The head of Exxon testified last year that gas prices were high because of global supply and demand. It's just been revealed that this gent is receiving a $400 million retirement package, this after years of multi-million dollar paychecks ($51 million in 2005 alone). This is in keeping with the fact that last year, Exxon made $36 billion, which is more profit than any company has ever made anywhere in the known universe.
In this news report, a lady at the Institute for Policy Studies says, "I think it will spark a lot of outrage." I don't think so. I think it will spark a few snarky comments here and there but most of America will never hear about it and 98% of those who do will shrug and go right on paying inflated prices. And tomorrow, if all the oil companies get together and raise prices by another buck a gallon, a few of us will grumble and then we'll go in and fill our tanks at the new prices.
Back in the late seventies, when gas inched up towards a buck a gallon, there was outrage in this country. People organized boycotts or demanded that their elected officials do something. Even advocates of free-market capitalistism toyed with the notion of capping gas prices or at least limiting CEO compensation. But we've given up on that. Now, we just bend over, grab our ankles and shout, "Thank you, sir. May I have another?"