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Gasoline-Price Investigation Is Sought As Costs Escalate

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steven johnson Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 09:57 PM
Original message
Gasoline-Price Investigation Is Sought As Costs Escalate
The current trends in gas prices defy the law of supply and demand. It seems like we're getting gouged on gas prices.

It looks like a rip off.



Attorney General Richard Blumenthal said Monday he will ask the federal government to investigate wholesale gasoline price spikes that recently have led to higher prices at the pump.

The Gasoline & Automotive Service Dealers of America asked Blumenthal to investigate after wholesale gasoline prices in Connecticut rose 54 cents a gallon since Feb. 19.

Retailers have been footing the bill from wholesale suppliers, despite the fact that national inventories are at an 18-year high and demand is at a seven-year low, said Michael J. Fox, executive director of the Stamford-based group.

A GALLON OF GAS IN CONNECTICUT
TODAY: $2.37
A WEEK AGO: $2.20
A MONTH AGO: $2.13
A YEAR AGO: $3.91
SOURCE: AAA Fuel Gauge Report


http://www.theday.com/re.aspx?re=78cc4720-39d1-4732-9c22-88bc5bcc40cd
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Orrex Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:01 PM
Response to Original message
1. Michael J. Fox?
I've seen prices rising steadily, and I thought that I'd imagined those reports about our high inventories and low demand. Pretty sure I hadn't imagined those successive quarters of record-breaking profits for Exxon et al.
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gratuitous Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:02 PM
Response to Original message
2. The law of supply and demand was repealed by the USA PATRIOT Act
That's what I heard, at least.
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Skink Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:06 PM
Response to Original message
3. what oil is at 95.
Relax duers.
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islandmkl Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:20 PM
Response to Reply #3
4. ?? "what oil is at 95."?? OR under $60...
Edited on Tue May-12-09 10:44 PM by islandmkl
http://www.bloomberg.com/energy/

...well, right at this moment, anyway...
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elleng Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:21 PM
Response to Original message
5. Glad Blumenthal is after it;
he's a good one.
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mnhtnbb Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:24 PM
Response to Original message
6. I noticed today gas was $.20 higher than the last time I filled up--which
was probably 7-10 days ago!
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doc03 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 10:55 PM
Response to Original message
7. Oh here we go again, gas prices go up
then a bunch of showboat Congressman have a big dog and pony show with the oil executives and absolutely nothing is accomplished.
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Lint Head Donating Member (1000+ posts) Send PM | Profile | Ignore Tue May-12-09 11:05 PM
Response to Original message
8. When gas prices go up the economy goes down.
A 'pun-ny' way to put it is that the economy tanks.
That is exactly what happened the first time. People have forgotten that the very first thing that happened was that the oil companies and speculators tripled gasoline prices which led to people not affording goods to people not being able to pay their mortgages, on and on. It's perpetuating itself.

I want to know what Cheney and the energy people talked about during their secret meetings.
:dem:
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orleans Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-13-09 02:34 AM
Response to Original message
9. $2.60. fucking speculators. n/t
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SoCalDem Donating Member (1000+ posts) Send PM | Profile | Ignore Wed May-13-09 03:53 AM
Response to Original message
10. They ALWAYS gouge us in May, June, July, August.. It's a "tradition"
We could be knee-deep in oil that NO one wants to buy, and they would just shut down some refineries "for service", and then suddenly discover..OH MY GOODNESS-GRACIOUS..people like to go on driving vacations when the kids are out of school.. just have to raise the prices...


just like they are always blindsided every year, when uit starts to get cold, and they suddenly realize that they need to make fuel oil for all those north-easterners.. who would have ever thought that it would get cold EVERY year?
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