They did it once and it didn't work. And this time around they will raise the consumer prices to cover the extra tax.

Also ironic that the big hedge fund groups that are behind the rise in energy prices are also stuffing the democratic coffers.

MikeyB

Source for this info?

Don't forget the value of the US dollar has fallen. Canadian dollar is worth nearly the same as a US dollar.
Big reason fuel was so cheap for so long in the US was the strength of the Greenback.

"Senate Republicans block Democrats' attempt to impose windfall profits tax on oil companies"

I don't understand how a "windfall profits tax" helps you and me. All a windfall tax does is to ensure the politicians get a cut of this plunder upon the American people. If the Dems really cared about us, they would push a bill not for a windfall tax, but rather for a windfall refund back to the American people.

You are not the only people who are hurting - many would say you are actually doing comparatively well!

I just filled up at £1.40 a litre, which is £6.37 a gallon. At the current exchange rate that is $12.62 a gallon in US dollars.

A big difference is that in the US you pay 11% tax on diesel, whereas we pay a stagerring 70% here in the UK.

Truckers all over Europe are striking in protest at fuel prices. Unbelievably, two truckers were killed yesterday on the picket line - see here
http://www.ens-newswire.com/ens/jun2...8-06-11-02.asp

I hope things don't get so bad over there...

Simple supply and demand... One thing to consider... The price is high because of the de valued dollar, also the speculators. So, start drilling tomorrow, and the price will drop. We have the oil to flood the world market let alone be self suffiicent. Once that happens and oil trades at $25 a barrel then I am guessing that all of those OPEC terriost supporting nations that have oil would not be supported by our hard earned dollars, and they can develop vehicles that run on sand!

Drilling here sounds like a good idea, but I wonder if it would make oil any cheaper. The greed that drives the profit will stay there. They have already got prices where they want them so if they are getting it in their back yard why would they lower the price? I think we are screwed either way.

Congrats to the U.K. for protesting so vehemently. I sure wish we had the brass to protest like that.

this is not supply and demand!The demand has not risen 20% or more in a year it is pure greed and it will be the cause of the collapse of the economy on a global scale. We are seeing the affects all over and it is not getting any better!!

Chris

I read it on Bloomberg but Google search 'hedge fund democrats'. Lots of reading....

MikeyB

Am I the only one that sees the silver lining to this cloud? Finally we are looking at alternative sources of energy and hopefully will in my lifetime become totally independent of foreign influences. The only reason the terrorists have any money is from oil money. Once we suck all their precious black gold from their desert they will have nothing. They can sit there and slap each other with Chinese flyswatters all day long and no longer bother us. Our country is great.... the best on this planet and we let these little wanna-be countries dictate us. I truly hope this is part of some "Master Plan" and we just need to weather the storm a little longer until we reach energy freedom.

Not to get political, but the way I read that, the anti-trust suits would be for companies in OPEC nations.

Good luck suing them. I foresee a real supply crunch if you try that.

Do not fret yourself, now that the Chinese are drilling our Continental shelf, the supply will increase.............[duhhh][duhhh][duhhh]

UK Ram, some of us are ready for armed intervention, it is long overdue.

rant off.

No disrespect, but when we start paying for global health care or whatever you'd like to call it, then it will be a fair comparison.

Your 70% tax means you pay 8.83 in taxes or 3.786 for fuel if a price per gallon actually converts to 12.62.

Our 11% tax (which is actually less than what I know we pay for taxes in NY) means I'm paying 5.25 per gallon which breaks down to .58 in taxes and 4.67 for fuel.

Something I have thought of as well. If the Global economy tanks and EVERYONE is in the same leaky boat.....what happens then???

History tends to indicate that a major world war is what finally gets the world economy rolling. I hope and pray that it doesn't get to that point or that the world leaders don't fall into that trap again.:(

Please note: These are just the ramblings of someone with few college semesters of history and a strange attraction to the History Channel.[redface] I would love to be wrong.

Yes and he has a name.... Soros. Ramuk should be familiar with his dealings, he crashed the British Pound in the ninetys.


Learn that name guys.... He will break America. Look into it.