Money Beat

The gas tax is the most sustainable way to fund highways and bridges. If we would have used the gas tax to build and repair highways originally we wouldn't be in such bad shape. Also, having public roads but private rail lines leads to unequal transportation facilities making it very difficult to have an effective rail/bus transportation system, which could be very valuable for the Eastern and Midwest US.

This has to be the most crooked administation in history. Blocking legislation that would limit oil futures trading proves to me that numerous Republicans in Congress and this administration, are completely corrupt.

First and foremost, certainly people have begun to adjust and adapt to higher energy prices, and this is good, as it better demonstrates the American cosumers ability to overcome even corrupt government and even more corrupt big business.

However, I am afraid that the lesson learned while good is of little use, as the face of futures trading has changed, and in the wake of those changes,crude oil is and will continue to retreat from once highs even further, as every respective trader I know that like me has managed to make some money off and becuase of crude oil are taking their money elsewhere.

Wait a minute pointman, you are partially correct, but have only half of the story. What about the corrupt democrats blocking the possibility of addressing the oil supply problems and domestic refinery capabilities? Each side has an agenda. The Dems are in bed with the environmentalists, will not budge and that hurts our country. The Republicans are in bed with big oil and wallstreet, won't budge either and that hurts. If we could somehow completely remove ideology from our energy policy, we would be in good shape. It is unfair to point your finger at only one part of the problem.

Energy and food prices up, smog and obesity down. Yeah!

WARNING: Higher gas taxes to come!

Well it seems that we now have further evidence that decreased consumption leads to increased supply when production remains the same. This has caused a drop in price as anyone who has taken Econ 101 can tell you. But it seems McCain, when he's not complaining about Obama, still wants us to think it is his (and Bush's) talk of allowing more off-shore drilling that has caused the drop in price. On that topic I have 2 things. #1 - Oil companies don't even explore and drill in all areas where they currently have rights and an expansion of these areas is just another what to keep us hooked to the oil I.V. #2 - something has to be done now not to expand oil resources but to shift away from oil consumption all together. If off shore drilling is expanded like McCain and Bush want, they will not come online for at least 7 years and at that point they will not begin to cover the increase we will see in China & India's demand. All extra production will be shipped to them and prices will still be higher as supply will struggle to meet the demand (if it will at all.) Someone is going to come up with technology to replace oil as the primary source of our power and the only question is who will develop it first? Will the US export that technology to the rest of the world supplying a boon to our economy or will we wait and import that same technology from abroad?

The reduction in miles driven is also having an effect on money spent on imported items. People are not shopping as much to augment fuel costs. Chinese imports are dropping, and we are experiencing a return to the US of items that were formaly manfactured and assembled over seas. Trade deficets are coming down, and jobs are being recreated here.

A-

Why are you blaming John McCain for this situation? If we had drilled off shore 10 years ago we wouldn't be in the nasty situation we are in today. I don't hear Obama coming up with ANY solution. His big plan to tax and attack the "Big Oil" Companies. That's no solution. We all know that corporations don't pay taxes they pass the cost on to the consumer......you & I would ultimately pay that additional cost. You are correct on one point we need scientists to come up with an alternate fuel source. Government can't do it this is only going to happen in the private sector. Stop blaming McCain and Bush.....that kind of thinking is just part of the problem!

less miles driven less wear and tear

This is good news.I had noticed gas prices dropping in the past few weeks and I agree with TSnow.It has nothing to do with McCain proposing offshore drilling.The american people are starting to grow a collective brain and I couldnt be happier

Oil facts:
1. US does not have any big oil companies. US largest is Exxon/Mobil an is only 14th largest in the world.
2. 94% of the worlds oil supply is locked up by foreigh govt's.
3.Exxon/Mobil, buy 90% of the crude oil refined in the US.
4.Future oil production will go the the highest world bidders, not held for US consumption.
5. US does not control refining here.

How will the next President deal with this, and how will opening up US reserves benifit the US?

Still $4.25 a gal for the cheap stuff in my town. I'm definitely driving less, and spending less. This economy will tank if everyone is forced to do the same.

Auto Liability insurance companies should take a look at less miles driven, less traffic deaths and injuries and reduce auto premium rates. Law makers should see that insurance reduce rates accordingly.

These companies import Middle Eastern oil:

Shell........................... 205,742,000 barrels

Chevron/ Texaco......... 144,332,000 barrels

Exxon/Mobil............... 130,082,000 barrels

Marathon/Speedway... 117,740,000 barrels

Amoco............................62,231,000 barrels

Here are some large companies that do not import Middle Eastern oil:

Sunoco..................0 barrels

Conoco................. .0 barrels

Sinclair..................0 barrels

BP/Phillips.............0 barrels

Hess......................0 barrels

ARC0.....................0 barrels

Flash, the fact is oil is a dead end, so supporting it is not only environmentally unsound, it's fiscally irresponsible.

Point 1: ALL of the oil being proposed for drilling costs far more than a standard land-based operation to extract from the ground. Anywhere from two to ten times the cost per barrel.

Point 2: NONE of the oil being proposed for drilling is as easy to refine as "sweet, light crude". Anywhere from one and a half to five times as much more to refine into products used today.

Point 3: No matter how much oil we drill, it will have no impact on oil prices globally. Demand is far outstripping supply globally, regardless of whether or not the US cuts back (which we have, by a fairly significant amount - 3.6% over May, 2007).

Point 4: Even if drilling were to begin TODAY, it will take at least 5 and more likely 10 years to get the product to market in any significant amount - which helps us not at all today or tomorrow.

Point 5: Resources spent on a pointless attempt to drill for more oil can't be spent on finding, implementing and distributing the better ways of dealing with energy.

Point 6: Oil is a FINITE resource. once it's gone, it's GONE. None left, unless you're willing to wait around for a few hundred thousand or million years for more to be made by Mother Earth. Why waste time and money on exploiting a finite resource when other, more viable and sustainable energy resources exist?

Point 7: The ONLY advantage to drilling more oil from these sites is to enrich the oil companies.

Notice, please, NONE of these arguments has ANYTHING to do with the environment. The Democrats aren't in bed with environmentalists. They aren't in bed with oil companies. And it's pointless to try to get that oil in the first place, unless you're an oil company executive more interested in profits than helping America become energy independent. The sad part is, with the higher costs for exploiting that oil, the profits will be smaller and smaller even if oil prices rise, simply because the cost to extract and refine it will go up as it becomes harder and harder to find that oil.

And when it's all gone, then what?

It's time to move off the oil habit and find a more sustainable and economically viable method of fueling our economy - while we can still afford to.

There is nothing good about this. Middle America is taking the biggest hit with gas prices. Those of us that live in the country have to drive everywhere for everything. So we conserve by not doing any extra activities. So we don't shop as much, eat out as much, or take a summer vacation.We take one day shopping trips and get everything we need. We stay home.It all trickles down and starts to take a bigger toll on the economy. Not to mention the toll it takes on the family. Shafted again