Gas prices

06 June 2008 -- U.S. lawmakers Friday blocked a sweeping climate change bill in the Senate after a bitter debate over its cost and impact on fuel prices.

The bill received only 48 of the 60 votes needed to bring it for a final debate in the Senate.

The measure calls for mandatory limits on the amount of greenhouse gases that U.S. power plants, refineries and factories can release. The bill would cut gas emissions by two-thirds by the year 2050.

Supporters of the measure argued it would create millions of new jobs and new technology to make the United States more energy independent.    » read more »

BURLINGTON, June 2 – Senator Bernie Sanders (I-Vt.) said today that excessive speculation on oil futures by Wall Street hedge funds and such major financial investment houses as Goldman Sachs and J.P. Morgan Chase are driving oil and gas prices much higher than they should be based on supply and demand fundamentals.

Gas prices in Elmont, New York, June 2, 2008: Photo by scarlatti2004 (CC)    » read more »

June 03, 2008 -- JANESVILLE – Wisconsin Governor Jim Doyle issued the following statement following the announcement by General Motors that it will close the GM plant in Janesville by 2010:

“After all the years of work and everything the people of Janesville have given, it is tough to stomach what GM is doing here today.

“Families here have dedicated their working lives to this General Motors plant. The city of Janesville, the state of Wisconsin – we have all been committed to making this plant work.

“So many people here have put their hearts into building trucks at the Janesville assembly plant, and now they are left with a cold decision that casts them aside. We all feel it in our guts.    » read more »

Good, Better, and Best-A Comparison of Weekly, Monthly, and Annual Data

When buyers are confronted with a major purchase, they often weigh their options by considering whether to buy a “good,” “better,” or “best” product. All three have advantages and disadvantages. The same holds true when using Energy Information Administration (EIA) petroleum supply data because analysts have the option of using weekly, monthly, or annual data, depending on their needs.

As highlighted in the recently published article Accuracy of Petroleum Supply Data, oil data collected by the EIA showed an improvement in the accuracy of the 2006 data from initial estimates (weekly), to interim values (monthly), to final values (annual).    » read more »

5/30/2008 -- "I am heartened by the news that the Commodity Futures Trading Commission (CFTC) is investigating price manipulation in oil markets. However, with oil at record highs and gas at over $4.00 a gallon, we need more immediate, aggressive and comprehensive action to ensure that American consumers are not being ripped off at the pump.

For several months I have raised concerns that speculation and market manipulation were unfairly pushing up the price of oil. Even top CEOs at U.S. oil companies acknowledge that oil prices today cannot be explained by supply and demand alone.    » read more »

Memorial Day Gasoline Prices

Despite cool weather along the East Coast over the past several weeks, Memorial Day weekend, the unofficial start to the summer driving season is upon us. Some may interpret recent increases in gasoline prices as yet another manifestation of a long-standing tendency for gasoline prices to rise dramatically in the days before the holiday weekend.

Memorial Day gas prices: DOE chart    » read more »

05/23/2008 -- Washington, D.C. – As the summer driving season kicks off and high gas prices continue to pinch family budgets, Senators Gordon Smith and John Kerry introduced legislation yesterday to help drivers get the most out of a tank of gas. Their bill will require vehicles to have real time fuel efficiency gauges, giving drivers more information on how their driving style directly relates to their fuel efficiency.

“Developing technology will help drivers conserve gasoline,” said Smith. “Utilizing this practical technology in our vehicles can drastically reduce our fuel consumption and provide needed financial relief for American families.”    » read more »

May 22, 2008 -- OLYMPIA – Washington Governor Chris Gregoire today issued the following statement urging the Federal Trade Commission (FTC) to investigate oil and petroleum markets:

“Today I sent a letter to the FTC urging them to quickly and aggressively investigate possible market manipulation in the petroleum markets. I reminded FTC Chairman William Kovacic and his fellow commission colleagues that Congress just last year gave the FTC authority to ensure that the U.S. petroleum market is free from price rigging and to penalize those who are caught manipulating a market so critical to our economy.    » read more »

Gas Stations Must Request Temporary License from Department of Agriculture

May 23, 2008 -- HARRISBURG – With gas prices exceeding $4 per gallon in some areas, older fuel pumps may display half gallon prices in coming weeks, said Pennsylvania Governor Edward G. Rendell today. The total cost of gas will remain the same.

Old gas pump: Photo by Bitter Girl (CC)    » read more »

Alternative Energy Tax Credits Renewed and Expanded; Individual Tax Relief Extended for Millions

May 21, 2008 -- WASHINGTON, DC - This week, as the price of oil soared past $130 per barrel, Congressman Steny H. Hoyer (D-MD) joined a majority in the U.S. House to approve two measures aimed at addressing America's immediate energy needs and investing in the nation's long-term energy future.

Wind farm, Texas: Photo by fieldsbh (CC)    » read more »

WASHINGTON -- May 21, 2008 – Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) convened a hearing this morning to examine the explosive rise in oil prices in recent months. The hearing featured testimony from executives of five major oil companies – ExxonMobil, ConocoPhillips, Chevron, BP America and Shell.

Exxon building, Houston, Texas: Photo by Tom Haymes (CC)    » read more »

Washington, D.C. -- May 21, 2008 -- Senator Arlen Specter (R-Pa.), Ranking Member of the Senate Judiciary Committee, today questioned the top oil industry executives on the skyrocketing price of oil at a Senate Judiciary Committee hearing.

In his opening remarks, Senator Specter noted the primacy of the problem:

Gas prices, May 2008: Photo by aaron@digtialcole (CC)

“We are obviously in a crisis, national, international, with the escalating costs of oil and the intolerable prices of gasoline at the pump. It's important that we bear all of our resources to try to figure out what to do about it.”    » read more »

May 20, 2008 -- Washington, D.C.- Speaker Nancy Pelosi released the following statement today on H.R. 6074, the Gas Price Relief for Consumers Act, which passed the House by a vote of 324 to 84, despite a veto threat:

“The House today with a strong bipartisan and veto-proof margin voted to hold foreign oil cartels and Big Oil accountable.

“The legislation provides the Justice Department with a critical tool to pursue antitrust actions against OPEC-controlled entities for fixing prices and creates a new Justice Department Petroleum Industry Antitrust Task Force to examine anticompetitive market practices in the oil industry. It also requires that the mergers of Big Oil companies in recent years be examined for anticompetitive effects.    » read more »

May 20, 2008 -- Washington, D.C. – Speaker Nancy Pelosi today released the following statement following news that President Bush has signed legislation to temporarily suspend the filling of the Strategic Petroleum Reserve through the end of the year, as long as the price of crude oil remains above $75 per barrel.

A technician works on a Strategic Petroleum Reserve wellhead.: DOE photo

Current shipments to the Strategic Petroleum Reserve, which is now 97 percent full, will end on June 30.    » read more »

May 16, 2008 -- Day after day, record-high oil and gasoline prices are hurting millions of American consumers and businesses. Unless something is done to make energy more affordable, the record-high prices will continue to reverberate throughout our economy in Michigan and across the nation, increasing the prices of transportation, food, manufacturing and everything in between.

Chicago gas prices, May 2008: Photo by Matt Wood (CC)

Skyrocketing energy prices are a threat to our economic and national security, and the time is long past for action.    » read more »