It's very interesting that our legislators, newspapers, news agencies and so-called oil analysts haven't figured out that only half of our oil comes from nondomestic sources. The major oil companies own thousands of oil wells in California, Texas, Oklahoma and other states that cost them $15 to $20 a barrel to pump and refine.
The new oil monopolies, Exxon-Mobil, Standard-Texaco and Phillips-Conoco- Union 76 are charging us the $120 per barrel on oil from their own wells. That's where the record profits are coming from.
Even with imported oil and the honest cost of domestic oil, a gallon of gasoline should cost around $2 to $2.50.
CLYDE E. REDDING
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