Big Oil May Be a Big Loser Because of Piggish Excess 5/1/2006
If the construction industry and its many customers thought that they were going to catch a break from escalating inflation, they are sadly mistaken. Some of the wildly oscillating materials like lumber and cement are moderating, but the out-of-control petroleum markets are exacting a new tax on businesses and individuals that will be difficult, if not impossible, to sidestep. But that tax is not going to the public good, and there should be a reconciliation of that account.
As regular gasoline hits $3 per gallon or more in many areas and diesel fuel even higher, many are wondering how we as a nation and a world got into such a mess. The answer is that it has been a long time coming, partly because there has been no incentive to develop alternative fuels or energy sources and partly because many people, businesses and governments didn’t care.