On my way to work this morning, listening to the news, I was informed of the meeting that was scheduled for the oil industry to once again explain their profits to Congress. This is something that we all hear frequently, and something that we all deal with on a daily basis, as we fill our gas tanks. Today I made a decision to do some research and try to determine what we, as Americans, can do about gas prices and the impact on our failing economy.

In my research, I was frustrated by the result of deregulation and the impact that has made on gas prices. Deregulation, as it has been described to us, is designed to increase competition, and drive down the costs of the service being deregulated. I believe this was the same basis behind deregulating insurance companies, and the banking industry as well. How is this all working out for you?

What my research resulted in was increased frustration. Prior to the deregulation of the oil industry, the price of a gallon of gasoline was fairly constant. In 1998, a gallon of gasoline averaged $1.17. Following deregulation, we all know what happened.

What furthered my frustration, was an article talking about “Big Oil’s big problem.” Their big problem is that their profits are so high, they don’t know what to do with the money. So reportedly they provide high dividends to their shareholders (good news for them), and spend an even higher portion of their money on “buybacks”, which are designed to reduce the number of shares available on the stock market and drive the cost of those shares even higher. I am not an economist, not even all that good with money, but this doesn’t sound like good news for you and me! To me, it sounds like the oil industry is controlling our economy as a whole.

We frequently are told that the market will correct itself, or the economy will turn around, but with the hands of the oil industry controlling everything, how can this happen?

So what can we do? Last I heard, we live in a democracy, where we the people had a voice. I think it is time we speak up and demand the repeal of the Oil Deregulation Law of 1998. We need to take back our economy before it is too late.

Danielle Nelson

Barrett