The point that seems to be missed in this debate is the incredible increase in oil company profits since Sept. 11, 2001. I would argue that while consumers would not be thrilled by higher gas prices at the pumps, the level of anger would be greatly reduced if the profit margins of the oil companies had remained constant.
In reality, the oil companies have been reporting record profits during this time, leading the consumers to correctly suggest price gouging is occurring. Consequently, the oil company propaganda lacks credibility. Evidence would suggest the industry lacks true competition.
Mike Wedmann