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 ...
Yeah, that’s gonna help a lot. Typical of these do-nothing, anything for a meaningless headline fat cats. We must never elect another incumbent to the congress.
They can drive prices down too..... Investors take the risks and rewards....they do not control market forces....
Hey look, its Bill O’Reilly!
Watching too much CNN or The View?
For the past three months, oil prices have been basically flat.
Refinery outages combined with increased demand brought our gasoline stocks low.
The restrictions to build refineries leaves us with very little spare capacity so upsets have greater impact.
Eww, I ought to report you for abuse. It’s good that I had my breakfast over an hour ago. Otherwise I would have lost my appetite
Thanks for having mercy....Lately everything reminds me of Rosie's O......
The dems lowering the federal tax on gas? You must be delusional
Supply and demand determine price. How does gouging work? Does regulation help or hurt your cause?
to post 2.
I have been saying something similiar,
for a long time.
everthing BuSh does, is just more,
problems, BS, problems, BS, rules, and BS,
having the effect of racheting prices higher.
I can understand. LOL
If service stations making a dime a gallon and oil companies making a dime a gallon is “price gouging”;
what do you call it when gas taxes amounting to close to a DOLLAR A GALLON in many states is called? LOL
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?
Simple question.....
“What stops you from owning the oil stocks?”
Nothing but if I did I have no conflict in owning same.
You would not need Federal regulation unless you wish to ensure the ability of an industry to manipulate prices and product is not possible or at least mitigated. Thus, allowing elected Public officials and their family own stock in an industry that has heavy Federal scrutiny and regulation is a conflict. It begs for corruption.
Simple answer = no
Maybe you should go purchase some oil company stocks and reap the rewards. Or do you prefer to caterwaul and bitch all of the time? Simple question.
1. Whether I own oil stocks is my chioce.
2. Your answer to my questions says more about you then I could ever.
Ok, so you prefer to caterwaul and bitch. But you should still consider purchasing some oil stocks. EOM is a great one to start with, what with record profits and all.
WTF are you talking about?
the refinery markup is at least 75 cents.
Profit margin of these companies run 10% including crude oil production.
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