Gas prices

June 23, 2008 -- When John McCain is in California this week he will no doubt try to tie himself to Gov. Schwarzenegger and distance himself from President Bush. But when it comes to offshore drilling, an important issue to coastal states, like California, Senator McCain is on Bush's--not Schwarzenegger's--side.

When McCain announced last week he wanted to lift the moratorium on offshore drilling, President Bush and big oil were quick to side with him, even though the idea has been met with much criticism and would do nothing to solve our short-term energy crisis. Just as bad, Senator McCain himself campaigned against off-shore drilling in states like Oregon, Maine, and even California in the run-up to the 2000 election.    » read more »

June 23, 2008 -- After years of saying he opposed drilling in our coastal waters, Senator McCain changed his position and has embraced President Bush's vision for offshore drilling. On CBS's Face the Nation, McCain advisor Carly Fiorina tried to defend John McCain's decision to cave in to Big Oil.

Offshore oil rig: Photo by arbyreed (CC)    » read more »

As President, Barack Obama will restore common-sense regulation to ease the impact of soaring gas prices

June 22, 2008 -- Chicago, IL - Senator Barack Obama today announced his plan to crack down on excessive energy speculation and fully close the "Enron Loophole" to ease the impact skyrocketing gas prices.

California gas prices, June, 2008: Photo by .pie (CC)    » read more »

June 17, 2008 -- WASHINGTON, D.C. - United States Senator Dick Durbin (D-IL) released the following statement today, after hearing the testimony of Walter Lukken, Chairman of the Commodity Futures Trading Commission’s (CFTC), before a joint hearing of Durbin’s Appropriations Subcommittee on Financial Services and General Government and the Senate Agriculture Committee.

“Increasing evidence shows that the run-up in crude oil prices and gasoline is being driven by larger trader banks, pension and hedge funds. Speculation may have as much, if not more, to do with high gas prices than any Saudi Sheik."    » read more »

June 17, 2008 -- WASHINGTON, DC – United States Senators Dick Durbin (D-IL) and Tom Harkin (D-IA) chaired a hearing today to investigate how excessive speculation in the oil market may be contributing to the historic run on oil and gas prices.

The hearing, held jointly before the Senate Appropriations Subcommittee on Financial Services and General Government and the Senate Committee on Agriculture, Nutrition, and Forestry, probed the Commodity Futures Trading Commission’s (CFTC) role in regulating the market and what tools and resources the agency needs to ensure it is able to be a robust market watchdog.    » read more »

Sends Letter to FTC Chairman about potential price gouging

June 17, 2008 -- WASHINGTON, DC - At a time when Pennsylvanians are faced with skyrocketing gas prices, U.S. Senator Bob Casey (D-PA) today sent a letter to William Kovacic, Chairman of the Federal Trade Commission (FTC) regarding the potential of price gouging and price manipulation.

“I hope that you and I can work together to give the FTC the tools it needs to investigate and help prosecute companies that are adopting questionable business strategies,” Senator Casey wrote. “The Unites States Congress and the FTC have an obligation to provide consumers with the assurance that whatever price they are paying at the pump, they can be certain they aren't being taken for a ride.”    » read more »

June 17, 2008 -- “There are some who believe that the only solution to our skyrocketing energy crisis is to drill, drill, and drill. And one of their primary targets is the Outer Continental Shelf.

Congress chose to protect these federal waters from oil exploitation in 1981. And Congress has voted to renew that ban every year since then.

Offshore oil drilling rig: Photo by Beau Wade (CC)

But today, these federal protections are under attack.

Let me be clear: lifting the moratoria is a false promise and an unnecessary risk.    » read more »

Seoul -- 17 June 2008 -- South Korea's biggest labor confederation says its members will go on strike, next month, to protest the policies of the country's president. The labor troubles heap new crisis on an administration facing mass street protests about trade with the United States.

The Korean Confederation of Trade Unions announced Tuesday it would conduct a nationwide general strike on July 2. And, KCTU president Lee Seok-haing says that is just the beginning.

Lee says after the strike, there will be several days of organized labor protests.

The KCTU is an umbrella union group for more than 600,000 members, working in nearly every sector of the country's economy.    » read more »

June 17, 2008 -- Connecticut Governor M. Jodi Rell today signed into law a bill that rolls back a planned increase in the state gas tax and opens the door to more gasoline stations offering customers a discount for making purchases with cash.

Senate Bill 1000, An Act Concerning Adjustments to Certain Petroleum Products Taxes, Petroleum Franchise Agreements, Gasoline Discounts for Consumers, Home Heating Oil and Propane Gas Contract Deposits and the Fuel Conservation Account, was passed during the special session last week.    » read more »

Rep. Pascrell Joined the Senators in Discussing the Effort in Congress to Bring Down Artificially-High Prices, End Dependence on Oil

June 16, 2008 -- PATERSON, N.J. – Today, New Jersey’s U.S. Sens. Frank R. Lautenberg and Robert Menendez and Rep. Bill Pascrell (D-NJ-08) spoke out about the need to implement the plan currently before the U.S. Senate that would address out-of-control gas prices. Both Senators are co-sponsors of the Consumer-First Energy Act, a bill to address the root causes of artificially-high gas prices, protect consumers from price gouging and force oil companies to change their ways.    » read more »

Oil is fueling an economic resurgence in Kansas

16 June 2008 -- The world's largest oil exporter, Saudi Arabia, plans to increase its oil production by 200,000 barrels a day, to a total of 9.7 million barrels a day, in an effort to ease soaring world oil prices.

Oil-consuming nations have been pressing the Saudis to pump more oil for some time, but members of the Organization of Petroleum Exporting Countries say a shortage of crude oil is not the problem. OPEC says high prices are caused by the weak dollar, speculators and international political tensions.    » read more »

June 13, 2008 -- WASHINGTON, D.C. – The Air Line Pilots Association, Int’l (ALPA) urged Congress this week to act to stabilize energy markets and end the rampant speculation that has led to the recent jumps in oil prices and put an economic stranglehold on the U.S. airline industry. ALPA, together with other unions, organizations, and corporations, called for swift action in a joint transportation industry coalition letter sent to Congressional leaders.    » read more »

Monte Carlo and Forecasting Hurricanes

The gaming rooms at Monaco’s famous Monte Carlo Casino resonate with people trying their luck at the baccarat, poker, and craps tables. No one knows who will break the bank or who will go home broke. Although wise gamblers carefully consider the odds, or estimates of expected results, when placing their bets, they also understand there’s no such thing as a “sure thing” in a casino.    » read more »

Measure would level the playing field in energy futures markets

June 13, 2008 -- Washington, DC – In the wake of growing concerns about the impact of speculation, U.S. Senators Dianne Feinstein (D-Calif.) and Ted Stevens (R-Alaska) have introduced legislation to require the Commodity Futures Trading Commission (CFTC) to impose the same position limits on institutional investors to which other investors now are subject. This legislation would essentially level the playing field in energy futures markets.

Under current law, CFTC is required to impose speculation limits on the size of energy trader positions. However, in practice, CFTC regularly exempts institutional investors from position limits, when investors execute their trades through brokers or dealers.    » read more »

June 14, 2008 -- With ridership numbers growing, Connecticut Governor M. Jodi Rell today applauded “smart Connecticut commuters” who are increasingly using the state-owned bus system, CTTRANSIT.

“Part of the growth on the system is doubtless due to increased fuel prices,” Governor Rell said. “And we also think some portion of this growth is due to service initiatives that have been undertaken in the past two years.”    » read more »