Posted on 02/29/2008 5:07:03 AM PST by saganite
It’s another sign that gas prices will probably be heading higher - oil prices surpassed $103 a barrel for the first time Friday as persistent weakness in the U.S. dollar and the prospect of lower interest rates attracted fresh money to the oil market.
Some analysts are expecting prices to hit $4 dollars a gallon by this spring. At the Mobil gas station in DeWitt, the price for a gallon of regular unleaded is $3.34. That is slightly higher than the average price for a gallon of gas in the Syracuse area, $3.32 a gallon - up 12 cents over the past two weeks.
But compared to just a year ago - it's up nearly 80 cents. At the beginning of March last year, we were paying a little more than $2.50 a gallon.
The house has approved an $18 billion tax hike for the largest oil companies. This would eliminate the tax breaks that they've had in the past. The White House says this isn't fair to the oil industry. Democrats, on the other hand, say this legislation comes at a time of economic troubles.
Sen. Chuck Schumer says “We should allow more oil exploration in our national forest areas. About a third of the west is national forest. I would not allow it in national parks or national monuments. But national forests, that's ok and we should do that.”
If the legislation passes, President Bush is expected to veto it.
Schumer?!?!?!
Who ever woulda thought?
When Chuckie call for new refineries, then I’ll be impressed.
Anyone know why this would be? It's going to get real squirmy around here if people have to support Schumer in opposition to Bush.
I actually got my title wrong (kicking self). Schumer called for increased exploration, not drilling. I hate it when I do that. I made an assumption that drilling was the obvious result of his statement but I realize that in his mind they might not be related.
Bush is expected to veto the tax hike, not drilling in national forests.
The article is a little confusing. The veto is in regard to the House bill mentioned in the article raising taxes on oil companies. Schumer’s remark is just that, an opinion he expressed and not part of any bill.
More Exporation or Drilling won’t bring down the price. The problem is refining capacity and a weak dollar.
Got to admit its getting squirmy,getting so much squirmier all the time.....
The devil is always in the details. What national forrest? Once you get specific, the Dems and the evironmental wackos start screaming. Let’s start with ANWAR.
No and very little.
Since 1/3rd of the West is National Forest (according to the article anyway) and most of the new oil being found in the US is in the West I’m wondering where you get your info that there’s very little oil in those areas?
I wonder how Schumer voted on drilling in Anwar? Or is this new stance just something he bloviates about in front of cameras?
In other words, not only should we not be surprised when oil, gold, natural gas, silver, iron ore, corn, or wheat hits “another record high”, it is **built into the monetary system** that as the currency is inflated, and private wealth destroyed, of course prices will **always** increase.
The only way it that prices will not increase in nominal terms is when new sources or new efficiencies increase supply faster than demand grows by at least the rate of counterfeiting, or if demand falls faster than the rate of counterfeiting.
I missed that post. Interesting that there are a few Dems still willing to call for drilling in ANWR and in the Gulf but I suspect that the bill is DOA.
A station I pass every day on the way home from work yesterday was at $3.39, this morning $3.43.
3 weeks ago this same station was $3.03
YIKES!
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