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November 16, 2009

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Oil companies have the upper hand

Friday, Nov. 11, 2005 | 7:24 a.m.

Economics 101. Supply and demand is a euphemism for soak and gouge, which was thought up by some professor of economics who wanted his book to be used in that college course. At one time, the years around 1942 through 1945, America survived low supply (very little goods available) and high demand (those very goods we needed) without prices going out of sight.

I believe there was even some sort of price regulation and rationing but no big depression or recession or cost of living escalation. There was little credit then, too.

We haven't been too concerned about the gasoline prices now because we have been charging gasoline on credit cards. We haven't been concerned about heat for the winter because it's autumn. Eventually the piper must be paid. Our pockets have been picked.

The oil companies have Economics 101 to fall back on in their explanation of gasoline prices to Congress. They will prevail -- not Congress woefully speaking for us, the gouged American public.

James Altemara

Las Vegas

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