Our Reward for Decreased Gas Consumption and Increased Oil Production? A Hike at the Pumps!

We've decreased demand by conserving fuel and driving less. We've increased oil production. And yet gas prices are higher than ever. I guess the oil companies know they can punk us whenever they want to. 

Comments

[Paul]

See this:

http://www.reddit.com/r/politics/comments/pwbpn/guess_what_law_goes_into_effect_the_same_exact/

[Angelo]

I read the article in that link and the comments. No, increasing capital gains taxes won't solve this problem. I'm not sure about the comparisions to 2008 but I will say that in this case, the oil companies have record profits----demand is down, supply is up----and instead of having prices decrease, we're seeing an increase because refined gasoline is now being exported at record levels, a huge amount to China, who is eager to buy. So in other words, yes Jeff, we're being punked. I would love to blame Obama----I blame him for a lot of what I consider failures of his administration----but I have a really hard time blaming him for this. What is he supposed to do? My answer used to be to open up more land (and offshore) for drilling. Abundant supply equals lower prices, right? Well, no, we're learning "not really." Maybe the U.S. oil companies might have outsmarted us and in the process, outsmarted themselves. The argument for allowing more drilling and exploration suddenly doesn't look so hot. I suppose President Obama can have a "Come to Jesus" with the CEOs and tell them they need to give relief at the pumps---and before fellow conservatives cry foul on crushing the free markets, understand that oil isn't "Free Markets" because of the permission given to very few who qualify explore and drill. So IF the President wants to see the prices go down, he might have some leverage----but being that he's big on alternative energy, he might just be happy to see things play out.

[Dylan]

Here in Finland it's $8.2/gallon (converted from litres and euros). Now they blame the sanctions on Iran for the hike.