Weren’t we told it would take 20 years to see any “benefits” from all of this drilling and oil production?
Guess we will have to wait a few more years.
The BIGGEST problem as usual seems to be government meddling in private enterprise.
Don`t tell Obama!
‘“Consumers are benefiting from domestic oil production,” Sieminski told the Senate Energy and Natural Resources Committee on Tuesday during a hearing on domestic oil production’s impacts on the price of gas.’
Yeah, how?
With a .20 jump in less than a week locally (Zip 26201), youy're right. ;)
“Industry representatives also blamed the pump prices on the renewable fuels standard, which requires refiners to blend biofuels, such as ethanol, into gasoline”
I think I see a problem.
Gas prices have jumped 20 cents in less than 10 days here in Memphis, TN area.
If we built refineries at home to process the oil that is under our soil, something tells me we'd find the price of gasoline a bit more palatable.
And I have a difficult time with $3-plus as a 'new normal' when just five years ago under George Bush the average price was $1.89.
Pump prices in my neighborhood up 30 cents in the past month. And all the usual conspiracy theorists are springing into action.
“Industry representatives also blamed the pump prices on the renewable fuels standard, which requires refiners to blend biofuels, such as ethanol, into gasoline. If refiners fall short of the volume requirements, they must purchase credits, called RINs, to reach their mandated blending volumes, and they pass those increased costs to distributors, who make up for it from consumers.”
Klesse said the mandate will cost Valero between $500 million and $750 million this year because of the cost of RINs, which are around $1.33 per gallon of advanced biofuel and biomass-based diesel, and $1.32 for corn-based ethanol.
GOVT ethanol mandates cause the price of gasoline to go up $1.32/gallon. Add the recent federal and state tax increases, and the manipulation of the US dollar and we get the $3.50 gasoline. The recent increase of $.15-.25 is the typical summer driving season gauge.
Last Tuesday, the 9th, gas was 3.19 today it is 3.79
Back in 2008 it was Bushes oil buddies screwing the citizenry, what is the media excuse now?
4.25 a gallon in Connecticut today for regular unleaded
Gas prices have gone up here, too, and there is no reason for them not to go down the way we’re booming. The oil rig count goes up every week, they have discovered new fields to be “fracked” and we have jobs a-plenty for any and all oil field workers. Just no housing available. We are bustin’ at the seams out here in West Texas! :)