For the Love of Oil
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Marc Katz is a Legislative Assistant at the Religious Action Center. He is a graduate of Tufts University. |
For anyone looking for proof that oil prices have skyrocketed in recent years, vindication is here. According to a statement to the Senate Judiciary Committee issued by the Consumer Federation of America and Consumers Union, families spend 85% more—or nearly $1,000 more per year—on gas and oil than they did five years ago.
While there are a number of factors responsible for this, the testimony highlights a number of the most significant including unstable oil sources, company profit margins, less efficient vehicles, and urban sprawl.
The statement also points out recent short term price fluctuation, “Between January and May 2007, gasoline prices have increased 80 cents—60 cents going toward increased refining and marketing prices,” a trend that is not likely to slow down. While this is clearly a concern for millions of American, poor and minority rural populations are most affected because many cannot afford the cost of transportation to work.
CNN money has an interesting article on steps we can take to lower gas prices.
Click here for the entire Senate Judiciary Committee statement.