Last year Exxon Mobil's profit was a staggering $ 40.6 billion. That was only one oil company. Was there price gouging in the oil industry? Probably. Should the U.S. fix abusive price gouging with central planning and profit controls? Has anyone met a central planner a.k.a. civil bureaucrat that was competent, value added and more interested in you rather than keeping his or hers own job?
How about an exciting free market entertainment experience and tutorial on the challenges and rewards of less gas consumption ? How about NASCAR and IRL approaching Big Oil to at least double the prize money awarded during the racing season? The extra purse would be called a holistic prize . I.E the extra money would go to the fastest average speed coupled with the lowest consumption of gas. Both NASCAR and IRL would add a new interest in the competition and Big Oil could polish its public image with chump change contributed to the holistic prize money.
Speed does not seem to be the only focus of the 275 million fans that follow races on television. Talladega averages 188 mph while Infenion averages 81 mph. Racing tactics and use of the brain plays a more important role. And what could be smarter than winning more with less? The holistic prize approach would certainly invite innovation in different fuel use and surely hybrids. Also the fans could be reached in an effective and educating way.
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