What is being done about the rising gas prices?

Answer 1

Nothing.

Why would I want to spend billions of dollars:

1) for studies related to just getting a permit to build a refinery

2) for legal fees related to the inevitable lawsuits filed by every environmental group within a thousand mile radius, which will tie up my plans for a new refinery (and my capital) for YEARS if not completely wreck those plans

3) for the actual engineering, and construction of a new refinery

4) and for hiring, training, and retaining new operators for a new refinery


when I could just go buy an existing refinery for about 8 times earnings?

Answer 2

To this question i say what can really be done? when america is using more gasoline than ever to power it's economy and china is rapidly rising as a superpower and gaining cars, the resources are spread so thin. as more and more people get cars there is not more and more gasoline there is less. so expect higher gas prices even higher than four dollars a gallon to become the norm in about 2-3 years. there is going to be a repeat of the 1970s oil crisis and i think that something needs to be done quickly to move america away from oil and gas use and towards a hydrogen economy. hydrogen is sustainable and abundant and with research will become mainstream within about 2-3 years. efficient hybrids in the meantime are absolutely the answer and i encourage anyone concerned about gas prices to purchase one because i can almost guarantee higher gas prices from this point forward unless america plans on cutting usage immediately and by large amounts.

Answer 3

In my opinion, gas prices should not even be rising. Doesn't the U.S. have control in Iraq? So that means that gas prices should remain constant if not go down. Yes all of our oil is not imported from Iraq but a major portion is.

Some people are boycotting gas companies while others are walking, biking, using public transport. But most citizens are driving more than ever. It's confusing, they say they want cheaper gas yet they keep on using it a lot.

Answer 4

What do you think should be done? Gasoline prices are set by market forces. The only way to decrease gasoline prices is to:

1) Reduce demand - In the short term this means driving less. In the longer term, replacing your existing car with a more fuel efficient one.

2) Increase supply - There is really no short term answer here, the only answer is to build more refineries.

There is another answer of course, the government could reduce its taxation of fuel. Do you have any idea how much of the price you see consists of taxes?

But, one could always ask if we really want prices to go down. Over time, higher prices will reduce demand thus reducing green house gas emissions.

Answer 5

Nothing and it is unfortunate. The numbers of people complaining about rising gas prices increases each day with the constant new highs in gas prices, but the gas usage doesn't decline. People aren't going past complaining and moving into reducing fuel usage, which will be the thing to affect gas prices. Predictions are that gas prices will continue to increase as the reduced outputs of refineries will not be able to be increased in time for the increased summer usage of fuel. People need to understand that carpooling, reducing fuel usage, and finding other methods of transportation are what is going to really change prices as demand will lower.

Answer 6

Nothing is being done, nor is it likely anything will get done as long as the major petroleum corporations have our Congress, Senate and White House in their back pocket. The same can be said of the pharmaceutical industry, the insurance industry and any number of corporate criminals truly in charge in America today. Until we the people finally wake up and become more emboldened in our protest this will likely continue for as long as the corporations can get away with it. A great statesman once said "It is the duty of every American to protect it's country, from it's Government." With this in mind we must take back our country from the greedy, irresponsible and dangerous people who are now in charge. When corporate interests outweigh the interest of the public at large, there is something seriously wrong here. I think we need to get back to basics and let the Government know we're not going to take much more. Unfortunately most people now days are too busy surviving (I won't say living) for their next paycheck, too fill their overpriced cars, with overpriced gas, go to their overpriced homes, and struggle through another week of corporate media brainwashing. Sorry for the diatribe.

Answer 7

What is being done about the raising cost of copper, gold, corn, Euros, houses in california, the Dow index, etc...

Nothing, becuase they are all commodities. No one controls the prices of commodities. The volumes and value of all of the above that are traded daily is in the trillions of dollars. No one group has the kind of resources to control the prices of such commodoties.

Every one screams murder when the oil companies make money when oil prices go up, but no felt sorry for them when oil prices hung around $15 a barrell from 1991 to 1999.

The rising cost of oil is due to many factors. First is that the dollar is at a pathetically low valuation. The dollar is down 40% to the Euro over the last 5 yrs. This in tern means we have to give more dollars to get the same amount of gas.

Second, the risk to produce as increased. Do you want to go to the mid east now to drill oil, do you want to go to some of the dangerous areas of S. America to drill, do you want to go to Russia to drill. The more civil unrest in the world the higher the cost to produce oil.

Third, India and China are coming into there own as oil consumers. China has obtianed large contracts to buy oil with several producers in the mid east. This raises prices as there is more demand.

All in all there is not much any one can do to lower gas prices. If you think that oil will continue to rise, invest in oil companies, get rich like the people you curse. No one says you cant buy stock in Exon, or buy oil in the commodoties market.

I know it's anyoing to have to pay $50 to fill up your car, but like other say you can always ride a bike.

Peace,
James

Answer 8

The oil executive and elected officials are getting rich from the prices, so they are trying to figure out ways to make the prices even higher. And before you accuse me of being an idiot, I mean that elected officials are getting rich from campaign contributions and kick-backs from their executive friends.

The only way anything will get any better is if America and the rest of the world, (A) bomb the hell out of the entire Middle East and turn it into a huge field of gas pumps or (B) kick our addiction to oil.

I would rather see option B, but who knows who Americans will elect in a year. We have to have people in charge who want to see us stop using oil as we do instead of people who get rich and have friends that get rich from us sinking further into our addiction.

Buy a hybrid (or at least something that gets 30 mpg or better), carpool, recycle and the like.

Maybe it'll work. I sure hope it does.

Answer 9

Don't just blame congress! There are politicians out there that are trying to pass legislation that would allow us farmers to produce sugar beets, cane and corn so that we bio fuels can be engineered.

Oil companies are making record profits of all time and yet they get fattest tax breaks of all.

If refineries really are too outdated to keep up with the demand why are these oil companies not taking these all-time-record-high profits and reinvest them into the renovations of these aging refineries? Because we don't have alternative fuel sources and they know that they have us by the balls.

If we would have alternative or Bio Fuels we wouldn't be at war with these mid-east countries or kissing their behinds to give us more oil. We could finally give them the good ole middle finger and have our own means of fueling our country.

If congress passed a law that stated that Auto manufacturers could only produce vehicles that ran on bio ethanol gas would be $.89 a gallon.

But all we have to do is put pressure on our law makers.

Answer 10

You mean the fact that there have been no new refineries built since the sixties, that there is a hugh difference between profits and profit margins, and that most government school educated morons who believe the press hype about gas prices couldn't tell you the difference between an IQ and their 20/20 vision?