Now CBS Frets Gas Prices Are Too Low

NewsBusters ^ | November 14, 2008 | Brent Baker

[Sopater]

I paid $1.879 / gallon today. I'm good with that. ;-)

[DemonDeac]

The reason it plunged is not good but it is a small silverlining from the current recession.

[MarkeyD]

Not to worry, O’s tax plan should get that price back up to $4 in a hurry.

[TexasCajun]

Diesel prices are still almost a whole dollar more than regular gasoline??

Maybe some production person can explain?

[brownsfan]

“Not to worry, O’s tax plan should get that price back up to $4 in a hurry.”

Almost word for word what I intended to post.

[BlueStateBlues]

Maybe I’m not the best economist, but the lower gas prices go the better the news! The economists have done a good job so far, by golly. Put gas at 75 cents a gallon and the country will be economically healed in no time.

[mlocher]

“it's also a grim time for alternative energy champions” and “sinking oil prices could” hurt “plans to develop alternative sources of energy or fund green developments.”

This is the real reason it is bad news. Nobody wants to spend tax dollars on alternative energy when gasoline is only $2 a gallon.

[AU72]

Massachusetts legislature is considering raising the state gas tax to help pay for the “Big Leak”.

[MrB]

Taxes. Big trucks are harder on the roads, and they almost exclusively use diesel, so the diesel is taxed higher to make up for the damage caused to the roads.

[DeaconRed]

"Not to worry, O’s tax plan should get that price back up to $4 in a hurry."

You ain't seen nothing yet.

[petercooper]

http://www.wisegeek.com/why-is-diesel-fuel-more-expensive-than-gasoline.htm

[smallbiz]

“Diesel prices are still almost a whole dollar more than regular gasoline??”

I believe diesel is tax at a higher rate.

[ducdriver]

It seems to me that high energy prices had a lot to do with the decline in the economy.

[Sopater]

The reason it plunged is not good ...

I'm no expert on this stuff, but isn't the reason that it plunged due to lower demand for the crude, which is driving prices of oil down, currently to < $60 per barrel? Since the market is world wide, it's due to a lower world-wide demand (different side of the same coin which said that drilling in US territories would have little impact on our gas prices since it's a world market). Therefore, the same folks who were riding high when demand was high are now experiencing a bit of famine now that demand is low. One good reason not to spend it all as it comes in the door.

[ChiMark]

If the alternatives cannot compete in the market what’s the sense is raising prices to susbsidize an inferior choice?

There are no viable renewal resources.

[jessduntno]

“Clearly the country is in shock when they see escalating gas prices,” Republican Virginia congressman Eric Cantor said. “It’s time for us to act. What we heard yesterday was Barack Obama indicate he is out of touch.” He added that “Somehow the American people should sort of somehow get used to higher gas prices … reflects that he just doesn’t get it. That people would “just have to get used to them is just out of touch,” Eric Cantor June 12, 2008

[Bloody Sam Roberts]

Maybe some production person can explain?

Man! Don't you read the papers? The high price of fuel at the pump has nothing to do with production costs, speculating or market forces. It's ALL price gouging!

Now get with the program...move along, nothing to see here.

[mlocher]

There are no viable renewal resources.

Bingo! My brother has a friend who put a windmill up for electricity. When asked if it helped defray his costs, he said, "In a hurricane I can get toast."

[OneWingedShark]

>I paid $1.879 / gallon today. I’m good with that. ;-)

Lucky! We’re still paying $2.50 +/- .05

[Las Vegas Ron]

The reason it plunged is not good but it is a small silverlining from the current recession

I dunno. The prices simply corrected themselves as a result of being falsely inflated, much like the real estate market.

This has nothing to do with the "world" economy