Tuesday, February 23, 2010

Gas Prices to Rise?

In the middle of 10 percent unemployment? That's what this Chicago Sun-Times story says (via Drudge):
What's pushing prices higher is the crude oil that's used to make motor fuel, said Fred Rozell of the Oil Price Information Service. Crude is an international commodity that has become ever more expensive as demand grows in China. As crude prices increase, so do gas prices.
The last big spike in crude prices between 2006-2008 was blamed on capitalist speculators and greedy oil execs, to which the newly minted Democrat Congress under Pelosi responded by dragging in various evil oil company CEOs to testify...

It was funny at the time (especially the reaction of Steve Cohen right beside her) but that was before the government bought GM and Chrysler and a few of the big banks, and are now proposing to take over health care. What will be the solution if gas spikes to 3 bucks this time?


Debbie said...

This is interesting considering :

"Obama is going to lend billions of dollars to Brazil's state-owned oil company, Petrobras, to finance exploration of the huge offshore discovery in Brazil's Tupi oil field in the Santos Basin near Rio de Janeiro."

Yet we are not doing any offshore drilling here. I just posted on this. If they are really serious about being dependent from foreigh oil, they would not be funding Brazil's offshore drilling but our own.

They will still blame "big oil", call for hearings and regulations and higher taxes for them, which won't do anything to actually lower the cost.

Right Truth

LASunsett said...

Isn't it nice to not have an oilman in the WH? I can't tell you how many times I used to hear a person say that they couldn't wait to get the oilman out of office.... because he was in on a gouging of gasoline consumers.

Well, he's gone.

A.C. McCloud said...

I still laugh watching Cohen's face when she starts stammering on socialism. He's actually a pretty decent guy, for a flaming lefty.