Filled up the gas tank lately? If so, you’ve felt the unbelievable rising price of gas.

Over the three weeks ending August 12, the average gas price rose nearly 20 cents to $2.53. Retail prices have risen on average 70 cents since the beginning of 2005.

This price hike has hit working Americans hardest, especially those who drive for a living. If you’re worried about how to pay for increased fuel costs, you’re not the only one. In a recent poll, 64% said they expect fuel prices will cause them financial hardship in the next six months.

Like always, working people are paying a huge price for obscene corporate profits. ExxonMobil saw its earnings shoot up 32% in the second quarter compared to a year ago, an increase of more than $7.6 billion. BP saw a 38% profit increase totaling $6.7 billion, while ConocoPhillips – the third largest oil company in the country – recorded a 56% increase in profit, more than $3 billion.

We’re being told the prices at the pump are increasing because the higher oil prices are being passed on. However, much of the gas we’re buying now comes from oil reserves bought long ago by companies at prices of $10 to $25 per barrel! With current oil prices peaking near $67, the profit margin has been enormous.

Speculation is another reason for the high oil price. According to OPEC and other commentators, speculative activity has added around $15 to the price of a barrel of crude, and sharply increased volatility in the oil market.

To ensure that working people aren’t screwed over at the pump, the government should take immediate action by imposing a price cap on gasoline. In the long run, though, bringing oil companies under democratic control through public ownership is the only way to keep prices down. We also need a massive investment in quality, affordable public transportation and renewable energy sources. This would give working people a realistic alternative to driving everywhere, create jobs, reduce consumption of natural resources, and help the environment.