The gas station guy in my town is exhausted from climbing the ladder every day in order to change the price sign. Of course, it's up, up and away. High gas prices, I predict, will become the biggest issue in the presidential campaign.
This week, Republican senators blocked a Democrat-sponsored bill that would have imposed a "windfall profits" tax on the five major oil companies. Since these companies made about $36 billion in profits in the first quarter alone, "windfall" may be understating it.
The GOP says the bill would not have lowered gas prices as any tax punishment would be passed along to gasoline consumers. But let me break this to the Republicans gently: Folks are angry with the oil companies. Unless you guys can help bring some relief to beleaguered American working people, the Democrats will wipe you out.
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Of course, both parties are at fault. Every president in the last 50 years has whiffed on alternative energy. While Brazil emphasized flex-fueled vehicles operating largely on sugar-based ethanol, our presidents and congresspeople took junkets to the Middle East to hug Saudi Arabian oil sheiks. And now, as Reverend Wright is fond of saying, the chickens have come home to roost.
The gangsters that run OPEC understand that technological advances will diminish oil demand down the road. So, they are accumulating as much cash as possible right now. It costs Saudi Arabia about $2 to market each barrel of oil. Last week, those huggable Saudis charged the world $138 for that barrel.
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