Free Republic

AUSTIN – Texas homeowners still pay far more for insurance than those in any other state, even after the overhaul passed by the Legislature four years ago that was supposed to lower rates. A new study from the National Association of Insurance Commissioners showed that the average annual premium in Texas for the most common homeowner policy was $1,372 a year, considerably more than the nationwide average of $764. Louisiana was the second-highest at $1,144 and Florida was third at $1,083. The premiums in all other states were less than $1,000.

States, feds taking chunk bigger than oil companies. With summer travel in full gear and motorists more conscious of the price of gasoline than ever before, few Americans realize that up to 60 cents of the cost per gallon is the result of local, state and federal taxes. In fact, despite allegations of price-gouging, some retailers say they are actually losing money on every gallon they pump. State, local and federal taxes make up about 20 percent of the cost paid at the pump, according to Conoco Phillips, an international, integrated energy company. ...most major companies were profiting only about...

It's Memorial Day weekend and the start of the summer driving season, so naturally it's time for Congress to grandstand against $3-a-gallon gasoline. And right on cue, the House passed legislation last week to criminalize gasoline "price gouging," whatever that is. Perhaps this is all designed to distract the public from Congress's own role in raising gas prices. Under the anti-gouging law, service station owners could face up to 10 years in prison if they dare to raise their prices too much when supplies are low. Representative Bart Stupak, the Michigan Democrat who sponsored this scheme, said the vote would...

Congress is desperate to show it feels your pain at the pump. The House today voted, 284-141, to pass a bill that would make gasoline price gouging a federal offense. In the Senate, Democratic leaders were scrambling to introduce a new energy bill, the first since they took control of Congress. A committee also held a hearing on whether oil industry mergers had contributed to higher fuel prices. And the day before, members of both parties ignored a presidential veto threat and approved legislation that would subject the Organization of the Petroleum Exporting Countries to price-fixing lawsuits. Record high gasoline...

WASHINGTON - The House, eager to do something about record high gasoline prices in advance of the Memorial Day weekend, voted narrowly Wednesday to approve stiff penalties for those found guilty of gasoline price gouging. The bill directs the Federal Trade Commission and Justice Department to go after oil companies, traders or retail operators if they take "unfair advantage" or charge "unconscionably excessive" prices for gasoline and other fuels. The White House called the measure a form of price controls that could result in fuel shortages. It said President Bush would be urged to veto the legislation should it pass...

WASHINGTON - The House, eager to do something about record high gasoline prices in advance of the Memorial Day weekend, voted narrowly Wednesday to approve stiff penalties for those found guilty of gasoline price gouging. The bill directs the Federal Trade Commission and Justice Department to go after oil companies, traders or retail operators if they take "unfair advantage" or charge "unconscionably excessive" prices for gasoline and other fuels. The White House called the measure a form of price controls that could result in fuel shortages. It said President Bush would be urged to veto the legislation should it pass...

As the summer travel season quickly nears and consumers continue to watch as the cost of filling up gas tanks steadily increase, they may instinctively believe oil companies are getting rich at their expense. This is an understandable, but common misconception whenever prices seem to inflate beyond reason. Unfortunately, some federal policymakers are all too eager to seize on this frustration and propose so-called solutions that place artificial ceilings on gas prices, often referred to as "price controls," or today's more popular political moniker, "price gouging." Phrases like these should raise red flags, because no matter how well-intentioned at best...

Democrats, seething at the injustice of gasoline prices, have sprung to the aid of embattled motorists. So resolute are Democrats about defending the downtrodden, they are undeterred by the fact that motorists, not acting like people trodden upon, are driving more than ever. Gasoline consumption has increased2.14 percent during the past year. That probably is explained by the inconvenient (to the Democrats' narrative) truth that Speaker Nancy Pelosi was characteristically overwrought when she said that Democrats intend to do this and that because the price of gasoline recently " set a record" at $3.07 a gallon. In real (inflation-adjusted) rather...

NEW YORK — U.S. gasoline prices climbed to a record high average of $3.073 a gallon on Monday, breaking the previous peak hit after hurricanes knocked out refineries on the Gulf Coast in 2005, travel and auto group AAA said. The higher prices come just ahead of the peak summer driving season, when Americans take to the roads for vacation. Gasoline prices are up about 50 cents since March, according to the survey of 85,000 service stations, with energy experts blaming the spike on planned maintenance and operating problems at the nation's oil refineries. "Because oil prices today are at...

The Recording Industry Association of America hasn't been making too many friends these days. I guess I should say that the organization does have many friends inside the music industry, because that's who makes up the the RIAA. I'm not here to argue whether it's right or wrong to download free music where it's available, or whether it's OK to listen to your friend's "Beach Boys Greatest Hits Album." I'm just here to point out what the RIAA wants you to believe about the cost of music and CDs. If you visit the Key Stats/Facts page on the RIAA website,...

As families brace themselves to pay high gasoline prices over the Labor Day weekend, they might be surprised to know that they are not alone in bearing this burden. A new economic study by the Phoenix Center shows that contrary to popular rhetoric, the profitability of the oil industry is actually significantly lower during in times of high gas prices. “It may be fashionable to beat up on oil industry profits, but it appears that these firms do bear at least some of the burden of high oil prices,” said George S. Ford, Phoenix Center Chief Economist and author of...

Here's what one reader wrote: "Williams, I can understand how the destruction of Hurricane Katrina and Middle East political uncertainty can jack up gasoline prices. But it's price-gouging for the oil companies to raise the price of all the gasoline already bought and stored before the crisis." Several other readers made similar allegations. Such allegations reflect a misunderstanding of how prices are determined. Let's start off with an example. Say you owned a small 10-pound inventory of coffee that you purchased for $3 a pound. Each week you'd sell me a pound for $3.25. Suppose a freeze in Brazil destroyed...

If Willy Sutton were alive today, he’d be eyeing the oil industry. Sutton, you’ll remember, was once asked why he robbed banks. “‘Cause that’s where the money is,” he replied. According to our sources, Evo Morales may be doing a Willy Sutton number. As candidate for President, he promised the Bolivian peasants a big pay increase. Then, when he got into office, the mean people at the national treasury had a little talk with him. “Where was the money going to come from?” they wanted to know. Evo looked around. He was losing popularity fast. What did the country have...

just heard on the radio that Sen.Coleman wants to be notified about price gouging for gas. the site to let him know is http://gaswatch.energy.gov/ I think I'll let him know his decision to not drill in ANWR is gouging what I'll pay in the future . taxing gas at high rates doesn't help either. Feel free to add to the list of stupid things our gubmint does to make our lives more entertwined with their sense of self importance with regards to energy.

by Mark Finkelstein April 25, 2006 Have a look at the two screen captures from this morning's shows. Same issue, different takes. Good Morning America is apparently sure that gas price gouging exists, and wants to stop it. 'Today' is agnostic, simply posing the question whether gouging is going on. But when you turn to the substance of the two segments, there was one consistency: neither show adduced any evidence of gouging. Not a scintilla to show that oil companies are in fact colluding. And without collusion there can be no sustained gouging, since any company that pushed prices higher...

Bush Orders Probe Into Gas Price Cheating By NEDRA PICKLER ASSOCIATED PRESS ABOARD AIR FORCE ONE (AP) - President Bush is trying to calm Americans' outrage over soaring gas prices by ordering an investigation into whether the price of gasoline has been illegally manipulated, his spokesman said Monday. During the last few days, Bush asked his Energy and Justice departments to open inquiries into possible cheating in the gasoline markets, said White House press secretary Scott McClellan. Bush planned to announce the action Tuesday during a speech in Washington. Bush is under pressure to do something about gas prices that...

September 13, 2005Local, State and Federal Gas Taxes Consume 45.9 Cents Per Gallon on Average by Jonathan WilliamsIn the wake of Hurricane Katrina and the devastation that has followed, consumers are feeling the economic consequences of the disaster. Record gasoline prices are constantly in the headlines, which leaves many asking why prices are so high. While supply and demand are the primary determinants of gasoline prices, a significant portion of the price consumers pay at the pump can be attributed to gasoline taxes. In fact, the federal gas tax alone equals 18.4 cents for every gallon purchased (See Figure...

Lundberg says national average rises to $2.67 a gallon, but price run-up may be ending.April 9, 2006: 4:37 PM EDT ATLANTA (CNN) - Gas prices shot up another 17 cents per gallon over the past two weeks to a national average of $2.67, a survey said Sunday. Since Feb. 24, the average price of a gallon of self-serve unleaded has risen 42 cents, said Trilby Lundberg, publisher of the Lundberg Survey, which tallied prices March 24 and April 7 for its latest survey. "Some of the pump price surge comes from higher crude-oil prices, but most is the new fuel...

A report released this week by attorneys general from four Midwestern states suggests that natural gas prices have been artificially inflated by energy trading companies and by the system that local utilities use to buy gas. Many of the purchasing practices and price-setting mechanisms identified as unfair to consumers in the Midwestern report are used by Mobile Gas Service Corp., the Mobile Register has discovered. "Obviously there are issues there (in Alabama) that need to be examined," said Wisconsin Attorney General Peg Lautenschlager, after discussing Alabama buying practices with Register reporters. She compiled the Midwestern report with her counterparts in...

Gas Stations Fined for Gouging by R News Staff Published Dec 19, 2005 Fifteen gasoline stations statewide have been fined more than $63,000 dollars by New York state for jacking up prices after Hurricane Katrina Attorney General Eliot Spitzer's office released Monday the results of a three-month investigation into the gouging. The No-Co gas station on West Main Street in Webster is among those fined for the gouging. State officials say three oil companies, Getty, B.P. Amoco and Lukoil set prices for the service stations they control. Spitzer's office says the investigation of other retailers continues. Local gas prices hit...