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Gas is going to be the Republican lead congresses downfall unless something happens fast. Almost everyone here on FR understands supply, demand and market forces but for the average American they could care less about any of that when they see gas companies making record profit and one CEO making $400 million for leaving. ANWR would help but that won't be any consolation for the public who still sees record profits. The oil and gas companies better try something because if the Rats get control there will be caps and windfall profit taxes.

The oil and gas companies better try something because if the Rats get control there will be caps and windfall profit taxes.

And switching back to 55 mph speed limits. Dems love nanny state regs.

I fear you may be right and, anytime those idiots in Washington think they can out-think the market, you and I get screwed. It just amazes me that Ted Kennedy and his ilk think they can solve a billion simultaneous equations every second better than the free market can. Talk about hubris!

Almost everyone here on FR understands supply, demand and market forces

Yes. And more on FR should understand that this is something that really might be fault of the oil man in the White House.

In 6 years, there has been almost no leadership on the oil issue. No incentive to increase refinery capacity, no WH-led push to increase domestic production, no coherent oil policy, no nuthin'. Of course, you can blame it on Environmentalists and Democrats and Arabs and Chavez and Mexico. Bottom Line: No Bush Leadership on the issue.

Instead, what do we have? This ethanol nonsense again.
Newsflash: Corn requires lots of POL to produce.

This is a very poor example of supply and demand. The supplies of crude oil are at an 8-year high. The distribution is controlled at the refinery level, with us having the same refining capacity we had in 1960.

THanks, W! You're a'fixin' to leave us with your legacy: $5 gasoline, a Democrat Congress, and Hillary as our next president.

tobyhill wrote:
Gas is going to be the Republican lead congresses downfall unless something happens fast. Almost everyone here on FR understands supply, demand and market forces but for the average American they could care less about any of that when they see gas companies making record profit and one CEO making $400 million for leaving

$4.00 per gallon gas (it's already $3.35 and climbing at some places around here) and shortages to boot, are going to lead to a Democratic takeover of Congress this November.

It DOESN'T MATTER how many lessons some Freepers are willing to give us about "free markets". It doesn't matter one whit...

Frankly, with ever-increasing gas prices that literally zoom up overnight, the "truth" becomes useless. What matters more is "public perception".

And right now the perception is that the prices and shortages are due - at least in part - to the greed of the energy producers (look that that Exxon retirement package!), speculators who run rampant and unregulated, and the inability (or unwillingness) of the President and his part to do anything about it.

For example, the current "ethanol imbroglio" could be ended immediately - by an executive order suspending the EPA-mandated ethanol switchover requirements. After the executive order was in place, the Republican-controlled Congress (our side still "controls" Congress, right?) could expedite legislation to restrict or perhaps end outright "botique blends" of gasoline in favor of a few "regional" blends that can be produced more efficiently and cheaply, reducing price-pressure on refinery products and maximizing production "throughput" at our refineries.

My bet is the Congress and President will do nothing as prices zoom up and actual shortages ensue (as they are happening NOW). Of course, President Bush will take a moment to express his "concern" about high gas prices, and then go on to other business (derisive snort).

We'll have $4 a gallon by fall, perhaps higher.

And a Democratic Congress, to boot!

- John