Thursday, May 5, 2011

Gasoline Prices - Economy - #2872 - Why Does My Gas Cost $4.00 per Gallon - Redstate (2) Dollar Tumbles to 3 Year Low, Yahoo News (3) VIDEO: National Taxpayer Union Campaign to Fight New Energy Taxes - Hot Air (4) Rep. Doc Hastings R-WA: Obama Stance Hurts American Energy - Hot Air (5) Interactive Map: About 1 in 7 in U.S. Receives Food Stamps - Wall Street Journal

Everybody is asking that question these days. The average nationwide price for all grades this week is $3.96/gallon; Californians are paying on average $4.26, the highest in the nation. Why does it cost so much, especially considering that the price was below $2.00/gallon just within the last couple of years? Nearly seventy percent of the price of a gallon of retail gasoline is the price of the crude oil it is refined from. Two graphs from the Energy Information Administration (EIA) make that point. The first shows the price of a gallon of gasoline (left axis) plotted against the price of a gallon of crude oil (right axis). The two move in virtual lock-step; if you know the crude oil price per gallon, add $1.00 and you’ll know the price of gasoline within a few cents. (At $105 per 42-gallon barrel, the per-gallon price of crude is $2.50; add a buck, and you get a gasoline price around $3.50.)  Read more, see larger charts .......
Dollar Tumbles to 3 Year Low - Yahoo News -  The dollar slumped to a three-year low against major currencies on Wednesday and its outlook darkened further as surprisingly soft economic data underpinned expectations that U.S. interest rates will remain low this year.  Read more......


National Taxpayer Union Campaign to Fight New Energy Taxes - Hot Air - The National Taxpayers Union (NTU) has launched a $1.25 million television, radio, and online advertising campaign to oppose new energy taxes currently under consideration in Washington.  “Artificially inflating prices of the energy our economy needs for a strong recovery is unproductive, unworkable, and unfair to American families and businesses,” NTU Executive Vice President Pete Sepp said. “Tax hikes should be off the table – instead, the President and Congress should be looking for ways to bring gasoline prices down.”  Read more.......

Rep. Doc Hastings R-WA: Obama Stance Hurts American Energy - Hot Air - Congressman Doc Hastings (R-WA) has made an effort to get us back on track with the issues of domestic importance which matter most this week with a new op-ed at Roll Call. ..... "With gasoline prices quickly surging to $4 per gallon and beyond, pinching the pockets of families and business across the country, it’s no surprise that gasoline has become a regular talking point in President Barack Obama’s stump speech. Yet instead of offering real solutions, the president is telling the American people that there’s “not much we can do” about high prices. He’s waving the white flag of defeat — essentially telling Americans to get used to paying more than $4 for gasoline."  Read more.......



About 1 in 7 in U.S. Receives Food Stamps - Wall Street Journal - Growth in the food stamp program appeared to reach a plateau in February — with 14.3% of the population relying on the safety net program. The number of food stamp recipients was essentially flat in February, the most recent month available, with 44.2 million Americans receiving benefits, according a new report from the U.S. Department of Agriculture. (See a sortable breakdown of the data here.)  Read more........

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