House Editorial: Gas companies fill their tanks with our cash
Any business rewarding CEOs $400 million retirement packages should have to provide an explanation
Posted on August 31, 2006

In recent weeks, gas prices have been falling like prices at Wal-Mart. The numbers aren’t as big as those dropping in your local megastore, but the general consensus on incrementally lower gas prices seems to be:  every little bit helps. In other words, falling gas prices are a good thing — something to be welcomed, beloved and perhaps lauded.

Until they hike them back up just in time for the holiday travel season.

This summer, the United States saw record gas prices with the national average hovering somewhere well over $3 a gallon. It was the same the previous summer with the national average not quite as high as it is today, but definitely not cheap. It’s the same every year. Those doing the raising and lowering jack them way up — only to lower prices once more, but always just a bit higher than they once were.

We used to say, “$1.60’s not that bad.” Two year’s later it’s changed to “$2.60’s not that bad.” And today, it’s something like, “$2.49, that’s phenomenal.” It’s a gradual brainwashing in the vein of once you could pump then pay. Now, posted all over gas stations is “Pay before you pump” meant to curb the rebellious streak in drivers wanting to pump and run. The prepay aspect of refueling is disconcerting.

It implies people cannot be trusted with the honor system. Evidently, enough people were gassing-and-going to merit such a rule. However, as in life, college and presidential elections, we often must choose the lesser of two evils.

Is it necessary for gas prices to be as high as they are? Is it necessary for people to steal their gas when they feel the price is unjust? In 2004, Exxon Mobil made a record $25.3 billion and in the first half of 2005 made $15.1 billion, according to an August 2005 Washington Post article.

And in between all this — as gas prices rise and fall to just above where they used to be, Lee Raymond stepped down as CEO of Exxon Mobil last August, to retire with a benefit plan reported to be worth over $400 million. You do the math.