Reply #4: Record-high gasoline prices [View All]

[Wright Patman]

are difficult to explain away. Americans believe we have a God-given right to cheap energy. They also believe "peak oil" is a hoax and so any time prices are rising this rapidly, there must be a "conspiracy" behind it. I'm not saying whether there is or isn't. I don't know myself.

But we DO see now why there was such a desperate need beginning this time last year to put the lid on gasoline prices. Prices peaked in March 2004, then stabilized and even went down a bit as Election Day approached. I have heard a very plausible explanation for this. Big Oil agreed with the Chimpministration to market gasoline on a break-even or even loss basis through the summer last year. Now they are making up for what they lost last year in order to ensure Chimpy's reselection.