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November 2, 2012

Can the President Control Gas Price at the Pump

 

Bloomberg Businessweek contributor Roben Farzad discussed this very question on NPR’s ‘Solve This’ series.

The short answer is, No. But of course this does not stop candidates from talking about it,

Oil and its various products are traded in a global market. All the oil we have been pumping right here in the USA doesn’t make a bit of difference. Oil producers want to sell their product for the highest prices available. That may not mean to US buyers and it’s not something the President and/or Congress can demand.

Read the whole transcript for the complete explanation. You can also listen to the story.

Filed under:Fuel cost,Fuel Cost Control,Gas price,Presidential Election | by Pump Girl @ 4:13 pm | 

October 3, 2012

Oil Prices and the Election

 

A short report from AAA : Gas prices to keep going down right into the election.

See the complete article from the AAA itself for the entire September 2012 Report complete with some great graphs.

Filed under:Gas price,Presidential Election | by Pump Girl @ 7:11 pm | 

September 28, 2012

On The Flip Side

 

The Daily Kos says the Arctic Oil & Gas Rush is indeed on.

It cites an article in the NYT this week that Big Oil Companies in the West are in a race with China to drill and mine that virgin territory in the melting Arctic.

Filed under:Energy,Fuel Price Trends,Presidential Election | by Pump Girl @ 6:56 pm | 

April 17, 2012

Oil Speculation Could Be Coming To An End

 

Maybe pigs can fly. The Obama Administration is under pressure to bring down the high price of gas. With this in mind AG, Eric Holder, will outline a proposalto increase federal oversight of the oil market.

Here are the points of interest:

The president will call on Congress to:

• boost spending on technology to improve oversight and surveillance of energy markets.

• increase by six times the money spent on surveillance and enforcement staff of the Commodity Futures Trading Commission to better deter oil market manipulation.

• increase from $1 million to $10 million civil and criminal penalties against firms that engage in market manipulation.

• in an effort designed to limit energy market disruptions, give the Commodity Futures Trading Commission authority to increase the amount of money that a trader must put up to back a trading position.

Of course this is a political move, and Republicans will never go along with it.
What the heck? It can’t hurt to try.

Filed under:Fuel cost,Fuel Price Hedging,Gas price,Presidential Election | by Pump Girl @ 11:01 am | 

March 12, 2012

US Oil Imports Down 10%

 

A year ago, President Obama pledged to reduce US dependence on foreign oil by 1/3 within a decade. We are going in the right direction!

Who knows why we waited so long? What are we doing right?

Higher US oil production does help, but in reality it’s only a drop in the bucket. Higher fuel efficiency in cars, use of renewable energy elsewhere and (unfortunately)an economy that is not close to cooking on all burners all contributed.

That said, the US only holds 2% of the oil reserves on the planet, but consumes 25%. You do the math.

Filed under:Fuel cost,Fuel Economy,Fuel Price Trends,Gas price,Presidential Election | by Pump Girl @ 12:33 pm |