Adamant: Hardest metal
Friday, March 14, 2003

Profiteering in wartime an odious practice

www.troyrecord.com By: March 13, 2003 The talk now is that probably before the end of this month America will be at war. That consensus ignores the fact that America has been at war pretty much since 9/11/01, when our country was viciously attacked by terrorists. Within a week, President Bush declared a war against terrorism, and now he is seeking to escalate that war by invading Iraq. Whether that move is wise and just is not today's subject of debate, however. What needs to be addressed is an odious practice that has been epidemic in all wars - profiteering. There have been small-time wheeler dealers and big-time corporations drawing unfair profits on wars probably as far back as some person who sold overpriced hay to Hannibal for his elephants. That profiteering is a tradition makes it no less repugnant, and that is why Sen. Charles E. Schumer wants the Federal Energy Regulation Commission to investigate possible price gouging by the natural gas industry. We have already seen the price of fuel go through the roof. The petroleum industry claims that the threat of war in Iraq and a strike in Venezuela have driven prices up. Those excuses are somewhat questionable, as New York state has been particularly hard hit at the gas pump despite the fact that little Venezuelan gas is sold in this state, a tiny proportion of the total. And there is even less reason for natural gas prices to soar, as it is produced domestically and in Mexico, where strikes and the threat of war should play no part. Given the cruelly cold winter suffered by the Northeast, a certain spike in prices could be expected and justified, but not, as Schumer said, "49 percent in just one week." New York is the only state that has been bludgeoned by price increases. According to the Department of Energy, the Capital District paid $38 million more for natural gas this year than last. Where is the consumer to turn? Some people want to switch from oil heat to gas because of petroleum prices, but now natural gas is also exorbitant. We urge the regulation commission to hastily start a serious probe into price structures and find out if there is any justification for the huge increase. If no reason can be reasonably found, prices should not only be forced down by law, but the issue of possible refunds should be investigated. Using the threat of war and our country's fears of a sagging economy as a veil to inflate profits cannot be countenanced.

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