With estimates that gas might hit $5 a gallon this summer - Americans are screwed at the pump
By louisehartmann
But here’s the truth: high gases prices have nothing to do with lack of available gas in America. That’s because for the first time in 62 years – the United States became a net exporter of oil products. In 2011, our nation sent 439,000 more barrels of oil overseas than we imported. That means we’re awash in oil and gasoline, it’s just in the hands of oil barons who are making more money shipping it overseas than selling it to U.S. customers.
So, drilling in Alaska or in the Gulf won’t cut gas prices. Our status as a net exporter of oil also means we’re now the world’s dirt pit – where the dirty work like refining and processing crude is done, because oil barons don’t have to worry about the costs of pollution. We the taxpayers and consumers pay for all the externalities of oil production – from more asthma and cancers to the environmental damage. In the hands of banksters and oil barons, the United States of America is Un-developing and unraveling.
Comments
#2
Speaking of banksters....Bankster of America is ticking off it's customers once again....now they are going to charge a fee to checking account customers who don't use on-line banking. I guess they must think their customers have very short memories....and BofA will eventually find a way to rip off their customers...if they keep trying. On-line banking is about as secure as trying to keep your information private on Twitter, Facebook, or Google. Well, maybe that is a bit of an exaggeration. But lots of bank customers have lost lots of money by hackers that knew how to game the system. The banks don't want you to know about this.
Yes, and Google is currently in the news because, as they have been warning us for a while now, Google has changed their on-line privacy policy (nice of them, wasn't it, to warn us in advance?) whereby they will be collecting (even more so than before?..yup..so they say) information on what we watch on YouTube and what we search for. Big giant straw from the CIA, FBI, and Homeland Security...not to mention ALEC and Grover Norquist's home computer...stuck into Google's data base monitoring any hint of dissent and deviation of the "right kind of thinking".
But back to BofA .... and more specifically on-line security...as it relates to banking. As I pointed out in yesterday's blog...there are lots of big sucking sounds from people's bank accounts from hackers that pose as man-in-the-middle fake bank sites. When you go to what you think is your bank web-site....a hacker could latch on to your attempt to "connect" to your bank then stop your "connect" actually going to your bank. He/she has copied the bank's web-page and sends that web-page back to you. You think it really is your bank..it looks authentic. So the hacker has managed to steal the banks certificate of authority and any further encryption that is established will be between you and the hacker. The hacker has established encryption to the bank. Session Cookies are passed that ensure that any further connect is from the bank (except it is to the man-in-the-middle). You type in your bank account and passwords and the hacker now has them and can go in anytime he/she wants to empty out your bank account. He/she can fix it so that any future on-line transactions that you make with your bank will display what you think should be in your bank account and you would not even suspect that your account has been drained until you get a statement or until you go to the bank, or an ATM to see that you have no money in your account. Your money has disappeared...most likely to some foreign country.
This has happened many, many times and the banks don't want you to know how insecure it is to have on-line banking. Even the courts have ruled in favor of the banks when the customer takes the banks to court. This has happened all over the world many times and both businesses and individual bank customers have lost lots of money.
You don't need on-line banking to have your money disappear, of course, electronic transfers can be initiated. It happened to me once, but I was lucky it was for a very small amount, and the bank investigated and restored what was lost. But had I not noticed it on my statement, they would have gotten away with it. And had the amount not been so small, I wonder how enthusiastic the bank would have been in restoring my loss if the amount were really large? The banks have been just writing off some of these losses...but they wouldn't just write off really large losses...they'd likely fight it...in court...and the banks are winning against their distraught customers. Safer to keep your money under your mattress...or maybe even under your front door mat.
But having on-line banking gives the bank the excuse that you were negligent with your passwords and account numbers...and/or home computer security and surfing habits. And if you surf the internet a lot you could easily get a key-stroke logger that monitors every thing you type on your keyboard...including passwords and bank account numbers. The banks could question your surfing habits and try to blame you for your loss.
If you do on-line banking, it is supposed to be safer if you use an Apple Mac (because it doesn't use Windows OS) or if you have a Windows box you should temporarily use a Linux OS (called Linux LiveUSB) that resides on a thumb drive only (and doesn't let viruses get stored on your normal Windows OS hard drive) so that you can temporarily cut Windows out of the picture and use Linux to do your banking. Then switch back to your Windows OS for whatever else you normally do on a computer. It's easy, just a matter of putting your LiveUSB into your USB socket...then power up and you boot up on Linux (which could be any flavor of Linux...like Ubuntu). Then when you want to go back to Windows OS just remove the LiveUSB and then power up again...which boots into WindowsOS. That way no virus...keyboard logger...can get installed on your computer. But that doesn't avoid man-in-the-middle attacks, which is remote from your computer. Just don't use on-line banking!! But monitor your account frequently using an ATM or at the bank teller.
#3
I guess what I don't undrstnd is that everyone is blaming everyone else.
I have not eard a word about speculators from anyone.
The orders come from somewhere in Corporate America... Not one word about them...
#4
Note: Again, Speculators Behind Sharply Rising Oil and Gasoline Prices
Note: Texas Gas Prices Rose Because People Bet That They Would
Note: Toying With Gas Prices to Help Get a Republican in the White House?
Note: Sen. Bernie Sanders on Oil Speculation
Note: Republicans want More DEREGULATION.
Note: President Obama Won't Fight Speculation
Wall Street Fights Back Against Bid to Curb Oil Speculation
Wall Street Oil Speculation Driving Surge in Gas Prices
Who benefits by purposely and continuously bankrupting the economy?
Who benefits by allowing rampant Speculation of Oil and Gas Prices?
End Note: There is NO oil and gas CRISIS (other than what we are Sold).
#5
From memory it seems that every time there is an incumbent Democrat president in an election year, gas prices go up just before the election. This doesn't seem to be the case for Republicans. I would be interested to know if there are statistics to back this up. Could this be a way that big oil tries to influence elections?
#6
What if we all, whenever possible in our daily lives, could avoid driving, and therefore further add to the oil and gas glut? What if everyone started to work one more day from home instead of going into the office? What if we all filled our tanks only halfway each time we went to the gas station, forcing the refineries to hold even more of their toxic inventory?
And what if we started looking at technology that runs cars on compressed air, like the French and Aussies have developed? Don't beleive me? See for yourself - http://www.brasschecktv.com/videos/suppressed-technologies/air-cars.html or on Youtube at http://www.youtube.com/watch?v=t3KFihl8u6U
#7
I guess if you own shares of Exxon you're an oil baron? There's more to this than these 2 paragraphs. Supply & Demand are at play here. With India and China competing for the same oil supply that we had the corner on for decades and willing to pay more for it - we get squeezed at our pumps too. If you increase WORLD SUPPLY( that means drilling, pipeline Canadian Sands oil, off shore drilling...) then WORLD DEMAND is satisfied and prices go down. The Economic paradigm has not changed - just the players-there's more at the table now ... And the political Spin of the day...
#8
Tax stock trades to help the economy and control the commodities market to stop the huge $ being made by driving prices up and down like a yo yo. I have a freind who has traded commodities for years who says there is no longer any relationship with shortages, etc. that drive the markets, just pure greed and specultion. Companies can now move large blocks of stck almost instantly and are allowed to trade after hours. They can make even more in a lot of cases selling short and the leverage they get is huge!!! A five or ten cent change in the unleaded gas market (or many others),can make big companies millions with very little actual cash involved. They can set puts and stops so that if they start to loose money it is stopped almost immediately! Puts and stops also allows them to automaticaly get out at a certain gain point, they can then reinvest what they want either selling short or long on the same commodity they just sold. If they have enough clout other investers will follow them to avoid loss or to make gains but they have no way of knowing, unless their insiders, if that same company has large short or long options( bets) against the current market value. If the average guy is trying to watch and make an informed choice on what to do while the huge guy can move the market by making a quick move in the direction he wants the stock to go or maybe even the opposite, depending on his total position, everyone else is screwed. This needs to be stopped!!!
We also need good rapid transit to cut fuel use! In my opinion here are many reasons why this isn't happening but in the end it's all tied to greed and oil profits.
#9
If the stupid 'common sense' is going to blame President Obama for this, it might vote in those who will actually make it worse.....
I think drilling rights should be taken away from corporations. It should be done by the government. If we only get the right cast into Congress.....
I also see the private market isn't really innovative in the solar branch. They're not interested in developing affordable devices. Today this MUST be possible: It's actually possible to print solar modules like they print circuit boards too. This could be done by robotic, which should be even much cheaper than Chinese workers. So, where's the problem? I think, the government should go in this too and make a little more competition on the market. SolarWorld is a German project that just expanded, but at least they're manufacturing here. But I'm NOT satisfied.
I'd also like to see a second public power supply system on about 20V basis. This would make it easier to use solar power and spare lots of energy. And safe: under 30V DC is harmless. For most devices in private households we don't need high AC voltage.
Question: Is there possibly going to be an oil bubble???
#10
Your blog has all the answers, but no solutions. That's ok though, neither does the Executive Branch or our government. One thing is for sure, your first sentence is correct. American's are screwed.
#11
See money saving tips at the gas pump http://tiny.cc/37d44 and around the home http://tiny.cc/2o9ts
#12
When Cheney and company took Iraq for their oil supply the actual supply of oil on the world market dropped because of the termoil. I first thought of how foolish they were since the price of gasoline increased from their blunder. The I realized that from their perspective the loss of supply increase the price of oil so their profits went up because the cost to extract oil did not change. What a sweat deal for them. Now they can take advantage of the Iraq's oil with the prices up even further. Depends on what side of the pump you are standing!
#13
Just a very few years ago we were importing gasoline from France because our refineries didn't have the capacity to meet demand. Now we're exporting gasoline?!? Has demand dropped that much or did someone secretly build a new refinery some where? Or have we been lied to all along???
#14
What will bring down gas prices?...... A government controlled by the citizens, it's called Democratic Socialism. "Extremely large industries, like energy, might require some type of government ownership or control, but the main goal would be to keep the economy under the control of the general public."
Or a more immediate fix is simply to force delivery of thousands of barrels of oil to the gated communties where the commodities traders live and lazily operate from!
#15
gas prices will never go down! not until people quite driving and start walking them fat butts a little more!funnier yet is how really stupid it all is in that for every cat like me who puts gas in the car we only use what we "really" need all because we're bending over every time to get fueled! so if we quantified it and people really did choose to wlak, ride a bike, take a bus, ride a train then the so called demand would deminish the stock pile would increase and then, maybe just then the price might come back down. by the way where the H E double toothpicks is my high speed rail i really want to go to vegas but i don't want to spend $4.55 a gallon to do it (its a 500 mile round trip). guess i won't be stimulating that economy!lolol hmm where can i ride my bike to local that might have a vegas feel...hey i got it, the toplles joint!lolol
#16
Stop using oil!!!! Just switching to electric cars will cut demand and save both money and clean air.
#17
The increased price of oil above the market of “supply and demand” is driven by financial speculation in the Commodity Market with no intention of ever using this commodity. The Commodities Futures Modernization Act of 2000 signed by President Clinton allows deregulation of commodities and speculation, which drives up the price of gasoline at the pump.
Remember what Senator Mitch McConnell said: the Republican Party’s priority is to make President Obama a “one term President”.
The Republicans cannot win on an even playing field. They have to take off focus the Obama Administration’s successes including more production of oil. They constantly confuse everything.
The Republicans do not want to be perceived as a “do nothing Congress” as perceived in 1948 with President Harry Truman, but instead are doing something with stupid legislation on everything except the economy, only to confuse.
Here is what President Truman said in 1948: That's plain hokum. It's an old political trick: "If you can't convince 'em, confuse 'em." But this time it won't work.
Address at the National Plowing Match (18 September 1948); as quoted in Miracle of '48: Harry Truman's Major Campaign Speeches and Selected Whistle-stops (2003); edited by Steve Neal.
#18
I've said since the 70's that the oil companies should be regulated like utility companies--if they're still being regulated..
#19
Here are excerpts from President Truman’s 1948 Speech that are appropriate to what’s happening today with the Republican Party and the oil problem:
The Democratic Party puts human rights and human welfare first.
But the attitude of the Republican gluttons of privilege is very different. The bigmoney Republican looks on agriculture and labor merely as expense items in a business venture. He tries to push their share of the national income down as low as possible and increase his own profits. And he looks upon the Government as a tool to accomplish this purpose.
These Republican gluttons of privilege are cold men. They are cunning men. And it is their constant aim to put the Government of the United States under the control of men like themselves. They want a return of the Wall Street economic dictatorship.
That is what happened in the 1920's, under the big business rule of the Republicans. Those were the days when big corporations had things their own way. The policies that Wall Street big business wanted were the policies that the Republicans adopted. Agriculture, labor, and small business played second fiddle, while big business called the tune.
You have had a sample of what the Republican administration would mean to you. Two years ago, in the congressional elections, many Americans decided that they would not bother to vote. Well, others thought they would like to have a change. And they brought into power a Republican Congress-that notorious "do-nothing" 80th Republican Congress.
To gain this end, they will stop at nothing. On the one hand, the Republicans are telling industrial workers that the high cost of food in the cities is due to this Government's farm policy. On the other hand, the Republicans are telling the farmers that the high cost of manufactured goods on the farm is due to this Government's labor policy.
That's plain hokum. It's an old political trick. "If you can't convince 'em, confuse 'era." But this time it won't work.
Please click on below for the full speech:
http://trumanlibrary.org/publicpapers/index.php?pid=1814&st=plowing&st1=
#20
Benefits of rail upgrades are not just measured by the average speed increases. Like substandard bridges for automobiles about to fall down, rails needing upgrades are frequently in pathetic shape and require repairs before they become completely unusable. Not just Amtrack will benefit from the increased speed, commercial traffic will also benefit. Almost certainly automobile traffic will improve due to reduced wait time and improved safety. I am willing to bet that some new, expensive, overpasses will be built that are mostly to benefit automobiles that would otherwise have to wait.
#21
Is it not possible for the President to do two things to do immediately:
1. End the exeption to trading in oil futures granted many large banks by Bush?, and
2. Direct CFTC to raise margin rates on oil future trading to 90 or 100%.
I realize that traders would simply establish offshore trading operations, but the action would give traders something to think about - and hopefully panic them into dumping their present holdingsw - there by tankin (no pun) the price of gas.
Maybe that should be Pres Obama's "October Surprise".
#22
Conchy - I have 2 comments on your post -
1) Please differentiate between "answers" and "solutions".
2) Simple solution - Legislation that restricts the purchase of futures of ANY commodity to those whose business models REQUIRE that commodity. For oil, that would be airlines, railroads, trucking companies, etc. In other words, KEEP THE BANKSTERS AWAY FROM FUTURES MARKETS!
#23
Then we don't need to destroy the People's commons with fracking, pipelines, tar sands, shale oil and other Fossil Fuel atrocities. We need to shift to legitimate export that offers legitimate "net out ahead overall" jobs.
#24
I first saw Thom's original post for this thread in his newsletter, wherein it ended with the question "What do you thnk we should do to decrease gas prices?", and a link to this thread. I'm a bit surprised by this question. The alternative question I would pose is "Where do we WANT the price of gas to be?" Speaking as a guy who drives 35 miles each way from home to work and back (18,000 miles a year! - and that does NOT make me at all unusual!), I actually think the price of gas should be HIGHER, not lower, to increase demand for, and development of, alternative vehicles that use other, CLEANER types of fuel!
#25
You are deluded, BluePillOrRed - Speculation trumps Supply and Demand. Unless there was a SURPLUS of refined petroleum products in the US, we would be a net importer instead of a net exporter. When Goldman Sachs is allowed to purchase more than 50% of all oil futures, with NO actual need for oil to sustain their "production" (what, exactly is it that GS produces, anyway? ... question for another blog) and no ability even to STORE all the oil they've "purchased", THEY CONTROL THE MARKET, and Supply and Demand go out the window.
#26
Consumer action is the most progressive solution that can have an immediate effect on our economy. Eliminate as many petro-chemical products form your life as possible. Embrace conservation technology as the answer to reduce dependency. This will be the cornerstone for the new green economy and for the future.
In reply to the republican move to impose by legislation unneccesary medical treatments including vaginal probes, that go against the advice of our medical profession. This is an affront to all americans who believe in freedom and liberty.
There is a movement in CA to enact legislation to force all registered republican males to undergoe an anal probe so they can see what it is, that is stuck up there. There will be no ammendments for eye diversion.
#27
Clarissa Smith
RE; If the stupid 'common sense'
1) In Mexico they have national oil. It’s called Pemex = abject poverty for Mexico. Another example of the people’s resources hijacked by an oligarchy. And you want that for America? Only a communist would want the government to annex a countries energy resources. As far as I would endorse, is to prevent American oil producers or importers from shipping one single thimbleful out of the country while we have high prices.
2) The private market is innovative in competitiveness and thus its survival. The front end cost of solar is too much for average consumers, even with all the rebates. I have trade experience in solar, and it just doesn’t pencil out for the upfront investment per the time to recover said investment for most consumers. Only way to change that is make traditional energy so expensive we all end up in government subsidized housing.
3) Robotics are already used to make solar panels, still too expensive.
4) The only things that will run under 30 volts in most households are some light bulbs designed for low voltage (would require dedictated re-wiring $$), landline telephones and very minor stuff. All our appliances are designed in America to run at 120V – 240 volt and average amperage upwards of 1700 amps or more on most standard 15 amp circuit breakers. And average 220/240 electric oven run on a 30-40 amp breakers. As usual you don’t know what you’re talking about.
5) LED lighting shows the greatest promise for energy savings and no mercury problem, but again is very expensive when it comes to candle power equivalent to incandescent and florescent bulbs. I hope LED price comes down. MIT is also playing with paints that illuminate rooms with low voltage. Be patient, the private sector always provides what people want and the market will accept. Government only forces you to use things no one wants, and is usually less efficient.
6) Think natural gas. America has oceans of it.
#28
You can adapt many devices to another voltage. It's pretty easy with those which already have external adapters. And you do it via infinitely variable voltage converters that have various plug-ins.
The prices for solar panels hardly droped over the last five years. Something is wrong with the market. I'm very much afraid this is a matter of lacking competition. The manufacturing techniques changed very much, but I don't have the feeling you see that in corporate price policy.
This is why I want government to go in this business too.
#29
Does anyone know if the President can suspend a section of law, citing a national emergency? I have often wondered if he could suspend the portion of law allowing speculation of oil sales.
Somehow, we need to reduce the cost - which could also put pressure on certain global players who bank on the high cost of oil.
Thanks....
#30
I have a question for people. Why are the gas prices in Australia super cheap. I was looking at a current video taken in Coolangatta, Australia. The man was walking around his neighborhood shooting video and he showed a gas station sign showing the prices. The video date is 2012. It shows prices all around a buck and half. The station is Shell. Why is America being hit with back breaking gas prices affecting everything we do and Australia enjoying so affordable prices. It is America that is supporting these multinationals with blood and treasure. I'm upset about this. very
I realize that Australia's money is not the same but it is very close.
1 Australian dollar = 1.0668 US dollars
A walk around Coolangatta-Where I live
http://www.youtube.com/watch?v=cFlajsGqyb0
Go to minute: 13:30
#31
I saw Thom propose a great idea on his TV show last night. The TV show that's on the Kremlin funded, Putin mouthpiece RT. Ban oil exports and speculation. Thom thinks this would lower energy prices in America because it will increase energy supplies here. Besides the obvious consequences, like oil producing countries retaliating by not exporting to us, and our domestic producers shutting off production because prices are artificially low, America has never implemented an export ban on a consumption product. Never. It's unconstitutional. Plus it's the kind of behavior one might expect from Libya or Russia, countries where the oil production is in the hands of the government.
As for speculators, they are the reason energy prices are so low. Yes, I said it, low. If not for the futures system, prices would have massive volatility, and never find equilibrium, because producers would have no way to lock in prices and ensure profitability far into the future. If you're going to make a billion dollar investment in energy prospecting, it's a good idea to lock in a profitable price. Can't do that without speculators.
Nice try, Thom.
John
#32
Textlynn,
That's $1.50 per litre. A litre is about 1/4 of a gallon. So gas in Australia roughly equates to $6/gallon. Not so cheap.
John
#33
So the only ones who can speculate are companies that have an interest in the price being low? Someone has to buy those contracts on the other side. If no bulls are allowed in the market, who's going sell those contracts?
John
#34
SOLUTION:
STAY HOME. GET TO KNOW YOUR FAMILY.
#35
So electric power plants don't pollute? And electricity is free? If you would do any kind of study on energy you never would have made this post.
#36
OK, Clarissa, let's support another Solyndra (sp?). That was a great idea, 500 million tax dollars down the drain. And you want to do it again?
Wake up and smell the roses!
#37
Are you sure that price was not dollars per litre? In most of Europe, that is how their gasoline is priced.
#38
There is one reason and one reason alone why there is an excess of gasoline in this country, ethanol. An entire industry that would not exist without our tax dollars. What a total sham that whole program is.
You notice that diesel now costs more than gasoline? That's because there is no oversupply of diesel.
Get the goverment out of the free markets and let them work on their own.
#39
It doesn't seem to bother you, that the solar market is being led by a German company, that actually is successful in America. No wonder! You Republicans never cared for the American economy, you even aprove of selling it out.
#40
OK with the Republicans trying to sell out the US economy (according to you, that statement really causes me to scratch my head) and the liberal Democrats trying to tax it to death, it is amazing that there still is a US economy!
Like I've said before, this is a global economy. If the Germans can make something better than we can, good for them. The US consumer will benefit. But don't get the goverment involved, all they do is give money to their buddies. They are incapable of making an a good economic decisions (see Solyndra).
If a start up company has a good enough business plan and good enough leadership to make it, they will attract money from the private sector. If they can't attract that money, you have to ask why? And when the government steps in and decides to support a business that can't attract private money, more often than not it just turns into taxpayer meney down the rat hole.
Giving politicians too much power (or tax dollars) is a prescription for disaster That's how we are saddled with big give away programs that we can never pay for (Social Security, Medicare, Medicaid). If the Rebulicans get the white house next January (about a 50/50 chance) they will start trimming some of these programs. They have no choice. The Dems do not want to face that reality. And watch the liberal media bitch and moan about how Grandma will lose $10 a month out of her Social Security and that will cause her to freeze to death in the next ten minutes.
I live in Illinois, and this state is a perfect example of what happens when liberals get too much power for too long. A state that is on the brink of bankrupcy, that's what!
#41
Love the post..I know President Obama is going after the oil industry and subsidies..how about if oil companies want to keep the subsidies, they must stop the speculation, reducing oil supply in US, increase refineries and let supply and demand set prices...oil should be about $65 per barrel. We can have regulations on speculators that are not oil companies..take possession of the oil..
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I was listening to your guest from the Republican think tank brag about the city refusing millions in stimulus funds for high speed rail, once again proving tht the Republican party over the last 30 years has been pulling this country down from the top to the bottom in every measurable catagory of success compared to other western countries.
His argument that the percentage of those travelling on high speed rail in Europe has decresed over the last two years is as usual for the right wing a quibble (a partial truth and therefor a lie). While the percentage has decreased one has to realize the Europeans did not REPLACE their low speed rail with HSR, instead they built new additional HSR keeping their older LSR as well. When checking both the statistics for the usage of HSR an LSR the percentge has been steadily increasing and is used by millions. The economy of Europe would definitely crash without these systems and the populations rely heavily upon them. These numbers and stats are virtually identical in Japan.
There is a huge amount of misinformation and negative propaganda by the right wing regarding HSR and it is all put out by... guess who the O&G folks including the Koch brothers who want to make sure we keep using our cars and O&G. You have to look around and actually spend some time to get past the right wing propaganda to find the truth but HSR is where we need to go.