refinery (one huge problem in price) from being built since I was 2 years old. THEY (the Democrat Party & a few republicans) have voted against nuclear energy no less then SEVEN times. THEY have voted against ANWAR and drilling off the coast of Florida no less then 3THREE times. If the oils companies have a defacto "legal monopoly", THEN CONGRESS HANDED IT TO THEM ON A SILVER PLATTER. Not to mention, OPEC sets the price of a barrel of oil - THAT PRICE is the genesis behind our gasoline price per gallon. Exxon, Shell, Standard, they don't set the price for a barrel of oil for goodness sake! The problem is with our government AND OPEC, period! And the only way to deal with the former is vote Democrats out of office (and some Republicans) and to the latter, move on to sugar or some other alternative, in a real way. In the mean time for us to further regulate the US oil companies or take their profits in a "windfall tax", do you think that will raise or lower the price of gas? Are you kidding - it will sky rocket, corporations pass production costs (be they equipment or taxes) on to the consumer. Like I said, thank congress and the last two presidents of you think "big oil" has a "legal monopoly", and thank OPEC for the price of gasoline.
To Jambo ...
This would be a different situation if profit margins were reasonable, like in the millions, six zeroes. How is this NOT gouging? Please explain this to me.
I love ya man (but I wouldn't kiss you, unlike some Bund members apparently), but who the hell are you, or me, or anyone to "decide" what is a "reasonable" profit? Are you kidding. This sounds like Marxism 101, and I know you're not a Marxist by any stretch of the imagination. The oil companies profits, AS LONG AS IT IS DONE LEGALLY are their business as long as they are a private company - period! The gas station owner on Pass Rd broke the law. SHOW ME where Exxon has broken the law and I'll be on board with their prosecution. Show me. For you to assume that you or any one individual can discern what is "reasonable", and with a real number like "in the millions" is astonishing to me. And I'm not talking about laissez-faire, or anything approaching it, these profits are being made in an already heavily regulated industry. IT'S THEIR PROFITS! Because it is an essential good doesn't change that fact unless you're arguing for nationalization like Titus.
To recap ....
1.) arbitrarily setting a "reasonable" price for good or service, even an essential one like oil, as long as the industry is private, is asking for chaos. It never works. And setting "profit maximums" for any industry is illegal as far as I can tell, and certainly anti-American in concept. And opposing "profit maximums" in order to make them more "reasonable", does not mean I support a purist version of laissez-faire.
2.) The high price of gas can be laid at the foot of OPEC and our federal government. The latter offers no alternatives, restricts domestic drilling, votes down nuclear, and it would appear to go out of its way in order to ENSURE that our energy dependence remains in the hands of OPEC. And the former (OPEC) won't really take anything we do in the realm of energy seriously until we act to secure independence by embracing all that was voted "nay" just above, and taking a cue from private industry leaders like Branson.
3.) "Gouging" is a legal term, with legally imposed penalties. If you can demonstrate that Exxon et al have colluded, gouged, or been unlawful in any way shape or form, or even violated even the spirit of the law, then we can talk about comparing them to Mr. Lee down the road from you. Until then lets blame who really is at fault - the federal government and OPEC. THEIR COMPLETE INADEQUACIES in terms of being concerned about the American energy consumer has caused the side effect of putting oil companies well into the black with 9 zeros.
You two have misidentified your bad guys here ....
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