Money Beat

So why is it when more people start buying new electronics the price goes down?

And this accounts for-- the fastest runup in years, followed immediately by a drop of almost $20 a barrel within less than two weeks? I don't think so. While consumer demand has been rising, this demand has been building far steadier than the wild fluctuations we have seen. Only with stronger government oversight of the oil markets will the American people have the protection they need in the long run, while the production of alternative fuels rises to meet our requirements.

What an incomplete report! This would get a failing grade from any high school social studies teacher! First of all, if there's a shortage where are the gas station lines we saw in previous ones? Secondly, a barrel of oil was $30 or 32 Euros when Bush took office. Now it's about 80 Euros. Is it about $80? NO! The extra $47 is due to the collapse of the dollar- in turn due to the market being flooded with American debt paper due to Bush's huge deficits. In a sense though, we are responsible for that $47 because Americans will vote for almost anyone who says they'll lower taxes and not consider the consequences.

There was a British study last year that predicted that the world supply of oil is dwindling at a time when the oil supplies that exist are in geopolitical hotspots which will become increasingly expensive and difficult to defend and extract the oil given the terrorism and unrest. That study (I wish I remembered who had put it out) said that prices were set to spike permanently upwards as oil got more scarce and expensive to extract and defend militarily. That is where we're at. So why do Republicans and their agents in Congress continue to stymie alternative energy research and development at a time when these are sorely needed?

it is not a shortage of oil or to much demand. it is speculaters and big oil greed that has caused the prices to go up...last week bush released the exec. ban on off shore drilling and wow the price keeps falling..why because it is all make believe, there is no shortage or to much demand, that is just the rich oil barons like bush wanting to drill for more oil so they can rape america even more./

Oil is a limited resource. You cannot argue that. At a given point (the point is already past) we will have reached peak oil production, and prices, resource wars, and fuel shortages will be out of control. Our current living arrangements (i.e. 20 mile commutes to work) will be rendered useless, and the scale at which Walmart and other giant chain stores operate will no longer be possible. Our entire agriculture system will shift back to local farming, since we will be unable to ship food thousands of miles, operate giant pieces of equipment, and apply petroleum based fertilizers. It is our own fault. We should have embraced conservation decades ago, but hey, that would have been inconvenient and Un-American. There is no sense in trying to maintain our ignorance any longer.

OK, market factors at work, but just because the government can't find "systematic" trading doesn't mean market traders are not speculating.

This so-called "report" is a whitewash.

Bill O'Reilly had a GREAT idea about speculators: Anyone buying oil futures would be required to TAKE DELIVERY of the oil! They couldn't re-sell it until they have taken delivery and PAID for it!

This would not hurt airlines, railroads, or those who actually USE the oil, but it sure would shut down the get-rich-quick schemes of speculators! Those leeches are making a fortune at OUR expense!

Driving is a luxury, not a right. There would be no gas crisis if people reduced their driving by 50%. Some people will say that's impossible because they can't find decent, affordable housing near work. Well, find another job or move to a city where you can find such housing. People decide where to live and work. If they make a bad decision, they should be ready to pay for it.

They are going to have to come up with a better lie than this report.

At the gas stations in the tanks inventory gas prices increase as you're pumping it into your car. I wish that I could increase the price of my inventory between the shelves and the cash register. And the oil companies are achieving record profits? It seems easy to see who is benefiting most. Maybe the task force should start there.

Talk is cheap.
We Put all our eggs in one basket, Doh.
Talk talk talk, Gore, Boone, Branson, the EPA, Senators, you, and me, every one talks about the problems. But little or no action is going on. Bush says the US wont do anything til he is gone. I see all the stars talking, but lip service oesn't make change happen. While alot of people talk about the problems, I see very few bold enough to take action. Boone, for instance: Wind and solar are very acceptable, but the notion of compressed fuel tanks in vehicles is not a real good idea to me. Do we really want to manufacture or alter a vehicle that can explode. Too much liability. One major wreck with a chain reaction explosion. And while you keep talking, these problem are getting worse. Carbon emissions and high fuel costs.

So, I am here to propose a solution. Efficiency and cleaner emissions.

Microwave Plasma can be used to ionize earths atmosphere into Nitrous Oxide and Ozone. Pollution compounds in the atmosphere are broke down to their elements, and solids such as carbon fall out. The Nitrous Oxide and Ozone can be used anywhere fuels are combusted. Exhaust gases can be recycled for re-use. The Coal and Automotive industries emit the most, so we will start with them first.

We can have commercial models this year. We are selling stock, looking for partners and a Power CEO. PurePowerCorp.com

You can stand around and talk til you are blue in the face, it is time for action.

Put your money where your mouth is. I have put myself on the line. We all have contributed to the problem. Who is willing to stand up with me.

Why is it so hard for people to believe that supply and demand drives oil prices too? When Bush whacks the executive order on offshore drilling and aggresively pushes Congress to do the same, prices respond. When the economy is struggling due to the high prices and demand drops (along with GDP growth), prices respond. But still people who apparently have no economic sense insist it is "speculators". It is time to end the Democrat Oil Embargo and watch prices respond even more. If the Democrats in Congress will not end the embargo, then it is up to the voters to impose their own embargo come November. If we fail to do so, in the years to come we will look back fondly at the days when gasoline was only $4 a gallon.

I've never heard such rubbish before in my life. Even the right wing can't throw this and make it stick.

To all you fools who would vote democrat in November.....the democrats in gongress are proposing a 10 cent per gallon hike in the gas tax. Enough said.

Supply and Demand - Economics 101, NOT Rocket Science!

Yet since regulators investigations of the oil priceing, the government has charged an oil trading firm today, July 24, Thursday with manipulating oil prices. Optiver Holding and 2 of its subsidiaries with 2 employees with manipulation and attempted manifulation of crude, heating, and gasoline oils futures on the New York Mercantile Exchange.

Strange that the link for the more information almost appears as an animated script piece from a cartoon. Why is Bush and his Republican Buds laughing?

the price of oil dropped because the threat level to iran (supply)dropped. the u.s.admin.tried deplomacy.war is a threat to the big oil pile called the middle east. now,WHO fault is it?

The true cause of gas going up is the fact that the US dollar is not worth the paper it is written on. Alan Greenspan and his crowd have effectively ruinned the dollar and soon, this country. Fiat money is no good people. Wake up and hold these people accountable. SUPPORT Dennis Kucinich in his effort to impeach Bush. That is a good start.

Ok, I have read all the comments and see valid points in most. I am not an economics guru, by any means. What I do know is that big oil execs are sitting on BILLIONS in profit each year (going into their own pockets, to spend frivilously) while folks like my husband and I can't afford to buy a decent home, put food on the table for our family, drive to work, see a doctor as needed, purchase clothing and household goods, keep car insurance, take a much-needed vacation, keep the lights on, keep the heat on, run our air conditioner, etc...etc... We both work hard at decent jobs, and still must sacrifice in one area or another to keep our heads above water! In the past two months, every aspect of our daily existence has increased in cost, yet we don't make more money to compensate for this. Our rent went up, daycare cost increased, elec. co. raised their rates, and our grocery bill is outrageous!!!!!!(milk went up over 40 cents a gallon overnight!!) I don't keep up with politics much, because it's too depressing-how do you really know who to trust to do the right thing for the everyday people who keep this country running-they all talk the talk, very few seem to walk the walk...please give me someone who really cares and wants to make a change.

EVERY PEPUBLICAN THAT HAS EVER BEEN IN OFFICE HAS SCREWED IT UP FOR EVER WORKING WOMAN AND MAN IN AMERICA .YOU CAN BLAME EVERONE THAT VOTED FOR BUSH FOR WHAT IS GOING ON IN AMERICA TODAY

EVERY PEPUBLICAN THAT HAS EVER BEEN IN OFFICE HAS SCREWED IT UP FOR EVER WORKING WOMAN AND MAN IN AMERICA .YOU CAN BLAME EVERONE THAT VOTED FOR BUSH FOR WHAT IS GOING ON IN AMERICA TODAY

It is real simple people, just stop using so much oil and be a part of the solution by voting for someone who really is intersted in conserving and finding alternatives to our thirst for oil. We voted for a oil man to run the White House and the country so why should he be so concerned about high gas prices. My biggest beef is that we buy so much of our oil from countries that hate us. "Man" what a good way to destroy the economy. Let them conrtol the market. If we cut into thier economy by not using it, things would start turning around. Let's all join in together and cut back on our use of foreign oil. Start by not buying fuel from companies that import oil from foreign countries that hate us and buy from U.S. made fuels and drive 55 MPH. We the people can make the difference!

What a bunch of BS. Oil companies profits through the roof and we are paying for it all. Investors are cashing in on the working mans paycheck. And waht happened to the congress investigation. You mean to tell me they can't do a damn thing. Have some balls ,WE CAN'T TAKE THIS ANYMORE.

OK. Now that gas is $3/gallon, can the same supply/demand argument hold up? I claim, NO! Neither supply nor demand has or could change that quickly. The extreme price runup therefore was driven by other factors. My question is this: Who took that extra $1/gallon from every U.S. citizen and business for 4 months? Also, wouldn't it be interesting to know what that final tally was; how much did we over pay for gas during that time ($1 * number of gallons of gas consumed by Americans in 4 months)?

Well, using data from http://www.eia.doe.gov/basics/quickoil.html and assuming that Americans paid an extra $1/gallon for approximately 100 days (July 1 - Oct 15), we can roughly say that Americans were robbed of $40 BILLION dollars by the gas price runup. Who took that money from us!!!

bunch of liars slanting stories any way that suits the monopoly, that's our media working for us! We were robbed plain and simple by the Bushites who are the oil companies.They can cook the books anyway they want,we'll never know the truth but they made us for 40 billion dollars.

Wow, I am reading basically a whole bunch of crap. Most of this sounds like regurgitated AP media BS. The solution is simple... baby steps in the same direction we are moving. Contrary to popular belief, it's not all Bush's fault so stop with the BDS. Like most problems in the county it is a culmination of both parties garbage that we the people are paying for.

Look folks, it's another episode of "Blame Bush"! Honestly, who are you people going to blame after he is out of office (probably Bush still)? The truth is that 20 years from now Bush will be remembered as one of the greatest presidents. Instead of listening to the media actually research things on your own for a change! Those of you who think Obama will save you are dreaming. Have fun with his redistribution. I hope you like higher taxes!

This heading of this column is irresponsible and offensive.