The petroleum industry has just implemented its "umpteenth" 10- to 12-cent-per-gallon price increase this year "to regain an appropriate profit margin." The oil moguls must think the public is stupid.
The current unleaded pump prices reflect a range of $1.14-$1.16.That's 3-5 cents per gallon more than last May's $1.10, yet the per barrel cost of oil has dropped several dollars, and the wholesale price per gallon has dropped from 57 cents to under 45 cents.
Even considering the 4.3 cent federal tax increase, there is a 31-33 cent profit margin. So, if the dealer earns 10-12 cents' profit per gallon, that still leaves approximately 21 cents' profit for someone. Since that margin has remained constant all year long, the oil companies must be the ones gouging the public.
Because gasoline/oil are so essential to the public's welfare, maybe the oil industry ought to come under the jurisdiction of the Public Service Commission to curtail their voracious appetite for profits.
Norman Riggs
West Jordan