This is about the most bonehead waste of time I have ever read out of all these congressional meetings. Everybody knows if crude goes up that gas goes up. Further in the article he states that "Oil prices have risen recently because of concerns about the future of Iranian oil production" and that refineries don't set prices any more than steel manufacturers do for the commonly used metals.
Yet later he breaks down what it essentially costs for transportation, refining, etc. Equating out to just over a dollar, even after taxes, yet our pumps still read well over $3.50. So by his count the stores are making over two bucks per gallon profit. Seriously?
We all know that the wonderful people on the trading floor are jacking the prices up to make themselves even richer, greater trade demand of the same quantity available allows them to raise it penny by penny. So the question remains, when will be bottom fall out again? If the local consumer cannot get themselves to work then how are those rich traders going to be able to get their hamburgers for lunch?
The president of American Fuel and Petrochemicals Manufacturers (AFPM) states that we are shooting ourselves in the foot by constricting how manufacturing and exploration can be done, basically implying that all the rules set in play to protect our environment as much as possible, and the health of our people should not be a concern anymore, they should be lifted to make it easier to produce gas. He also states that the Keystone pipleline should be approved. Problem there is, many experts believe this will actually increase the cost of fuel because of the cost to construct it and maintain it. Granted it will EVENTUALLY make the fuel cheaper because there is less trucks and ships having to move it, but we don't need eventually, we need now!
For those who would scream out there for boycotts, please understand, even if you get a million folks to do it, this is a drop in the bucket for the REAL people who get that over two buck per gallon profit. Is it any wonder that BP can afford to pay all the fines and settlements without even batting an eyelash?
check out the article
http://news.yahoo.com/afpm-president-testifies-gasoline-prices-161307269.html
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