Kudos to Sen. Angus King, who very recently, on the floor of Senate, laid out the truth about high gas prices. I would first say that part of this is due to supply chain disruptions, caused by the global pandemic as well as the invasion of Ukraine by the horrible Russian dictator Vladimir Putin. But, as Sen. King indicated, it is also very much due to what amounts to sheer price gouging by the big oil companies amid the rapid recovery of jobs and wages.
In other words, big oil companies are raising gas prices because they want to increase their profit margins, simple as that.
As Sen. King notes, Big Oil has about 8,000 current leases available to increase oil supply. Rather than investing in increasing production, they are continuing to increase prices to maximize their profits. And the salaries of the oil company executives are through the roof in the tens of millions of dollars. Also, as Sen. King explained, the Keystone Pipeline would do nothing to increase oil production. It would take a long time to even come online, and it just moves Canadian oil to the Gulf of Mexico, mostly to be exported out of the country.
I thank Sen. King for stating the real reasons why gas prices are up. We pay more, and Big Oil gets richer, and richer, and richer. It’s that simple.
James Bilancia
Brewer
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