
A lot of moaning has been heard lately at the high gas prices (from myself included). Thankfully, we live fairly close to our respective offices of employment and don't have to drive more than about 20-25 minutes each way. We also have fairly fuel efficient vehicles and don't have to use premium gasoline. But, never the less, the steady increase in fuel prices over the last several years has taken a toll on our household budget. It's caused us to have to readjust our spending. Since more is not coming in, it's a battle to make sure that more does not continue to go out.
Recently, I've been hearing a lot of talk about suspending the federal gas tax for the summer. The suspension of 18.5 cents/gallon won't necessarily be passed onto the consumer in the first place, but even if it is, I think I would only save about $26. Not a lot of money in the big scheme of things. (And definitely not an amount I'd be willing to save if it means I'm going to be putting up with a lot more potholes this fall and risk getting a flat tire.) Another suggestion is to tax (at 50%!!) the oil companies' profits when oil prices top $50/barrel. This is just stupid.

What makes a politician, or really any person for that matter, feel that he or she has the right to take away from the profits of a private company? This kind of stuff really makes me mad. Who's business is it if a company is successful as long as they're not cheating the consumer?
Plus, oil companies are not as profitable as you might think. On average, the energy industry makes about a 9.7% net profit margin (Google posted a net profit margin of 25% in their most recent quarter) according to Thompson Baseline, which is a little above average, but not by much. If any other company made a 9.7% profit, no one would be talking about it. It's just the fact that 9.7% of billions of dollars is still billions of dollars.
When we feel like we're entitled to the profits earned by a company, that's the end of capitalism and the beginning of a very scary change in our economy (and not for the better!). Besides, all companies should be taxed at the same rate, not just because they offer a good or service that has recently experienced an increase in demand.
Not to mention that stealing a company's profits cuts into the funds used to research new products, etc. Just like when some of Congress proposed limiting the prices that drug manufacturers could charge for their prescriptions, which would take away money spent by those companies to research and develop new life-saving medicines, cutting gas companies' profits cuts into their research to develop alternative fuels and find oil sources closer to home! We can't get out of our dependence on foreign oil if we don't invest in finding alternative sources and alternative fuels. (Insert Homer Simpson "Doh!")

I'm not saying that the oil companies are perfect. Some of them pay their CEO's obscene amounts, which I think is a pretty stupid move especially considering the scrutiny they're under over their pricing and spending. They could definitely afford to be more responsible with their budgets, but that's ultimately their decision and not mine.
However, I don't think they're quite the price-gouging profit-mongers that they're made out to be. In fact,
this article on CNN Money lists a lot of good things about them. The increase in gas prices (mostly due to the huge increase in demand from China and India and the dollar's sliding global value, not the companies' greed) has also resulted in a huge increase in jobs within these companies. They're also, on average, much higher paying jobs. Plus, the increase in their profits has been reflected in higher dividends being paid to their investors and shareholders.
Prices won't fall because we write legislation to try to control them and limit the free market. They'll fall when we can increase the supply, decrease the demand, or find other fuel options.
Over all, gas prices suck. So maybe I should just do my part and drive less. Matt and I car pooled for a while back when he was in school; I'd sure be willing to do it again. Plus, we decided not to take one of our planned vacations until at least the fall, so we won't be driving on as many long trips this summer either. We will also be using our SUV a lot less and try to stick to the smaller cars that have better fuel efficiency.
As long as I'm not willing to change how much gas I use for optional trips, I feel like I'm not entitled to complain about the amount I'm spending on it. So, if you hear me complain about how much it costs to fill up, feel free to ask me if I've decided to cut back or not.