Higher gas prices, higher oil profits

Re “Don’t gouge Exxon,” editorial, Feb. 1

I agree that a windfall profit tax -- really no more than windfall money for more inept government waste -- should not be used.

However, if you think for a minute that oil company executives would not respond to anyone shrinking their profits, bonuses and share prices with the same ruthlessness that they and many other behemoth corporations have utilized, you are sadly mistaken.

The invisible hand of the market gets extremely frail when it comes to rolling back prices or profit margins. It will be interesting to see the bonus structures and payouts to upper-echelon executives when they throw that party.

When oil executives were called to testify before Congress, it was no coincidence that they were not sworn in, because everybody having a horse in that race learned their lessons from the tobacco companies.

In the end, we will only have CEOs making apologies for their predecessors and promising not to do it again. With a few fines (to be reduced later) thrown in.

CHRISTOPHER NUGENT

Crystal Lake, Ill.

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“The prospect of hefty profits also encourages investment in oil exploration.” Don’t your editorial writers read your own paper? With what did Exxon buy Mobil? With what did Chevron buy Unocal and before that Texaco?

The sad truth is that the bulk of oil company profits of late have gone into mergers and acquisitions.

STUART WATSON

Redondo Beach