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Fuel Freedom Foundation
In the wake of Hurricane Harvey, the average price of a gallon of gasoline nationwide spiked by 25 cents, with some states seeing an increase of as much as 42 cents per gallon. This is the largest increase in a single week since the 49-cent jump following Hurricane Katrina in 2005. The fact that the entire nation’s fuel infrastructure can be disrupted by a localized single event is deeply concerning. In fact, our economy is disproportionately reliant on oil —10 of the previous 11 U.S recessions were preceded by a spike in oil prices (and subsequently gasoline). Indeed, as Michael… [more]View Insight
The Natural Resources Defense Council (NRDC) has released a report titled “Keystone XL: A Tar Sands Pipeline to Increase Oil Prices,” arguing that the Keystone XL pipeline will increase gas prices in the United States. The report argues that the pipeline would take Canadian crude oil that has historically gone to Midwest refineries – which produce gasoline sold to U.S. consumers – and divert it to refineries in the Gulf Coast of Texas, which historically have produced diesel that is exported internationally. Diesel fuel has over the past few years become more expensive in non-U.S. markets, providing an incentive for… [more]View Insight
According to a Japanese news service, The Obama Administration will call for a release of strategic oil reserves (SPR) at the upcoming G8 summit. The expected request comes in advance of Europe’s July embargo on Iranian oil. Oil prices have declined in recent weeks, and the U.S. has seen increasing crude inventories. The Administration may be eager to assure minimal price disruptions as a result of the embargo, although the White House has downplayed reports of its support for a strategic oil release. The International Energy Agency will decide if oil reserves should be tapped, and as recently as two… [more]View Insight
On Tuesday, President Obama outlined a package of efforts his administration is pursuing to ensure that energy traders are not responsible for “market manipulation” that drives up the cost of oil and consequently gasoline. President Obama called on Congress to “pass a package of measures to crack down on illegal activity and hold accountable those who manipulate the market for private gain at the expense of millions of working families.” Specifically, Obama suggested that Congress should provide funding to better police energy trading, and policing of those investors usually go for stock apps when trading online. He suggested that Congress… [more]View Insight
Some analysts have projected gasoline prices to go as high as $5/gallon over the coming months, noting a world-wide crunch of spare oil production capacity, rising demand from developing countries, and typically high U.S. demand during summer months. Recently, however, some analysts have suggested that U.S. gasoline prices may have peaked for 2012, and recent surveys from AAA and DOE suggest gas prices have slipped this week, which may in part be a result of worse-than-expected economic news out of the U.S., Europe, and China. The national average retail price for a gallon of gasoline was $3.90 as of April… [more]View Insight
On March 5th, 68 Congressional Democrats sent a letter to regulators at the Commodities Futures Trading Commission (CFTC) urging that the agency “immediately enact strong position limits to eliminate excessive oil speculation as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.” The Dodd-Frank Act requires that the CFTC promulgate and enforce limits on oil speculation by January 17, 2011, but the CFTC has not yet done so. According to a Goldman Sachs report cited by the letter, “excessive oil speculation ‘translates out into a premium for gasoline at the pump of $.56 a gallon’”. Despite… [more]View Insight