by Mary Fahnestock-Thomas, Hamilton
Yes, our gas prices have risen something like 11% in the past week, but the Why is a little tricky.
According to various sources, the US imports about 1.3% of its oil from Russia. Forbes, however, says we import about 20% of our GASOLINE and other refined petroleum products from Russia, and the Wall Street Journal apparently put the two together and figures it’s about 8% of our oil products altogether.
Exxon Mobil and Chevron, both American oil companies, and BP and Shell in the UK, are making record profits.
Americans are noted for their creativity. Why can’t our own oil companies use some of those profits to manufacture more gas? It may take a little time, but where there’s a will there’s a way.
Of course, Americans are noted for run-away capitalism as well. Who wins? People or profits?