Price of Gas Still Rising
Posted by Michael Link on March 31, 2008 at 05:07 PM
The price of a gallon of gasoline increased to yet another "new high" of $3.29 -- that's 3.1 cents more in one week. Just looking not-so-far back, on January 17, 2005, when Bush began his second term, the average price was $1.84 a gallon.
Obviously, there are some implications here for what's expected to be in store for oil company executives as they testify before Congress tomorrow.
More:
[Rep.] Markey has pointed out that even though Exxon earned a record $40.6 billion in 2007, oil companies have opposed a push by congressional Democrats to strip about $18 billion in tax breaks from big oil companies and put them toward planet-friendly energy alternatives like wind and solar.
Comments - 5 »
Comments - 5 «
good afternoon dems, on the subject of the price of gas, the entire democratic base here in fremont ohio are really angry with the elected dems. why aren't they doing anything? what good is a hearing going to do? it'll just be a waste of time. and didn't king george say that invading iraq would bring down the prices? well, i watch msnbc almost all the time. and time and time again they keep repeating it's the traders on wall street. i already knew this. last year i asked a cashier how they knew to raise or lower prices on gas all day and she admitted that the traders on wall street called them and told them what price to pay. just last week i phoned sen. sherrod brown and asked why he or other elected officials couldn't do anything. there must be some rules they have to follow. i never got an answer. and now we have the semi truck drivers going on strike which will make things even harder on us. although i understand why they are striking. so i would like to suggst that ALL OF US start flooding the phone lines, and the e-mails and blackberries until we get definite things down for us instead of all their pockets. and i suggest we vet sen. clinton and obama very thoughly about this subject or just not vote for either of them. it's time we voted a government in for us and not the profits in the pockets of the elected. and if need be, bring down the traders on wall street.
Posted by sassydem on March 31, 2008 at 05:44 PM
That's right.
Speculative demand accounts for at least 20% of the price. A more significant determinant is how consolidated the energy sector is. Investments in green energy sources were killed with surplused capital of consolidated entities like Exxon and Mobil, and GE.
The giant profits are supposed to indicate a needed investment in supply, but because the sector is consolidated and collusive, the added surplus value is distributed in the form of dividends, equity valuations, and buying the competition and letting it wither on the vine.
The accumulation of capital creates demand for government intervention--an added cost to the value already added. So, how do we most efficiently control the costs? Deconsolidation.
Very best wishes.
Posted by griffith on March 31, 2008 at 06:39 PM
Posted by MichelleLaw on March 31, 2008 at 06:49 PM
We can drop the price of oil about 30% by just getting out of Iraq.That`s a figure they put on it because of this war.Also, getting the value of the American dollar back by not borrowing money from other countries to fund this war and start paying down the debt that this administration has created. We need to be going in the a direction to start putting these ill gotten tax breaks for these oil companies into alternative energy. Right now bush waits with his veto so get real! The real blame belongs with bush and his cronies. Don`t forget who the oil people are in the wh.
Posted by virgo on April 1, 2008 at 08:04 AM
I agree, The Bush Regime has gone too far. They have allowed gas prices to go through the roof and it's time to stop them before it's too late. We must end Bush's vendetta against Iraq because if this pointless endeavor keeps going, then this country will be bankrupt and we will be up to our eyeballs in debt.
Posted by Darien on April 7, 2008 at 06:42 AM
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