Why are oil companies allowed to get away with this?

[SagaLore]

What do you expect? Companies are in business to make money. They know they have our nuts in a vicegrip. Don't like it? Open up more American based oil companies, or move away from oil as a fuel source.

 

[PingSpike]

Originally posted by: Queasy

Originally posted by: MaDDinGO

Originally posted by: Aimster
For gas to be $3.00/Gallon I believe OPEC has to sell oil at $90/barrel.

Have you looked at the market cap of exxon/mobil? It's around $450billion which makes it the largest company in the world.

$450 billion!!!!

Why is the government not doing anything?

Keep in mind that taxes play a big role in gas price - in NY, Federal tax is over 60 cents a gallon, theres also a state tax on gas too

Yep. A big reason why Georgia gas prices are so low right now (relatively) is that they suspended state gas taxes through September.

Thats Georgia's business, but I feel thats a just plain terrible idea since the roads are still going to need repair and now you have no way to pay for it. What are they going to do? Double the gas tax next year? Increase it over the long term? Just let the roads fall apart? And what if gas prices don't come down, like they are betting on...they'll be in the politically suicidal position of demanding an increase in gas tax while gas is still expensive. States don't usually get away with running at a deficit as well as the federal government does.

 

[Theguynextdoor]

I don't know about you guys, but if I was a business, and I had something everybody wants (but doesn't really need). I'm gonna charge a lot for it. I want to make 100% profit.

Besides it's not like they're charging us an arm and a leg for it yet. When it's $4-5 a gal then it's just ridiculous.

 

[Queasy]

Originally posted by: PingSpike

Originally posted by: Queasy
Yep. A big reason why Georgia gas prices are so low right now (relatively) is that they suspended state gas taxes through September.

Thats Georgia's business, but I feel thats a just plain terrible idea since the roads are still going to need repair and now you have no way to pay for it. What are they going to do? Double the gas tax next year? Increase it over the long term? Just let the roads fall apart? And what if gas prices don't come down, like they are betting on...they'll be in the politically suicidal position of demanding an increase in gas tax while gas is still expensive. States don't usually get away with running at a deficit as well as the federal government does.

Georgia is doing it because they can. They've been running a surplus on state gas taxes (and even income taxes) over the last several months. That surplus is going to cover the cost of suspending the gas tax for the month.