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Tom,
I can understand your concern but I must call to question some of your
claims...
"My point is that the American oil companies, not their suppliers, are the
culprits."
There are no culprits in this event. There are, however, an abundance of
people who want a product which is produced and distributed by a limited
number of entities.
"The profit margin for American oil companies is staggering and I am
suggesting that we force these oil companies to reduce their already
exorbitant profit margins by lowering the cost of gasoline."
The term 'staggering' is quite subjective - I think that the share prices of
many Nasdaq companies are staggering now, so you can imagine how I felt in
March/April. Your recommendation to force a private company to reduce their
profit margins troubles me as well. The US is not a communist country run by
the state. We also have a private property issue; who are you to
determine/allocate limited resources. The day that we turn into one, I will
regretfully rescind my citizenship.
"These very same American oil companies are pocketing millions of dollars per
day in net income after all operating expenses. Outlandish profits like
these are not key to the survival of the company. I have no argument with
the right of any business within the free enterprise system to make a
reasonable profit but oil company profits are way beyond reason."
With all due resect to your opinions, what makes Tom Bowen a reliable source
for oil company profits? A reasonable profit is whatever the market will
allow a company to earn and nothing more. I suggest you visit Russia, China,
or Cuba and see the wealth that is created in those countries. So too,
please visit any African country where private property is essentially
outlawed and see the prosperity generated by their companies and the wealth
showered upon its citizens. Efficient economies do not always operate
equitably much in the same way that equitable economies never operate
efficiently - any government-run program will prove this 100% of the time.
Comments welcome.
Chris
PS - Gas in New Jersey is $1.70 premium. Too bad nuclear power is so
politically incorrect.
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