Posted on 05/24/2007 4:50:40 AM PDT by Kaslin
he House yesterday passed a bill that would make price gouging by gas stations and oil companies a federal crime as prices at the pump surpassed a 1981 record reached at the height of the Iranian oil crisis. The White House, which has threatened to veto the bill, warned the legislation amounts to price controls and would lead to gas shortages and lines like in the 1970s.
The cross over the threshold of $3.23 a gallon reported by GasBuddy.com equals the inflation-adjusted record high for gas prices and heralds a new era of high energy prices and scarcity of fuel as growing demand in China, India and the U.S. collides with scarce new sources of oil and sluggish increases in gasoline production worldwide. Economists say the House bill will not help to ease those shortages or bring down high prices.
Business groups said the bill would be difficult to enforce and would set a dangerous precedent by opening the floodgates to frivolous lawsuits, further driving away any hopes of increased energy production that would take the pressure off prices.
"This is a first step in addressing the outrageous prices we are seeing at the gas pump," said bill sponsor Rep. Bart Stupak, Michigan Democrat. Prices in recent years have peaked at about the Memorial Day start of the summer driving season, but they could climb higher this year if hurricanes or conflicts in the Middle East or Nigeria disrupt supplies.
"This bill is all bark and no bite, and will do nothing to lower gas prices," said House Minority Leader John A. Boehner, Ohio Republican. "No American likes paying high prices at the pump. ... This bill could make the pain felt by consumers at the pump considerably worse."
(Excerpt) Read more at washtimes.com ...
We need to focus a grassroots effort on forming a national fuel recipe to eliminate the 40+ boutique fuels that are bottlenecking refinery capacity because our foolish Republican leaders lack leadership.
If gas prices stay this high next year, ALL incumbents should be voted out of office and should be replaced with congressmen who will drill for oil and gas in federal waters and ANWAR which are, after all owned by ALL the people of the US. That FL and CA senators should keep the rest of the country from accessing oil and gas off their coasts, when those states do not own those waters, is crazy. That enviro-nazis should have more influence in Congress than the rest of the population, who have the jobs that produce the wealth of this country, is obscene.
From what I have read, drilling has nothing to do with it. Supposedly it’s refining capacity that’s the problem. We have enough oil, they just can’t turn it into gas quick enough. So they say. It’s obvious also that Americans and the world are using a lot more energy than before. And finally, I have to assume pretty much whatever they do on the subject in DC favors the wrong ppl.
Everytime government gets involved, it’s bad for consumers.
Dumb laws, 101.
You want to stop gasoline price gouging? First, prove it exists.
Only the last 3 months and the run up from ~$2.40 a gallon.
In the long run, oil prices are still the biggest impact on gasoline price.
The extended refineries outages this spring, combined with the increased demand in spite of higher prices has caused gasoline prices to surge without a run up in crude oil price.
But now gasoline production and gasoline imports are rising.
Demand is still climbing, but not as fast.
Just heard on FOX that the Whitehouse says Bush will veto this one.
Many prior posts I and others have discussed these issues, gave notice of various websites supporting the gouging. I refuse to rehash the same arguments with you as you already are drunk on the Kool Aide,drink the warm milk and eat the cookies the industry feeds you every day. If I remember right, on another thread, you or one of your fellow energy/big oil industry chums even told someone to start his own oil company and bicycle 20 miles to work or something pathetic like that...you Big Oil defender guys are a real hoot. BTW, do you think there is a conflict in having public representatives of the government own stock in the oil, energy industry when it is alleged regulated in a large degree by those in government who own those stocks?
Excuse me, I didn’t mean to interrupt you while you were watching teletubbies. My bad.
Failing to recognize the problem will not get the problems fixed.
Companies keeping 10% on the dollar as profit is not the problem.
Restricting oil production and the restricting new refineries keeps our overall market tight and upsets have greater impact.
Rosie may have some sage advice for us on this issue....she is a driller...right?
Careful you two. You may be accused of rational thought. We can’t let THAT get in the way of our raw emotions over gas prices.
;)
Good
We REQUIRE every citizen to buy oil and gas stock (or royalty trusts, etc) with 0.5% of their gross income a year. That way everybody wins.
A lot has to do also with the speculators who drive the oil prices up
What stops you from owning the oil stocks?
is this to take effect before or after they lower the federal tax on gas?
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