"In the wake of Katrina", or so we are told, gas prices are expected to reach and surpass $4 per gallon soon.
money.cnn.com
Consumers can expect retail gas prices to rise to $4 a gallon soon, but whether they stay there depends on the long-term damage to oil facilities
from Hurricane Katrina, oil and gas analysts said Wednesday.
"There's no question gas will hit $4 a gallon," Ben Brockwell, director of pricing at the Oil Price Information Service, said. "The question is how
high will it go and how long will it last?"
Please visit the link provided for the complete story.
I think it's time that the leaders of this great nation, including our local and state leaders, put their collective foot down on gas prices. I think
every state should put a cap on gas prices. It's starting to get reduculous.
What I don't understand is that if gas prices are so high, why are oil companies showing RECORD PROFITS?
For example:
Exxon said "net income totaled $7.86 billion, or $1.22 a share, up 44% from $5.44 billion, or 83 cents a share, a year earlier." Additionally, they're
looking at what to do with the $40 BILLION windfall they have.
Shell reported a 40% increase in profits, totaling more than $6.8 BILLION.
ConocoPhillips, the nation’s third-largest oil and gas company, said that FIRST-QUARTER earnings soared year-over-year on high oil prices…. Total
revenue was $38.9 billion, up from $30.2 billion last year".
(Not to mention the billions that were tucked into the energy bill)
Since they have these humonguus windfalls, why don't they turn around and give these back to the people "in the wake of Katrina" in savings at the
pump? Doubt that will ever happen though.
Related News Links:
www.10tv.com
www.nydailynews.com
www.canada.com
today.reuters.com