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FIVE Facts About Gas Prices Feb 21, 2012 | By ThinkProgress War Room

The Thinking Woman 2012/02/22 08:41:25

As
Gas Prices Rise, GOP Wants Even More Handouts to Big Oil


Though
oil demand is at its lowest since 1997, oil prices (and gas prices along with them) are once again on the rise.
Analysts are projecting gas prices will top $4 a gallon nationally
and perhaps reach record highs later this year. Despite relatively low
demand and surging production levels in the U.S., prices are of course
rising due to myriad factors, including speculation and instability in
the Middle East.


For
their part, Republicans have latched on to these rising prices as proof that
President Obama has pursued an “outrageously anti-American” energy policy. As with most other overheated conservative attacks on the president, the facts don’t line up in their favor.


Here’s
FIVE key facts about rising gas prices, the GOP, and Big Oil.


1.
Domestic Energy Production Has Soared Under President Obama:
The
number of oil drilling rigs in the U.S. hit a record last week, having quadrupled in number over the past three years
.
Between oil and gas drilling rigs, the U.S. now has more rigs at work than
the rest of the world combined. The current oil boom has buoyed the projections of some leading oil industry analysts:



“It’s
staggering,” said Marshall Adkins, who directs energy research for the
financial services firm Raymond James. “If we continue growing anywhere
near that pace and keep squeezing demand out of the system, that puts you in
a world where we are not importing oil in 10 years.”



2.
President Obama Has Taken Huge Steps to Reduce Our Dependence on Oil:
In
addition to overseeing a dramatic increase in domestic energy production
(including from renewable sources), the president has also taken steps to
reduce the amount of oil we consume. Most notably, new modern standards
requiring cars and light-duty trucks to achieve an average fuel economy rating of 54.5 miles per gallon by 2025
will cut U.S. oil use by 2.2 MILLION barrels of oil per day by 2025 —
a move that will save consumers $1.7 TRILLION and also cut greenhouse gas
pollution by 6 BILLION metric tons. The 54.5 MPG standard by 2025 builds on
an earlier Obama administration policy to increase fuel efficiency to 35.5
MPG by 2016, a one-third imrovement to fuel economy standards that had
previously languished in neutral for more than 20 years. Even as gas prices
are rising, Americans’ cars are becoming significantly more
efficient.


3. Big
Oil Made a Record $137 BILLION in Profits Last Year:
Just
the five largest oil companies — ExxonMobil, ConocoPhillips, BP,
Chevron, and Shell — booked a combined profit of $137 BILLION in 2011, even though these companies produced 4 percent less oil
in 2011. And of course Big Oil’s record
profits are directly related to increasing pain at the pump for American
consumers:




4.
Republican Politicians Oppose Ending Taxpayer Handouts to Big Oil
:
Every Republican presidential contender and nearly every Republican member
of the House and Senate has signed a pledge to oppose ending taxpayer handouts to Big Oil
— handouts that will add up to more than $40 BILLION over the next ten
years. In addition,
Republicans have repeatedly voted in lockstep to block efforts to repeal the
tax giveaways to Big Oil. President Obama, however, remains undaunted and
has once again included repeal of these wasteful giveaways in his budget for 2013.


5.
Republican Politicians Want to Cut Big Oil’s Taxes Even More
:
Both the House Republican budget plan released last year (and supported by
nearly every Republican member of the House and Senate) and the tax plans of
every GOP presidential contender call for cutting the corporate tax rate by
one-third or more. This huge tax cut could result in another big windfall of
billions of dollars for Big Oil. By contrast, President Obama has
proposed closing wasteful tax loopholes and wants to clamp down on the use of foreign tax shelters (ExxonMobil uses at least 20) that allow huge corporations to avoid paying their fair share in U.S. taxes.


IN ONE SENTENCE: Instead
of giving billions more in handouts to Big Oil despite the industry’s
record-breaking profits, President Obama has presided over a dramatic
increase in domestic energy production coupled with unprecedented efforts to
decrease Americans’ spending at the pump by modernizing fuel economy
standards.



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  • jumpboots 187th PIR 2012/02/28 17:20:46
    jumpboots 187th PIR
    +1
    And the truth is obungles is in the pockets of the green gang. That is why oil is shooting sky high.
  • The Thi... jumpboo... 2012/02/28 23:32:10
    The Thinking Woman
    +2
    You just don't want to see the truth.
  • jumpboo... The Thi... 2012/02/29 19:14:37
    jumpboots 187th PIR
    That is the truth.. What was the first thing he did when he was running for the white house,and the gas under Bush was $2.80 a gallon.obama told everyone to buy a tire pressure gage,and when he got in he would bring the cost gas price down...And we now have $4.00 a gallon + And going up...........Get with it.
  • The Thi... jumpboo... 2012/02/29 20:30:56
    The Thinking Woman
    +2
    The President has absolutely NOTHING to do with the price of gas. Iran dones and the fear we have of them. Also OPEC.
  • jumpboo... The Thi... 2012/03/01 02:59:05
    jumpboots 187th PIR
    +1
    Why did he say that he would bring that price of gas down in 2080,,,Was he lying?
    Under carter we had a gas shortage that was carter's doing. When Reagan got in the price went down and gas flowed like a river. The President just has to put pressure on the big oil companys,but this clown wont ,because he is in the pockets of the green gang.
  • The Thi... jumpboo... 2012/03/01 04:38:29
    The Thinking Woman
    +2
    Yes actually, it was a lie. NO PRESIDENT can regulate the price of oil.
  • staardu... The Thi... 2012/03/01 11:18:38
    staarduster
    +2
    Very astute observation.
  • The Thi... staardu... 2012/03/02 05:49:04
    The Thinking Woman
    +2
    Thanks you, sweetie.
  • staardu... The Thi... 2012/03/03 03:45:27
    staarduster
    +2
    Any time, sugar babe.
  • jumpboo... The Thi... 2012/03/01 19:11:56
    jumpboots 187th PIR
    If obungle's get back in,heres what you will be driving. nnn
  • The Thi... jumpboo... 2012/03/02 05:47:27
    The Thinking Woman
    +2
    I live in snow country, I drive this.
    2011 Jeep Liberty
  • jumpboo... The Thi... 2012/03/02 17:02:14
    jumpboots 187th PIR
    +1
    And when Oblame Bush took over in 1/20/2009 the average price of gas was $1.78 per gallion you could afford to fill that up. Now at closing in at $4.00-+ a gallon you will be thinking about obama one size car fits all.
  • The Thi... jumpboo... 2012/03/03 01:34:41
    The Thinking Woman
    +2
    I can afford to fill er up. And again, Obama has nothing to do with the price of gas.
  • jumpboo... The Thi... 2012/03/03 02:31:03
    jumpboots 187th PIR
    +1
    But Bush did.
  • staardu... jumpboo... 2012/03/03 03:53:02
    staarduster
    +1
    Where are you getting this data from, friend jumpboots 187? Is it referring to the price of regular? See, I keep records on all gas purchases. The average price I paid in 2008 was 2.87 a gallon, and the average price I paid in 2009 was 2.26 a gallon. My average price in 2003 was 1.54 for premium, and in 2004 it was 1.85 for premium. Higher ever since, but I did begin to buy regular instead of premium around 2009 sometime. I have to go outside to my vehicle to get my steno pad to find out exactly what month it changed. My point is 1.78 has not been what I have paid for gas since early 2004.
  • The Thi... staardu... 2012/03/03 04:12:16
    The Thinking Woman
    +1
    I just love an intelligent man. They are so sexy!
    sexy hug
  • jumpboo... staardu... 2012/03/03 05:13:56
    jumpboots 187th PIR
    +1
    Right it was an average of $2,78.. I hit the one,sorry..
  • staardu... jumpboo... 2012/03/03 05:20:42
    staarduster
    +1
    oh, that is great, you had me worried/ and i didn't go outside so that is great too lolol but i feel like i will eventually have to know for sure when i changed over to reg at the behest of my mechanic. TTW i love an intelligent woman who THINKS...that's you babe.
  • jumpboo... staardu... 2012/03/03 18:33:42
    jumpboots 187th PIR
    +1
    Women? Where are you coming from?..Don't get smart!"Stay the way you are.............
  • staardu... jumpboo... 2012/03/04 22:43:36
    staarduster
    +1
    Sorry, jumpboots. If you will notice, I was speaking to TTW, TheThinkingWoman, not you in that last line. I had to say a reply to you about the gas price, so I thought I could also say something to TTW at the same time. Sorry if it was confusing. :)
    I guess my reply got out of line. Oops.
  • jumpboo... staardu... 2012/03/05 02:16:16
    jumpboots 187th PIR
    +1
    Thank you...........
  • staardu... jumpboo... 2012/03/05 23:56:11
    staarduster
    +1
    any time my man.
  • The Thi... staardu... 2012/03/06 00:04:51
    The Thinking Woman
    +1
    Hi, darlin, how ya doin'?
  • staardu... The Thi... 2012/03/06 00:07:28
    staarduster
    +1
    oh ill make it i guess, just about to shower and eat dinner then return here for all my answers to replies
    lol
    how r u?
  • The Thi... staardu... 2012/03/06 00:13:56
    The Thinking Woman
    +1
    Missing your good hugs. LOL!
  • staardu... The Thi... 2012/03/06 00:21:08
    staarduster
    +1
    i wont be long my love
  • The Thi... staardu... 2012/03/06 00:23:53
    The Thinking Woman
    +1
    Anticipation!
    I think that is a song there. LOL!
  • staardu... The Thi... 2012/03/06 01:00:35
    staarduster
    +1
    Carly Simon
    c u on fb
  • The Thi... staardu... 2012/03/06 07:28:37
    The Thinking Woman
    +1
    Thanks for the chat, it was heavenly!
  • staardu... The Thi... 2012/03/06 10:46:47
    staarduster
    +1
    Yes it was, funny you should say that, as i made a comment about it too and used the word, harp. lolol
  • jumpboo... staardu... 2012/03/06 02:03:34
  • Guido jumpboo... 2012/03/03 03:51:02
    Guido
    +2
    Do you understand whats going on in Iran?
  • staarduster 2012/02/27 17:54:50
    staarduster
    +2
    ...
    So we thought it would be a good time to just clear up some misconceptions, and explain what's really driving the price.

    Of course, you can't start a discussion about gasoline without talking about oil. So let's begin there.
    ...
    http://articles.businessinsid...
  • The Thi... staardu... 2012/02/27 21:04:52
    The Thinking Woman
    +2
    Good information, thank you.
  • staardu... The Thi... 2012/02/27 23:01:04
    staarduster
    +2
    Welcomes. I imagine this topic won't go away any time soon. Maybe in a few years all will know the truth, but many aspects are constantly changing and there are so many variables to this equation, I fear we may never be satisfied with an answer. :)
  • staarduster 2012/02/26 14:18:40
    staarduster
    +1
    I'm not sure, but one of these stories might be repeated. This stuff is beginning to run together on me. My record-keeping sometimes leaves a little to be desired. lol Please forgive if so.

    http://thecollegeconservative...

    To be fair: while only two of us have commented on this story, because we did not like the author's viewpoint, the author did answer my first comment with challenging information. He said what if OPEC shuts down? Then the oil from Keystone might be diverted to the United States after all. I thought that was a good point. Anyway, here are the last of the stories I have saved on this subject so far: (Most come from gasbuddy.com, a valuable resource.)

    TransCanada Corp. (TRP)’s Keystone XL oil pipeline, heralded by supporters as a major job creator, will add few permanent positions once the $7 billion project is built.

    The company says some of the steel will be made in Canada and India.

    The pipeline will support 127 permanent jobs, she said.

    The pipeline will require more than 800,000 tons of 36-inch carbon steel pipe, about half of which will be produced outside of the U.S., Skinner said. TransCanada has contracted with Mumbai, India-based Welspun Corp Ltd (WLCO), India’s second-biggest producer of pipes, and Moscow-based Evraz Plc, a Russian ...




























    I'm not sure, but one of these stories might be repeated. This stuff is beginning to run together on me. My record-keeping sometimes leaves a little to be desired. lol Please forgive if so.

    http://thecollegeconservative...

    To be fair: while only two of us have commented on this story, because we did not like the author's viewpoint, the author did answer my first comment with challenging information. He said what if OPEC shuts down? Then the oil from Keystone might be diverted to the United States after all. I thought that was a good point. Anyway, here are the last of the stories I have saved on this subject so far: (Most come from gasbuddy.com, a valuable resource.)

    TransCanada Corp. (TRP)’s Keystone XL oil pipeline, heralded by supporters as a major job creator, will add few permanent positions once the $7 billion project is built.

    The company says some of the steel will be made in Canada and India.

    The pipeline will support 127 permanent jobs, she said.

    The pipeline will require more than 800,000 tons of 36-inch carbon steel pipe, about half of which will be produced outside of the U.S., Skinner said. TransCanada has contracted with Mumbai, India-based Welspun Corp Ltd (WLCO), India’s second-biggest producer of pipes, and Moscow-based Evraz Plc, a Russian steelmaker, for steel pipe.

    Evraz will make pipe for Keystone XL at its mills in Canada, according to the Cornell report. Welspun will probably make pipe in India for final processing at its plant in Arkansas, an arrangement that allows TransCanada to state that about 75 percent of the pipe for the U.S. portion of the project will be purchased from North American plants, according to the Cornell report.

    http://www.bloomberg.com/news...

    Your friendly scribe,
    starduster
    http://totherow.tripod.com/


    Groups Cry Foul as TransCanada Continues to Bully Landowners Despite Denial of Pipeline Permit – Texas Private Property Rights an Ongoing Issue for Keystone XL Pipeline

    Houston, TX – Feb. 13 a new statewide coalition of groups and advocates for private property rights has announced its support for landowners along the path of the Keystone XL pipeline in Texas. The groups charge that TransCanada, the company proposing to build the pipeline, has used eminent domain to bully landowners and condemn private property.

    http://www.thevindicator.com/...

    Your friendly scribe,
    starduster
    http://totherow.tripod.com/


    Getting swept up in U.S. Presidential politics can’t be high on the list of any Canadian corporation, but TransCanada Corp. isn’t backing down from its plans to build the Keystone XL oil sands pipeline.

    http://business.financialpost...

    My comment at the end of the story:

    Keystone XL’s oil is to be shipped to the Gulf Coast, where it will be sold on the world market to the highest bidder. This will do not one thing to alleviate American dependence on other sources of foreign oil, as it is not slated to be used here. So many “news” sources fail to appreciate the truth of this matter. If you do your research like I have, you will understand that any attempt to prove Keystone is good for the US to help with our demand is a lie. All it will help, besides Trans-Canada’s bottom line, is oil company profits. The US is now a major exporter of oil products, becoming one last year by exporting more than it imports, for the first time in decades. This is a major reason why our gas prices continue to rise, and now average over $3.50 a gallon AGAIN.
    2-16-12
    (more)
  • The Thi... staardu... 2012/02/26 21:51:34
    The Thinking Woman
    +2
    And while Canada, India and other countries benefit, America's water and natural landscape are polluted and ruined. And for what?
  • staardu... The Thi... 2012/02/27 03:03:38
    staarduster
    +2
    GREED. TOPPED ONLY BY PRIDEFUL ARROGANCE.
  • The Thi... staardu... 2012/02/27 03:29:05
    The Thinking Woman
    +2
    So true!
  • staarduster 2012/02/26 03:48:43
    staarduster
    +2
    It will create jobs.
    That’s about all that can be said for sure about the employment potential of the controversial Keystone XL pipeline.
    But how many jobs? For how long? And what and where will they be?
    With those questions, things get more complicated in a hurry. And because the line would cross nine western South Dakota counties, the number of jobs likely to be created is a national issue gone local.

    http://rapidcityjournal.com/n...

    One of the comments:

    tipimakr said on: February 12, 2012, 9:34 am
    I was one of those 2,580 workers that built the pipeline when it came through Aberdeen, which means I was one of the 282 State residents who got hired back then. But I am not one of the six remaining permanent employees left behind by this multi-million dollar project, so who is really not telling the truth here? I don’t even think NOem or Thune were in high school yet when all this happened, so what can they truthfully tell us without experiencing the times? The horrible truth is: The oil is not destined to be used by Americans is it? The oil will not help reduce our rising gas prices will it? The key word to this whole article is “the investors” which says it all

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