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Walter’s Perspective: Gas Prices Are Getting Outrageous

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Walter Jacobson

Walter Jacobson (CBS)

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CHICAGO (CBS) – I didn’t want to, but figured I’d better this morning — stop for gas.

I spent $58.32, and it didn’t even fill my tank. I was so angry at the cost, I stopped pumping, paid what I had to and left; and then heard on the radio that the price of gas is on its way to $5 a gallon.

So it’ll cost me $75 or $80 for a tank of gas. $80 for a tank of gas! To hike the price like that, I’m thinking the gas companies must have big money problems, so I checked it out.

ConocoPhillips had $12 billion last year in profits. Chevron had $27 billion. Shell Oil profits last year were $31 billion. ExxonMobil’s profits were $40 billion.

Last year, oil company profits were up an average of 75 percent compared to the year before.

And they’re still hiking the price to $75 or $80 a tank? That’s not ingenuity, or enterprise, or good old-fashioned capitalism, on which this country is built. That’s just good old-fashioned greed.

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