Friday, April 20, 2007
High Fuel Prices are Hurting Both Individuals and Businesses
7:37 pm pdt
ABC News and the Washington Post reported this week that two-thirds of Americans, just shy of a record high, are feeling
the pinch at the pump, and consumer confidence remains in the negative zone. Many businesses are also reporting financial
hardship. This comes at a time when oil companies are again reporting astonishing record profits. We've been here before.
Exxon-Mobile was formerly known as the Standard Oil Company of New Jersey and Standard Oil Company of New York. Conoco of
Conoco-Phillips was formerly the Standard Oil Company in the Rocky Mountain States. BP of North America was formerly Standard
Oil of Indiana and Standard Oil of Ohio. We could go on and on. In 1911 the Supreme Court ordered the breakup of Standard
Oil into thirty-four independent companies because of "unreasonable" monopoly. In recent years, oil companies have
merged again and again, taking us right back to where we once were. The problem is fundamental - supply and demand. With limited
competition because the supply of oil in the U.S. is controlled by a handful of giant corporations, fuel prices will remain
high and will rise even higher.