Oil Co Profit Margin less than 10%, yet ignorance is rampant!
Wow, what a glittering jewel of colossal ignorance:
From the letters-to-the editor section of The Naples Daily News. Here's a gem from yesterday's paper. Sit down before you read this:
Editor, Daily News:
Until I read Jack Tymann's guest essay, I thought the $4.94 gasoline price had absorbed every available erg of popular anger.
Tymann's defense of the oil companies should warrant an explosion of outrage.
Unfortunately, here in Naples we appear to have an acquiescent and oblivious public. In Florida and across the nation it is inevitable that there will be a public revolt. Nationalizing the oil industry abolishes the economic power of the oil companies. It will enable the government to provide for the common welfare. Presently the oil companies are exploiting the people and their profits seem like thievery.
The oil companies constitute a clear and present danger to democracy and must be put under state control. Nationalizing the oil companies means hiring managers at fair salaries, not the average
$10 million annually for each CEO. Take the profits and revenues from their private pockets and use them for the public good. Use their profits to pay teachers and provide for state budget health-care needs.
Make the oil companies non-polluting energy resources to deal with global warming. Now they are responsible for the destruction of the environment and the reason for the wars in Iraq and Afghanistan and the militarism of this country.
Some will rage socialism or worse. But nationalization is in the tradition of democratic and capitalistic countries everywhere.
— H.H. Hermann
Worldwide market forces are causing the price of oil and gasoline to raise. In the USA, stimulus, QE1 and QE2 are causing inflation, thus commodities are pricing much higher. Look no further than Big Government to see why prices are high.