And here we go again. I'm all for catchy headlines, but CNN has to be a bit more responsible with its choices when reporting on gasoline prices.
"Gas prices climbing with no end in sight," reads a hyperbolic April 22 CNN.com headline. "No end in sight" might make for great left-wing populist rhetoric, but it's hardly balanced economic reporting.
Indeed, the only thing to justify the "no end" language was citing gasoline analyst Trilby Lundberg as saying "she does not expect the prices to go down anytime soon," hardly a dire "no end in sight" forecast that conjures up notions of never-ending price increases rather than an eventual price plateau.
What's more, as the media are wont to do, CNN included an AP photo of a gas station marquee complete with gas prices well above the current national average of $3.50-a-gallon. CNN's photo contained a regular unleaded gas price clocking in at 51 cents above that average, a whopping 14.6 percent off the mark.
AP Photo via CNN.com.
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Got it right
April 22, 2008 - 18:05 ET by Jerry MackAlthough Cnn used the highest price sign that they could find, the people that have to have it are paying that price. I see no evidence of anything being done by congress to help the consumer. Or any evidence of a plateau. People can say what they want to about the economy, but it is obvious to anyone that it is the number 1 drag on the economy. Not one of the 3 presidential candidates has any viable solution for our lack of oil.
Drilling in Anwr doesn,t look so bad now.
Drilling in Anwr doesn,t
April 22, 2008 - 18:13 ET by bigtimerDrilling in Anwr doesn,t look so bad now.
Neither does here either....
No it doesn't JM....not one of the candidates running are for that, wonder just how long that is going to last, I think it will have to come up before Nov. as prices will go higher from the looks of things...it is absolutely maddening...although I don't see how the congress-critters can keep avoiding facts, the msm will attempt to keep covering for them with this green BS, but people are going to wake up, whether they want to or not, money always does that to a person...especially if it is their own.
Drill Often!....Drill Everywhere!
"Never murder your opponent when he is committing suicide." ~ W. Churchill
As I understand it, lack of
April 22, 2008 - 18:38 ET by ckc1227As I understand it, lack of oil isn't the problem, it's a lack of gas. We don't have enough refining capacity to produce the gas we need, so more oil wouldn't solve the problem. And with the industry under assault from know-it-all politicians, there is no incentive for the oil companies to build more refineries that could produce more gas.
Not that I'm opposed to drilling here, there and everywhere, mind you, it's just that that by itself won't solve the problem.
Oil Prices
April 22, 2008 - 18:48 ET by Jerry MackGas prices are high because of supply and demand. We pay the same as China, India and other countries. The value of producing our own oil allows it to stay off the open market or encrease the supply on the open market. Opec refuses to produce more oil this year than last year. Gas prices are determined by the price of oil.
But I agree that we need more refineries because when one is shut down the supply of gas diminishes and the price goes up.
Did you know that gas that is blended for Nevada can not be used in California. Also California has to shut down refineries to switch from summer to winter blend. And vice-versa.
i live in pa. and just saw
April 22, 2008 - 18:31 ET by pepsiman127i live in pa. and just saw the same obama comercial on a continuous loop every 5 minutes for 6 weeks...im exhausted... but anyway he has a plan for energy independence...#1 take all the oil company profits....#2 install a windfall profit tax .....#3 put 150 billion into alternative fuels....poof !!!! problem solved...i feel like im stuck in a twilight zone episode...can he really be that stupid or are his voters that stupid to believe this crap hes shoveling?????
Yes, they are that stupid.
April 22, 2008 - 18:46 ET by mostlymoderateYes, they are that stupid. Hey, I would be the first person to advocate cutting a corporations profits in order to lower the cost of fuel. Unfortunately, it would not stop there. For example, I own a lot of real property and I rent to a lot of tenants. What is to keep the government from coming in next and telling me I could only profit so much from my tenants? Do you see the consequences of limiting a corporations profits??? Plus, what would encourage anybody from ever trying to make their product or service the best if they knew they were never going to profit?
I think everyone agrees that under Obama, we are getting closer and closer to communism or socialism.
YES, I am pissed about the price of fuel. But NO, Obama is not the answer and he DOES NOT have the answer.
Profits vs.
April 23, 2008 - 00:47 ET by gfrrmanprofit margin....yes Virginia there IS a difference. It is said repeatedly by the MSM and many Lib/Dims that "Exxon made 40bill.+ in 'profits'." They won't tell you how much of that "profit" went right back into the Co. for new research, drilling costs...etc. Thus what is called "profit margin". Ask a lib/Dim how much does the Gov't of the U.S. "make" in taxes on a gallon of gas(and does nothing for the benefit except hold out their hand). The answer is...two to three times more than the big bad oil companies.
"Eventually, Socialists run out of other peoples' money...." MARGARET THATCHER
The Truth about Exxon "Profits": 5 cents a gallon
April 23, 2008 - 12:24 ET by PopularTechOnce all the costs and taxes are out of the way how much oil companies actually make on gasoline is ridiculously low but they make it up through high volume. The fact is oil company "profits" are not why gasoline is expensive.
- The average amount of net profit an oil company makes on gasoline is 5 cents per gallon (Source)
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Didn't
April 22, 2008 - 18:45 ET by 10ksnooker--- Pelosi say she would bring gas prices down before the 2006 election? Why yes, I do believe she did http://www.youtube.c...
Gas
April 22, 2008 - 20:29 ET by NewHavenI gotta disagree with you. I think the majority of Americans have come to the
correct realization that gas prices are not going to go down anytime in the
foreseeable future or ever again for that matter. If they haven't they are in
denial. It boils down to world wide supply and demand and that factor is not
going to change.
Unfortunately, none of the candidates have really proposed a good solution. I
have to admit my disappointment at McCain's recent suggestion of a "gas holiday"
as if that would make any long term difference.
O'Reilly Had It Right
April 22, 2008 - 21:11 ET by BW222Bill O'Reilly had it right with his opening last night. We are being screwed every way - by OPEC, the speculators and big oil.
The Democrats won't permit drilling anywhere it might offend the "Green Crowd" and big oil has most members of the GOP in its hip pocket. It must be nice to be in an industry where a company can pass any price increases along to customers and know that "competition" will go along. A free market requires competition and there's nothing competitive about big oil at retail.
BW222
O'Reilly DID have it right,
April 23, 2008 - 00:39 ET by gfrrmanlast night, and I do agree with him that NOT ONE POLITICIAN can drive down the price of gas in this country. When we are not allowed by the "greenies" to basically do ANYTHING to be self reliant we will continue to pay high gas prices. BUT, and I say BIG BUTT, tell me a company that DOESN'T pass along price increases to consumers and I'll show you a company that no longer exists!!!
"Eventually, Socialists run out of other peoples' money...." MARGARET THATCHER
O'Reilly is an idiot on markets
April 23, 2008 - 12:18 ET by PopularTechO'Reilly wouldn't understand economics if he had a degree in it. I am sick of his unresearched crap. Cavuto has tried to correct that idiot many times but it is futile.
Give me a break - Oil Prices (Video) (5min) (John Stossel, 20/20)
For Now, Gasoline Is Our Only Cheap Fuel (Cato Institute)
Myths About Breaking Our Foreign Oil Habit (The Washington Post)
The Never-Ending Energy Conspiracy (Competitive Enterprise Institute)
- Gas Prices must be adjusted for inflation (EIA)
- The average amount of tax on gasoline in the United States is 47.0 cents per gallon (API)
- The average amount of tax on diesel in the United States is 53.6 cents per gallon (API)
- The average amount of net profit an oil company makes on gasoline is 5 cents per gallon (Source)
- The largest supplier of oil to the United States is Canada (EIA)
- The second largest supplier of oil to the United States is Mexico (EIA)
- 60% of United States oil imports come from non-OPEC countries (EIA)
- No new refineries have been built in the United States since 1976
- The U.S.G.S. estimates 4.0 billion barrels of oil in the Central North Slope in Alaska (USGS)
- The U.S.G.S. estimates 10.4 billion barrels of oil in the Arctic National Wildlife Refuge (ANWR) in Alaska (USGS)
- The U.S.G.S. estimates 10.6 billion barrels of oil in the National Petroleum Reserve (NPRA) in Alaska (USGS)
- Only 1.5% of the United States electrical generation comes from oil (EIA)
- China is the world’s second-largest consumer of oil behind the United States (EIA)
- China's oil consumption is increasing nearly a half million barrels per day (EIA)
The Anti 'Man-Made' Global Warming Resource
Oreilly
April 23, 2008 - 22:31 ET by Jerry MackTotally agree with you about BOR and economics. Watched his show tonight and same bs. Rolled his eyes at an e-mailers suggestion that we should drill for more oil.
Blaming corporations probably gets high ratings. Seems to me that he has investigated "big oil" before and came up with supply and demand answer.
McCain has the right idea on removing Gas Taxes
April 23, 2008 - 12:21 ET by PopularTechPERMANENTLY removing gas taxes will have a significant and immediate effect on fuel prices. It is one of the few things the government can do to actually help the situation.
- The average amount of tax on gasoline in the United States is 47.0 cents per gallon (API)
Everyone complaining about gas prices needs to get serious about removing the taxes.
The Anti 'Man-Made' Global Warming Resource
fake and accurate again?
April 22, 2008 - 22:25 ET by needleDoes anyone know where the attached photo (with reg. unleaded $4.019, and with each increasing grade up an extra dime) was taken? It looks staged to me.
But never mind, even if it is fake, it is accurate. Dan Rather and Time’s Stengel will back this up.
Impunitas semper ad deteriora invitat.