Oil profits seem criminal

While recent oil industry profits may seem criminal to some, they are expected by those who understand basic economics. Oil prices are determined by market forces and not corporate executives looking to gouge consumers. The recent Gulf hurricanes crimped the supply of gas while economic growth in China and India spurs demand. Just as scientists cannot repeal the laws of gravity, politicians cannot repeal the laws of supply and demand. If you believe otherwise, how come oil companies don't charge $5 per gallon?

Ironically, people are clamoring for the government to confiscate oil profits through windfall taxes yet the government already collects more in taxes than oil companies do in profit. From 1977 to 2004, taxes on gasoline gave state and federal governments $1.34 trillion while oil companies earned $640 billion. If we're going to start prosecuting people for greed, let's start with those in Washington. After all, how many transportation museums and "bridges to nowhere" do we need?

[Letter to the Editor - The Flint Journal - Submitted 12/05/2005]