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Gasoline Prices Highest Ever for This Time of Year
By not in system - AOL NewsNEW YORK - U.S. gasoline prices have jumped to the highest levels ever for the middle of February. The national average hit $3.127 per gallon on Friday, about 50 cents above a year ago. The price is about 6 percent higher than on this date in 2008. The next day, pump prices began a string of 32 gains over 34 days. They rose 39 percent over five months, eventually hitting an all-time high of $4.11 per gallon in July. Although gas prices are expected to rise, most experts aren't expecting a reprise of 2008, when the price spike forced many drivers to join car pools and trade in gas-guzzling ...
Peak Oil Is Here: What Should We Do?
By Dave Thier - AOL News(Oct. 7) -- The Association for the Study of Peak Oil and Gas made a dire prediction today. The world has been extracting oil from the earth for just 150 years, but "peak oil," the point at which fuel production will begin to decrease while demand continues to increase, has finally come. "We are at the point of no return," said Jim Baldauf, ASPO-USA president. "Without affordable energy to drive our economy, we can expect price spikes and economic crisis to be the new normal. The debate about peak oil is over; it is time for bold action. If we do not change our current approach, we will see ...
Gas Prices Likely to Top $3 by Summer
By Steve Pendlebury - AOL News(Feb. 23) -- Even though demand for gasoline is down because of the weak economy, drivers can expect increased pain at the pump. Experts predict the rising cost of crude oil will drive retail gas prices above $3 a gallon this summer. The national average price for regular unleaded gas is about $2.66 a gallon now, according to AAA. That's nearly 80 cents more than a year ago, when prices had bottomed out after a wild ride in 2008. If the pattern repeats itself this year, prices will rise steadily for months to come. Fred Rozell, retail pricing director at Oil Price Information Service, told ...
Less Driving, More Efficient Cars Could Cost Consumers at the Pump
By Mark Impomeni - Politics DailySo much for doing what the government recommends. A commission created by Congress to study the way the nation's highway system is funded is set to issue a report later this month calling for an increase in federal gasoline and diesel fuel taxes to pay for road and bridge improvements. According to the report, the increase is needed to make up for a shortfall in revenues from the existing fuel tax. That shortfall is due to American drivers consuming less fuel and driving more fuel efficient cars and trucks. Less driving and greater fuel efficiency means less fuel purchased, and less taxes ...
Offshore Drilling Ban Expires
By Mark Impomeni - Politics DailyTwenty-seven years after it was first established, he Congressional ban on offshore drilling officially and quietly expired today. The ban was not a prohibition on drilling per se. Rather, it was a ban on appropriating money for the Interior Department to process of new drilling leases. With the beginning of the new fiscal year, that prohibition will end, once Congress passes a budget resolution that restores the funding. After years of opposition to increasing domestic supplies of energy, a full year of fighting House Republicans on the issue, and a summer of defending itself against a vocal ...
House Dems to Let Drilling Ban Expire
By Mark Impomeni - Politics DailySources in the House of Representatives are reporting that House Democrats are set to allow the Congressional ban on offshore drilling expire at the end of the month when the fiscal year ends. If the report turns out to be accurate, it would represent an epic political victory for Republicans and underscore just how seriously the American people's demand for increased development of American energy sources shook Democrats' expectations for the fall elections. A House staffer said in an e-mail that House Appropriations Committee Chairman David Obey (D-WI) is telling reporters that Democrats on ...
In Reversal, Dems to Allow Drilling Vote
By Mark Impomeni - Politics DailyHouse Democrats said Wednesday that they were open to a vote on a Republican oil drilling measure, reversing their stand against the legislation. Republicans called that a victory in their summer-long efforts to get the House to vote on increased domestic production of oil as a means of lowering gasoline prices. House Speaker Nancy Pelosi steadfastly refused to bring up the Republicans' American Energy Act throughout June and July. But after an August recess in which many Republicans remained in Washington holding informal sessions on the House floor highlighting what they called Democrats' ...
Pelosi Backs Down on Drilling Vote
By Mark Impomeni - Politics DailyAfter weeks of refusing to allow a vote in the House of Representatives on drilling for new domestic sources of oil, House Speaker Nancy Pelosi (D-CA) indicated today that she may indeed finally allow a vote on the measure. Republicans have been holed up in the House chamber, conducting a protest session of the House and calling on Pelosi to call the House back into session to vote on drilling. Some Democrats have also been signaling that they would like an opportunity to vote on drilling as well. Faced with growing pressure from the right and the center on an issue supported by more than 70% ...
WH Won't Call Special Session of Congress
By Mark Impomeni - Politics DailyThe White House announced today that the president will not exercise his Article II Section 3 power to reconvene the House for a special session to debate oil drilling. Rep. Mike Pence (R-IN) and several of his GOP House colleagues sent a letter to the president last week asking him to call the House back if it adjourned without a vote on offshore oil production. Republican House members have been holding protest sessions on the House floor since majority Democrats recessed for the five-week August break last Friday.In declining to call a special session, the White House stressed that the ...
Obama Energy Policy Contains Another Shift
By Mark Impomeni - Politics DailySen. Barack Obama announced his energy policy today in a speech in Lansing, MI. Early reports on the speech revealed that Obama was going to call for an energy rebate to American families to be paid for by a windfall profits tax on American oil companies. He was also expected to discuss his new-found support for limited offshore drilling as a part of a broader energy bill containing incentives for alternative fuels. But there was another, unexpected, policy shift in Sen. Obama's speech: a call for tapping the Strategic Petroleum Reserve.Obama proposed releasing 70 million barrels of light ...
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