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Oil And Gas Prices Hit New High…Again Save Email Print
45 comments
A | A | A

(May 21, 2008)—Drivers are likely to see another increase at the pump this week as crude prices topped $130 a barrel Wednesday.

Analysts say persistent supply concerns and a weaker dollar continue to push crude futures.

The July contract for light, sweet crude rose as high as $130.30 in electronic trade on the New York Mercantile Exchange by late afternoon in Singapore.

Oil futures are now selling for about double what they were just a year ago.

As fuel prices continue their climb into record territory, members of Congress are seeking answers.

A Senate panel will hear from oil and gas company executives Wednesday.

The auto club puts the national average of a gallon of regular gas at just under $3.81, 60 cents a gallon more expensive than a year ago.

Premium will set drivers back an average of nearly $4.19 a gallon, up 65 cents from a year ago.

Some senators are asking President Bush to set up a Justice Department investigation of possible fraud and manipulation in oil and gasoline markets.

Analysts blame the run up in crude prices in part on the sliding U.S. dollar and on word from OPEC that it's not going to boost production before its next meeting, not scheduled until September.
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Posted by: Rachel Location: China Spring on May 28, 2008 at 04:50 PM
As for contacting our politicians, which if any have made any attempt to help their constituents? Surely they can see the problem and shouldn't have to have every one calling them to let them know. Yet they still haven't done anything about it! The question is, what can they do? Everyone seems to be very good at identifying the problem, but no one seems to have a solution. Seems to me that contacting your politician is a waste of time. As for electing public officials that can make a change, I haven't heard ONE solution from any of them that are running for office. Again, they are very good at "saying" gas prices are too high and that they will work for change, but have ANY of them mentioned a solution? What is the solution? No one seems to know, and the government doesn't seem to be the answer. I think the economy is going to end up making the solution on its own...people on unemployment/welfare because they can't afford to drive to work, people finally selling SUVs, etc.
Posted by: Rachel Location: China Spring on May 28, 2008 at 04:36 PM
I have been thinking along the same lines as 17 yr. old Ashleigh...how are people working on minimum wage ($5.85/hr.) able to afford to pay $4/gal. to drive to work? They would have to work more than one and a third days to fill up (for example) a 16 gallon tank! If they have kids and daycare costs, it's flat-out unfeasible to work. It won't be long before the unemployment and welfare lines are going to be overwhelmed. I'm also with David, bankruptcy lawyers need to get ready for some high demand!
Posted by: ashleigh Location: Lithgow NSW on May 22, 2008 at 07:46 PM
Im 17 and i think that the wage im on and the amount petrol is, its crap how is it meant to compensate, it is getting beyond a joke soon everyone will be walking everywhere and they wont get any money then there will be another problem and they will try and do something else for money. They put petrol groceries etc up but the normal wage stays the same, i think its ridiculous
Posted by: Anonymous on May 22, 2008 at 03:44 PM
at least the polar bears will be happy and safe as we struggle to pay our bills
Posted by: Waco1000 Location: Waco on May 22, 2008 at 01:45 PM
Going on a one day strike would not help anything out, in my opinion. The next day everyone would go and fill up! so then it would go right back up because they would get 2 days worth of business the next day. Cutting back and getting smaller cars is the only way, i believe. While we were once a great consumer for OPEC, there are now alot more consumers, which makes the US a way smaller percentage of the market. Once gas hits $4 then we SHOULD start drilling on our land, yet continue to explor alternative energy ways.
Posted by: dude Location: texas on May 22, 2008 at 12:47 PM
JESS! wake up and smell the gas fumes, the reason a boycott has not worked is because there has not been a boycott, DUH!
Posted by: Jess on May 22, 2008 at 10:49 AM
what can we really do? boycott? hasn't worked so far. We just have to deal with it, don't make unnecessary trips. I know it sucks for me too, but i drive to work, eat at my desk, then drive home. i don't go anywhere else unless it's to walmart on payday for groceries. My husband had a 2nd job delivering chinese food to have extra income, but when your daily tips are going back into the tank it's not extra money anymore so he quit that job. We have to adjust to changes. I know it sucks but we have to do it.
Posted by: lynne Location: Gatesville on May 22, 2008 at 09:06 AM
Oil just hit $135 a barrel today. This is outrageous. These big oil companies are going to break the american people with their conststant price increases. When is enough going to be enough? How long before the average american can't afford to even drive to work? Even with carpooling, some can't afford to get to work. When are the american people going to stand up and say "this is enough", True, we will all lose a days pay but what if everyone that drives to work everyday suddenly decided not to, just for one day, don't go by the gas station, don't buy any gas. No big rigs on the road, no deliveries of any kind. Just one day of nobody buying gas in the US would hurt the big oil companies. It's time for americans to stand up and say "enough is enough".
Posted by: Aly Location: Waco Area on May 22, 2008 at 08:57 AM
When Bush took office, gas was $1.46/gal. Even tho he ran all of his oil businesses into the ground, (pun intended) he is still an "oil man" We MUST begin using our own oil...and not export one drop. We must also rein in the Big Oil companies, who are making billions on gasoline.
Posted by: richard Location: waco on May 22, 2008 at 07:53 AM
just think on this mr bush is making all of his freinds billions before he is out of office they got him in so now its time for us to pay for our president.just get a motorcycle 100 miles a gallon.
Posted by: Bob Location: Kempner on May 22, 2008 at 07:48 AM
If things continue the way they are, we will all be living out the story lines in the Mad Max movies.
Posted by: Anonymous on May 22, 2008 at 02:54 AM
this is incredibly ridiculous. what used to be $25 for me to fill up my little pontiac sunfire, now costs me $50. i know everyone wants something done about this... including me.
Posted by: Madmax Location: Killeen on May 22, 2008 at 12:19 AM
Well understand annoyed, those cars have so much extra equipment that stays on when the car is shut off; camera unit, mobile data terminal (computer), automated vehicle locating device, police radio, police siren box, radar etc.. It is necessary to leave the car running at times, because if not, you are coming back into a dead car. Not making excuses, but this is the truth. Trust me, I know from first hand knowledge.
Posted by: annoyed Location: Killeen on May 21, 2008 at 09:18 PM
Ok slightly off topic but.. Today I witnessed a goverment cop (on Ft Hood a hired cop not a MP) leave his car running for over 45 min while he ate lunch at the food court. Apparently thats where the $$ we are paying is going, to keep his car nice and cool while he stuffs his face. I know starting a car wouldn't hinder his ability to catch someone by more that 2 secs so???
Posted by: Txgirl Location: killeen on May 21, 2008 at 09:12 PM
This is really awful. When gas goes even higher what will we do to get around? Our HOP system is the worst it dosent run enough, it's to expensive and just takes you in a general direction. We need get a public transportation system together. Am I crazy to think that other forms of transportation need to be formed now before gas is $10 a gal and people can't affors to work?
Posted by: ln Location: Robinson on May 21, 2008 at 08:59 PM
dummy: No, you are not dumb. The feds collect $0.18 per gallon of fuel sold for on road auto/truck fuel. Aviation fuels and farm use fuels do not pay this tax. Supposedly it goes to road/bridge repair but the House and Senate use it for other things instead. Do the math on how many gallons of fuel are bought in this country daily. The revenue to the Feds is staggering. But they still can't get enough and want to raise our taxes, tax corporations more, etc. Where does it stop?
Posted by: john Location: waco on May 21, 2008 at 06:11 PM
Lets see how high this will go. I have money and mpg to spare with both my truck and my bike. So bring it OPEC. I have your number.
Posted by: dummy Location: waco on May 21, 2008 at 05:18 PM
If demand is so high, wouldn't that make the amount of money the GOVERNMENT collects on the taxes from gas sales go up too?? It's sounds like the BIG GOVERNMENT is making alot of money. Revenue from taxes ten years ago was not even close to the revenue they get today. I'm I right or am I just dumb?
Posted by: LN Location: Robinson on May 21, 2008 at 03:41 PM
Why should you pay US income tax on income earned in a foreign country? If you earn it over there and pay their taxes then why should you be taxed on the same money AGAIN just because you are in the US? The same applies to personal income earned overseas. If you earn it over there and stay I believe 12 or 18 months then it is not taxed when you bring it into this country. Sounds pretty fair to me. Otherwise that would be double taxation which economically is kinda dumb for the bottom line. Just like the "windfall profits tax" being proposed by the left (Dems). Corporations do not "pay" taxes anyway. They are figured into the cost of their products and charge accordingly. Consumers are the ones paying the taxes.
Posted by: Michael Lewis Location: Tampa, FL on May 21, 2008 at 03:11 PM
Demand $2 a Gallon Gas Oil was $127 a barrel recently. Germany fought WWII with synthetic fuel from coal. America, with 1/3rd of Earth’s coal, can be energy independent for an estimated $55 a barrel, including the infrastructure and labor force necessary to operate plants. It is proven technology. Synfuels are cleaner burning than gasoline and carbon sequestration can remove CO2. Visit http://governor.mt.gov/hottopics/faqsynthetic.asp Furthermore, reducing our trade imbalance keeps jobs in America. Every billion of trade deficit costs 13,000 jobs. $400 billion for oil last year: do the math. And we stop sending billions to countries that sponsor terrorism. Harness your anger at the pump. Call you're US Senators and demand they break ground on America's energy independence by encouraging an American synthetic fuel industry in this decade. If you don’t raise your voice the oil companies and politicians will assume you are ready to pay even more.
Posted by: Michael Lewis Location: Tampa on May 21, 2008 at 03:09 PM
The greatest transfer of wealth in the history of the world began with the oil embargo of 1973. At this rate (the economist calculated) they would be able to buy all the major companies on the world's stock exchanges in twenty-five years; I.B.M. in seven months; Exon in four months; and the Bank of America in sixteen days. (from pg. 121 The Money Lenders by Anthony Sampson @1981 hardback )
Posted by: Michael Lewis Location: Tampa, FL on May 21, 2008 at 02:34 PM
In 1977 Representative Benjamin Rosenthal of New York produced secret Internal Revenue Service documents going back to 1950. They showed that the tax laws of Saudi Arabia were drafted with the help of Aramco to call the added price of oil not a "royalty" or "cost of doing business," as was proper, but an income tax." The Saudis did this knowing that income tax paid to a foreign country is deductible from the income taxes an oil company pays the United States on all income received in the United States by the parent firm. From Pgs 61-64 The Media Monopoly by Ben Bagdikian "Since that time the major multinational U.S. oil companies have paid hardly a penny of U.S. income tax on their foreign income." pg130 Banks Borrowers and the Establishment Algiers Declaration 1975: A major portion of the planned or new petrochemical complexes, oil refineries and fertilizer plants be built in the territories of OPEC Member Countries with the co-operation of industrialized nations for export purposes to the developed countries with guaranteed access for such products to the markets of these countries.
Posted by: Waco1000 Location: Waco on May 21, 2008 at 02:12 PM
Anonymous in central texas, i would be very interested in reading that articcle. please post a link or something. If that is so, then i say they tap into them once it hits $4 a gallon!. I see $4 dollars as a good stopping point, as much as i would like to say $1.50, we have to be realistic. lol. $4 would, in my opinion, make people more aware of what they drive (buy), but wouldn't be impossible to pay. It
Posted by: Patriot Location: Tx on May 21, 2008 at 01:56 PM
Yeah, Congress draining our federal oil reserve is really going to drive these gas prices down! Idiot lawmakers!
Posted by: angry Location: temple on May 21, 2008 at 01:51 PM
Better yet there trying to raise tax on food.. Great!!!! Whats next!!!!!
Posted by: Angry Location: temple on May 21, 2008 at 01:49 PM
This so stupid.. we are having to pay 4.20 while Bush is having lunch with a sandmonkey "trying" to get more oil why in the hell r we having to pay this much.. they have enough money from tax payers to take kids away from some stupid ranch and waist mony on so many dumb things.. Why not use it to lower gas prices this is crazy...
Posted by: LN Location: Robinson on May 21, 2008 at 01:11 PM
Geez people when are you going to understand that government has no control of oil prices? Running to the politicians to "do something" will do nothing but get grand standing politicians asking oil executives why they don't do more alternative fuel investment. "Uh, Senator, we are in the OIL business, not the alternative fuel business. Go ask them why they don't do more". With idiotic enviromental regulations and a left wing kook fringe controlling where and when we drill and how we refine it I am surprised oil is not higher than it is. Economics 101 - supply and demand.
Posted by: Temple Location: Temple on May 21, 2008 at 12:50 PM
My X works for the oil field. He gets free gas from his company and drives where ever he wants. He took his kids to Walt Disney on the companies free gas card. That my friends is where the gas goes ..to people that make huge bucks and still get money breaks while the rest of us struggle.
Posted by: Anonymous Location: Central Texas on May 21, 2008 at 12:29 PM
I agree with Bob...wish they would pad our pockets for a change. Maybe it's time we elect new officials and see what happens. The rich get richer and the poor get poorer. That's what my dad always told me. I agree. As for the oil companies, they should be ashamed for their greediness.
Posted by: Anonymous on May 21, 2008 at 12:20 PM
The price goes up and the quality goes down. I'm sure there is lots of "fraud" going on. Otherwise the oil tycoons wouldn't be pocketing soooo much and gas prices would go back down to a decent level.
Posted by: Anonymous Location: Central Texas on May 21, 2008 at 11:24 AM
The answer is to open the American Oil fields and flood the market. This will bring the price of oil down and show OPEC we will not be dictated by them. I recently read an estimate that the southwest US is sitting on enough oil to sustain the USA for around 60 years. It's time to tap into some of it. It's a political game that we can no longer afford.
Posted by: David Location: Texas on May 21, 2008 at 11:09 AM
The gas prices are nothing but a royal rip off to the American people. We are being destroyed from the inside out, and our government is allowing it to happen. When everyone ends up broke, and can't get to work because we are unable to afford the fuel, I guess that the mega moron, high profit bosting gas & oil companies will support our country.....Bankruptcy lawyers are going to be in high demand.....
Posted by: dude Location: texas on May 21, 2008 at 10:51 AM
is it just me or does anybody out there think that a boycott of exon might get the point across that we wont stand for this price gouging. i find it hard to believe that if nobody in the u.s went to an exxon gas station for anything not just gas; that it would go unnoticed and prices would remain the same. before thousands of stores close thier door somebody would do something.
Posted by: Anonymous on May 21, 2008 at 10:44 AM
Let's see? Hmmm. Why is it so high? The Senators can't be that stupid. It's that high because they can raise it that high and nobody with any power will do anything about it. When does it become price gouging?
Posted by: Anonymous on May 21, 2008 at 10:38 AM
How are people on a fixed income suppose to go anywere they cant pay there bills and put gas in there car. and I am talking about the elderly that are on social sucurity. pretty soon we wont be able to put gas in the car to go to work.
Posted by: Peggy Location: Jarrell on May 21, 2008 at 10:12 AM
I don't understand why our government does not try to do something to help us or why our candidates do not steop up to the plate. Are they bennifitting from thses high gas prices? Why can't we just get rid of OPEC?
Posted by: Bob Location: Belton on May 21, 2008 at 09:26 AM
Looks like OPEC will own this country before to much longer. The politicians at the State and Federal level all are getting there pockets padded and will do nothing to stop this increase. Its time the people make a stand and remind these so called elected officials that they work for "us".
Posted by: michelle Location: waco on May 21, 2008 at 08:55 AM
Do something about the gas... all our rebate checks will go to gas...
Posted by: Anonymous on May 21, 2008 at 08:44 AM
How are people supposed to make their car or truck note and pay for gas? This is the most ridiculous bunch of mess I have ever seen in my life. There is something that can be done and the government better start working on it soon. I have no faith in our government any longer, they are ripping our world apart just like the Bible says. Open your eyes people.
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