Good read! "Virginians are paying too much at the pump"

[Bryn]

ALLEN: Virginians are paying too much at the pump
Obama energy policy has made sure economy is stuck on empty

Quote:No matter where I am in Virginia, a top concern on people’s minds these days is punishingly high gasoline prices. We’ve all felt the shock at gas stations. To fill a 20-gallon tank costs an additional $40 or more than it did just three years ago. Heck, it costs $20 to fill just a 5-gallon gas can for grass cutting.

I have heard from many families that skyrocketing gasoline prices are severely straining already hurting household budgets; small business owners tell me they are cutting back in other areas to pay for increasing gas and diesel costs; local restaurants and shops are suffering because customers don’t have the extra money to spend, plus the fuel surcharges for deliveries are causing strains. Even local governments and school districts are feeling the hit of high fuel costs.

Quote:With so much at stake, one might expect Washington to be doing everything in its power to unleash America’s plentiful energy resources.

Sadly, partisan politics continue to keep America’s energy resources off-limits, superseding the short- and long-term solutions that would allow us to take control of our own energy destiny.

http://www.washingtontimes.com/news/2012...-the-pump/

[Conscience]

I've read reports that the speculators are trying to take it to $5 gallon.

Bernie Sanders comments on oil speculation in a recent e-mail ---

Quote:Stop Wall Street
Oil Speculation

Wall Street speculators are at it again. Four years ago the Wall Street gambling casino drove this country into the worst economic downturn since the Great Depression. Now, with over 80 percent of the oil futures market controlled by Wall Street speculators, they are driving up oil and gas prices – hurting consumers and the entire economy. Bernie wants federal regulators to crack down, like they were supposed to do 14 months ago under the Wall Street reform law. He introduced a new bill with 14 cosponsors setting a 14-day deadline for the Commodity Futures Trading Commission to invoke emergency powers and rein in the speculators responsible for rapidly-rising gasoline prices.

Read Bernie’s statement »
Watch a press conference video »

Big Oil Wins Again
Senate Republicans on Thursday blocked legislation that would have repealed tax breaks for the five biggest oil companies and extended expiring renewable energy tax incentives. With major oil companies having made more than $1 trillion in profits over the last 10 years, Bernie wants to end subsides for Exxon Mobil and other huge oil companies.

Trying to recall how Tom Hartman put this -- if I remember correctly it was sometime in the last week or so -- that 72% of the oil business/sales are now in the hands of speculators where formerly they were controlled by the oil companies.

Meanwhile -- the consumer isn't only going to be hit up for the increasing price of filling up their gas tanks. This also starts a new round of increasing food prices -- and every product sold in a supermarket -- which are still being transported across the nation.

Capitalism/elite have been piling up one inane decision on top of dozens of other inane decisions over decades now with very little regulation.

Evidently, Obama can reregulate the commodities markets -- Pelosi had called for W Bush to do this when he was president.

We need total reregulation of capitalism and thought that's what Obama was elected to do?


.

[tonysam]

The same group of thieves who drove up housing costs. Assholes.

There needs to be restrictions put on this sort of thing. Gasoline is a necessity. So is food.

[Refuse/resist]

It is estimated that some 40% of the price of gas at the pump is due to speculation.

$4 gas = $1.60 due to speculation(futures trading)

I wonder at times if that is actually a lowball estimate.