Saturday, June 02, 2007

Gas Prices

Hi Marty

I fully agree with Ellen S. who wrote on the blog that something has to be done about these high oil prices. Boycotting may be the only way we can fight back. We have to single out one company since we can't avoid buying gas altogether - this is not a luxury. But Petro Canada with 1500 gas stations is not the biggest - Esso with over 2700 gas stations across Canada is king of the tar pond. If we're going to boycott maybe it should be against Esso, the biggest perpetrator.

According to the Globe and Mail's list of the top 1000 publicly traded Canadian companies Petro Canada is listed at # 15 with profits of $1,791,000,000, behind #10 Shell at $2,014,000,000 and on top at #5 is Imperial (Esso) with profits of $2,600,000,000 as of Dec 05. The highest profits at #1 on the list is another energy giant, Enron ( Is that Ken Lay hiding under Andersen's shredder? ) Canada, with $3,426,000,000.

There's obvious price gouging by the energy sector judging by their unprecedented profits, but part of the price increase is due to global market forces. But what happened to Ottawa's election promise of Tax relief on gasoline? Most of the cost of gas ( a necessity), booze and cigarettes ( luxuries ) is, you guessed it, taxes!


Thanks Bob A.

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