In 1973 (during the initial gas crisis), the price of a gallon of regular went from approximately 35 cents to the then unheard of price of about 75 cents or more. At that time it leaked out that the oil companies were indeed making excess profits. Congress, at that time, enacted an excess profits tax temporarily – three years – on the oil companies, which had the effect of reining in the prices somewhat.
If the oil companies were making excess profits at 1973 prices, what do you think they are doing now. It would be good for our legislators to take another look at the 1973 excess profits tax and re-enact it now. Perhaps phone calls to those who are supposed to represent us would bring the desired results – lower gas prices.
William J. Kerr, South Paris
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