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<blockquote data-quote="aplusmnt" data-source="post: 376384" data-attributes="member: 1399"><p>If you remember there was a rise and stink going on just a few months before Bush took office. Prices were already rising, partly due to the fact Clinton spent the previous 7 years doing nothing or actually hurting things by vetoing legislation that would increase oil production in the U.S. </p><p></p><p>If you notice below the oil companies profits rose 500% in one year under Clinton! ;-) Why was Clinton dipping into oil reserves if prices were stable during his term? </p><p></p><p>Basically Bush inherited Clinton's lack of energy policy, and the start of rising gas prices as he came into office. </p><p></p><p>then came 911, war in Afghanistan, war in Iraq, major instability in the Middle East, threat of War with Iran. </p><p></p><p>With all that going on we should be happy gas is not $5.00 per gallon like in European Countries. </p><p></p><p></p><p>2000 Under Clinton</p><p></p><p><em><strong>President Clinton</strong> stated that he could find "no economic explanation" for the ever-increasing gasoline prices since the beginning of June and has ordered the Federal Trade Commission to supoena major oil companies in an investigation into possible collusion, price-gouging, or antitrust violations. <strong>Vice President Gore noted that major oil company profits have soared 500% in the first part of the year.</strong> Several other theories circulating include a CRS report that attributed the <strong>higher Midwest gasoline price - about 50 cents more per gallon than the rest of the country</strong> - to five factors including higher crude oil prices, low inventories, pipeline problems and most importantly, the use of reformulated gas (RFG). The report stated that the patented RFG process <strong>uses ethanol which raises the price of purification, may be responsible for approximately half of the Midwest's price increase.</strong> Critics say that the reformulated gas only requires 9 cents more per gallon to produce. House Science Committtee Chair James Sensenbrenner and other <strong>members of the House are hoping for a temporary lift of EPA regulations. Other short-term remedies to lower gasoline costs include dipping into the Strategic Petroleum Reserve</strong> (SPR), or relying on the recent small increases in production that some Organization of Petroleum Exporting Countries have agreed to. (6/22/00) </em></p><p><em></em></p><p><em></em></p><p></p><p>Nice to see Clinton would help Gore out since gas prices and heating oil were rising so much it could hurt his chance of beating Bush in the coming election ;-) :lol: </p><p></p><p><em>Energy has remained a hot topic in Washington and on the campaign trail. After Vice President Al Gore urged President Clinton to help ease the tight market for heating oil by releasing reserves from the Strategic Petroleum Reserve (SPR), Clinton directed Secretary of Energy Bill Richardson to release 30 million barrels from SPR.</em></p><p></p><p></p><p>And then the spin, as I said when it was Clinton in office it was OPEC's fault now it is Bush's :roll: </p><p></p><p><em>Background </em></p><p><em>The current high price of gasoline is related to a series of events involving crude oil prices that date back to November of 1997. At this time OPEC unwittingly increased production rates while the Asian economy experienced a serious financial crisis, causing the price of crude oil to drop to record lows. Because OPEC nations suffered so much from this period of low prices, they are now extremely sensitive to price fluctuations in the petroleum market. Political and economic disputes within and between oil producing nations did not allow for a decrease in crude oil production until late in 1998. Production was drastically decreased in 1999 to counteract the effects of overproduction in 1998, driving the price back up to normal levels. However, it now appears that OPEC may have over adjusted for the price dip, and produced too little to keep up with rising demands. Refineries in turn decreased storage amounts, leading to the heating oil crisis in the North-east United States earlier this year and the unusually high gasoline prices consumers are currently experiencing. Further information on this topic can be found on the web at</em></p><p></p><p><a href="http://www.agiweb.org/gap/legis106/oil_price.html" target="_blank">http://www.agiweb.org/gap/legis106/oil_price.html</a></p></blockquote><p></p>
[QUOTE="aplusmnt, post: 376384, member: 1399"] If you remember there was a rise and stink going on just a few months before Bush took office. Prices were already rising, partly due to the fact Clinton spent the previous 7 years doing nothing or actually hurting things by vetoing legislation that would increase oil production in the U.S. If you notice below the oil companies profits rose 500% in one year under Clinton! ;-) Why was Clinton dipping into oil reserves if prices were stable during his term? Basically Bush inherited Clinton's lack of energy policy, and the start of rising gas prices as he came into office. then came 911, war in Afghanistan, war in Iraq, major instability in the Middle East, threat of War with Iran. With all that going on we should be happy gas is not $5.00 per gallon like in European Countries. 2000 Under Clinton [i][b]President Clinton[/b] stated that he could find "no economic explanation" for the ever-increasing gasoline prices since the beginning of June and has ordered the Federal Trade Commission to supoena major oil companies in an investigation into possible collusion, price-gouging, or antitrust violations. [b]Vice President Gore noted that major oil company profits have soared 500% in the first part of the year.[/b] Several other theories circulating include a CRS report that attributed the [b]higher Midwest gasoline price - about 50 cents more per gallon than the rest of the country[/b] - to five factors including higher crude oil prices, low inventories, pipeline problems and most importantly, the use of reformulated gas (RFG). The report stated that the patented RFG process [b]uses ethanol which raises the price of purification, may be responsible for approximately half of the Midwest's price increase.[/b] Critics say that the reformulated gas only requires 9 cents more per gallon to produce. House Science Committtee Chair James Sensenbrenner and other [b]members of the House are hoping for a temporary lift of EPA regulations. Other short-term remedies to lower gasoline costs include dipping into the Strategic Petroleum Reserve[/b] (SPR), or relying on the recent small increases in production that some Organization of Petroleum Exporting Countries have agreed to. (6/22/00) [/i] Nice to see Clinton would help Gore out since gas prices and heating oil were rising so much it could hurt his chance of beating Bush in the coming election ;-) :lol: [i]Energy has remained a hot topic in Washington and on the campaign trail. After Vice President Al Gore urged President Clinton to help ease the tight market for heating oil by releasing reserves from the Strategic Petroleum Reserve (SPR), Clinton directed Secretary of Energy Bill Richardson to release 30 million barrels from SPR.[/i] And then the spin, as I said when it was Clinton in office it was OPEC's fault now it is Bush's :roll: [i]Background The current high price of gasoline is related to a series of events involving crude oil prices that date back to November of 1997. At this time OPEC unwittingly increased production rates while the Asian economy experienced a serious financial crisis, causing the price of crude oil to drop to record lows. Because OPEC nations suffered so much from this period of low prices, they are now extremely sensitive to price fluctuations in the petroleum market. Political and economic disputes within and between oil producing nations did not allow for a decrease in crude oil production until late in 1998. Production was drastically decreased in 1999 to counteract the effects of overproduction in 1998, driving the price back up to normal levels. However, it now appears that OPEC may have over adjusted for the price dip, and produced too little to keep up with rising demands. Refineries in turn decreased storage amounts, leading to the heating oil crisis in the North-east United States earlier this year and the unusually high gasoline prices consumers are currently experiencing. Further information on this topic can be found on the web at[/i] [url=http://www.agiweb.org/gap/legis106/oil_price.html]http://www.agiweb.org/gap/legis106/oil_price.html[/url] [/QUOTE]
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