by J Robbins

Created on: May 07, 2008

When greed dictates market forces instead of supply and demand our government has a responsibility to step in. Oil companies are amassing record-breaking and excessive profits at the expense of other vital industries, including airlines, trucking and manufacturing. We should not protect one industry at the expense of our general economy. We haven't in the past, and we shouldn't start now.

Our democracy is based on the concept of checks and balances. Throughout our history the American government has protected the free market by imposing regulations, restrictions, and/or by providing financial support. The most recent example is with the sub-prime mortgage mess. Bail-outs and legislation were required when it became evident many mortgage lenders ignored marketplace forces and allowed themselves to be motivated by greed. Government action prevented disaster and catastrophe to our overall economy.

Oil is just as essential to our economic stability as mortgages. We are teetering precariously on the brink of a serious recession. The average American business is feeling the squeeze from ever increasing oil prices, the average American taxpayer is struggling more and more each week with its effects on their pocketbooks. Obviously, only government intervention can provide swift relief.

We need to stop resigning ourselves to the inevitability of increasing fuel prices. We need to demand solutions - big and small - that can, and will, reverse the current trend. If that takes congressional hearings to find out whether oil prices are being artificially inflated within the U.S. - we should insist on hearings. If it takes oil refineries producing at higher capacities so prices can be better contained - we should insist on increased production. If it means part of oil companies' excessive windfall profits be used to benefit both short and long term goals for American economic stability - we should demand it.

Are we so afraid of losing our free market that it forces us to succumb to the greed of the oil companies? As a country we have overcome far worse adversity. And each adversity we conquered has only made our nation stronger. We cannot afford - both literally and figuratively - to be afraid now. Too much, way too much, is at stake. We have an economy at stake, national security at stake, and our place in world affairs at stake, A free market only works when it's truly free. When it's not it's up to us and our government to get it back on track.

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