So President Bush and Governor Schwarzenegger want the oil companies investigated for price gouging, it's about time!Granted, the price of a barrel of oil has increased, but isn't it odd that the oil companies are making record profits?
First quarter profits are at record levels for all oil companies, yet the Federal Trade Commision does nothing.
Oil companies were making 25 cents per gallon, but this was not enough of a profit margin, and today they are reaping 50 cents to 75 cents a gallon profits.
In addition, I feel we are being gouged by the excessive taxes placed on gasoline. We pay 18.4 cents per gallon in federal excise taxes, 18 cents a gallon in state excise taxes, and 8.75% sales tax (Los Angeles County) per dollar, which adds another 20 to 25 cents per gallon.
Lets start an investigation of tax gouging as well as price gouging by the oil companies.
Eddie
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2 comments:
They pay more in other countries, including our neighbor to the north, Canada. But they've invested far more in mass transit than we have. Something we are slow to do here in Southern California. For instance.... there's a train in Fullerton, but no fast way to get to LAX via train.
It may be time to pull out the ol' mountain bike from the garage and start riding to work.
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