Crude oil price

Sanders Warning on Speculators: ‘They’re Back!’

WASHINGTON, June 22 – Senate Republicans today blocked consideration of an amendment by Senator Bernie Sanders (I-Vt.) to require federal regulators to use emergency powers to curb oil price speculation.

“What are they afraid of? Who are they trying to protect?” Sanders asked.

“There is mounting evidence that the run-up in oil prices has little to do with the fundamentals of supply and demand and everything to do with excessive speculation by some of the same Wall Street firms that received the largest taxpayer bailout in the history of the world,” Sanders said. “They're back,” he warned.    » read more »

In Turbulent Year Developing World Leapfrogs Sluggish OECD in Demand for Energy

June 10, 2009
-- In a climate of unprecedented turbulence, global energy markets followed the same extreme pattern as the world economy in general during 2008.

Prices first rose to record highs as economic growth boomed in the first half of the year. Then they collapsed as the global economy abruptly reversed and plunged into recession in the wake of the financial crisis.

But the year was also remarkable for another reason - less dramatic but, arguably, just as profound in its implications for the long term. For the first time ever, according to the 2009 BP Statistical Review of World Energy, the developing world led by China leapfrogged OECD nations in the consumption of primary energy.    » read more »

Senate Committee Adopts Sanders Proposal on Oil Price Speculation

WASHINGTON, June 9 – A Senate panel on Tuesday adopted a proposal by Senator Bernie Sanders (I-Vt.) to make big oil traders divulge reserves held in offshore tankers to skirt reporting requirements, distort supply records and artificially drive up prices.

As crude oil rose above $70 a barrel and gasoline climbed to an eight-month high, Sanders also announced that he will introduce legislation to require the Commodity Futures Trading Commission to use emergency powers to stem oil price manipulation.    » read more »

Speculators Are Responsible for Market Turmoil, Public Citizen Energy Director Tells House Committee

Feb. 3, 2009 -- WASHINGTON, D.C. - Congress must reregulate the energy markets if it wants to prevent speculators from causing massive swings in oil, gasoline, natural gas, electricity and other energy prices, which hit $147 a barrel in July before dropping 75 percent in just five months, Tyson Slocum, director of Public Citizen’s Energy Program, told a U.S. House committee today.    » read more »

Declines in U.S. Petroleum Consumption Expected to Continue

If you feel like you’ve been economizing by driving less and adjusting your thermostat more, you’re not alone. Total U.S. petroleum consumption reported in today’s Weekly Petroleum Status Report (WPSR) is once again lower than the same week last year.

Average monthly total petroleum consumption has now declined for 12 consecutive months when compared with the same month the year before. Within the last 25 years, we’ve identified 6 other 12-month periods during which there was a sustained drop in total petroleum consumption from the previous year.    » read more »

Urges Russia to Cease Military Operations

August 13, 2008 -- THE PRESIDENT: Good morning. I've just met with my national security team to discuss the crisis in Georgia. I've spoken with President Saakashvili of Georgia, and President Sarkozy of France this morning. The United States strongly supports France's efforts, as President of the European Union, to broker an agreement that will end this conflict.

Outgoing president George W. Bush delivers a statement on Georgia: Flanked by U.S. Secretary of State Condoleezza Rice and U.S. Secretary of Defense Robert Gates, Aug. 13, 2008. White House photo by Joyce N. Boghosian    » read more »

Aug 13, 2008 -- SALT LAKE CITY, Utah - Utah Governor Jon Huntsman announced today that the Department of Agriculture and Food and the Department of Commerce are actively monitoring and analyzing Utah gas prices. In the most recent AAA gas report, the State's average price for unleaded gasoline was third highest in the nation.

"Gas prices are hitting everyone hard. As the rest of the country is seeing some relief from exorbitant gas prices, gas retailers in Utah have not shown Utahns a commensurate decrease at the pumps here at home," said Governor Huntsman. "We are asking these state agencies to monitor the situation within their enforcement powers to make sure Utahns are not being taken advantage of."    » read more »

Governor Says Surplus Should Be Set Aside Solely for Heating Help

August 13, 2008 -- Connecticut Governor M. Jodi Rell today called on the General Assembly to take swift action on her proposals to provide energy relief to Connecticut families this winter during the August 22 special session. The Governor also re-emphasized that the Legislature should direct the entire state budget surplus to heating assistance programs.    » read more »

August 12, 2008 -- Connecticut Governor M. Jodi Rell today announced that the state is extending lines of credit to the hundreds of Connecticut fuel oil dealers facing soaring business costs this winter because of record fuel oil prices.

“The ripple of effect of high fuel prices is having a tremendous impact on everyone,” Governor Rell said. “It is likely that half of the 549 fuel oil dealers in Connecticut will need some assistance to buy their home heating oil from wholesalers. Most of these dealers are small companies with less than five trucks.”    » read more »

August 4, 2008 -- This week, as John McCain continues on the Low Road Express, launching false attacks and airing desperate ads, donations from oil and gas companies are fueling his campaign - and driving his policies.    » read more »

Presidential Approval to Release Oil from Strategic Petroleum Reserve would have most Immediate Impact at the Pump

August 1, 2008 -- Washington, D.C. – U.S. Senator Russ Feingold (D-WI) is urging President Bush to bring immediate relief at the gas pump. Feingold joined 35 other Senators in sending a letter to the President, authored by Senator Richard Durbin (D-IL), calling on the President to use his emergency authority to immediately release oil from the Strategic Petroleum Reserve (SPR).

Gas pump, Petrolia, California: Photo by gerry la Photo by gerry la londe-berg (CC)-berg (CC)    » read more »

August 01, 2008 -- Chicago, IL - Below is a Statement from Senator Barack Obama on the ‘Gang of Ten Bipartisan Energy Plan' to Reduce Gas Prices and Break our Addiction to Foreign Oil:

"For too long, partisan gridlock and special interest influence has blocked progress on some of the most urgent challenges facing the American people, and that is especially true when it comes to our energy crisis. That is why I welcome today's bipartisan effort as an important step in the process of reducing our dangerous dependence on foreign oil, and why I look forward to September's bipartisan energy summit.    » read more »

July 31, 2008 -- Chicago, IL -- Below is a Statement from Senator Barack Obama on Record Exxon Mobil Profits While Americans Pay Skyrocketing Gas Prices at the Pump

"Perhaps the only thing more outrageous than Exxon Mobil making record profits while Americans are paying record prices at the pump is the fact that Senator McCain has proposed giving them an additional $1.2 billion tax break.

While Senator McCain's plan has succeeded in helping his campaign raise over $1 million from oil and gas company executives and employees just last month, it won't lower gas prices or end our dangerous dependence on foreign oil.    » read more »

June 23, 2008 -- When John McCain is in California this week he will no doubt try to tie himself to Gov. Schwarzenegger and distance himself from President Bush. But when it comes to offshore drilling, an important issue to coastal states, like California, Senator McCain is on Bush's--not Schwarzenegger's--side.

When McCain announced last week he wanted to lift the moratorium on offshore drilling, President Bush and big oil were quick to side with him, even though the idea has been met with much criticism and would do nothing to solve our short-term energy crisis. Just as bad, Senator McCain himself campaigned against off-shore drilling in states like Oregon, Maine, and even California in the run-up to the 2000 election.    » read more »

June 23, 2008 -- After years of saying he opposed drilling in our coastal waters, Senator McCain changed his position and has embraced President Bush's vision for offshore drilling. On CBS's Face the Nation, McCain advisor Carly Fiorina tried to defend John McCain's decision to cave in to Big Oil.

Offshore oil rig: Photo by arbyreed (CC)    » read more »