Thanks to Iran tensions and QE1 and 2, oil is up. Oil fluctuates with the expectation of changes in the money supply. People are expecting inflation. But price of oil, gold, silver, stocks, bonds, homes cannot be sustained when the money supply deflates. Google for "DEFLATIONARY CRASH" to understand why US dollar becomes more valuable during financial crisis. Next time debt issues coevr the headlines expect oil to retreat. And while oil is up, say good bye to housing recovery because people won't have money to afford their mortgage. Without housing, economy will continue to struggle and if supply remains steady, oil prices will fall.

Either you want government intervention and regulation or you believe in a completely free market. Either the President has nothing to do with the price of gas (as we heard during the Bush years) or it is the President's fault (as we are hearing now). Hard to have it both ways....

Oil is always going to trend up. As the world population continues to increase and developing countries move up the economic ladder, they'll want oil too. There is no way out of spiraling costs, regardless of the occasional blip due to Iran or some other international event or the ever-present boogeyman "speculators." The trend will always be up. It's inescapable.

Nuclear. Wind. Solar. Geothermal. Hydroelectric. Hydrogen. Biodiesel. These should power our cars and make our electricity. How much will we have to pay at the pump before we understand that? How much longer can Americans afford SUVs and full-size pickups?

Oh please Karen! Are you saying Bush wasn't blamed for dang near everything, including gas/oil prices? If gas prices were Bush's fault, they certainly are obama's as well, especially after he shut down the Keystone project!

AG99 - So you want the government to confiscate all the SUVs and full-sized pickups?

Maybe if we left the energy search to private companies and did not try and pick winners like Obama and Biden did we could get some alternatives. In the mean time the government needs to NOT stand in the way of domestic exploration and production. How about that?

Keystone is a bunch of cr*p and you know it. Keep telling yourself it's relevant, but it's just more money for big oil, nothing for us.

This is going to really help at the grocery store...

"You're going to see a lot more staycations this year,",

I can't remember the last time I had a va'ca must be a republican dream.

Joyce: AG99 - So you want the government to confiscate all the SUVs and full-sized pickups?

Huh? Where'd you get that from?

As for the old "drill, baby, drill" mantra, it's not going to make much difference. We're already the second or third largest producer of oil anyway, but that oil is sold on the international market. Making more of it, unless it's way, WAY more, isn't going to lower prices. China and India are already gobbling it up in amounts approaching our own gluttony. More of the same isn't going to cut it.

As for govt subsidies, how else are we going to finance the R&D necessary to evolve? Alternative energy sources aren't going to fall from the sky. They need a jump start to become viable, but we'll never get there if we continue worshipping oil.

cpprmn11,

Actually I don't know that Keystone is "a bunch of cr*p". Please site a reference or two.

I'm laughing at the morons who think Keystone pipeline would reduce the price of oil in the near future or the distant future

Oil is sold at market prices to high bidders, and the ONLY reason to pipe it down to the gulf of Mexico is to make it easier to put on a tanker and ship out to those high bidders.

no oil company is going ot give the home country a home discount. IN FACT Bush gave the oil companies giant subsides and they went on to report record profits multiple times over the last decade, and with all those profits oil prices are still very high even though the cost of a barrel of oil is chepaer then it was at it's peak in 2008.

@FXSTC - If the Keystone pipeline had gone through, the refined products were targeted for foreign sales (e.g. China). Any new jobs would have been temporary and we would have been stuck with higher fuel prices and the resulting pollution from oil spills (yes, every pipeline leaks). Yes... We would have been stuck with higher fuel prices because our refinery capacity is maxed out, and some of that limited output would have been shifted from US sales to foreign sales leaving the US with smaller supplies of refined fuel (i.e. higher fuel prices).

I pass by a WAWA store that sells gas and in the last three days alone it went up 4 cent each day..they say it went up 12 cent in last two weeks BS way more then that.

And it will go way higher in a few weeks..the oil company refineries are switching their systems back so they can produce the more expensive blend of gas for summer..the winter gas blend is stopping now that's cheaper to make.

At four dollars a gallon, gas is still a bargain. Can you imagine walking instead of driving that distance a gallon of gas gets you in your vehicle?

Your correct..but we get hit a lot of different ways..everything we buy is transported by a vehicle..price goes up for everything then.

Shame! Despite record breaking under-taxed profits in billions Big Oil chooses to gouge citizens with attempts to slow down economic recovery to make President Obama look bad in an election year.

Oil futures pricing have 12 months delay, why raise prices now? You can run but you cannot hide from your karma.

Pathetic GOP enjoys wallowing in yet another talking point, their party's demise is imminent.

No,By all means if SUV's and large PU trucks are what Americans want to drive then fine...just use something else other than GAS to run them.An internal combustion engine can burn a whole hell of a lot of other sources of fuel than gas or alcohol,dayum I know a guy that burns vegetable oil in his diesel engine powered pickup truck when the price of diesel shoots up.Oh BTW one can also burn heating oil in a diesel engine too,they are one and the same except one is dyed pink for taxation purposes.A lot of real guys have oil tanks in their backyard to fuel off of when diesel shoots up during the winter.As far as I'm concerned I use a wood boiler for my home heating using my own supply of wood...methinks many other will be doing the same in the coming year.

If people can afford those gas guzzlers (SUV-big pickups) and use them..guess they can afford the gas no matter the price. I need to buy another motorcycle..love them .

Saw someone in a Hummer and figure if they can buy that..they can afford the gas...I can't afford the gas alone forget the Hummer too!

Got rid of the Jeep (18/24), got a new Sonata (24/36). Haha, suck it big oil. And the Sonata is even bigger than the Liberty (3 Kids). Going to cruise on vacation no problems. Giant SUV (11 mpg) only used for around town and snow.

Brent crude from the North Sea is a proxy . . .

WTF? All this is gibberish that means it gives OPEC and Big Oil the stick to beat us down. And the speculators stick it up our ass with gusto and no Vaseline because the Government will not step in and stop this madness.

We need to stop traitors claiming to be capitalists selling off our gas to foreign countries. War is coming. It is just a matter of months before Iran is attacked. We need to start thinking about gas as critical to national security, and doing something about those who would sell it offshore. Too many have been taken in by the one worlders who are also the folks enslaving your families. Get on the team, those who think the price of gas should go up are on the same side as Arab terrorists, and whether they know it or not, for the same reasons. If you have no pride in America, then put your money where your mouth is and refrain from having an opinion. Obama is so enamored with himself he has sold out our country to stay in the white house. How's that hopey - changey thing working out?

I hear all the time that America sits on 300 years of oil and this isn't counting the rest of the world. Being supply side economics this would indicate pure corruption would it not?

Already $3.75 a gallon here in NY.

One thing is certain with all the different extreme positions it is obvious all sides and ANGLES are lying. None of them are telling the truth. What the hell ya gonna do not buy gas? lmfao!

No jobs working part time $8hr, half money goes to gas to get to work the other half to child support I eat once a day if I am lucky no insurance no opportunities. Yes I have a degree. I guess with out me bill collectors would be unemployed as well. Pretty soon the banks will literally own everything, come to think about it they already do.

Coming down to a choice of putting my hand out or dying. I personally would choose death. Who the hell would want to live forever? American dream is capitalized.

I don't want your sympathy or suggestions. Bury me with my ass up :)~

Quit oiling the loud squeaky wheel, please liberals and conservatives shut the f*** up!

I know right people like me are the problem.

Ohhh that'll never happen..The govt will buy their supply from the same traders you do.If you want war over energy then I hate to say this,would be a worthless waste of lives.There is no war coming,they want to spread propaganda to make you thihnk there is,to give them ANOTHER reason to make prices go higher.Believe it all you want but you are being led around by the nose..

Thanks Obama and the environmentalists, we have more oil than anyone sitting under our country and they won't let us get it. It's that simple. We could be completley non-dependent on foreign oil.

Higher gas prices borought to you by the Obama Administration, his environmental wacko base, and the idiot class envious electorate that drinks his green energy koolaide.

Are you that simple to blame Obama? We have known this was coming for decades not to mention if they started drilling now it would take years before we seen relief at the pump.

Doesn't anyone finish high school anymore?

Americans always think the world owes us something special, it doesn't. So stop whining and get a hybrid car, take the bus, ride a bike, or drive less simple as that.

"Most Europeans, including the British, the Irish, the Germans, the Italians and the French, pay somewhere between $7.50 and $8 per gallon, according to the International Energy Administration."

http://money.cnn.com/2011/03/10/news/international/gas_prices_worldwide/index.htm

keystone would not come online for four years tell me how that would eleviate oil prices now ...more drilling would take up to 10 years to bring significant resources to market tell me how that impacts us now...more land than ever has been opened up by both the bush and Obama administrations more then in the past 23 years actually and yet the oil giants have yet to move a finger on the 6 million new acres available,and the top six drilling companies in america already have 19 million acres under contract which they have not even permitted or petitioned the states that those acres are in to start their drilling process ..all in all the oil companies have access to millions of acres they have yet to drill ... tell me all you genius' out there why would the oil companies and the speculators want to drive down the price per barrel...the big six produce only 17 % more crude then they did just 10 years ago and yet the price has tripled ..why would they flood the market,invest billions in new machinery and people when they can make 3 times what they made for about the same investment that they paid out 10 years ago... if anyone believes that big oil cares about you I have a bridge to sell you in Brooklyn...

Wow... I read a lot of comments from people who say that they are tired of this crap with the oil companies... and basically tired of government... and blah, blah, blah......

Yeah right...!

But seriously... nobody really is tired of anything.... people actually LOVE being bent over by the oil companies... they LOVE taking it up the butt so much... that they bend over BEFORE they are asked to now days...!

And they also get the chance to go and vote for a new group of people to bend them over every four years...!

Nobody is tired of anything in this country... they are getting just what they want... the way they want it... and from whom they want it from...!!!

And this is why Republicans "changed their minds" on the payroll tax cut and unemployment benefits. This surge in gas prices will devastate any economic recovery and Republicans would have gotten more bad press if they had denied working people a measly $20 a week--which won't be near enough to cover the rising gas prices.

I told you. As soon as these corporations know you're getting extra money, they try to be first in line to claim it. Best to do what our congresspeople do--a little insider trading.

J.C., what are you, 12 years old? Do you think it's so simple that "we" can just go into the ground and get oil and then just keep it? Who is "we?"

The oil companies get the oil and then sell it at world prices. They're not going to give you a discount because you live in Texas or because they pumped it out of Alaska.

You live in a very simple little world, don't you, approaching every problem with your simple little mind? What a good little Republican you are.

You people blaming Obama and the environmentalists for higher gas prices scare me. Do you even realize the keystone pipeline would have delivered Oil from Canada, to refineries in Texas, and then SOLD to other countries? Where would this have helped us at the gas pump. Absolutely NO WHERE.

Do you also realize, we 'give tax credits' to oil companies who continue to make record profits? At the tune of 4 billion dollars, and the GOP still supports that? So not only are we paying more at the pump, but we are rewarding GOP grand standers and oil companies at the same time.

Why don't we just get the boy genius to sign approval of the Keystone pipleline project and see what happens to oil prices world wide? It certainly wouldn't drive them up!

It'sAboutTime: Obviously you know nothing about how the world oil market works.

Sharktopussie'

Where did you go to school Hogwarts,

"America Large", takes much gas to ship supplies.

The keystone pipeline isn't going to drive them down either... omg, you make it sound like it is the replacement for the middle east oil fields which it isn't. The only reason for that pipeline is to make it easier to move oil to the gulf for shipment. What we need is to have Oil companies that are here on our soil and off shore to be made to keep it here and only a percentage to be sold off. AND stop making that summertime gas.. it is senseless. It costs to change over and it cost more overall.

Shark -

Other than Britain, the other countries aren't oil producers, are they? Add to that higher taxes to support their nanny states and it is easy to have gasoline prices that high. Granted, this country does waste fuel with too many people driving gas guzzlers and the like, but excessive environmental regulation has a negative impact on prices.

Hybrids are not cost effective at this time either for most people and until they are, don't expect their sales to pick up. Price is the primary reason people do not buy them - $30,000 for a hybrid sedan is just too much, the additional cost will never be recouped by the purchaser.

Buses do not always run where people need them, so in many areas tiding a bus is also not an option.

Riding a bicycle is not always possible either due to inclement weather and routes needed to ride a bike.

So, while you may feel that people are 'whining' about the cost of gasoline, consider that in our commuter society, gasoline is a necessity and not a luxury as you would have people believe.

"During his presidential campaign, Obama admitted he didn't have a problem with sky-high gasoline prices, he just "would have preferred a gradual adjustment."His choice for energy secretary, Steven Chu, certainly doesn't mind them. Before joining the administration he said that "somehow we have to figure out how to boost the price of gasoline to the levels in Europe." "

It appears that Obama is getting his wish. I guess those drilling 'moratoriums' are having their desired effects.

IT's ABOUT TIMe, Listen carefully, you dweeb.wher they profit, you twit.

when gasoline went over 2.00 a gallon when Bush was in office ALL libbies went berserk and blamed him...yes....you did

so repeat after me: "the high price of gasoline is Omaba's fault!...no doubt about it and most assuredly"

isn't it cool?...this guy continues to play libbies for suckers and fools...interesting

Obama has as much to do with the price of oil as he does with the color of water. It's a private industry. If you want to blame someone, blame the people sitting on the board of the big oil companies...like GHW Bush for example.

...and this is WITH oil subsidies. End government intervention with Big Oil subsidies and let the market operate on an even playing field. People will start to learn the TRUE cost of doing business with ExxonMobil and Chevron, etc.

spider-737231

Why don't we just get the boy genius to sign approval of the Keystone pipleline project and see what happens to oil prices world wide? It certainly wouldn't drive them up!

and just HOW much do you think that this would help with world oil prices? You are an expert right? Tell us? How many barrels of oil or gas would come from this pipeline? How much of that is guarantee'd to help the US economy? By all means, show us you expertise.

It'sAboutTime: Obviously you know nothing about how the world oil market works.

Really? You mean I don't know about the law of supply and demand? I don't know that the rich oil corporations continue to get richer on the backs of the American people? I don't know that we give them a 'tax break' that results in a 4 billion dollar subsidy? I don't know that speculators here of a war in the middle east and that drives up the coast of a barrel of crude oil?

I think I know a little more than you. However, once again, since you are an expert, please tell us. :)

Janus 00234

IT's ABOUT TIMe, Listen carefully, you dweeb.wher they profit, you twit.

First, it's called spell check, look into it. I know where they profit. What I don't get is why the GOP or the federal government allows it to happen. Btw, go back and read this article, when you are done, post something meaningful :)

ROY WILSON-336103 - I see you are once again whining and complaining about Obama. Why don't you tell us what YOU would do here? You talk a huge game, but as usual and like the republicans, you have no plan.

I guess the low IQ crowd always wants bogey man to blame no matter how absurd it is. "Big Oil" does not control the price of gas, the market does. The vast majority of oil reserves are owned by governments not by the oli companies.

Oil company's make huge profits because the market is huge. We're talking billions of galllons here! The government actually makes far more off a gallon of gas than oil companies do.

Everything in the world is based on supply and demand why should oil be any different? We have a 400 year known supply but the majority of that is restricted so while private lands are experiencing an oil boom, we are no where near where we could be if Obama wasn't in office.

Yes people are tired of high gas prices but nothing can be done short of voting out liberals, especially Obama. Only an uneducated idiot would blame capitalism when it is capitalism that LOWERS prices. It is the interference with the free market that causes price inflation.

Finally, profits are NOT evil, they are necessary and advantageous, just ask GM. There are a lot of retired people like myself who own Exxon, etc. and depend on it to fund our standard of living. It is a "widows and orphans" stock, like many others, and is thus important to the well being of millions. If you think their profits are obscene, then buy the stock and become part owner.

We will never know if the pipeline from Canada would have made gas lower or not because we will not get it because of Mr. O , I thought he was elected president not dictator ,, they passed the payroll tax cut again , so what , they will get it back in higher gas. I have heard we have enough oil in this country we dont need it from anyone else , but I see the end of this country right around the corner.

p111 - In that case, please tell your former employer Exxon, that they DO NOT need to continue receiving tax cuts and subsidies at the expense of the American People. Its time they pay their fair share of taxes.

www.nytimes.com/2010/07/04/business/04bptax.html

"Either you want government intervention and regulation or you believe in a completely free market. Either the President has nothing to do with the price of gas (as we heard during the Bush years) or it is the President's fault (as we are hearing now). Hard to have it both ways...."

As long as you have corporations the size we have today, you have no free market.

When the free market theory was invented, corporations were seen as a bad thing.

cpprmn11

Keystone is a bunch of cr*p and you know it. Keep telling yourself it's relevant, but it's just more money for big oil, nothing for us

"Nothing for us"? Exactly what do you expect from "Big Oil" and Uncle Sam cpprmn11?? Get a job and WORK for Keystone (or anybody else) and maybe they'll give you something!

In the meantime, everyone can expect oil to go up and go down...but, over time mostly up NO MATTER WHO IS PRESIDENT!!

Why would we want the pipeline from Canada? I thought we wanted to be LESS dependent on foreign oil. What happened to drill baby drill? Obama has made us less dependent on foreign oil, just like the republicans wanted.

Gas prices have gone up SIGNIFICANTLY less than other expenses since the last oil crisis in the 70's. Look at the cost of everything, oil has the lower percentage increase. Hate to tell you, gas will never be free, deal with it.

@It'sAboutTime

from you :"By all means, show us you expertise"

and you are giving posters crap about spell check?...hahaha...interesting

...as you so eloquently put it "it's called spell check, look into it."

and I have failed to find anything that you have posted that is "meaningful"...please link to it...on second thought , who cares?...isn't it cool?

Frankly True: LOL Sorry Frankly True

Harry Blank: Loved your post, its so 'relevant' to this article.

The world needs about 90 million bpd and the market trades more than 10 times that every day. The higher prices is a result of all the speculators/gamblers that trade every day. If we STOP all margin trading in commodities and make sure every one who trades in commodities must take possession first before selling back into this market than we will see prices drop by 50% by the end of first day.

For the last 30 years, we have been hearing that same lame-ass excuse from the left that it will take ten years before any impact would be felt from increased oil drilling and production. It's time the rest of this country just tells the left wing and environmental wackos to f*ck-off and start drilling more oil, building more refineries, and laying more pipelines.

Well, seems if a mouse farts somewhere in the Middle East, oil prices go up. Iran is a mouse fart when compared to US military strength. Now, the 'drill baby drill' mantra is asinine. We are the third largest producer of oil in the world. Saudi is the largest producer and they play a few games but the bottom line is that oil is becoming more and more in demand, for many things beside gasoline and the market will go to the highest bidder.

Note as well the amount of taxes on a gallon of gas. Perhaps a moratorium on raising taxes would help? Never happen but it's a good idea. Think that what is going to happen is the emergence of the fuel efficient vehicle which will replace the old gas guzzlers for many people.

As to Keystone, its a boondoggle of the first degree. The company is Canadian. The Emminent domain clause would have Americans forfeiting their homes so a Canadian company can run a pipeling to Texas and sell it on the open market. The few construction jobs wouldn't begin to off-set any potential environmental disaster and Americans would be left cleaning up the mess and paying for the privilege. Why not build refineries near the oil sands instead?

The markets are manipulated every single day. By the method of market manipulation in futures buying you can make the everyday consumer feel the pain and vote for "their guy, Romney." Check the flood of cash going to Romney at opensecrets.org. He's the bankster's chosen boy.
All that the nation's top earners have to do is consort to manipulate the market and our elected leaders will not let the cash flow stop--because they get advanced notice of regulation or deregulation, and employ insider trading. Further, US oil companies get $B's a year in subsidies.

We all had distain for Martha Stewart when she did it and served prison time, yet Pelosi and Boehner and many others that hold public offices are doing the exact same thing. They have exempted themselves from laws that govern all of us to line their pockets.

During this incredible downturn I've lost about 50% of my net worth. It certainly wasn't a vast amount and what I counted on through years of hard work. Conversely, the nation's top earners have increased the wealth by 16% and they hide even more in offshore holdings. Class warfare? Not yet, not fully blown, but we're getting there. The 1% will continue to create wealth from us, the consumers--tax them accordingly.

If we don't force honesty in government, this country is finished.

thanks Its About Time...thought I would point out your contribution to the civil discussion...

those nasty "rich"...better settle for welfare and food stamps instead of working towards getting "rich"...

Harry Blank
those nasty "rich"...better settle for welfare and food stamps instead of working towards getting "rich"...

The Chinese have always used "shaming" as a way to control the people. Now, the Neocons use it to make us feel obligated to kiss the feet of the rich. As opposed to nonsense weaponry and wars, we should have used money to arm our children with a better education--and not a massive student debt. The polls say 74% favor a tax increase on the nation's top earners. Hell, I owned a successful business and during the Clinton Administration that I started with a cash advance on a credit card. I know what it feels like to pay well more than other people--and I never minded. I walked away with a handsome package--but I payed tax--tax that I owed this country for being, not just my country, but every citizen's country. So, "Harry", do I think about a nominal tax rate that hasn't been so low since Harry Truman was in office? We finished one war, have another going, and the CIA is trying to get us to engage Iran. Who gets the cash when the wars are waged? You got it. It really is "those nasty rich people." They, nor their children don't die on the battlefields.

Yes---the uber wealthy are evil.

Harry Blank

those nasty "rich"...better settle for welfare and food stamps instead of working towards getting "rich"...

HA HA Harry, that would mean that the folks you speak of would just quit working and sit on their lazy asses waiting for a check from the government.

They are NOT of your ilk.

freaddy89

When the free market theory was invented, corporations were seen as a bad thing.

WAT!!??? HA HA...I hate to post 2 times, but this has to be the most silly thing I've ever read on the internet.

PS...note my posts were made over an hour apart

justoneguy
Harry Blank

those nasty "rich"...better settle for welfare and food stamps instead of working towards getting "rich"...

HA HA Harry, that would mean that the folks you speak of would just quit working and sit on their lazy asses waiting for a check from the government.

They are NOT of your ilk.

But--that is exactly what people like Mitt Romney do. He states that his income is derived from "investments" that he make years ago. Now--that's a guy sitting on his ass and drawing a big check.

In time our streets will look like the scenes from Libya, Tunisia, or worse, Syria.

Eisenhower built that magnificent Interstate Freeway with a 91% nominal tax on the top earners and innovation wasn't stifled. People reached middle class, but now the dream is gone.

The US companies are selling the gas to China and Europe. So what do you expect our prices to do???

Even OReilly & Dobbs have spoken out against this. Guess their liberals now???

But will anything get done to stop the wholesale screwing of the US consumer???

No, the party of NO will say NO.

sandtrich

In time our streets will look like the scenes from Libya, Tunisia, or worse, Syria.

In your socialist dreams sandrich

'Karen C.-1567472' wrote:

" ....Either the President has nothing to do with the price of gas (as we heard during the Bush years) or it is the President's fault (as we are hearing now). Hard to have it both ways...."

REPLY: Karen, your comment is on the mark. And in normal times when logic prevailed your point would hit the nail on the head. Unfortunately we are living through a time when logic has become quaint, immaterial, and political affiliation rules over reason, and people identify themselves first as "Democrat" or "Republican", and as "American" second. And 'facts' no longer matter.

Consequently no temporary economic condition gets explained to the American people in any context except political 'spin', and nothing at all gets accomplished, no matter how simple to address or important to our national wellbeing.

There is no challenge to the United States of America that is so overwhelming and dire that it cannot be overcome. All we need to do is get rid of both the Republican and Democratic parties, and require our representatives in government to run for office unencumbered by political affiliation; the way the founders who created our Constitutional Republic intended.

Prior to Obama taking office in 2009, all we heard from democrats was how Bush and his cronies were the cause of high gas prices, now Obama is blameless. That is what you get with democrats, situational ethics and standards.

To democrats, Bush = high gas, bad wars, bad spending, bad gitmo, bad homeland security, bad economy.

Now those same democrats feel Obama = high gas (oil companies fault), bad wars (Obama follows Bush doctrine to the letter), bad spending (Obama doubles down, no make that triples down), bad Gitmo (Obama = Gitmo good now), bad homeland security (keeps homeland security now Obama uses drones to spy on US citizens), bad economy (Obama = still blame Bush, economy better now, reallY? But not anywhere near as good as when Bush in office)

I can't remember the last time I had a va'ca must be a republican dream.

Are you saying that only the Republicans go on vacation? What planet do you live on? It is your way of thinking that has helped create the mess our country is in. There are two sides of every coin. It's not just the Republicans or just the Democrats fault that this mess has been created. It is both parties fault and mostly we the peoples fault for letting them continue doing what it is they do....screw the people! All of our elected officials are living the high life, eating good, living in nice home, driving fancy cars and yes taking vacations. While we work to pay bills and to put food on the table. It is not one party living good and the other not. Get real!

So many in this forum have no idea how an economy and a market really work. It is supply and demand but when the government continues to add restrictions and regulations that affect supply THEN we get a disruption of the remaining supply then we are all screwed.

Don't blame the high gas prices on "Big Oil" blame it on the Democrats. This is not political finger pointing-in fact Obama is even on tape SAYING SO!! During the 2008 election, when gas prices were above $4.00/gal, Obama was asked about it and said that gas above $4.00 is not a bad thing and is actually necessary to get ourselves off dependency of oil but he felt "it went above $4.00 too quickly". WHAT?!?!? He has CLEARLY stated his desire is for gas to get so expensive it will FORCE people off oil. Well he will be getting his wish. The problem is extremely high gas prices KILL an economy and less than 8 months to the next election is NOT the time for the economy to collapse if Obama wants to get reelected.

But let me touch on another ignorant comment and that is "Big Oil" is "keeping prices high to line their pockets". Really?!?!? That is an ignorant and unintelligent comment. That is like a small town (and let's assume is the ONLY town for the sake of this example) has 1000 acres of wheat but then the government mandates and regulates that only 500 acres of wheat can be grown. So government directly causes the wheat production to significantly decrease. What do you expect to happen to wheat prices? That's right - wheat prices in this town would skyrocket. Would you blame the farmers for "manipulating wheat prices"? If you did you would be ignorant of how an economy works. Same applies to oil prices. When government mandates and regulates to where production decreases then the market supply is affected. In summary, blame government. If government would get out of the way we could become more energy independent, produce more at home, increase tax revenues significantly (more people working AND tax collection from the actual drilling), AND gas prices would plummet. All indications show gas should not be above $2.25 a gallon if free market production occurred.

So don't blame "Big Oil" they are not the problem. They WANT to produce more but the government won't let them. We'll see what the people have to say about that in our upcoming election in November.

Most of the volatility in oil prices is caused by commidity traders. But the quickly rising trend is mostly caused by rapidly increasing demand. Over the last decade, the middle class in China has been rapidly growing. The middle class in China today is larger than the entire population of the U.S., and they are all buying cars. And it's not just China. The worldwide demand for oil is growing faster than than it can be pumped out of the ground. The oil that remains is becoming harder and more costly to get. And even if we did pump the oil faster, our refineries are operating at nearly maximum capacity. I won't pretend to know the answers, but the problem is fairly obvious. Worldwide demand is increasing and the cheap and easy to get oil is mostly gone. It seems to me the people here trying to blame a president or even a government for the increasing price don't understand that this isn't a short term issue, it's a long term trend.

Pssst, it's not the President's fault. Say it with me, it's not the President's fault that gas has gone up 264% so far and is looking like it's going over $5/gal. Yeah, I know that we got President Bush and his oil buddies when it was $4/gal about 6 years ago, but now is different. Yes he said that he's going to "change" everything- stop coal power, get you off gas, no domestic or coastal drilling or refining, etc. but you can't blame BO for gas going up. It's just a mean old lobby attacking him, yeah that's it, it's a conservative conspiracy to take him down with high gas prices. Yeah, yeah, and they started the problem years ago and he's just dealing with their mess. Yep, let's go with that one. Heck, most of the public is so vacant that they'll buy it if it's under 140 characters.

I can 't wait until sandritch and his boys actually come up with an acceptable retort...will it take long?

and if you actually think that ANYONE ever paid 91% tax then you should recuse yourself from the vine , because that's some dumbazz diatribe...

Oil giants in America (Exxon-Mobil/Standard/Shell) have been posting profits every quarter anywhere between $3-10B. PER QUARTER!

Cutting back our consumption only amounts to a minimal shrug from the executives with those companies. While it seems that we have no control, we actually do.

I suggest we take on each of these giants one at a time. We can put a dent in their wallets the way they've been doing to us. Then let's see how quick they are to every raise their prices every time someone sneezes in the world.

I say that we boycott the giant of the giants first: Exxon-Mobil who posted more than $30 Billion in profits last year. If we collectively boycotted their gasoline, it would be the only way that we could begin to make a difference. Boycott them until they and the others take notice and start reducing their prices to a reasonable amount. Boycott them starting March1 and don't stop until June 1. If at that time they and the others haven't reduced the prices, boycott Shell oil as well. We'll keep goimg until they realize that there should be a limit on what they charge us!

The only good that I see in this is that it surely will hurt Obama and help usher him out of office. Of course, now that this may hurt his re-election chances, expect the POTUS to have a change of heart and give a green light to more oil exploration and drilling at home. After all, it's ALL about the election with him....

Obama, better get those free gas cards ready to hand out! Maybe he can hand them out in the unemployment line, or food stamp office. If the Govt can hand out guns to Mexican cartels, they can damn sure hand out free gas cards to working Americans!

This will hurt your re-election Mr President. I now have to drive 40 miles each way for work ya dumba$$.

justoneguy

WAT!!??? HA HA...I hate to post 2 times, but this has to be the most silly thing I've ever read on the internet.

Corporations create monopolistic situations naturally. They have no place in free markets.

@Keith,

At the very least put on a timer...

Maybe we should all bike more for a better future and a healthier us?

I'd love to bike to work, but now I have a 65 mile commute that includes a day care drop off, one way! My company just moved, retained my job (yeah!) but I can't get my house sold so I am forced to commute the longer distance. Hubbs is in the same position. Between us we are already spending about $900/month in gas, about to go up too. This whole mess is getting out of control.

And one can thank our federal government for not keeping the railsystem we used to have as a backup in case this issue arose..Lovely forward thinking that was done in the 50's when all those rails were ripped up..Good goin guys..

But i don't want to ride the rails with the government telling me were i have to get on and have to get off. No thank You!! I want my own private wheels. I live out where everything is a nice 10 miles drive to get there. And there's nothing in between except corn fields and farmers. We can't all be city folks. Build Keystone, at least it offers employment for a whole lot of people until it's finished. Beats welfare and the unemployment check!!

Alan - It would be nice if the economy was strong enough that we could all do that by finding decent paying jobs in our local areas. Unfortunately, some of us have an 80 mile commute.

The has been no interruption in oil deliveries, o violence in the Middle East, supplies are constant.

This is all about big oil trying to press hardship on this economy which they hope will cause Obama to lose and one of their lackies to win the Presidency. Big oil and big corp America is so cynnical - they would tank the economy and ruin people's lives to get what they want. The GOP supports them.

So who wants to pay high gas prices AND vote for the GOTP? Only those who don't think straight. Those folks are NOT working in your or my best interests.

WAKE UP AMERICA - right and left. This is about the 1% being willing to toss the rest of us in a ditch to get their way. It is not about parties - it is about which party is the party of the 1%? The party of the 1% killed this economy and by 2007 we were toast. Now they want to get back in power to do it again?????

Santorum, Romney and Gingrich all pander to the 1%/big oil interests. The pipeline will bring NO oil TO the USA - just THROUGH the USA. Then it is refined and off it goes to the world market.

The Canadians don't want the pipeline in Canada..... they know the trade off between jobs and environmental disaster with no real benefit in oil supplies is a loser in Canada. They assume that big 1% interests run this country - so let the USA wreck its own heartland.

THINK! Protest against the high oil prices, and let the 1% know we will not vote for anyone who supports this!!!

Indeed, DeeToo. and the GOP are supporting the oil industry by agreeing to give workers an extra $20 a week for that gas in the form of a payroll tax cut. And of course with insider trading, GOP investment accounts in the Energy industry should fatten up quite nicely.

More liberal lies. Obama got far more from BP than republicans did and it was Obama that pressed for the payroll tax cut.

If you want to blame anyone, blame Obama for shutting down new gulf permits for half a year, restricting drilling on public land, and purposely devaluing the dollar. All of which raise the price of oil.

Don't forget it is liberals who have been clamoring for $5/gal gas to force everyone into matchbox cars, and buses. Your hero Gore specifically called for that.

Woking Mom a question...

Why don't you rent out your home, I bet you can fund one close to work that with what you get in rent and the $900 in gas you could find something totally acceptable? Heck even cut back a bit and rent the new place only for what you get on the old one.

And gain over 2 hours a day more to be with your family and child, saving you 2 hours a day of daycare?

Cant everyone just take a certain day, everyone in the country just sits at home and go nowhere , maybe a whole week , I know I can afford to just sit in the house and go nowhere and not buy any gas for a week , maybe it will go to 5 dollars a gallon like Mr. O said it should and the tourism industry here in Florida will go in the tank. Time to stop blaming Bush for all of our problems he has been gone for three years and when he left office gas was about 1.85 a gallon and now it has been over three dollars for almost a year and a half.

Alan is running for queen under Louis 14. Alan, sounds like you want to live in China. They all ride bikes there. If we all parked our cars and began riding bikes, the economy would completely collapse, leading to an end of food and energy distribution and a total social breakdown, but, keep thinking up cool stuff.

nobamma Very classy nobamma (sarc) ! So, you wish further ill will to already suffering people ? Your sentiment accurately depicts the GOP overall concern for their fellow citizens (get the Black socialist president out of office whatever the cost to the american public). The Keystone pipeline is a bad idea in that it won't deliver permanent jobs in the numbers that the Oil industry and the GOP have promised and besides, the oil would be sold on the global market (not exclusively in the US). Even if it was sold only in North America, no one can stop world oil prices from going up as the demand has increased (China/India) and the supply will forever decline. Did you really think plentiful oil would last forever ?

Many of us as well as our government leaders have known about the problem of the aftermath of passing the Peak Oil limit for decades and still nothing was done to contain it. This impending debacle was ignored by both Dems and GOP because both solicited and accepted campaign funds from Big Oil to keep the industry profitable and awarding them tax breaks and subsidies at the taxpayers expense. Although I say both parties share in the blame, most of the blame lies squarely on the GOP as being completely in the pocket of Big Oil. As far as I'm concerned, energy policy in the US has been led by morons and corporate crooks for decades. We should have invested in aggressive development of alternative energy 50 years ago so that by now we would have it implemented. The Petro Industry fought that development to keep their profits rising at our expense. Do you think that successful energy development just happens overnight ? Not only has the US been energy wasteful, but we have been just plain stupid. Because of our governments inaction, we have allowed countries like China to surpass our once held dominate technological advances in energy production. It is doubtful we will ever regain that advantage.

And don't think that oil prices won't be manipulated by the ones that will profit financially and politically by driving gas prices up. What better way for Big Oil to support a GOP candidate and their own interests than to drive up gas prices in an election year ! What do you think will happen to gas prices once the war with Iran starts ? All of this BS is engineered and orchestrated by Big Oil, Banks, and politicians. And some of you wonder why there is a worldwide OCCUPY movement to put an end to this New World Order madness ? The coming oil crisis, Iran war, increased police/surveillance states, loss of freedoms and privacy, higher consumer prices, the crashing of the world economy is all connected. A conspiracy is only a conspiracy until it is proven to be true. For those of you that have failed to connect the dots, you have either failed to dig deep enough (there is more than enough evidence if you really look) or are living in denial.

nobamma And you ignore the fact that I pointed out that Dems, including Obama, are to blame for taking money from big oil companies, an insidious practice by both political parties that has compromised the US energy policy for decades. Both political parties are responsible for leading the US into an energy disaster by not preparing us for "when the oil runs out" ! Yes, Obama did accept money from BP, what did you expect ? I'm sure you would like to see the democratic party refuse money from Big Oil, but I for one wouldn't want to see them to unilaterally refuse it and capitulate to the GOP by giving them a huge advantage in amassing campaign funds. Unfortunately, this stalemate is what we get when politics is bought and sold to candidates in exchange for legislative favors !

Of course you will never see the media saying anything about it because obama controlls the State Run Media also.

How exactly does Obama control the state run media (newspapers,radio,TV,cable) when it is owned predominantly by conservatives ?

I, for one, will continue to drive SUV's and big trucks as long as obama continues to fly around the world on vacations and his wife flying in her jets separately, with absolutely no regard to energy conservation at all.

Are you suggesting that the President of the most powerful country in the world take commercial or small aircraft as a mode of transportation or perhaps be driven around in sub-compact electric cars ? For well founded security concerns that is obviously unwise and impossible. All presidents transportation is arranged according to the recommendations by the security agencies responsible for the protection of the President and not decided solely by the President. I guess that it was OK for all preceding Presidents to use the preferred modes of transportation but maybe not so much for the black guy as he isn't worthy of the same considerations ?

You rant about the president and the first lady taking separate jets galavanting across the country on vacations but I doubt you objected when GW Bush and his wife did the same thing and I suspect that neither did you object when GW took over 3 months vacation time during his first year in office. Using separate transportation methods between the president and the 1st lady are a matter of security protocol and have selectively been used by all presidents and their wives in all administrations.

Your comments reflect the tell-tale anti-liberal , paranoid, truth denying, good ole boy quasi-racist opinions that I would expect from many conservatives from your neck of the woods (Tennessee). So, have fun wasting your money on gas while drivin them big ole gas guzzling trucks and SUV's with your gun racks, complete with the anti Obama/Pro GOP stickers on the rear bumper ! yee haw !

"Due to the increase in fuel prices the light at the end of the tunnel will be turned off" -Keith-1952

Amusing at first, but frightening thereafter, excellent comment.

This whole mess is getting out of control. -WowrkingMom76

Revenge of the Electric Car, is a relatively new movie that will provide your alternative to spending 900/mo. After that energy can be generated and stored through solar, you are undoubtedly thinking of your future, and your children's well being. You owe it to yourself to investigate.

Obama/GOP debates continue. These are 'fellow Americans' no matter how you slice it so I will only say that in the future there is going to be a big business in the alternative energy vehicles, that huge money is riding on it because every fed/state/municipal interest will be dropping oil in favor. In favor of their own energy sources, power plants located in their vicinity will take favoritism over foreign oil.

Obama can push us towards this any number of ways, and we can certainly hate him for it. We can hate the Republicans for laughing all the way to the bank. Or we can embrace change, because it is sure to come.

Any stock investment in big oil will move over, soon as the idea is accepted. Greed is boundless.

Guess this will halt my spending, I will no longer afford to shop, and eat out. You guys working retail, or the food service section might want to start looking for a different line of work. I see a layoff in your future with these rising gas prices. You might want to look for work at Valero or 7 eleven. Maybe the gas stations will bring back full service stations, I hate pumping gas. This will create lots of jobs.

The high price of oil has far more to do with Obama dropping bombs on a big oil producer like Libya, cutting off that oil supply to Europe, than those who choose to speculate on oil which is traded on open market exchanges just like most major commodities.

I call BS Peter. The gas prices have NOTHING to do with this president. It's all based upon SPECULATORS who drive up the price to make a profit. If you completely removed speculation from the mix oil and gas prices would tumble to record lows. The current prices are made artificially high by those same speculators. So blame the corrupt Wall Street crowd for oil and gas going up. They own the Republican Party. You can tell that by how they all vote to keep paying oil companies tax payer dollars listed as subsidies THAT THEY NEVER NEED.

Joyce maybe you should try education

Forget it Joyce,he'll stop long enough to huff some more of the spray paint he shoplifted from Home Depot and be back drooling on the keyboard shortly.

You can drop the GOP, all of the congressional politicians are whores, reguardless of party affiliation.

nobamma, ain't that a childish name, I do something about it unlike some people who ride around in their SUV's complaining about the price of gas. I ride a 100 mpg scooter when it is nice out and when there is bad weather I drive a 33 mph car. I used to have a 15 mpg truck but dumped it for something better and cheaper.

Some of us actually do something about lowering out demand for gas. Others, like yourself, only complain about the high prices while doing nothing to reduce your usage.

Thank you Sandy,I have a 25 mpg Nissan Frontier and I dont go anywhere.

Sandy----Of course you call bs, you handouters will defend Obama if he announces he is a practicing pedophile.

Janus, that is pretty childish.

I mean come on is that all you can come up with?

You can't refute facts so you resort to name calling? That just shows how bankrupt the conservative right is when it comes to facts or anything informed and intelligent.

nobamma, that should include GOPers that blame Obama for rise in prices. If you don't like MARKET prices, downsize your fuel appetite or addiction - whichever suits you more appropriately.

Again, it's supply and demand. Demand is going up around the world, we are already on the right track with the options we have. Obama is purposely restricting supply as well as devaluing the dollar. Both cause prices to rise. His mucking up the middle east hasn't exactly helped either. There is no way he isn't to blame for much of this.

Liberalism and critical thinking apparently don't mix.

g>Peter

Sandy, when you get a haircut, does somebody get a sweater?

Peter17: You know the companies are selling more gas to China and Europe. And by the way, they'll sell even more now that Iran won't sell to some of the Euros. Their doing a little payback for the embargo vote.

All the while, the so called US petroleum companies are laughing their heads off at the higher profits.

Even right wing icons like Oreilly & Dobbs see this as wrong.

End insider trading. As an employee of a medical-type corporation, I am forbidden to own stock in competitor's companies. This should apply to Legislative, Executive and Judicial branches of government. It should be forbidden to vote on, decide a case or sign a bill (or hire anyone) with a connection to companies involved in a bill.

Next time we grill oil executives,I would suggest kingsford. Lights with just a match!

Oil/Gas is a World Commodity. That means that in the US the price goes up and down depending on World consumption and/or World Politics. We do NOT get any oil directly from Libya or Syria however Europe must get it's oil on the World Market now that we have stopped Iran from shipping oil to France and England. The Iranian oil is not on the open market so every country/consumer must pay more for the Limited supply.

It was not Bush's fault when gas hid $4+ a gallon but it is Obama's fault it has increased in the last week. Yep!!!!

I believe that Apple Computer makes more profit on far less revenue than Exxon Mobile. The oil industry is also the highest taxed industry on the planet.

Oil is a global commodity. The wholesale price for gasoline in this country is most closely tied to the price of Brent Crude which is traded on the London exchange.

I pumped gas in the mid sixties for 18 and 21 cents a gallon. Inflation since 1970 has been about ten times so gas should be about 2.10 a gallon.

You have identified the problem, what can we do about it? It seems we run off one crook and hire another. There is no real difference between the Republicans and Democrats. The things they have us all worried about and upset over are not the issues that will collapse our nation. The things that will collapse our nation aren't even debated by the politicians. They think they can ignore them and it won't really be a problem.

The next round of hyper inflation, (the Government is denying the first round) will come with the return of higher fuel prices. The next failure of the American middle class will follow the increases in fuel prices. Commodity prices are continuing to rise because the FED keeps printing money and are proposing to buy even more bad debt to shore up the banks again.

I don't know about the 100 mpg car but why is an electric car not going great guns by now. Studebaker's first car was an electric car, in production from 1902 through 1911

Keith - Unfortunately generating the electricity for electric cars is just as harmful to the atmosphere as a gas powered car. Generating electricity, sending it down a long power line to your home, charging a battery and then drawing out power for your electric car motor is not efficient.

Oh, I see another conspiracy believer. Those mean oil companies locked away the patent for 100 MPG transportation. LOL

Apple is the largest, most profitable company right now.

Bigger than Exxon!

Mostly thanks to all those Occupy morons twitting about where their next scout meeting is going to be.

Joyce - criticizing and pointing our problems with other peoples solutions is easy. Real solutions are hard.

You are only capable of doing the first.

I don't see the correlation between Apple and the oil companies... not everyone has an Apple device, but everyone needs to use and now has to spend more on gasoline...

Higher prices on gasoline equates to higher food prices and evenual layoffs... Higher prices on Apple devices has no effect on the economy - just don't buy it... but we all have to purchase gasoline... and the gasoline companies know that...

Yup.And they did it with the electric car back then as they did with the EV1 20 or so years ago.They also did it with the Stanley Steamer also back then..this was all planned long long ago..Its all public information now and only now are they STARTING to do the electric car,hybrid thing because after 9/11...the public started to stop denying...and the oil/car companies realize that they have been caught in the act...I do hope they realize their ignorance will cost us all,including them..

Keith,if nothing had changed in the world economy then yes gas would be about $2.10/gal.But, the value of that commodity has gone up far more than the rate of inflation..we have a different world in 2012 than we did in 1972,China and India are changing from third world to first world status at an alarmgly rapid rate which can only be done with the consumption of a huge amount of energy and so the value of that energy relative to the rate of inflation has gone wa way up as have the rates of other commodities like copper iron and nickel.So..in a nutshell thats why we are paying what we are paying.

Joyce-4263422

What would happen if electric power were "broadcast" through the atmosphere similar to radio or tv waves?

What if the natural electric currents that exist in the earth itself could be harnessed?

Could you recharge your electric car with one of these methods?

Sounds pretty crazy doesn't it? Google Nikola Tesla and Max Planck, get some videos from YouTube...do some easy research.

Oh but wait, there's a problem...you cannot meter the current used, hence no way to make people pay for the energy.

Once you grasp the concept and the potential, you'll begin to better understand the world around you and your place in it.

Please don't waste your time or mine calling me a crackpot...trust me, I understand why that would be the first thing to cross your mind.

Just look into it.

Electricity generated from burning landfill waste gas is efficient. Once it processed through scrubbers it burns as clean as natural gas.

The shame of it is that most landfills burn this gas off into the air for safety reason.

Why hasn't there been a government mandate to generate electricity from all landfills as there are examples around this country to prove the value of doing it.

Just another example of where our President Obama and Congress have failed the American people.

A sfar as electric cars go,being heavy polluters and being an electrician myself,again it all depends on where you get your power from.I live in NH,a heavy oil using state,but our electricity comes from all different sources,some nuclear a lot of hydroelectric,some oil and some coal.Those plants have to abide by EPA standards for how much carbon and mercury they emit or be shut down.Now up here we have an option to have a huge 1 million volt DC possible 10,000 megawatt(yes i said possible 10,000 megawatt!)called the Northern Pass project from Hydro Quebec,which would power pretty much all of New England and New York(including the city)Quebec Hydro owns the largest hydroelectric PROJECT (not dam) in the world and our state govt is taking up the question now as to whether or not take land for the construction of this line.We would never need another power station in NEw England for quite some time here and could shut down to existing polluting ones even with electric cars coming online.Now,you ask whether they are viable alternative well at least up here yes they are because distances between places are quite short and many daily trips are less than 20 miles/day with a few longer trips relatively rare.So yes up here in the densely populated Northeast they are a viable alternative but as for driving hundreds of miles no,they would not be BUT in that sense a hybrid would most definitely be a good alternative.They get getter mileage than most all other vehicles on the road and you have to option of either filling up on power or gas or diesel..Makes sense to me.

Zeke2011 has a good point. The only reason we are in this situation is because we cower to corporations for what we "need" or want. We've got free energy all around us. We have to buy something from a company in order to harness it? Really? How is that freedom?

Look at the medical industry. We have to buy medicines that have been reverse engineered from nature. Why? Corporations can't get rich if no one buys it. Their solution? Ban marijuana and natural pain remedies. Ban aloe, etc.

APPLE is not the most profitable company, it has the highest market cap (value+ # of shares X Price per share= Market Cap

It is, in the most recent numbers, the 8th most Profitable

Exxon is Number 1 $30 Billion Plus

The Second most is ATT and they are $19 Billion
#3 i Chevron at $19 Billion just behind ATT

Top 50 Complete List:

http://money.cnn.com/magazines/fortune/fortune500/2011/performers/companies/profits/

"The oil industry is also the highest taxed industry on the planet."

Oil industry doesn't pay most of that tax, the user does at the pump.

Unfortunately the oil industry is not the most taxed in the world. They are in fact the LEAST taxed on their profits. The most taxed may be gas stations but they are hardly a part of the oil "industry" and that is sales tax to pay for highway maintenance.

Dont buy into the rhetoric.

Alright kids, it's time you all stopped paying attention to the war mongers, the politicians, the mainstream media and the so-called "experts" who want to try and scare you into believing oil is rising because of Iran, greed, or whatever reason they make up this week.

Here is the truth. The world has reached the point where it will never produce more oil than it is right no. This peak in available supply and production is the result of the global supply reaching and passing the half way mark and is entering the period of terminal decline. This does NOT mean we're going to run out of oil anytime soon (a common misrepresentation of peak energy). It means that as available supplies run down, prices will continue to rise to the point when most people can no longer afford to drive their cars. This also means food will be the first thing to rise, behind oil, because the current industrial food system is totally dependent upon cheap energy and oil to get those cheetos to the store shelves. FYI, Cheetos is not a food.

There have been plenty of warnings given by those of us paying attention to peak energy. In fact, the IEA, the U.S. DOD and DOE have been aware of peak oil, have published numerous reports and have been planning for it since 2005.

Mexico, the single biggest exporter to the US has been bracing for its largest oil fields to be permanently capped off and to discontinue exportation for about 6 years now. It's scheduled to begin within the next 2 years. This will result in a net loss to the US of 20% of its supply. And it's only the beginning. Gahwar, the worlds largest field in Saudi Arabia, has been pumping millions of gallons of sea water daily into the field for several years now because it the only way they can extract the oil; by forcing it up. Gahwar has passed its half way mark.

Bakken is a huge scam. Of the amounts being claimed by "experts", 90% of it has yet to be actually proven to exist. Oil companies WILL NOT drill or invest billions into it unless those claims can be proven. Off shore drilling will add maybe 3% to the supply, but it will be so expensive to extract, most will not be able to afford it anyway.

Society needs to learn, and learn quickly, oil will not be here for much longer and we need to stop running our world around cars and start re-investing in localized economies and people again. It's coming whether we like it or not. The only question is: Will you be part of the solution or part of the problem?

Read all about everything I just wrote by going to the websites energybulletin, theoildrum and ASPO. There you will find the truth.

Jfreed are you aware that approximately 17% of our Oil IMPORTS Come from the PErsian Gulf?

Note that is of the imported amount, not the total us amount including domestic.

58% of our oil is imported, so 17% of 58% is 9.8%...so less than 10% of our daily oil consumption comes from the Persian Gulf....So I would not say that we are lining their pockets nearly as much as you imply.

Steve how is the hope and change Volt working for you? Do you just love your electric golf cart with doors? Be careful on the highway as you have to mix it up with the big boys driving 18 wheelers powered by diesel and you DO NOT want to get in their way.

Talk like Yoda you do !

Love my Prius. Best of both worlds. For a 4-cyl, it is quite quick but shuts off when I don't need it.

I agree Joyce....

I couldn't agree more except the last sentence. Obama needs to be sent somewhere, but i wasn't thinking of Chicago.

The oil companies don't even care who the president is. You can't blame any president for anything going on in the industry. The oil Baron’s lackeys are on the payroll and there is nothing the citizens or anyone else can do about the major Oil Companies.

They put big bucks in the pockets of Legislators on both sides of the Aisle. A couple of phone calls and they control Washington when necessary. Problem is they aren't the only ones that can do that.

Blame the Scoundrels and Thieves we have elected in Washington, that is where the blame belongs.

I wish you guys would stop lying. It's getting old. Never any facts.

Joyce, you just don't have a clue about how much oil we use and how much we produce.

" In 2010, the U.S. produced about 5.5 million barrels of crude oil per day and imported about 9.2 million barrels per day."

Now, even if we opened up drilling every place possible in the US there is no way we would ever make up the 9.2 million barrels a day. We would probably add like another 1 million barrels to what we are currently producing.

So we will ALWAYS be dependent on foreign oil unless we find another energy source. We will NEVER be able to make all of the oil we need and anyone that thinks we can is living in a dream world full unicorns and candy flowers.

even if we drill baby drill the oil companies will sell the oil to the highest bidder cause that is free market capitalism.

now if you want American oil to stay in Ameirca then nationalize the oil corps, otherwise oil conglomerates are n the business of making profits, and they are going to sell oil to the entity that pays them the most money for the oil.

We already hand billions in subsidies to these oil corps and it isn't doing a damn thing to reduce the price of gas, so why bother giving these record breaking profit corps our tax money when they aren't helping

The rest of the world is using much more oil then ever before and that is driving prices up.

Agree with DW4 Yuda...

But Obama is not responsible... Bush, who is filthy heavy in the oil business, was the originator... he is laughing his way to the bank with any price increase... he would rather have more money in the bank than to do what is right for this country...

Joyce, why do you keep saying Obama discourages oil production. There was an article in the paper today that says since 2009 oil exploration and development in the US is at an all time high, and growing. Where do you come up with this crap.

If you don't like market prices, why didn't you blame Bush when prices topped $4/gal.?

When bush was president it didnt stay at 4 a gallon as long as it has been over 3 dollars a gallon and when bush left it was 1.85 a gallon or do you only remember what you want to about the Bush era , must be a liberal that voted in Mr . Disaster , Americas worst president along with jimmmy boy and nothing is ever going to improve with him as president not matter how the liberal media tries to spin it.

verno -

How can you possibly be so naive as to think Obama is for oil production?

His 'moratorium' on drilling in the Gulf - still effectively in place even though his administration has been held in contempt of court for doing so.

Stopping the Keystone pipeline addition.

No new drilling leases anywhere since he took office.

Solyndra and a number of other deefunct or soon to be defunct 'green' energy companies.

His actions speak very loudly that he does not want to have any domestic oil production at all.

Tammy with an attitude like yours (Seems you want alternate energy to fail) we would still be living in caves, or saying the flat earth.

You probably decry the death of the incandescent bulb...even though an LED bulb of equivalent luminescence will save you about $236 over the life of the bulb (Not counting that you won't have to run the AC to counteract the heat from an old bulb too) And that is in todays dollars and energy costs. But hey, why try to invent a better way?

Do you think the first plane ever built flew successfully?

"He is the first President to discourage domestic oil exploration and production.
"

I love it when republicans make stuff up to fit their worldview. Thats just a list of dozens of permits for one state...

Want to make stuff up anymore? BTW why does the president have to encourage domestic production? Do you think Exxon could "encourage" production with some of the $ 10 billion in profits per quarter it has?

NOOOOOOO

No, you're right...and Americans need to get out of the mindset of needing large vehicles such as big trucks and SUVs that only get 17 mph highway. I'd take mass transit if it was available to me between my home and job an hour away.

Clinton Go live in your cave and turn off the lights. The US is the world's best country partially because we do have cars and relatively cheap fuel as compared to Europe.

I guess I will only work on jobs I can walk to and carry my tools.

I can't even carry my tools, what a stupid comment. Go visit the other half of America that can not operate without transportation.

Joyce you comment is as backwards as it gets.. Mass transit is the future... and cheap fuel days are never coming back

Free medical care is NOT a right either, but that doesn't seem to be slowing that bull@!$%# down.

We are not a great nation because of cars and cheap fuel. What crack did that thought come from?

We are a great nation because of our ability to engineer and create things and to innovate. We need to get with the times. If you can't afford the fuel - you need to innovate yourselves or get left behind.

Kieth nobody is saying you cannot or suggesting you don't use a car or truck appropriate to your work or needs, but a single person driving an SUV to and from work everyday is wasting huge amounts of fuel.

I would bet that 95% of the people ion the road could get by just fine with a smaller more efficient car than they use. I just got back from Vacation tonight (Had a great time BTW...Got a nice tan!) but for the two days I rented a car I had reserved a mid-size (I am 6'1" so smaller is difficult) when I go there they had upgraded me to an SUV no extra cost (For the 2 of us) I refused the SUV and made them give me the midsize. I would not be so wasteful to take that gas hog...and I could afford the luxury car if I wanted it, I won't take that either.

Do what I do. Every time I build someone a new house ( nt too often lately), I just buy a house right close for 100 k or so then I don't need too drive.Plus, I filled the van up this morning for only $95 ! What's wrong with that ?

Know1 - I am in the same shape as you are. I don't get to build many houses these days. Beside that I am a rural builder so moving closer isn't an option. At this point gas prices will hurt us but it isn't our biggest problem.

Most of the oil pumped out of the ground is not owned by oil companies but by soverign nations like Saudi Arabia. They pay oil companies to do the drilling and pumping, but the big profits belong to those countries.

I agree with you...each time the economy shows signs of improvement, the speculators start driving up the cost until the economy starts to stall. Then the price comes back down again. The recent dip in gas prices is one such example...back in May and June, gas was $3.89 a gallon where I live and dropped to a low of $2.92 a gallon a month ago when concerns about Europe and the economy cropped up again.

Peter - you should talk about things you understand. The owner of the dirt gets about a quarter of the market price of the crude. The skimmers on Wall street get the most and then the oil companies get their 17%.

Don't give me the 1 to 3 percent number they are only counting the gasoline produced from the barrel of oil. The chemical industry pays way more than that and if they weren't selling the Gasoline they would have to refine it anyway to get the rest of the products.

...and why do refineries shut down? We already have a refinery bottleneck.

in 2004 and 2005 it was do to all the hurricanes, they need to blame it on something

You mean Hugo Chavez? Yes low gas prices, high beating of protestors. He finds balance like all leaders.

Thank you Michelle, I get so tired of lazy journalist just repeating the Company line about why prices are changing.

Cherry Point is on hot shutdown after the recent fire.

I very nearly flew into a rage after I read that line (my poor husband!). Such blatant fear mongering and preying on the fact that most Americans do not know or understand how refining works. This is a disgusting piece of journalism. I really hope that the author, Chris Kahn, reads these comments. He owes readers an apology and should redact that line.

Michelle, why do refineries shut down? I've heard before (not sure if true) that we already have a refining bottleneck in this country in general all the time.

Ah! My dyslexic brain has tricked me again! RVP is LOWER in the summer than it is in the winter. Oh well... You get my point.

Refineries shut down due to lack of profits. The market is cyclical and small refiners typically can't handle the cost of the swings in the market plus the cost of running a refinery.

Market forces my friend..Hey oil companies are in this to make a buck doode..It costs a lot to extract oil in North America,you're payin good money to engineers and riggers to get basically poor grade oil out of the ground,your'e gonna sell that commodity at the highest price you can to make your money back at a reasonable(and I am afraid to ask what a 'reasonable' is to an oil company!!)profit.So,you sell what you got at the highest price another company will pay to refine it.So,if you sell it to a refiner in say Japan,wo'll pay you $120/ for a barrel of garbage,you will definitely do that instead of paying the going rate the US refiner will pay(as of today $103 or so for garbage oil)to make the max profit you can.Sorry,but thats the way 'market forces' work.

I heard from Lou Dobbs on Fox News that oil consumption in this country is down . I think he said about 10%. So the oil companies are sending the oil overseas and keeping only enough, to satisfy the US needs. This he says is causing some of the increase in oil prices.

We're all manipulating our own fuel prices too, every time we buy it.

Move to Cuba you might fit in better there with your oil company suggestions.

Oil Companies, Banks, and Insurance Companies.

Joyce - you should visit Cuba, it is very nice actually

MOve to Cuba...at least you would have good access to healthcare!
Funny how all the crap you hear about Cuba is pumped up by the Fascists that left when their US Supported right wing mafia sponsored dictator was deposed.

THE US made Castro, just like they made Saddam, BinLaden etc.

One day we will stop doing that
But not as long as profits are to be had.

Frankly True - I am glad you are telling folks about those leaders we created.

Before Kennedy was elected he made a speech condemning JP Morgan, the American Mafia and Batista for the poor conditions of the Cuban people. Somehow the truth slipped his mind after he was elected. It seems that it happens often to those we elect.

Is NZ full of fat butted SUVs and pick up trucks like America? Is diesel fuel cheaper than NZ gasoline? Sometimes in the USA diesel is even more expensive than premium gasoline.

Wow! Do you have a lot of taxes put on your gas?

Eyes closed Shut - there is no comparison of our two economies. Your economy grew under the conditions of high energy prices so you have resources set up for those conditions. High Gasoline prices in America shuts down the economy.

Most of our service economy people can't even afford to live in the town where they work.

We have more know oil and natural gas reserves than any nation on the planet - are you surprised??? Just one deposit, the Green River Formation in parts of Colorado, Utah and Wyoming, has a conservative estimate of 3 times the recoverable reserves as Saudi Arabia. It is shale oil than can be gotten out without mining or fracking using a new techniques called "in situ" recovery where the shale rock is heated to give up the oil.

We have huge supplies of fossil fuels, enough to last a couple hundred years or more. But because much of it is under federal land, the Enviro-Nuts have continued to press politicians to keep it from being developed. They and Obama are well aware that alternative fuels can only become competitive if oil prices rise much higher. That is their plan.

It's not so much the "Enviro-Nuts" as it is big oil. Do you know that the US is currently exporting more energy products than ever before? So the whole energy independence thing is a load of crap. Big oil is out to make big profits.....period! They can care less about the American people or the solvency of the American economy!

It is shale oil than can be gotten out without mining or fracking using a new techniques called "in situ" recovery where the shale rock is heated to give up the oil.

OK brainiac, and how exactly are you supposed to 'heat' the rock? My guess is that you would have to burn something. In order to produce that much heat, it would have to be coal, oil, or gas. So you're burning coal, oil, or gas to produce more oil?

Perhaps you could explain how exactly we would come out ahead economically? Because I ain't makin the connection.

I love that line....Drill baby Drill

When Levi Johnston got Bristol Palin Pregnant he said, "Well the governor said 'DRILL BABY DRILL' so I kinda figured I had her permission."

dave - Your uncle was old school Oil, things are different than he thought at the time. Pipeline jobs aren’t temporary jobs, that is environmental propaganda. I know men that have been working pipeline work their whole working lives, 30 years or so. By definition any construction job is temporary work because at some point the project is finished. There are pipeline maintenance, monitoring, and operation jobs that don't go away and are good paying jobs.

Auther Digby Sellers - You aren't getting it because you know nothing about the industry. Refining oil takes a lot of heat and they get that heat by burning some of the oil and by products to power the refining process. They would do the same thing in the oil shale process. So math isn't your strong point just let it suffice that other people do understand it and they know it will work, even if you don't.

Oh ok, just trust the people in the industry, they know what they're doing. Got it. I'll remember that during the next spill.

B.S. I also worked in the exploration industry 30 years ago. We have plenty of oil and gas reserves in North America. Many producing wells were capped when the oil industry was deregulated during the Reagan era.

The Keystone pipeline would not only provide jobs, but would also provide MORE OIL. A surplus of oil would result in a lower cost per gallon of gas and would help our DEPRESSED ECONOMY.

It is unfortunate that Obama has FAILED to address this issue.

No I understand how the refining process works its basically a still where you pull off at different levels the heavier and lighter hydrocarbons,yes I went to school too.As of now one uses ten times the energy to produce x amount of BTU per gallon of gasoline from shale oil as does the same amount of BTU derived from refining crude.Those wells were producing,either being pulled ,sukapumped or shoved..not very good producers,and it is no wonder they were capped.Yes,it would have meant more oil...for China not you.Oil is a COMMODITY The President has no control over a PRIVATELY TRADED COMMODITY.He has about as much control over the price of oil as he does the price of sugar or gold or copper.Bush did because the Walkers have been in the OIL BUSINESS FOR OVER 100 YEARS.There will never ever be a surplus of oil in this country the oil COMPANIES decided that when the only surplus they could agree on was the cash we gave them.

It is obvious to me that you are not an American citizen. The number one export out of the USA in 2011 was gasoline and fuel oil. It is not a lack of supply that is the problem here it is greed and speculation. It warrants complaining when you have to pay the equivalent of a mortgage payment to heat your home. Unless we all begin to live in fuel efficient cardboard boxes. One thing that foreigners fail to realize is that the price of fuel in other countries is based upon a consumer or VAT tax. This is where governments get money to fund government. In the USA we have a different tax structure, property taxes, excise taxes, and income taxes, that is the source of revenue for the US government. To take and increase commodity prices by allowing rampant speculation only adds to the economic harm which has already been inflicted. To raise taxes on a commodity would be unfair taxation. Not all consumers are stupid and for you to intimate that the "stupidity of American consumers ceases to amaze you" indicates to me that you are truly the stupid one, ill informed or you have a vested interest in oil.