High Gas Prices = Record Profits

old gas pump

I would have thought that the correlation between high gasoline prices and record corporate profits was obvious to everyone. Apparently, that’s not the case, it seems that the oil companies have managed to befuddle quite a few people with their PR. Multinational corporations would have us believe that they are simply passing along their increased costs. My guess is that they also bump their profit margin every time they raise their prices. How often have they raised prices where you live?

High Gas Prices = Record Profits

Uprisings in the Middle-East are the latest excuse for increasing fuel prices.

I suspect gas corporations use a simple formula:

Public awareness of oil and gas supply = Excuse to raise prices

and we know, increased prices are always followed by record profits.

When I filled my tank, a couple of days ago, I paid $1.25 per litre, that’s $4.73 per US gallon (1 Gallon US = 3.785 litres). I live in Vancouver, BC. Gas prices per litre, across Canada, currently look like this:

  • 1.17 Victoria
  • 1.24 Vancouver (includes 15 cent per litre transit tax)
  • 1.00 Calgary
  • 1.12 Regina
  • 1.06 Winnipeg
  • 1.09 Toronto
  • 1.09.Ottawa
  • 1.17 Montreal
  • 1.18 Halifax
  • 1.22 Saint Johns
  • 1.11 Charlottetown

Gas prices aside, did you know that Canada exports more crude oil and petroleum products to the U.S.A. than any other country?

Q: Why do we put up with gas companies gouging us so that they can increase corporate and shareholder wealth?

Interestingly, I’ve heard that you can fill up your car in Venezuela for a couple of dollars, partly because the Venezuelan government heavily subsidizes gas prices.

There should be a middle ground between Venezuela and the damaging corporate greed evident throughout the capitalist world.

Profit is good, greed is NOT!

Old gas pump photo: Daryl Mitchell, Saskatoon SK Canada