The showdown on gas prices and subsidy removal will intensify this week in Washington, when senior oil and gas executives are hauled before Congress to explain record profits at a time when consumers are hurting at the pumps. Legislation is being worked on by Max Baucus, the Montana Democrat and chairman of the Senate finance … Read More
Gas Prices
As Gas Prices Remain High, US Becomes Net Exporter of Fuel
Until Sunday night one of the main talks of the town in Washington was gas prices. Now the talk of the town is Bin Laden’s death. Oh and gas prices. Because the issue of high gas prices is not going away any time soon. A 36 per cent rise in the last year put pays … Read More
Its January, must be time for a Russian energy dispute
It’s that time of year again. It’s January, snow is on the ground (and no that doesn’t mean that climate change is not happening), it’s freezing outside and … Russia is having an energy dispute with its neighbours. Somethings never change. This time it is Belarus and the spat is about oil rather than gas, … Read More
Gaddafi and Chávez Invited to Gordon’s Oil Summit
Britain’s embattled Prime Minister Gordon Brown faces a growing call from trade unions for his government to impose a $2 billion windfall tax on energy companies, who have made billions from the high oil price. Whilst all the indications are that this will be ignored, Brown has come up with the novel idea of hosting … Read More
Official EIA drilling data buried by media
Do you sometimes wonder why the American people seem to support more offshore drilling, despite the fact that it won’t make a difference on gas prices? Its not only that its all in how the question gets asked, it also turns out that the media is simply not telling a critical piece of data. According … Read More
Airlines Battle the Horsemen of the Apocalypse
If you have been grumbling recently about how much it costs you to fill your car up because of record fuel prices, spare a thought for the poor old airlines. For example, when Air Canada fills up a new Boeing 777 in Toronto for a one-way flight to Heathrow, it now costs a whopping $68,948. … Read More
“Where is your corporate conscience?”
As oil climbed to a humungous record of $135 a barrel, yesterday US senators once again lined up Big Oil’s biggest executives and pummeled them with questions. “Where is the corporate conscience?” Senator Dick Durbin, Democrat from Illinois, asked the top executives of the five largest U.S. oil companies, who have earned a whopping $36 … Read More
Congress Votes to Stop Filling Oil Reserve
They must be getting jittery. Fearing a political backlash over rising gasoline prices, US politicians have voted to halt deliveries to the 700 million barrel Strategic Petroleum Reserve. About 700 million barrels of oil are stored in the underground reserve on the Gulf Coast, established after the 1973 Arab oil embargo to protect against supply … Read More
The “two word” key to lower gas prices…
Yesterday, New York’s Senator Chuck Schumer, went on TV to say that there are two words that are the key to lower gas prices: “Saudi” and “Arabia.” According to the state’s Senior Senator, the US should withhold arms deals until the Saudis increase oil production. Schumer seemed to be competing with his junior colleague Hillary … Read More
Worst. Idea. Ever.
OK, so the McCain/Clinton gas tax holiday idea would probably get some stiff competition, but its in the running, for sure. It will encourage more driving, thus driving up demand, thus meaning higher prices. It will simultaneously discourage investments in alternatives, which are our only hope to end our oil addiction and get out of … Read More