Out of Gas
Out of Gas
Not everyone will be making the three-hour drive from L.A. to the fabulous Coachella fest this weekend. And some of us will have a new reason to skip this and other fine amusements this year: skyrocketing gas prices. Get ready for a long and expensive summer.
Americans may finally understand what environmentalists and energy experts have been saying for decades: The U.S. urgently needs to find alternative sources of energy to power its cars and homes and factories, for reasons that are practical, economical, and political. Even while fighting strict gas mileage standards, major automobile-makers must understand that when a gallon of gas reaches $5, not many people will be crowding their Hummer lots. More and more of us will be waiting for the bus.
In his 2006 State of the Union speech, President Bush declared that “America is addicted to oil.” And during an Earth Day visit to California this week, Bush proposed spending $289 million on the development of hydrogen-powered fuel cell cars, plus additional funds for solar, wind, and ethanol.
Unfortunately, this is what Bush should have done at the beginning of his administration, instead of having his vice-president host secret meetings to develop energy policy with oil-industry shills. Our three biggest oil companies will likely post profits of $16 billion for this quarter alone, which amounts to a 19 percent jump up from a year ago. (The Associated Press estimates that this is an amazing 14 times the combined profits of Apple, Google, and the Oracle Corporation for the same period.) Not everyone is feeling pain during this latest oil crisis.
Members of Congress have now called for an investigation into the industry, while others want to institute a “windfall profits” tax. Some industry experts are alarmed by that idea, worried that the result could be a drop in production. If true, then maybe criminal penalties would be more appropriate – in the same way that convenience-store owners can be prosecuted if the prices for water, batteries, etc., suddenly skyrocket in times of riot or natural disaster.
Let's hope Congress follows through on the need to find an effective solution. We don't have time to wait for the president to deliver.Published: 04/27/2006
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