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Economic Toll Mounts From High Oil Prices

Published 05/23/08 Economy In Crisis - Print Article
E-mail - editor@economyincisis.org

Source The New York Times:

On Capitol Hill on Thursday, a panel of oil company executives took a lashing from legislators for a second day, this time before the House Judiciary Committee, over their prices and profits. “You all are gouging the American public, and it needs to stop,” declared Representative Steve Cohen, Democrat of Tennessee.

A series of unsettling reports have suggested world oil supplies may not be able to keep up with future demand, a situation that could potentially lead to even higher prices.

Click here to contact your Representative in Congress.

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guest says "High oil prices will be the death of our economy" on 05/27/08
When the price of a barrel of oil was around 65.00 a barrel the price of 93 octain gas was around $1.50 per gallon. Then in theory, when oil is at $130.00 a barrel the price at the pump should be $3.00 a gallon, right! We have doubled the price per barrel, but the price at the pump is much more than double. So why have the two oil men who happen to be running our country put a stop to the $4.00 per gallon gas or more to a stop. Is it that they may be milking the remainder of their time in office to line their pockets? This is what most people who I have spoken to feel about the matter. Our society and economy is dying a slow death at the pumps. Forget Recessions, if the current administration doesn't act on this major problem we will be facing what many said we never happen again in our lifetime, a DEPRESSION.

Respectfully

Robert
Miami Florida

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