On January 21, 2000, my local gas stations were selling their gas at an average of $1.24 per gallon. As of today those same gas stations are charging $2.79 per gallon. That’s an increase of 225%.
In October 2005, Chevron joined the profits parade. The nation's No. 2 oil company reported earnings of $3.6 billion. The totals only get bigger: Conoco Phillips made $3.8 billion, BP made $6.5 billion, Royal Dutch Shell made $9 billion and Exxon Mobil raked in a whopping $9.9 billion in just three months. Exxon made more than any other company that year.
Investor T. Boone Pickens see oil prices hitting $100 next year. If he’s correct, that would be an increase of 22%. Will this convert to another 22% increase of gas prices?
Keep in mind folks that it took over 45 years to get the cost of a gallon of gasoline up to the price of $1.24. Since President Bush and Vice President Cheney took office in 2000, a little over 7 years ago, the cost, as I’ve said before, has more than doubled.
The oil companies have systematically added a few cents to their prices through out this administration's years in office. Slowly getting Americans use to one price, only to raise the prices once again a couple of months later. They continued to do this until we got to the point we are at now.
Americans may not like these prices, but they are getting ‘use’ to them, therefore they won’t bother questioning them.
The Bush administration still has 15 months to continue protecting the oil companies.
The media and even some in the Republican Party have acknowledged that Democrats will most likely be in the White House and in control of Congress in 2009.
My best guess is, yes, the gas prices will continue to increase by another 15-20%, before January 20th, 2009.
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