Venango County Tea Party Patriots

A non-partisan, non-profit, non-member, association dedicated to educating the public and promoting the principles of fiscal responsibility, constitutionally limited government and free market economics, and all other lawful activities.

gas prices

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Longest Stretch for $3 Plus Gas

The national average price of gasoline will surpass $3.00 a gallon Tuesday for the 1,000th consecutive day — the longest stretch above $3.00 on record, according to the American Automobile Association (AAA).

“Paying less than $3.00 per gallon for gasoline may be automotive history for most Americans,” said Bob Darbelnet, president and CEO of AAA. “The reality is that expensive gas is here to stay, which is tough on millions of people who need a car to live their lives. “

The current thousand-day streak began on Dec. 23, 2010.

AAA is predicting that the national average will remain above $3.00 a gallon for at least another thousand days, barring a major economic recession.

“Spending more on gas concerns consumers because it reduces savings and spending for everything else we need,” Darbelnet said. “Our leaders can help alleviate this economic burden by encouraging a national policy that stimulates production, limits price volatility, ensures greater efficiency and promotes alternative energy.”

Read more.

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Retailers Preparing for Triple Whammy

From the Wall Street Journal:

Wal-Mart Stores Inc. on Thursday joined a parade of retailers, restaurants and consumer-goods companies worried about the economic impact of the recently restored federal payroll tax that has left Americans with less money to spend.

The world’s largest retailer, Burger King Worldwide Inc., Kraft Foods Group Inc. and others are lowering forecasts and adjusting sales and marketing strategies, expecting consumers with smaller paychecks to dine out less and trade down to less expensive purchases.

The expiration of the payroll tax cuts that knocked 2% off consumers’ take-home pay is having an impact, these companies say.

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High Gas Prices Add to Economic Slump

Unemployment is at 8.3 percent. The economy is sputtering at 1.5 percent growth. Food prices are rising due to drought conditions across the country. And gas prices are up again, pinching Americans’ summer budgets. It is past time for the President and Congress to pursue smart policies that would put us on a path to relief.

According to AAA’s Fuel Gauge Report, the current national average for regular is $3.66 per gallon. That’s up 28 cents per gallon from a month ago, and July had its biggest price jump since AAA started tracking prices in 2000.

There are many factors affecting prices that we cannot control—worldwide tensions, especially in the Middle East, can drive up oil prices. Global demand, especially from China and India’s rapidly growing economies, continues upward.

But after three years of adding regulatory hurdles and blocking exploratory access and development, President Obama’s policies are helping keep prices higher than necessary.

If the President truly wanted to lower gas prices, he would work to increase supply. But when given the opportunity, he has done the opposite. He turned down the Keystone XL pipeline, which would bring up to 830,000 barrels of oil per day from Canada. His Administration has made it even harder for companies to explore and extract domestic energy resources by canceling, delaying, or withdrawing a number of lease sales for exploration and development. Meanwhile, huge swaths of federal lands have been put off limits for energy exploration.

Domestic refinery outages have had a recent impact on gas prices. Two of the factors holding back domestic energy production are regulatory red tape and litigation—and these, we can do something about.

Read more.