3 Ways NOT to Lower Gas Prices
by Sean Brodrick
Wednesday, May 14, 2008 7:30 AM
The price of gasoline is soaring — regular gas has hit an average $3.72 nationally according to the Energy Information Administration, and prices have already climbed well beyond $4 a gallon ... [More...]
XX My question is, "will this generate more hate mail than when I suggested we lower the national highway speed limit to 55 mph?" Probably. LOL!
In other news ...
US ECONOMY
U.S. Foreclosures Rise 65 Percent as Vacated Homes Add to Glut
More than 243,300 properties, or one in every 519 households, were in some stage of foreclosure, the highest monthly total since RealtyTrac, a seller of default data, began statistics in January 2005. Nevada, California and Florida had the highest rates. Filings rose 4 percent from March.
Consumer Prices in U.S. May Have Climbed 0.3% in April, Led by Food, Fuel Prices paid by U.S. consumers probably rose 0.3 percent last month, led by gains in food and fuel costs that indicate inflation isn't cooling as growth slows, economists said before a government report today.
ENERGY
Crude Oil Declines Before Report Forecast to Show U.S. Stockpile Increase Crude oil fell from a record in New York before a report forecast to show that U.S. crude inventories advanced for a fourth week.
U.S. Henry Hub Natural Gas Futures Advance on Enterprise Pipeline Delay U.S. natural gas rose to the highest since December 2005 after Enterprise Products Partners LP delayed resumption of a pipeline.
AGRICULTURE
Thai Rice Export Price Breaches $1,000 a Ton for First Time as Sales Gain The benchmark price for rice exported from Thailand, the world's biggest supplier, breached $1,000 a metric ton for the first time today as importers rushed to secure supplies, heightening concern about a global food crisis.
World Bank `Destroyed Basic Grains' in Honduras, Fueling Food Shortages Fidencio Alvarez abandoned his bean and corn farm in southern Honduras because of the rising cost of seeds, fuel and food. After months of one meal a day, he hiked with his wife and six children to find work in the city.
Posted by: Clark on Wednesday, May 14, 2008
there is no short term "solution" to the problem; but, if we continue to say no to Anwr, Florida Gulf of Mexico, and California Pacific every year for the next 10 years we will be worse off than we are now. We have to get these projects going and bite the bullet for the next ten years; no combination of solar, wind or any other energy commodity is going to solve the problem of the rest of the world's energy problems which are the ones that are REALLY AFFECTING US. If we had invaded China and India instead of Iraq we would have been better off, because we could have slowed the growth; instead we are trying to get stable supplies from Iraq and they are not going to go for it. Kuwait paid for their oil. Not Iraq. Even at $75/barrel for 1million barrels average per day for the last 5 years they have accumulated over $10 billion dollars conservatively with no offers forthcoming to reimburse as for our basic expenses.
Posted by: Len on Thursday, May 15, 2008
Great article, Sean. Thanks for the expert insight!