Oil Prices Makes The World Go Up But Mostly Down
By Lynn Ashton on May 1, 2011, 4:51 pm
“The president may think he’s punishing CEOs of big companies, but his plan will hurt the everyday consumer of energy and imperil the jobs of millions of hardworking people in American-based companies,” first-term Congressman James Lankford from Oklahoma said in the Republicans’ weekly address. The average national price for regular gasoline right now is $3.91 a gallon. In 22 states it’s higher than that, and the price has jumped past $4 in Alaska, California, and Connecticut. Obama says oil companies are at least partly to blame, and his main ammo are their newly-announced profit statements.
Huge Profits
“When oil companies are making huge profits and you’re struggling at the pump, and we’re scouring the federal budget for spending we can afford to do without, these tax giveaways aren’t right,” Obama said Saturday. “They aren’t smart. And we need to end them.”
Oil And Gas
We can thank the American Petroleum Institute for a brand new study that explains the public service its member conglomerates perform. According to Karl Isakower, who is API’s vice president of regulatory and economic policy, “The oil and gas industry supports millions of jobs and a significant portion of our economy and the retirement benefits of America’s teachers, police officers and thousands of others with a pension or 401(k).”
Largest Oil Consumer
In the U.S., the world’s largest oil consumer, high prices appear to be having an impact on demand. Latest four-week data for April 22 show gasoline demand down 1.6% from a year ago, according to the Energy Information Administration, which also reported February demand fell by a steep 3.9% from earlier estimates and was unchanged from a year ago.
“The president may think he’s punishing CEOs of big companies, but his plan will hurt the everyday consumer of energy and imperil the jobs of millions of hardworking people in American-based companies,” first-term Congressman James Lankford from Oklahoma said in the Republicans’ weekly address. The average national price for regular gasoline right now is $3.91 a gallon. In 22 states it’s higher than that, and the price has jumped past $4 in Alaska, California, and Connecticut. Obama says oil companies are at least partly to blame, and his main ammo are their newly-announced profit statements.