"the CEOs of Exxon, Texaco, and Shell for figuring out how to quadruple the price of oil over a seven-year period without an actual shortage."

October 30, 2007 5:37 p.m. PT | Be honest about gas gouging | By ROBERT WEINER AND JOHN LARMETT | GUEST COLUMNISTS

Gasoline prices are poised to explode again. Oil companies are setting up the framework for higher prices because of fears of a Turkish invasion of Kurdish-controlled northern Iraq and administration saber rattling about Iran. Crude oil, at $29.59 a barrel when President Bush took office in January 2001, is now pushing toward $100. Washington state's current gasoline cost of $3.09 per gallon, double Seattle's 2001 price of $1.52, is now second only to California in the 48 contiguous states.

Jay Leno joked on "The Tonight Show" Oct. 17, "The Nobel Prize for economics was awarded to three people -- the CEOs of Exxon, Texaco, and Shell for figuring out how to quadruple the price of oil over a seven-year period without an actual shortage."
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... Oil companies raised gas prices 24 cents a gallon in the 24 hours after Katrina. The FTC reported increases "not substantially attributable to increased costs." It was pure fear mongering.
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However, there is no "violation" if the price charged is "substantially attributable to local, regional, national, or international market conditions." The House is saying it is not gouging if the public will bear it. The oil companies could still charge whatever they want -- a loophole big enough for a gas-guzzling Mack truck. ...