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Full of Gas or Lots of Energy?
April 18, 2008 2:53 PM
It seems like politicians routinely promise to do something about gas prices -- recall then-Gov. George W. Bush pledging to "jawbone" OPEC to lower prices, or then-Minority Leader Nancy Pelosi, D-Calif., pledging action in 2006 -- and then….nothing.
At the debate Wednesday night, Charlie Gibson asked Sens. Hillary Clinton, D-NY, and Barack Obama, D-Illinois, what they would do, as president.
"We are going to investigate these gas prices," Clinton said. "The federal government has certain tools that this administration will not use, in the Federal Trade Commission and other ways, through the Justice Department, because I believe there is market manipulation going on, particularly among energy traders."
Clinton also said she would "quit putting oil into the Strategic Petroleum Reserve and I would release some to help drive the price down globally," she would embrace a gas tax moratorium, and sign into law "a windfall profits tax on these outrageous profits of the oil companies, and put that money back into the highway trust fund, so that we don't lose out on repair and construction and rebuilding."
Obama said he also supported investigating any price gouging as well as a windfall profits tax.
Both also embraced a new energy policy, and Obama promoted "spending $150 billion over 10 years in an Apollo Project, a Manhattan Project to create the alternative energy strategies that will work not only for this generation but for the next."
Factcheck.org says that any intimation of market manipulation or "fixing" gas prices is not based on evidence. "The Federal Trade Commission has repeatedly looked into allegations of market manipulation and fixing of gasoline prices. So far, it has found nothing to prosecute, not even in the post-Hurricane Katrina gas price spikes."
This is another one of those issues where there will be far more differences on the matter between Sen. John McCain, R-Ariz., and the Democratic nominee than there are between the Democrats.
But Clinton took it one step further by flatly saying she thinks market manipulation is indeed going on.
- jpt
UPDATE: ABC News' Scott Mayerowitz reports: The price of oil just keeps getting higher and higher. Oil closed at $116.69 a barrel at the end of trading on the New York Mercantile Exchange, another record, according to the NYMEX press office. That’s up $1.83 from yesterday’s close. Oil also hit a new intraday high of $117 a barrel. Today’s trading continues a fast climb for oil, which first topped $100 a barrel back on Jan. 2. The run-up in oil prices started in late August, when prices were hovering around $70 a barrel.
April 18, 2008 | Permalink | User Comments (16)
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manipulation is by the democrats/libs with there 1 dollar tax surcharge at the pump between federal and state.
The feds made record profits off gas 10 times more the gas companies who only make less then 10 cents a gallon!
Maybe if we were allowed to build refineries and drill that the libs are against then prices would go down.
Why do you think they do not touch this issue that much!
Posted by: spock | Apr 19, 2008 3:26:16 PM
Eliminate commodities from the stock market and prices would go down. It is investors hoping for big dollars at our expense since they are in the futures market. A few hold us hostage to high prices for gasoline. If it takes only $28 to produce a domestic barrel of oil, while have speculators driven the price up to $117.00 a barrel. Let economics work as they should. It should cost different from ever source from which we obtain oil.
Posted by: lewis A. armstrong | Apr 19, 2008 2:56:41 PM
Thanks for the info Dogsoldier. Even a big oil storm trooper would have to admit that the whole price, supply, refine, distribute thing is confusing, sometimes irrational and geared toward profit, and that’s fine.
What is hard to understand is how our government has fostered the development of such a schizophrenic energy system. I hear a lot of we can’t’s and never any we can’s.
Fact is we need energy. At the rate we are progressing toward production of energy our light bulbs may have to be powered by our aircraft carriers.
Trouble is some of us will not agree to the fact that we need energy until Iowa becomes a net importer of corn and oil companies stop building refineries.
Posted by: Smith | Apr 18, 2008 5:24:22 PM
""The Federal Trade Commission has repeatedly looked into allegations of market manipulation and fixing of gasoline prices. So far, it has found nothing to prosecute, not even in the post-Hurricane Katrina gas price spikes.""
Yes and the FAA is watching over the safety of people of the US in the sky! Need a bridge?
Sounds nice, but under Bush I don't believe ANY agency is not in the pocket of business as that is exactly why Bush put them the people he did in them!
A day without bashing Hillary. I almost fainted!
Posted by: PHVT | Apr 18, 2008 5:20:18 PM
OBAMA AND THE FLAG(s)
Does anyone recall, after all the posts about Obama's lack of patriotism in not wearing a pin and not placing his hand over his heart --- when Obama made his “Throw Grandma Under The Bus” speech about how Wright was not Wrong?
He stood on that podium immersed in about eight swirling American flags; I thought they were going to swallow him.
I thought too, that that was a cheap 'shot'.
As for his campaigning in Florida and denying them the right to be counted, it was unfair and unpolitical. He did campaign in Florida. He was on the Florida ticket. Their votes should count.
His tactics remind me of the ways Obama had leveled the playing field in his last two elections in Illinois.
You can read about them in back issues of the Chicago Tribune, among other papers.
NO OBAMA!
Posted by: 1proudamerican2008 | Apr 18, 2008 4:35:14 PM
Hey guys, oil prices hit $117.00 today and slid back to $116.69. I work for big oil so here's some facts to help you all understand some of the reasons for the new hike in prices.
Oil is not the only factor driving gas prices, which are also rising because refiners are switching from producing winter grade gasoline to the more expensive, but less polluting, version of the fuel they're required to sell during summer. When they do that each spring, they tend to draw supplies down to low levels as they try to sell off all their winter fuel.
Short supplies of alkylate, a blending component key to the creation of summer-grade gas, also have pushed prices higher.
Plus there was an attack on pipelines in Nigeria disrupting the flow of oil with more attacks promised. Taken together with other factors such as low strategic reserves investors get jittery and the price goes up.
Posted by: Dogsoldier | Apr 18, 2008 4:28:19 PM
Rep. Betty Sutton (OH-13) endorsed Clinton today, giving the New York senator one more superdelegate.
Posted by: True Truth | Apr 18, 2008 4:10:28 PM
It could not have been more than a month ago, that polls showed that Hillary ranked highest of all three candidates when asked who is most likely to embarass America. Less than one month, and Obama hass twice embarassed America. First by lying repeatedly and betraying the peoples trust and by insulting Hillary Clinton by giving her his middle finger. I mean how low will he stoop? Clearly, these are reasons why no one should trust this youngster with the responsibility of leading a country seriously in need of a leader right now.
Posted by: Embarassing America already! | Apr 18, 2008 4:00:06 PM
Obama has exhibited a new way to deal with terrorist threats! Give them the FINGER! How very presidential! This is turning into Howard Dean and Nancy Pelosi's worst nightmare! hehe!
Posted by: Terrorist Proof | Apr 18, 2008 3:56:14 PM
Hmmmmmmm.......FOX headlines look pretty darn GOOD for our woman. Obama folks might not want to check it out.
Posted by: catherine in nm | Apr 18, 2008 3:51:55 PM
I personally don't believe much in polls anymore but if thats how you roll Taylor Marsh I've got one for you too. One that actually counts for something.
There is a new Rasmussen Poll out today and guess what:
PA POLL: Hillary 47 (-3), Obama 44 (+3)
Pennsylvania Democratic Presidential Primary
Pennsylvania: Clinton 47% Obama 44%
Friday, April 18, 2008
Anything less than a 15 point win for Hillary is a
loss. Hey, thats what her campaing said. Not me.
Thank you and Good Night.
Posted by: Mickey Blue | Apr 18, 2008 3:49:39 PM
All of us Hillary supporters know that polls are the way to go and in the new Gallup Poll she closed his lead to
only 3 points.
So all of you Obamabots stick it.
She is only down 3 points and the polls are never wrong.
Posted by: Taylor Marsh | Apr 18, 2008 3:47:06 PM
I heard you on NPR defending George and Charles. It was sad that they couldn't get a straight answer out of you. Are trivial issues important or not? One minute you say yes, the next no. I vote for no more trivial debates.
Posted by: joe | Apr 18, 2008 3:46:30 PM
Trouble is if the Government investigated no one would belive the results.
Gas seems to go up as fast as oil but it sure comes down slower than the price of oil.
Posted by: Smith | Apr 18, 2008 3:33:01 PM
Why not mention that Obama voted for the Bush-Cheney energy policy conducted in secrecy behind closed doors? Clinton and McCain voted against it.
That is a true compare and contrast issue.
You're reaching at straws with this post.
Posted by: LOM | Apr 18, 2008 3:15:05 PM
Now we expect her to be a top researcher too about the economics of gas pricing? Come on!
We all know she sounded a lot more knowledgeable than Obama about the issues Wednesday night.
Posted by: s. valenti | Apr 18, 2008 3:08:38 PM
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