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High gas prices put a crimp on Utahns' summer
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AWFUL | 4:04 a.m. May 23, 2008
These gas prices are not just out of control - they're down right AWFUL!!
My car isn't that big and when it takes almost $50.00 to fill the thing
then it's just downright disgusting!!! I feel for those who have SUV's
or real gas guzzler's. And I heard that Gov. Hunstman doesn't want to
give this state a gax tax holiday for fear of not having enough money in his
precious state budget to fix the highways and roads. Well with that kind of
"help" from the State's government he won't have to worry
cause soon there won't be any cars on the roads cause nobody will be able
to have the money to put gas in their cars, unless your a millionaire!
Rich | 6:48 a.m. May 23, 2008
The BLM released an inventory yesterday, showing 31 billion barrels of oil exist
below millions of acres of BLM-managed land that is not leased due to
congressional or bureaucratic mandates. Some Washington politicians immediately
assailed the BLM, saying "you can't drill yourself to lower oil
prices." I'll give you two guesses as to which party claims those
politicians.
Well, the law of supply and demand is at work, and the OPEC countries, as well as all the various types of companies at work in bringing gasoline to the pump, are learning just how much the world is willing to pay for oil. And the price is astounding -- currently $135 per barrel. If we are to buy enough oil to meet our needs on the world market, we should expect prices to increase unless we start producing more at home. The amount of oil in the West is less than 10 percent of what is estimated to exist in the Arctic, which is 400 billion barrels of oil. Utah alone is estimated to hold 1.5 TRILLION barrels of oil tied up in oil shale.
We have plenty of oil. This is a 520 year supply at current demand levels.
Well, the law of supply and demand is at work, and the OPEC countries, as well as all the various types of companies at work in bringing gasoline to the pump, are learning just how much the world is willing to pay for oil. And the price is astounding -- currently $135 per barrel. If we are to buy enough oil to meet our needs on the world market, we should expect prices to increase unless we start producing more at home. The amount of oil in the West is less than 10 percent of what is estimated to exist in the Arctic, which is 400 billion barrels of oil. Utah alone is estimated to hold 1.5 TRILLION barrels of oil tied up in oil shale.
We have plenty of oil. This is a 520 year supply at current demand levels.
Anonymous | 7:07 a.m. May 23, 2008
Goverment at any doesn't care about people. The oil companys give them too
much money for campains.
Comments continue below
Thomas | 7:22 a.m. May 23, 2008
It's downright disgraceful when the oil companies earn record profits at
the expense of the rest of us. One must wonder if the prices are kept
artificially high and manipulated to obtain the highest profits. It would seem
the excuses the oil companie executives give, that they have nothing to do with
the high prices, are a bunch of bunk! I think the consumer is getting scalped,
plain and simple.
How much more can the economy take? Sooner or later, when gas costs five or six bucks a gallon, things are gonna bust and everything's gonna come down around us. If you think $ 3.75 is unbearable, try five or six dollars.
Somethings gotta give. Either Big Oil is forced to stop robbing us, or we'll all be bankrupt!
How much more can the economy take? Sooner or later, when gas costs five or six bucks a gallon, things are gonna bust and everything's gonna come down around us. If you think $ 3.75 is unbearable, try five or six dollars.
Somethings gotta give. Either Big Oil is forced to stop robbing us, or we'll all be bankrupt!
What's gas really worth? | 8:05 a.m. May 23, 2008
Here's how to find out. Put a gallon of gas in your car and drive till you
run out. Then push it back to where you started.
Or maybe you can hire a crew of minimum wage workers to do it for you and see how much it eventually costs.
Or maybe you can hire a crew of minimum wage workers to do it for you and see how much it eventually costs.
ST. GEORGE | 8:10 a.m. May 23, 2008
THIS YEAR LETS JOIN TOGETHER AND ELECT ONLY THE CANDIDATES THAT OPENLY DENOUNCE
THE OIL BASED ECONOMY, AND PLEDGE TO PASS LEGISLATION TAKING US TO A NEW
AMERICAN ENERGY INDEPENDENCE REVOLUTION.
ALTERNATIVE | 8:12 a.m. May 23, 2008
You might consider the train. I took it to Denver one way for $65.00. It might
be an option. The only draw back is the scheduling.
St. George | 8:17 a.m. May 23, 2008
WOW 31 BILLION BARRELS, that is only 6.45 years of the 13.15 Million Barrels Per
Day we import.
What is your next plan? Invade Russia, Iran, Saudi Arabia?
Affordable Sustainable Oil is a thing of the past----------time to move on ---- and very quickly to an economy based on clean renewable electricity.
We spend over 400 Billion on imported oil each year, take just 25% of that for 4 years and we can build clean renewable energy plants that will produce 200,000 megawatts of electricity, enough for 61% of the homes in the USA.
What is your next plan? Invade Russia, Iran, Saudi Arabia?
Affordable Sustainable Oil is a thing of the past----------time to move on ---- and very quickly to an economy based on clean renewable electricity.
We spend over 400 Billion on imported oil each year, take just 25% of that for 4 years and we can build clean renewable energy plants that will produce 200,000 megawatts of electricity, enough for 61% of the homes in the USA.
Utah County | 9:44 a.m. May 23, 2008
I've got an idea. Get the dust off your bike and start riding. People spend
money on gas to drive to the gym then spend an hour in the gym. Add into that
the gym membership costs and you would be saving money by skipping the gym and
riding your bike.
Murray | 9:59 a.m. May 23, 2008
There is only one thing that will convince the American public to find an
alternative form of energy. We really don't care about the environment,
foreign dependency, etc. What we really care about is the bottom line.
Sadly, this is what will start a new energy revolution.
Sadly, this is what will start a new energy revolution.
Agent Scarn | 10:00 a.m. May 23, 2008
I agree that we need to get off oil. We are far too dependent on it which in
turn makes us far too dependent on foreign countries. 10 years ago I loved my
truck when I was in college. 10 years later I drive a Honda Accord for the gas
mileage. In a couple years when that new German car the Loremo comes out that
will be my next purchase. 150 mpg sounds very appealing. Even at 150 mpg I
still feel that we need to start exploring other energy sources immediately.
Congress needs to get off their behinds, quite pumping money in to social programs that are completely failing i.e. welfare and social security and start investing money into new forms of energy. I'm sick of pumping money into programs that promote mediocracy and that I'll probably never see a return on.
Congress needs to get off their behinds, quite pumping money in to social programs that are completely failing i.e. welfare and social security and start investing money into new forms of energy. I'm sick of pumping money into programs that promote mediocracy and that I'll probably never see a return on.
Re: Utah County | 10:08 a.m. May 23, 2008
Dumb idea. People go to the gym because that's where the hot women are.
Simple Economics | 10:19 a.m. May 23, 2008
I was going to go to a Jazz playoff game a few weeks ago but the prices that
scalpers were asking was too high for my liking. So, I watched the game on
TV.
I wish everyone would stop blaming the oil companies. The only reason they earned that much in profits is because people like us were foolish enough to accept the high prices. The only way to lower the price will be to stop using oil where ever we can. Ride a bike to the bus stop and take the bus to work. Take Trax. Sell your Escalade and buy a hybrid. Find a way to reduce your dependence on oil. Once the oil companies see that the price of gas is higher than we think its worth, maybe they will lower the price and profits will decrease.
If I owned a company, I would sell my products for the highest price people would pay for them. Thats just what the oil companies are doing. If you don't like it, change.
I wish everyone would stop blaming the oil companies. The only reason they earned that much in profits is because people like us were foolish enough to accept the high prices. The only way to lower the price will be to stop using oil where ever we can. Ride a bike to the bus stop and take the bus to work. Take Trax. Sell your Escalade and buy a hybrid. Find a way to reduce your dependence on oil. Once the oil companies see that the price of gas is higher than we think its worth, maybe they will lower the price and profits will decrease.
If I owned a company, I would sell my products for the highest price people would pay for them. Thats just what the oil companies are doing. If you don't like it, change.
The REAL problem | 10:21 a.m. May 23, 2008
The RECORD PROFITS are 8%. Microsoft is close to 40% and Google is over 50%.
yet you choose to blame the oil companies.
Put your anger where it should be directed.
Our Federal Senate and House.
They have not allowed a new refinery to be built for 30 years. Over the past years they have limited existing oil refineries to 50% capacity.
Guess what... limited supplies raise the cost on an item we want.
Congress also has NOT allows OUR oil companies to drill for oil off the California or Florida coasts.
AND they aren't letting OUR companies bid for oil spots in the Gulf of Mexico, but they are letting China and Columbia (I believe its Columbia) but spots in our territory in the Gulf.
Wouldn't help us anyway since we don't have the refineries to process it.
Don't forget the same thing up in Alaska.
We have plenty of resources.... but because we aren't allowed to access them our oil companies have to by crude and processed oil from other countries... which set the price.
8% that is all the make in profits.....
Send your hate and anger to your Senator's and Congress.
yet you choose to blame the oil companies.
Put your anger where it should be directed.
Our Federal Senate and House.
They have not allowed a new refinery to be built for 30 years. Over the past years they have limited existing oil refineries to 50% capacity.
Guess what... limited supplies raise the cost on an item we want.
Congress also has NOT allows OUR oil companies to drill for oil off the California or Florida coasts.
AND they aren't letting OUR companies bid for oil spots in the Gulf of Mexico, but they are letting China and Columbia (I believe its Columbia) but spots in our territory in the Gulf.
Wouldn't help us anyway since we don't have the refineries to process it.
Don't forget the same thing up in Alaska.
We have plenty of resources.... but because we aren't allowed to access them our oil companies have to by crude and processed oil from other countries... which set the price.
8% that is all the make in profits.....
Send your hate and anger to your Senator's and Congress.
RE | 10:31 a.m. May 23, 2008
It's not the goverment's job to invest money into new forms of energy.
The real problem is the government makes more off oil than the oil companies
because of the taxes that are charged. There is zero incentive to reduce
government oil revenues.
Re: RE | 10:36 a.m. May 23, 2008
> It's not the goverment's job to invest money into new forms of
energy.
I disagree.
I always imagine where we would be right now if Bush and congress had taken the same money that they used to invade Iraq and instead invested it in a Manhattan Project style effort for next generation energy development. Certainly we would be leading the world in technology and innovation right now with a very strong dollar instead of sending all of our dollars to OPEC. But, Bush's grand scheme has blown all of our nation's money and credit, not to mention the cost of thousands of lives, with no good options to get out of the mess. Without a doubt, Bush is the worst president in the history of our nation. And I am a lifelong Republican who thought it couldn't get any worse than Clinton.
I disagree.
I always imagine where we would be right now if Bush and congress had taken the same money that they used to invade Iraq and instead invested it in a Manhattan Project style effort for next generation energy development. Certainly we would be leading the world in technology and innovation right now with a very strong dollar instead of sending all of our dollars to OPEC. But, Bush's grand scheme has blown all of our nation's money and credit, not to mention the cost of thousands of lives, with no good options to get out of the mess. Without a doubt, Bush is the worst president in the history of our nation. And I am a lifelong Republican who thought it couldn't get any worse than Clinton.
Earl | 10:42 a.m. May 23, 2008
Thomas, I'm shocked. Who should "force" big oil to "stop
robbing us?"
Earl | 11:06 a.m. May 23, 2008
A Manhatten Project for energy? Spare us! Government's record at choosing
which technology is the next big thing is awful! Better to let the market
decide that, don't you think?
Re: Earl | 11:13 a.m. May 23, 2008
> Better to let the market decide that, don't you think?
Oh definately. They have done a wonderful job so far! (dripping sarcasm intended).
I agree that our current government is a mess and probably an idealistic Manhattan Project simply wouldn't be possible because of that. But, at the moment, "the market's efforts" are far too fragmented and not coordinated to do any good. You also have a nasty chicken and egg type of problem where private industry simply won't invest money into something unless they see a big return on investment very quickly.
Oh definately. They have done a wonderful job so far! (dripping sarcasm intended).
I agree that our current government is a mess and probably an idealistic Manhattan Project simply wouldn't be possible because of that. But, at the moment, "the market's efforts" are far too fragmented and not coordinated to do any good. You also have a nasty chicken and egg type of problem where private industry simply won't invest money into something unless they see a big return on investment very quickly.
Real Problem @ 10:21... | 11:30 a.m. May 23, 2008
is right. From the Wall Street Journal:
"Thomson Financial calculates that profits from the oil and natural gas industry over the past year were 8.3% of investment, while the all-industry average is 7.8%. And this was a boom year for oil. An analysis by the Cato Institute's Jerry Taylor finds that between 1970 and 2003 (which includes peak and valley years for earnings) the oil and gas business was 'less profitable than the rest of the U.S. economy.' These are not robber barons..."
"Thomson Financial calculates that profits from the oil and natural gas industry over the past year were 8.3% of investment, while the all-industry average is 7.8%. And this was a boom year for oil. An analysis by the Cato Institute's Jerry Taylor finds that between 1970 and 2003 (which includes peak and valley years for earnings) the oil and gas business was 'less profitable than the rest of the U.S. economy.' These are not robber barons..."
Credit where credit is due | 12:18 p.m. May 23, 2008
Bush's Texas oilman past is well-known, as is to a lesser degree
Cheney's tenure as the highly compensated head of a large energy-related
firm. But a Mercury News review found ties to the industry throughout
the highest levels of the administration, including key appointees who
have served as energy company executives, invested in the field or
received large campaign contributions from it.
Cheney's tenure as the highly compensated head of a large energy-related
firm. But a Mercury News review found ties to the industry throughout
the highest levels of the administration, including key appointees who
have served as energy company executives, invested in the field or
received large campaign contributions from it.
Earl | 12:20 p.m. May 23, 2008
Exactly. Neither private nor public funds should be expended for technology
that won't pay off fairly soon. There is a huge incentive for private
industry to corner the market on the next big thing in energy. If it could be
done, it would be done.
Solution | 1:05 p.m. May 23, 2008
Very simple solution, use less gas. Many people want to have their cake and eat
it too. If gas is so valuable to us and we're willing to keep using the
same amount even when prices hit $10/gallon, then that's exactly where
prices will go. If 100 people really wanted to buy my house and because of the
competition the top bidder was willing pay me $1,000,000 what right does the
government have to come in and say whoa, you can't sell it for more than
$200k? That isn't right. The same goes for oil companies, they can charge
what they want. If you can produce it cheaper and are willing to take a smaller
profit, then open your own oil company and save our poor people from paying too
much for a product they are addicted to. Supply & Demand. Take Econ 101
and quit depending on a big government to bail you out everytime something
happens that you don't like.
Anonymous | 1:32 p.m. May 23, 2008
To Solution; How about the trucks that bring our food? Can they stop using gas
and stop bringing food to the stores? I guess we are all addicted to food to JA!
Look who is funding... | 1:42 p.m. May 23, 2008
RE: Real Problem @ 10:21... | 11:30 a.m
You take what the Cato Institute says for gospel? Their biggest contributors are oil companies. Another Right Wing Propaganda Machine the Heartland Institute is largely funded by CITGO (yes amazing isn't it), Exxon, and the Wal-Mart Family Trust.
Before quoting these organizations go to Guidestar and find out who is behind them.
You take what the Cato Institute says for gospel? Their biggest contributors are oil companies. Another Right Wing Propaganda Machine the Heartland Institute is largely funded by CITGO (yes amazing isn't it), Exxon, and the Wal-Mart Family Trust.
Before quoting these organizations go to Guidestar and find out who is behind them.
Anybody Listen? | 1:45 p.m. May 23, 2008
Did anyone listen to Glen Beck on CNN last night? He had T. Boone Pickens
talking about oil and why the prices are so high. Pretty interesting stuff.
Apparently, we pay over $750 billion dollars annually to the Saudi's for
their oil. If we started drilling our own reserves, that money would at least
stay in the USA. Time to get rid of our dependence on foreign oil. By the way,
T. Boone is investing in wind energy for the future. Does he know something we
don't? Probably why he is a rich man!
lowonoil | 1:49 p.m. May 23, 2008
Well the trucks won't be bringing our food for very much longer if we keep
using up thier gas with our 80 mile solo commutes in our F-350s.
Earl | 1:56 p.m. May 23, 2008
Investing in things like wind or solar energy is sensible because the government
is involved in it. When the government gets involved, they throw a lot of money
around. T. Boone may not necessarily think it's the way we're going
to solve our problem, but he knows it will put money in the bank of shrewd
investors.
lowonoil | 2:08 p.m. May 23, 2008
Anybody Listen? Apparently not you. T. Boone Pickens has been saying for years
that we are never going to be able to increase our oil production much from what
it is now. It's because he knows, among other things, that there is very
little left to drill for in this country.
Great Picture | 2:23 p.m. May 23, 2008
This picture is appropriate, high gas prices, with storm clouds in the
background ... I think we were warned over the past couple of years by
"Certain People" about a coming "Storm", Is it here or just
on the horizon?
Re: lowonoil | 2:23 p.m. May 23, 2008
You seem to be the expert... so what do we do now? Invest in more ethanol?
That's a lose-lose proposition that hurts the environment more than oil
drilling.
Denice | 2:30 p.m. May 23, 2008
In 2003, I was told gas would be up to $4.00 per gallon and that we're
following a trend of government and consumer debt that'll get us into
inflation and later depression. You'd better get food storage! This
isn't going to stop. Have you heard about the Kondratieff wave? It says
approximately every 50 years there's been a depression. So, we're
several standard Deviations from the average but we're due for one! The big
problem with a depression now: we use to have 90% of farms in America
producing the food for everyone; we only have 2% of farms producing food for
everyone. I think that 2% of farms are even dwindling. If you think the great
depression was great, we're going to be hit with greater!
Also, Ezra Taft Benson said after the great depression: "Food Storage may be as important to our temporal salvation as was boarding the ark in the days of Noah." Also, "The time will come that gold will hold no comparison in value to a bushel of wheat� Brigham Young. In January, the cost of wheat was just $20.00 for a hundred pounds, now: $44.00/hundred. Avoid debt like a plague! Get out of debt!
Also, Ezra Taft Benson said after the great depression: "Food Storage may be as important to our temporal salvation as was boarding the ark in the days of Noah." Also, "The time will come that gold will hold no comparison in value to a bushel of wheat� Brigham Young. In January, the cost of wheat was just $20.00 for a hundred pounds, now: $44.00/hundred. Avoid debt like a plague! Get out of debt!
Get Real! | 2:32 p.m. May 23, 2008
For all of you who think that the rich are only getting richer from this, well
you better look a little deeper into you 401(k) & other mutual fund! ... OH
MY HECK! I own some "Big" oil stocks!
Pres. Bush & company has very little to do with this run up in gas prices, it is all supply & demand.
AIMHO
Pres. Bush & company has very little to do with this run up in gas prices, it is all supply & demand.
AIMHO
Re: Denice | 2:44 p.m. May 23, 2008
You hit the nail on the head! But in actuality, the numbers is 1.5% of the US
population is involved in farming. That includes all types of agriculture.
There are many fewer that farm edible produce than grow fiber crops. But these
guys aren't making any money either because of freight costs. From what I
hear there is a very real increase in home owners that are getting back to
basics and growing their own veggies. My wife and I recently purchased 50 lb
bags of edible wheat for $26 each, and that was the cheapest we could find.
Sounds like ETB's advice is good.
American Market Disadvantage | 3:05 p.m. May 23, 2008
In the same manner that the phone company was broken up in the 1980's the
current oil co oligopoly should be broken up. The FTC needs to investigate
collusion oil/gas pricing patterns.
Oil does not follow the same elastic supply/demand models that Mr. Solution said they do above.
The oil supply demand market is inelastic. Meaning that price does not directly affect demand and vice versa.
I would furthermore suggest that oil/gas availability is of national security importance and that the greater good of the public outweighs the rights to large profits by a few corporations. For our current system of transportation needs and distribution of goods oil energy is needed. We are a sparsely (in areas) populated nation. Comparisons to Europe do not apply here. Reasonable access to goods and services must prevail otherwise wide-scale anarchy will ensue.
We are dependent on oil for transportation needs until a supply substitute can be invented.
We should nationalize the energy market and regulate it much the same way the electric companies are now. Anyone remember the last time electric companies were de-regulated? Enron anyone?
Laissez-faire does not always work. Californians paying electricity bills can attest to this.
Oil does not follow the same elastic supply/demand models that Mr. Solution said they do above.
The oil supply demand market is inelastic. Meaning that price does not directly affect demand and vice versa.
I would furthermore suggest that oil/gas availability is of national security importance and that the greater good of the public outweighs the rights to large profits by a few corporations. For our current system of transportation needs and distribution of goods oil energy is needed. We are a sparsely (in areas) populated nation. Comparisons to Europe do not apply here. Reasonable access to goods and services must prevail otherwise wide-scale anarchy will ensue.
We are dependent on oil for transportation needs until a supply substitute can be invented.
We should nationalize the energy market and regulate it much the same way the electric companies are now. Anyone remember the last time electric companies were de-regulated? Enron anyone?
Laissez-faire does not always work. Californians paying electricity bills can attest to this.
Pass the blame | 7:35 p.m. May 23, 2008
It is very easy and popular to blame the government and Oil companies for the
price of fuel but reality is that we can only blame ourselves. Take a look at
all of the big trucks and SUV's on the road that get such poor gas mileage.
Take a look at how many people jump in to their car to drive to the church
around the corner.
If the American people really want to do something about this situation then we need to change our habits for getting around town. We need to scale back on the size of our vehicles. We need to drive more conservatively, slowing down and being less aggressive. We need to walk occasionally instead of always hoping in our cars to go around the corner.
We do have the power to change this situation but it lies within ourselves. Do we have the courage to do it? Or will we just go on blaming everyone else while we cruise down the street in our Escalade or Suburban?
If the American people really want to do something about this situation then we need to change our habits for getting around town. We need to scale back on the size of our vehicles. We need to drive more conservatively, slowing down and being less aggressive. We need to walk occasionally instead of always hoping in our cars to go around the corner.
We do have the power to change this situation but it lies within ourselves. Do we have the courage to do it? Or will we just go on blaming everyone else while we cruise down the street in our Escalade or Suburban?
lowonoil | 10:25 p.m. May 23, 2008
The solution isn't on the supply side. We use 5 times the average world
citizen's share of energy and other resources in this country. It's
time to take a hard look at whether our not our consumption is making us 5 times
healther, happier, or well off as the other people in the world. We need to do a
cost/benefit analysis of our lifestyles.
The bad news is that the prospects of us maintaining the lifestyle we are used to, despite our best efforts, are poor. The good news is that it isn't as great, and the alternatives aren't as bad, as we've been led to believe.
"That happiness is to be attained through limitless material acquisition is denied by every religion and philosophy known to mankind, but is preached incessantly by every American television set."
- Robert Bellah (1975)
The bad news is that the prospects of us maintaining the lifestyle we are used to, despite our best efforts, are poor. The good news is that it isn't as great, and the alternatives aren't as bad, as we've been led to believe.
"That happiness is to be attained through limitless material acquisition is denied by every religion and philosophy known to mankind, but is preached incessantly by every American television set."
- Robert Bellah (1975)
hotbooy | 4:03 p.m. May 28, 2008
everyone in the u.s.a should not use gas 4 (1)one week. they will get the
picture then.
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