Wednesday, June 18, 2008

A Sense of Entitlement

According to this AP Article:

"The nation's anger over $4 gasoline is producing a lot of energy-related theatrics at the White House and in Congress. Republicans are demanding new drilling off the nation's beaches. Democrats want to tax away oil companies' profits."


"President Bush on Wednesday said families across the country are looking to Washington to help them cope with economically ravaging high gasoline costs. And he warned lawmakers that if they don't do something before the July 4th holiday "they will need to explain" to voters."

So the nation is angry about high gas prices. If, in fact, production has peaked and is now in or near the beginning of inexorable decline, where should we direct our anger? Really, who's at fault?

1 comment:

Mark Churchill said...

I've believed for years that gasoline prices here in the U.S. were too low. (Specifically, I can date it back to 20 years ago, when I visited Jamaica and saw what people there—in a much less robust economy, by the way—were paying for a gallon of petrol.) Of course, I don't actually enjoy paying $4 a gallon, and I do think there's an unconscionable amount of profiteering going on (in the highrises of Big Oil, not at the local Kwik-E-Mart), but some of the pain at the pump falls under the category of "chickens coming home to roost". At least some Americans who never needed them are beginning to question their affinity for SUVs...