May 15, 2000-- $1.67/gal
Then we elected a Republican Oil Man to the White House in November of that year.
November 13th, 2000--- $1.70 /gal
May 14, 2001--- $1.88 /gal
September 10, 2001--- $1.69 /gal
October 15, 2001--- (people have blamed price on Sept. 11) $1.50 /gal
December 31, 2001--- (last lowest price) $1.28/ gal
May 13, 2002--- $1.58/gal
May 12, 2003--- $1.68/ gal
May 10, 2004--- $2.11/gal
January 10, 2005 (last time average was under $2.00) $1.99/ gal
May 9, 2005 $2.39/ gal
August 29, 2005 $2.80/ gal
September 5, 2005 (first time average is more than $3.00) $3.29/gal
May 15, 2006--- $3.15/ gal
September 11, 2006 (five years since september 11 attack) $2.85/ gal
May 14, 2007 $3.28/ gal
October 15, 2007 (last time average was under three dollars) $2.99/ gal
May 12, 2008 $3.94/ gal
$1.67 to 3.94 is a 236% increase. And people wonder why our economy is so bad off.
Either every calculation that this administration has made was completely off the mark, or they are not so incompetent as we might think. As a congressman Dick Cheney spoke vehemently about letting the market set the price for oil even to the extent of saying that if the market could bear $4.00 a gallon, than that is what the cost should be.
After 7.5 years in charge- they got their wish. And the oil companies are pocketing all of that money.
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5 comments:
Thats a great theory but the biggest problem is the futures market. They keep bidding higher and higher per barrel of oil under the assumption that the worlds suppliers will not be able to keep up with demand from nations like China and India. Both are seeing hugh growth like never before. I do beleive that eventually the prices will fall not back to $1.39 or even $1.89 but they will fail. Just remeber the housing market boom, we tend to go overboard on investing and trying to make money sometimes without thinking. Besides if the our government would get some guts and drill our own reserves and couple it with green technologies for electrical power we would really see gas prices fall.
thanks anonymous,
The thigns that I think are certain for the coming months is that prices will stabilize or even fall between now abd the election.
Biut the Oil companies are making money hand over fist without anyone putting them in check.
As we continue to reward wrong-headed thinking and neglecting the very possibilities that you suggest - the people at the pump continue to get screwed.
The oil companies are making money hand over fist, as you put it, because the demand is so high. Like anonymous said, with China and India now induatrial players the demand has risen greatly.
I do hope you realize that there are dems that are oil people too, ie. Gore's, Kennedy's.....
Stop making the administration the culprit. Since the dems took control of the legistlative branch the prices have still gone up sharply. Do you actually think that any presidential administration is in control of oil prices? The president doesn't make laws he only signs them into law. The legislative branch makes laws, president signs them and the judicial is supposed to enforce them, not change them like they some times like to do. Oil companies still are only making about 7% profit, that is not a very good percentage. What about the other companies out there that make 30% profits? Maybe we should start regulating them.
Everyone is missing the point and blaming a business for making money! It's Timothy Geithner's fault! He is printing money like a counterfeiter. His "Quantitative Easing" is causing the value of the dollar to go DOWN, hence causing more US dollars be spent to buy the same oil. Another problem is the ban on drilling in the gulf which will make the oil in the future go even higher. 7 Oil rigs just left to head to Brazil. Once they leave they NEVER come back. The ban caused 300K US oil rig workers to loose their jobs. (nice way to get the economy back on it's feet) If drilling in the Gulf is so dangerous, Why is Obama subsidizing Brazil's dilling by giving them 20 Billion (of our money) to drill 5 times DEEPER than BP was drilling? Shell Oil just applied for a permit to drill in Alaska and was denied because get this, their emissions may effect a small town 70 miles away! Not to mention Shell has a procedure to extract oil from shale reserves. Colorado and Wyoming's reserves have 1.5 trillion barrels with a "T". They are the LARGEST in the world. We would be dependent on no one! We need congressmen in office with the guts to do what right for the country and not for their wallets. We also need some objective reporters to start REPORTING the truth instead of telling us what they want us to THINK! It's WE THE PEOPLE, not ME THE PRESIDENT!
cThanks FED UP_ your comments would make sense if I had written this today. The date of this original post was 2008. There was no Geitner runnign off money and "W" was still in the white house.
Further, all of the ideas you propose would serve to make more money for the oil companies in the short time but there is absolutely no evidence that it would effect prices at the pump.
The oil companies hold several leases within the US for drilling but they do not do it- not because of some oppressive government influence but because it is still more economical and politically expedient to drill abroad. When their profits are tapped in those areas or when they get shut out they will drill here. But, like any good monopolist they understand that the last oil reserves remaining are the ones that will be worth the most money.
I am glad you found this blog that I have not updated for a long time. And I find it funny that you jump to critique a situation from 3 years ago as if it were a today problem.
The fact that you could do so demonstrates that powers that have been in play prior to anyone in the current administration are influencing gas prices.
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