Five Dollars A Gallon For Gas!

CNN said today that gas may rise to $5 dollars a gallon after Hurricane Rita. They also indicated that there are 21 oil refineries in the Gulf region.

I personally will be surprised if it rise that high but that is what was stated.

 

There was a report that said at $3 a gallon, oil would have to cost about $95 a gallon. Talk about price gouging. We need to take the top oil people and put them on trial.

(of course, as long as GW is in office, he would probably pardon his buddies)

 

If the period immediate after Katrina was an indication. I would put some money in XOM (Exxon Mobil) and CVX (Chevron Texaco) tomorrow. Those stocks rose 2-3% each day in the week after Katrina hit. This is a big price change for a very kiquid stock that usually doesn't close more than 1-1.5% from its opening price.

They've have not come down since, but given that the predicted area for Rita produces 25% of the nation's gasoline, I'd be willing to bet that the same price hikes in these stocks will happen again. Maybe even more so.

I'm rethinking going to school four days a week (it's about 75 miles roundtrip). Have to go to one of them, but I'm not sure about the rest. I don't drive a hybrid.

 

Five Dollars A Gallon

Here is the link to the CNN article.

http://money.cnn.com/2005/09/21/news/economy/rita_threat/index.htm

 

Gas tax suspension...

If you look at the article above, check out the poll on whether Americans think federal and state gasoline tax shoul be temporarily suspended. The numbers are staggering - 73% in favor of suspension of the tax while prices are under attack from the hurricanes..... I also agree with Mr. Engineer, put those damned oil companies on trial for price gouging on a massive scale!!! There's no reason why gas should cost what it does, even NOW.

I wish my own state, WV, would suspend the gas tax - since it is the highest in the nation except for California. But recently the legislature could only bring themselves to roll back the tax on FOOD by about a percentage. Yes.... West Virgininians, the majority of whom are the poorest of the poor of white America, pay sales tax on FOOD..... Try that one on for size. So the chances of this state doing anything intelligent about taxes on gasoline, or anything else for that matter, are about zip.....

 

Put them on trial for what?

Face it, it isn't illegal to sell gas for whatever people will pay. A review here in Illinois even revealed that our gouging laws are so weak they probably wouldn't do anything in the Katrina incident and we have a VERY liberal Democrat attorney general. Absent collusion there really isn't anything the government can do.

And before the Bush crap starts from the mini-me's, big Bill's Attorney General investigated back in 1998 and didn't do anything either. And that was when oil was a fraction of where it is today so there was an even bigger disconnect!!!

Gas prices are only minimally a function of the price of oil. Gasoline is a traded commodity and prior to the hurricanes that was primarily what was driving up gas prices out of proportion to the price of oil. It is a big system and everybdy in the system is gouging and guess what, it isn't illegal!!!!!!

I've said it before and I'll say it again, some of you need to learn a little about the economy before you come on here yammering your political hack trash.....

 

DTech - Hopefully we on this board can disagree without becoming disagreeable. It would be best if this discussion doesn't deteriorate into name-calling. Thanks.
Jack

 

Re: Gas tax suspension...

I would bet your governor, like almost every governor in the union, got elected on a no new tax pledge. If gas doubles so does gas tax receipts. It is a closet tax increase with no blame attached to the legislature or the governor as all the blame goes to the oil compainies and Bush. Of course, here in Illionois about $.15 of the increase also went to the government but that is unspoken. During the last increase in 1998 the state had a gas tax hiatus. Won't happen under the current governor who is busy buying friends.

Disagreeable, yeah right, that will happen on this thread. Remember I am rich living off the backs of the poor...

 

Re: Re: Gas tax suspension...

Yes, and nosborne, Abner, Mr. Engineer and I have a special place reserved for you in our planned re-education camps in North Dakota for intransigent and somewhat surly conservatives as soon as the revolution is completed......

As we speak, Mr. Engineer is preparing the final steps of our master plan to dominate the world....

 

Yeah? Dominate the WHOLE world? Cool!

Uhhh...waddawe gonna DO with it? Once we got it dominated, I mean?

Whips and chains, maybe? Hunh?

 

Re: Re: Re: Gas tax suspension...

Fat chance.

Like a ripe plum, the world will fall into my lap.

 

Katrina and Rita?

 

Didn't Clinton News Network also predict $5 per gallon after Katrina?

 

I like your quote Jimmy about what CNN represents. I found it funny.

 

Re: Gallon vs. dollar

By the gallon and, in some States, in addition to State and local sales taxes in addition to whatever.

Florida:

New York:

Gasoline Tax Rates by State

 

Thanks Laser100 but I cannot take credit for it. I heard several year's ago on television.

 

You're not kidding. I just moved to Austin, and the traffic this evening was undescrbable. as people are pouring into the city. We went to the local HEB, and the store was EMPTY! If you are from here, you'll know that's amazing.

Any way, this morning, gas was $2.52 It rose today to $2.71. HOW IS THAT POSSIBLE??? I am sickene by this, as the hurricane hasn't even hit us yet, and these jerks are raising prices on gasoline that they purchased at a lower rate. This is price gouging on a massive and unprecedented level.

I hope that the federal government takes action immediately, but I'm not holding my breath.

 

Re: Re: Five Dollars A Gallon For Gas!

I don't want to start another super long debate on another topic (because I'm very busy) but....

If CNN is all for Clinton, then Clinton mus have personally not liked Gore very much. Wasn't Wolf Blitzer the one who broke out the whole "invented the internet" thing that haunted Gore for the remainder of the campaign?

I'm just saying......

 

What is the Republican News Network?

BinkWile,

I heard it said that FOX is a republican news station. Would you agree with that?