Four years later, fuel oil is $3.30 (or more) per gallon, kerosene is $3.71, propane is $2.96 and gas is $3.18 a gallon, according to the Vermont Fuel Price Report for January 2008.
That's an increase in four years of 109 percent for fuel oil, 108 percent for kerosene, 73 percent for propane and 62 percent for gas. Federal cost-of-living standards call for an approximate cost/wage increase of three percent a year. Someone making $40,000 in 2004 might see their wage increase at three percent a year and, in 2008, be making $45,020, an increase of $5,020 or 12.5 percent.
It does not take Einstein to understand that this is not just impacting people's disposable income. No one needs any further research than a glance at their own heating bills. Last week, Exxon Mobil reported a record 2007 profit of $40.6 billion. There is no evidence that local fuel dealers are enjoying similar record profits.
The Vermont Legislature took testimony this week from Vermonters about the impact of prices. But Vermont alone cannot stop the price gouging and manipulation that is causing this. It needs action on a national level to close the so-called Enron Loophole that allows energy traders and oil companies to manipulate prices and exempt energy commodity trading from federal oversight.
All other commodities are not exempt. How can this be right?
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