Gas prices

"The Long Run"

In 1979, the Eagles released “The Long Run”, an album whose title track includes the lyric “We’ll find out in the long run.” This week, EIA released revised long-run reference case energy projections which incorporate the estimated impact of the Energy Independence and Security Act of 2007 (EISA2007) that was signed into law in December 2007.    » read more »

March 3, 2008 -- Washington, D.C. – Speaker Nancy Pelosi issued the following statement today as the price of oil reached a world record high of $103.95 per barrel, higher now than in 1980, when adjusted for inflation:

“Americans are now paying the price for years of a failed energy policy that has resulted in record energy costs, a dangerous dependence on foreign oil, and the rising threat of global warming. The price of a barrel of oil is now four times higher than it was when President Bush took office and more expensive than in 1980.    » read more »

Quick Senate Action Urged to Avoid Slowdown, Job Losses in Renewable Energy Industry

February 27, 2008 -- Washington, D.C.--Today by a margin of 236-182, the House of Representatives passed an $18 billion package of incentives for the production of clean, renewable energy; credits for the purchase of hybrid cars; and energy efficient homes, buildings, and appliances. The bill renews crucial renewable energy incentives that are in danger of expiring at the end of this year.    » read more »

February 29, 2008 -- In April 2004, when American consumers were paying $1.78 per gallon at the pump, I warned that energy experts were “predicting that the price of gas may rise to $2.50 or $3.00 per gallon.” The administration did nothing. Last October, when American consumers were paying $2.87 per gallon at the pump, I warned that “oil may be on its way to over $100 a barrel.” The administration did nothing.    » read more »

Massachusetts Consumers Paying Skyrocketing Prices at the Pump

02/29/2008 -- Washington, DC – Senator John Kerry today sent a letter to President Bush expressing his deep concern that the President and his Administration remain out-of-touch with skyrocketing gas prices across the nation.

Just yesterday, President Bush, when asked about predictions that gas prices would approach $4 a gallon, said, "That's interesting. I hadn't heard that."    » read more »

Looking for Shadows

February 2 was Groundhog Day. According to the lore, if the groundhog sees its shadow that day when peeking out of its burrow, there will be six more weeks of winter weather. While Punxsutawney Phil, perhaps the Nation’s most famous groundhog, did see his shadow on that day, it was reported that Jimmy the Groundhog, of Sun Prairie, Wisconsin did not, giving us conflicting forecasts on whether the United States will have an early spring. Reportedly, there were at least a dozen Groundhog Day celebrations across the country, with mixed results.    » read more »

A Possible Economic Slowdown and Its Impact on Oil Demand

Economic analysts became concerned about the durability of the U.S. economic expansion earlier in 2007 due primarily to the apparent weakness in the housing market and the possibility that this weakness would spread to other sectors of the economy. By August 2007, U.S. economic policy makers, households, and firms became even more concerned about the economy as financial market conditions deteriorated.    » read more »

02/04/2008 -- Rising fuel prices pushed profits for Exxon Mobil and other petroleum producers to new records. “It is absurd,” Senator Bernie Sanders said, “for oil companies like Exxon Mobil to be raking in obscene profits while millions of Americans are struggling to pay skyrocketing gas and home heating oil prices. We owe it to the American people to do everything we can to stop big oil companies from ripping off American consumers.”    » read more »

02/01/2008 -- WASHINGTON, February 1– Boosted by gushing oil prices, Exxon Mobil's $40.6 billion in 2007 profits exceeded the company’s own record for a U.S. corporation. Chevron also reported huge profits. At a meeting in Vienna of the international oil cartel, meanwhile, the Organization of Petroleum Exporting Companies kept production quotas steady.    » read more »

February 1, 2008 -- Washington, DC — Nevada Senator Harry Reid made the following statement today in response to the release of annual profits from ExxonMobil, BP, Shell, ChevronTexaco and ConocoPhillips:    » read more »

On Sunday, February 3, millions of Americans will be watching Super Bowl XLII, to see if the New England Patriots or the New York Giants will be crowned champions of the most recent football season. However, two days before the “Big Game”, another event will take place that could have a larger impact on the daily lives of Americans. On February 1, the Organization of the Petroleum Exporting Countries (OPEC) will meet to discuss whether any change in production targets is warranted. Their decision could impact the price of gasoline this spring.    » read more »

The Cost of Coming in from the Cold

It’s the middle of January, and the temperatures outside remain chilling. It’s the time of year when many people, especially in the Northeast, are relying on heating oil to keep the inside temperatures toasty. However, this year, using heating oil has been a costly proposition.    » read more »

Comparing the Present to the Past

Tom Brady and Brett Favre, each just one game away from making it to the Super Bowl, are both sure to be inducted into the Pro Football Hall of Fame when their careers are over. Many might argue that one or the other is the greatest quarterback ever, but comparing either of them to the stars of the past requires looking at the context of the game in different time periods and making adjustments so that the comparisons are as meaningful as possible.    » read more »

January 15, 2008 -- ARLINGTON, VIRGINIA – Republican presidential candidate Ron Paul says a proposal to raise the federal gasoline tax is the last thing the American people need in a slumping economy. The recommendation comes from a panel made of corporate executives and government bureaucrats commissioned by Congress in the 2005 transportation bill. Congressman Paul was one of nine votes in the House against the bill.    » read more »

January 15, 2008 -- OLYMPIA -- The Washington Attorney General’s Office filed an amicus, or friend of the court, brief yesterday in the U.S. Supreme Court supporting Snohomish County PUD (PUD) in its dispute with Morgan Stanley Capital Group Inc (Morgan Stanley) over its 2001 power contract.    » read more »