Comments on: Memo To Bush: ‘Magic Wand’ Not Needed To Deal With Gas Prices

By: Uranus

Uranus — Tue, 24 Jun 2008 22:51:50 +0000

The real fix is the permanent solution. A proper, first class, fully developed technology exists which we should already have, but don't. Washington hears from me, and you can be an advocate too. We should have never used petroleum, coal or uranium for energy anyway. We can replace them immediately while solving a multitude of problems. I'm holding their feet to the fire: suppression of this technology is the greatest crime in history—and the discussion of oil prices is ridiculous to me.

By: xtro

xtro — Tue, 24 Jun 2008 20:00:24 +0000

I agree with phred24, this graph is misleading because it ignores speculation. This article just came out today:

Gas could fall to $2 if Congress acts, analysts say
“Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.

Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters’ assessment at a hearing on proposed legislation to limit speculation in futures markets.

Krapels said that it wouldn’t even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.”
http://www.marketwatch.com/news/story/gas-could-fall-2-if/story.aspx?guid={2673C102-68E0-41D9-9C9A-10EE2E723948}

By: tokin librul

tokin librul — Tue, 24 Jun 2008 15:10:34 +0000

[deleted by admin]

By: phred42

phred42 — Tue, 24 Jun 2008 13:04:09 +0000

That graphic is misleading and counterproductive because it doesn’t show SPECULATION

By: MapleStreet

MapleStreet — Tue, 24 Jun 2008 02:15:01 +0000

In all deference to Perino, we won’t have a short term fix: It will take quite some time to pull ourselves out of the Bush Quagmire: Afgahnistan and Iraq (with Iran looming), destabilized world, poor US economy, The McCain Enron loophole, Shrub holding in his first term that Americans have a right to drive big cars (and a tax break to steer them towards big cars), lack of training, etc. etc.

By: wizard2000

wizard2000 — Tue, 24 Jun 2008 00:34:16 +0000

I like your gas pump graphic, but shouldn’t the top half reflect how big an impact the “Enron loophole” has had on gasoline prices at the pump based on its impact on world oil barrel prices, with unregulated (or under-regulated) energy market speculators gaming the system for every petrodollar they can get their hands onto?

You alluded to this in your first point about “supply and demand” only accounting for about half of the price at the gasoline pump…with the other half (as many economists believe) caused by unregulated (and under-regulated) oil futures speculators taking advantage of the Sen. Phil Gramm-passed “Enron loophole.”

Other than this minor graphic detail, I completely agree that Dana Perino is wrong in asserting that nothing can be done about the high gasoline prices at the pump, or as the Republican “talking point” goes, nothing can be done in the short-term except open up additional acreage to oil company exploitation.

She’s lying. Don’t listen to anything she says, but immediately, and completely, close the “Enron loophole,” as Barack Obama has just endorsed, and let’s all see how much the “Enron loophole” is actually affecting gas pump prices.

Simple experiment. If the “Enron loophole” isn’t a factor, then gasoline prices should stay the same, but if gasoline prices at the pump start dropping appreciably, then we’ll all know who is to blame for our paying so much to fill up our cars…the Republicans.

By: christopher wiwi

christopher wiwi — Mon, 05 May 2008 05:30:18 +0000

Well put Brad, The two proponents of this gas tax holiday are lacking in foresight and brains to realize they are just pandering to the citizens of this country in the same manner in which they both pander to lobbyist, I am insulted by both McCain and Clinton in this shameless deed.