It is important to keep in mind that Americans are VERY well off. The fact that we are all using computers with internet is an indicator of just how well off we are. I don't recall the exact figure, but the average wage in developing countries, like China and India, is a fraction of what the typical American takes home.
It is also important to remember that demand for oil is no longer just in this country. Demand is worldwide. China and India both have over 1 billion people. As they want more oil, everyone pays more. What 3-4 hundered million people do won't really affect the price. Historically the US has had the buying power to negotiate contracts for lower prices. As countries like China consume more oil, they are the ones that can get the better deals. This is happening now. Bottom line, prices aren't going to go down. The way to get by is to use less, therefore spending less.
Yes, oil companies are making record profits. I am pretty sure that this is still a capitalist economy. Our greed for the oil is making them rich. That is their right. A socialist government would fix that problem, but I don't think that is really what we want.
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