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March 10, 2011

Drill Baby, Drill??

 

Gas prices have risen to something close to $4/gallon, and the Republicans are once again calling for more domestic oil drilling.

John Boehner (the new Nancy Pelosi) says Obama is just not doing enough to lower gas prices for the American public, and in fact is doing just the opposite.

House Speaker John Boehner said Thursday. “They’ve cancelled leases for new exploration, jeopardized new nuclear energy, and imposed a de facto drilling moratorium. They’ve even pushed a ‘cap and trade’ national energy tax that the president himself admitted would cause energy costs to ‘skyrocket.’”

Boehner’s new plan is called the American Energy Initiative. It’s supposed to lower gas prices and create new jobs. Maybe it can create cold fusion too, never know.

White House press secretary Jay Carney disputed Boehner’s comments at his press briefing Thursday and pointed out that the Obama administration has issued 37 new offshore shallow water oil drilling permits since the BP oil spill, as well as one deep water permit. He said the administration is committed to more oil production in addition to pursuing other forms of energy production.

Some Democrats want to open up the Strategic Petroleum Reserve.

Filed under:Fuel cost,Fuel Cost Control,Gas price | by Pump Girl @ 7:03 pm | 

March 1, 2011

Fed Chair Ben Bernanke Says…

 

Even though investors are selling off equities on fears on an economic slowdown, Bernanke says that higher oil prices are unlikely to hurt the US economy. (unless it lasts and lasts)

“The most likely outcome is that the recent rise in commodity prices will lead to, at most, a temporary and relatively modest increase in U.S. consumer price inflation,” Bernanke said.

However, he warned that if expectations of future inflation were to build, the Fed may need to act.

“We will continue to monitor these developments closely and are prepared to respond as necessary to best support the ongoing recovery in a context of price stability,” he said.

U.S. crude oil futures rose 2.7 percent on Tuesday to settle at $99.63 a barrel, not far from highs hit late last month. Crude had traded at roughly $86 a barrel before protests swept through Egypt in late January.

Filed under:Fuel Price Trends,Gas price | by Pump Girl @ 9:27 pm | 

Just When You Thought Things Were Getting Better

 

Wouldn’t you know it, renewed unrest in countries around Libya, which halted its own exports for the last few days, and Boom! Crude oil prices surge again. The Saudis will try to fill the gap.


Oman one of the trouble areas straddles the Straight of Hormuz. We’re talking the route for 40% of the world’s oil tanker traffic.

Oh, and on the other side of the straight – Iran. Protesters. Tear gas.

Filed under:Fuel cost,Fuel Price Trends,Gas price | by Pump Girl @ 9:06 pm |