» That’s the first time any state’s average price-per-gallon has dropped below the $3 mark since days after the beginning of the Libyan revolution. Fighting began on February 15, 2011, and prices in South Carolina crossed the $3 threshold a few days later on February 19. While a 2.3 cent gap may not seem like much, analysts expect the prices to continue dropping, and millions of Americans will undoubtedly welcome financial relief of any kind — particularly on a commodity that many of us rely on heavily in our daily lives.
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Praying for lower gas prices: Demonstrators take part in a prayer vigil for lower gasoline prices in front of a service station in Washington, DC, on February 23, 2012. US President Barack Obama will try to head off Republican criticism over rising gasoline prices Thursday, setting out how the United States should address its voracious appetite for energy. Visiting the hard-hit election battleground of Florida, Obama will address concerns about rising gasoline prices, which have jumped 16 percent in a year in the Sunshine State, providing campaign fodder for his Republican foes. (Jewel Samad/AFP/Getty Images)
» What caused the increase? To put it simply, many analysts point to the civil war in Libya for inflating the price of gas, as it took 1 million barrels of oil out of the supply chain each day, raising the price of oil by $20 per gallon at its high point. The recent successes the rebels have had since NATO started its air strikes exactly six months ago tonight have helped to bring the prices down to more manageable levels. Seasonal factors are also at play, and with Labor Day behind us, gas prices should continue to decline through Christmas.
The best way for ethanol to survive is to stand on its own two feet, without spending something we don’t have to get something we’re going to have anyway.Sen. Tom Coburn • Making an argument against handing out ethanol subsidies — which cut gas prices but also cost the federal government $6 billion per year. An amendment to kill the subsidies passed both the House and Senate. In the case of the Senate, it was a straight-up bipartisan vote: 73-27. And a number of groups — including environmental groups — note that the subsidies are no longer needed because the federal government already requires refineries to mix ethanol and gasoline. However, don’t get too excited, budget hounds: The amendment is tied to an economic development bill that likely will not pass. source (via • follow)
» And yet you’re paying $4 a gallon for gas: The world’s most iconic oil company scored $10.65 billion in profits for the quarter, which is at least in part due to the fact that oil is currently over $100 a barrel. While the company had other factors in play, other companies are getting same the oil-price bump: Shell, for example, had a 30 percent leap in profits. Maybe we’re crazy here or something, but … isn’t there a point where you hand these profits down to the consumer? You can afford it.
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