Don’t expect relief from stratospheric gasoline prices any time soon, the Energy Department said Wednesday.
Gas prices will likely hover around $4 a gallon through next year, as oil prices continue above $100 a barrel before moderating in 2010, Guy Caruso, administrator of the Energy Information Administration (EIA), told a House hearing.
Mr. Caruso’s rose-colored glasses need replacing. I, for one, think his prediction is fantasy. It is already over $4.50 her in California (albeit one of the more expensive places in the country, gaswise), and is showing little signs of slowing. I do suspect that prices will drop in the fall. Call me a liberal cynic, but I’ve noticed that they have tended to fall just before national elections, then rise again. There was a pretty steady drop (at least around here) throughout September and October of 06, but it was rising again by the end of November. I’m sure there were sound economic reasons for this…..
Oh, if only I could still only pay $4.19 per gallon for gas. It’s already up to $4.79 here in our fair city in southern California. It’s being predicted to go over $5 soon. It seems to jump about .20 every few days.
I filled my car up yesterday. A full tank in my Nissan Altima currently costs around $70 to fill up. Just a few short years ago, it was a mere $20 something to fill up. Is this robbery???? Most definitely!!!!!!
$4.19—– oh what a relief that would be.
I have to put premium in my car and it was $4.21 this morning here in Sioux Falls, SD. Can’t wait until we get the first new oil refinery built in America in 30 years up and running here in Union County, SD!!!
My wife and I are going to trade in our 2000 Ford Focus wagon and 2004 Pontiac Montana minivan as soon as the Toyota hybrid minivan arrives at our area dealers.
Cenny,
My wife wants a 2007-8 Ford Focus. How good is the car? How is the gas mileage?
The Tallahassee Democrat published a surprising editorial today by Victor Hansen of the Hoover Institute on domestic drilling: [url=http://tallahassee.com/apps/pbcs.dll/article?AID=/20080613/OPINION05/806130321/1006/OPINION]Do what makes sense: start drilling[/url] that is a very well thought out opinion and worth a look-over.
(Kendall, worth it’s own post, perhaps?)
Jim Elliott
Libraryjim, the Focus is a very good car fior the money, and ours averages about 18 mpg around town and 26-28 mpg on the freeway……depending on which of us is driving. The reason we’re thinking of trading both vehicles is one of economy, but that may change, depending on what’s available a year or so from now. Whatever we buy will be a hybrid. Since we’re both retired, we don’t have to drive 80 miles to and from work in San Jose every day, as our son-in-law does.
Perhaps instead of opening up more drilling sites, we should support the efforts to tax the “windfall profits” of oil companies? I understand that companies (including oil) exist to make money. But I also believe that the outrageous profits must be brought to a screeching halt.
Unfortunately for me, I own outright a 2004 SUV (Chevy). I would love to replace it with a more fuel-efficient vehicle but can’t afford monthly payments right now… then again, I, too, am waiting for an efficient SUV.
Blessed Saturday, everyone! Drive safely and drive conscientiously.
According to [url=http://www.taxfoundation.org/news/show/1168.html]the Tax Foundation[/url]:
Oil companies make appx. 9% of all sales in revenues. Of this, even though it sounds like a lot, they put that back into shareholder dividends; R & D for new energy techniques; exploration for new sources of oil; leases for land on which they drill; salaries; delivery and refining; etc.
On the other hand, the Federal and State Governments already makes about 45% of all sales in taxes ($2.2 trillion over the last 25 years). Yet they do nothing to help do any of the above, except hold hearing on why oil companies make such high profits and force them to pay even more in taxes.
the last time windfall taxes were enacted, it resulted in US companies suffering to the point that the US became even more dependent on foreign oil. It was a dismal failure.