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Yes, let's talk gas prices

posted 2/25/2012 10:26:50 AM |
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I see some here want to blame these prices on Obama. Is there a suffering of memory loss here or what? I remember starting in 2006 gas prices started to skyrocket. Who was President of the United States then? Who was President of the United States when, in 2008, gas prices peaked at over $4 a gallon nation wide, and, if I remember correctly, out west in California and Hawaii...prices peaked at or over $5 in 2008. If any remember, that was an election year.

No, this is not in defense of Obama. Although I know of some who will take it that way. Want to place blame? Let's blame the Bush administration for deregulating oil and putting it on the market for trade. Cause up until he took office in 2000, oil was regulated. Watch the little animation provided, watch how the price of gas hovers around $1 a gallon through the 90's and into the 2000' will see when deregulation hits when it starts flying up over $2 a gallon. And it stops at a national average of $4.01 on July 8, 2008. Again...who was President at that time?


So, many here want to bitch that Obama "owns these gas prices". I don't deny it. He does own it. It's happening under his watch. I remember John McCain wanted to temporarily suspend the Federal Tax on gas, people said it wouldn't help. A little break down on the cost of a gallon of gas:

12% taxes
7% distribution and marketing
13% refining
68% crude oil

Break down of prices

So, say McCain won the election, and was able to "suspend" the tax on gas. That's only 12%. How much would that have really helped? When, the majority of the price is from crude oil. I know, "drill baby drill". And I agree. If there was a GUARANTEE our government would keep the oil HERE, for US, and not sell the bulk of it overseas while still buying the bulk of it used here from overseas. Get it yet? We buy the majority of our oil for fuel from overseas. We have contracts with these companies. Any of you ever study contract law and hear of this nasty little critter called "breach of contract"? Sure, we can drill to our hearts content here, but, when under contractual obligations to continue buying foreign oil, we are not going to be seeing cheaper prices. We are still going to see these higher prices.

Try looking behind the rhetoric and into the facts. Basic ECN 101-low demand for a product equals low supply which equals low cost. When demand rises, and supply increases, prices rise to keep up with demand. In 2008, this country was in a deep recession...who was President? People stopped driving, demand went down, price of gas went down. They claim the economy is recovering now, albeit weak, and so demand is starting to rise again...and, so are gas prices. Which, with the "recovery" being weak, could send this country back into a recession. And yes, the sitting President would "own" that problem.

I will agree 100% we should not be so dependent on foreign oil. We should be able to drill and refine our own. But, I don't see that happening in the near future.

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Feb 25 @ 10:48AM  
We've had decades of the two parties see-sawing our attempts to discover alternative fuel sources. The Democrats get into power, and start funding research. The Republicans get into power, and funding gets cut.

The only way that the price is going to go down is if the demand goes down. With China and India's demand rising at a rapid pace, don't expect demand to go down anytime soon. We could try increasing supply, but that's a decades-long process. And even if we DID open up every area for production, we'd STILL be importing over half of our demands, and getting worse every year.

Conservation, energy-efficiency, alternative fuel sources. We've got to wean ourselves off of the world/global petroleum market, where even if we produce our own oil, we're still paying global prices (while charging the oil companies below-market rates for the royalties). As long as SOMEONE wants more oil, EVERYONE pays higher prices.

Feb 25 @ 11:00AM  
They are also blaming the high gas prices on China, the demand for gas in China. Just trying to make sense of this.

Feb 25 @ 1:05PM  
These gas prices stink to high heavens.....

Feb 25 @ 2:30PM  
Per capita, China consumes just over two barrels per person per year, while US consumption is 23 barrels per person,
a fact indicative of the industrialised world consuming vast amounts compared with the rest of the planet.

Read the entire story and get an understanding of "Peak Oil"

He told Al Jazeera that peak oil could be reached at some point in the next month

Feb 25 @ 3:52PM  
I see some here want to blame these prices on Obama. Is there a suffering of memory loss here or what? I remember starting in 2006 gas prices started to skyrocket. Who was President of the United States then? Who was President of the United States when, in 2008, gas prices peaked at over $4 a gallon nation wide, and, if I remember correctly, out west in California and Hawaii...prices peaked at or over $5 in 2008.

A democratic Congress also became the majority in 2006. But it didn't matter politically at that time.

The U.S. had had damaged wounds that took a few years to heal; Hurricane Katrina and Rita in 2005's oil pipelines, platforms and destrictions to both areas oil refineries of which 50 catastrophic oil spills took place, which also petrolium carrier vessels were also destroyed. Rita effected the Gulf of Mexico with shutting down refineries and the mass powerlines infracture. More than a dozen refineries were shut down in Texas alone, which supplies the U.S. with 25% of its oil, which 2 of the refineries had to be repaired from Rita's destruction.

Oil companies such as Sundown Energy, Shell Pipeline Oil/Shell Pilot, Bass Enterprises, Chevron, Murphy Oil Corp., lost millions upon millions gallons of oil.

Opec was also hit hard by Saudi Arabia on oil production cuts and al-Qaeda refinery attacks (Dhahran & Yanbu) and their attemps on (Abqaiq). It was al-Qaeda's intent to cripple the U.S. economy through their planned attacks in hopes of removing the U.S. from the east.

Currently? the al-Qaeda hubs have destroyed at least 22 western oil tankers thus far in retaliation of the murder of bin Laden...

Feb 25 @ 5:19PM  
obama is doing a good job . IF , obama would allow republicans to LOCK gas in at $2 for 5 years . sure , it sounds good . BUT , what will happen WHEN they do take teh cap off . gas will soar to $6 . locking gas at $2 will cause the dow to DROP to 6,000 . 401Ks will take a seavere hit . 114 million jobs lost .

Feb 25 @ 6:31PM  
Kudos, Blue..................

Feb 25 @ 10:38PM  
More gas price talk....sheesh!

OK, heres the bottom line on gas prices.

People are making lots of money on it. The whole world seems to "have to have it" and if you got it, why not make a profit? If people will pay for it, no matter what the price, why wouldn't you just keep jacking the price up?

Come on...I, DUH!

Feb 26 @ 12:09AM  
Does anybody else see supply and demand at work on the price of gas?

Now that the people of India, China, Indonesia, and other developing countries have enough money to buy vehicles and gas, the increased demand for a limited amount of gas has driven up the price.

Who sent all those income producing jobs overseas, enabling that to happen.? Big business, that is who. Are they Dems or Repubs?

C'mon neocons, blame this one on the Unions.

Feb 26 @ 8:38AM  
^^^^^^Bat shit crazy...............

Sorry. blue...............but his constant name calling and putting others down is beyond ugly.....................

Feb 26 @ 9:07AM  
Why dont you block a lot of us have already?.......what comes out of his mouth is pure slime....... .....cookie

Feb 26 @ 10:54AM  
Name calling and hurling insults does not make a good discussion. I deleted a comment today because it had nothing to do with the blog but rather to insult and harass another member who only commented on topic.

If you can't be civil, your comment will be deleted.

Feb 26 @ 10:59AM  

Thanks for deleting that ugly stuff, Blue.

Now my comment to pointing to tTom...........

Really, was not meant for you...........

Feb 26 @ 1:13PM  
Why dont you block Candy....
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