High gas prices harmful to U.S. economy

The national average gasoline price (as this is written) is $3.77 per gallon. A month ago, the national average was $3.55 and a year ago that average was $2.86. That change from a year ago equates to a 31.8 percent increase in price. These price increases come at a time when we are finally seeing some slight signs of recovery from the deepest recession in American history.

Let us not forget that the media blamed the recession on the subprime mortgage crisis, which led to the collapse of a sizzling real estate market and job loss due to globalization. But in truth, the full-blown collapse of our economy came after gasoline hit a national average of $4 per gallon in June of 2008. On July 31, 2008, Exxon reported its highest quarterly profits ever of $11.68 billion for the second quarter. By Christmas of that year, gas could be bought for $1.45 some places in the country. The oil companies realized what all of us failed to recognize, that the inflated price of gas in 2008 pushed our wavering economy over the edge.

Our country lost 7.8 million jobs during the recession. Will the boards of directors, CEOs, presidents and vice presidents of corporate America ever have enough money to be satisfied? I believe in a smaller government but only when corporations develop an ethical approach to their business practices. Our economy and the existence of the middle class is at stake.

Steve Tharp

North Liberty