So thats the news, what are the details? There is an obvious disconnect but what is it? We don't need congress telling us their is a problem, please, without pushing personal agenda's, what is it?

Why can't we fix prices? I think it should be explored. The artificial futures bidding and buying,
with a reluctance of the Bush administration to go
after their oil buddies that has hurt us considerably. We are all being taken for a ride
by an economic system that has given corporations
more power than the people...I say we revolt..

Hofmeister statment is correct - "The fundamental laws of supply and demand are at work" - except he forgot to finish the sentence "when demand begins to drop, we collude and curtail the supply so demand will continue to exceed supply to keep prices artifically inflated, thus insuring that we garner record profits". He also forgot to state that - "Since we control supply from well to pump, we can also increase alleged costs from one controlled entity to another throughout the refining process - that way we can sit before you today and state that the costs of refining have gone up when in reality they really haven't; thus garnering even more profit". He also forgot to tell the Senate that, "If you don't believe me when I tell you that the laws of supply and demand are at work, I can always tell you that the problem is caused by the emerging economies of India and China - that has been a good line that has worked so far to buffalo the American public".

Fixing prices has been "explored" for centuries, and the result is always the same: disaster. If you want to revolt against something, why not go to the source: the Federal Reserve. The Fed is the monster behind speculative bubbles, inflation, recessions and depressions. Creating money out of thin air can only end in the demise of our economic system.

We can't lower the price because the government has prevented the oil industry to function within the US. The government intervention has been going on since the 1970's, and until it is relaxed and the oil companies are allowed to drill, we will have the same problems.

Big corporations are evil? Who employs people? Who sponsors technology? I kind of like my pay check and benefits. I couldn't live the same by growing beans. Supply and demand are at work. The issue is that supply is restricted due to our inability to build more refineries, refusal to allow increased usage of proven energy sources and stupid court rulings like protecting a polar bear that is not even endangered. The Left wants a shift in wealth and it heads that way everyday. Listen as your wealth heads over the sea. Every time you see a court ruling that cites global warming, look out. It is not the big companies. Come on!

Want to know what drives the price up?

GOP = Big Oil.

When are the environmental law firms going to have to appear before Congress and disclose their profits?

These guys are sucking us dry.

What has driven prices up so fast? Oil is valued in dollars, and the dollar has collapsed under the weight of BushCheney's monstrous deficit. Thanks, Bush.

The DO NOTHING manner of the Republicans and their
inability to offer any other solution than drilling
in Alaska could put them out of power for an entire
generaion. I get an upset stomach hearing the Puppet conservative parrots like Hannity and his ilk.

1. Plenty of oil, lack of refineries.
2. Raise interest rate to slow $ to speculators/hedge funds driving price up.
3. EPA needs to update or jump to the present. New technologies would allow cleaner drilling and refineries. Our government has caused this problem with over regulating and tax BREAKS subsidising oil industry.
4. Get involved politically. Vote Senators, Congressman, and Presidents out that wont fix the problem.

Time to ride the bike.