High gas prices still curbing consumer spending

Americans are still keeping a tight grip on their wallets, bypassing vacations and dinners out, even though they feel better about their own financial security.

What’s still spooking U.S. consumers? Gas prices.

Even though gas prices have been declining for several months, nearly six in 10 consumers say they’ve cut back on nonessential spending because of hefty fuel prices, according to a study released Monday by Bankrate.com.

“Gas prices are still a drag on people’s spending power,” said Greg McBride, Bankrate’s senior financial analyst.

According to AAA, the national average price for regular unleaded fuel declined to $3.689 a gallon, down from $3.871 a gallon last month, and below the average prices of $3.867 a year ago.

Despite the drop in recent weeks, gas prices are still at elevated levels,” he continued. This at a time, he pointed out, “when so many households are dealing with stagnant incomes.”

But there’s good news in the Bankrate.com report. Consumers are feeling pretty okay about their job security and their debt loads.

For the first time since December 2010, Bankrate’s Financial Security Index -- which tracks how consumer gauge there overall economic health -- passed the 100 threshold, which shows that Americans see an improvement in their financial security.

Bankrate's Financial Security Index

“We’ve seen improvement on multiple fronts,” McBride maintained. “People are feeling more secure in their jobs, they feel better about their debt burdens, and they’re reporting lower net worth with less frequency.”

The main reason for the optimism, he noted, was the stabilizing of home prices throughout many town across the country. “When people see home prices sliding they can see their net worth declining, but when they rise, all of a sudden they feel better about their net worth.”

So the wild card, he added, are gas prices. If they start to decline further, “that’s going to breath some life into household budgets and they’ll have more money to spend.”

And it may take off before the job market gets more robust. 

“While hiring has not exactly taken off, downsizing activity remains relatively low and many employers are actually worried about losing talent," maintained John Challenger, CEO of outplacement firm Challenger, Gray & Christmas. "This is not to say that job security has returned to pre-recession levels, but workers certainly are enjoying more security than two years ago."  

What’s your take? Have you decided to cut back on nights out at the movies, or Memorial Day travel because of gas prices? Do you feel more secure about you job? 

 

People.com
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When gas prices fall below $3.00 a gallon get back to me! Until then who can afford it!

  • 11 votes
#1 - Mon May 21, 2012 10:31 AM EDT

Peggy... Don't settle for under $3.00 a gal gas!

The dollar should buy much more gas (and everything else) than it does. They've been sticking it to us for so long that generation after generation forgets what we got for our original dollar when it actually was worth a dollar.

More people need to be aware of why our Dollars purchasing value is next to nothing, who is responsible, and how did they did it.

Here's a scary fact. If you would adjust todays Dollar for inflation (from our original 1913 Dollar), your Dollar would be worth approximately $31.25. In other words, 'You should be getting about 8 gallons of gas for that Dollar.'.

Not many are interested in History, but without knowing what's been going on, we will remain victims.

  • 12 votes
#1.1 - Mon May 21, 2012 10:58 AM EDT

a real, non anecdotal, situation just happened to me and my wife. We were considering attending my Nieces graduation in Florida but after reviewing the cost we have decided not to attend but rather spend more on a nice gift.

Gas prices made our decision for us.

  • 15 votes
#1.2 - Mon May 21, 2012 11:14 AM EDT

Think4yourself - Ditto, same deal. We canceled our annual trip to the a mountain lake and have decided to rent a beach house locally. Can't afford 700 dollars in gas.. I would rather stay home and not stress money.

  • 12 votes
#1.3 - Mon May 21, 2012 11:17 AM EDT

Gas prices went up about .50-.75/gal over the winter. That it dropped .15/gal recently was nothing to cheer about. Now it's going back up just in time for Memorial Day weekend, and the beginning of the summer season. No surprise there at all.

I won't be doing much traveling this year. It's not in the budget.

  • 15 votes
#1.4 - Mon May 21, 2012 12:05 PM EDT

The reality is that Big Oil thinks it's still the only game in town. It's not. I've already made the change to a hybrid. I went from spending $40 a week to half of that on fuel. Since I travel a total of 42 miles to and from work every day, finding an alternative was the only option.

Big Oil is not helping itself to anymore of my hard earned income. They get enough of that from the taxes I pay for the cleanup of that Valdez spill and their subsidies.

They are hurting themselves where the airline industry is concerned. The price of an airline ticket is prohibitive and airlines are losing money all because their fuel costs are eating up their profits.

  • 1 vote
#1.5 - Mon May 21, 2012 12:37 PM EDT

I wonder how much Tax money was used to come to this startling conclusion? The Democrats had TOTAL CONTROL of both Houses of Congress for 8 years. The Republicans now control half or Congress and the Democrtat have half. O'Bama complains about the 1%, but he begs that same group for Campaign Contributions. O'Bama is just telling people what they want to hear. It's been proved that his Administration has supported higher Gasoline Prices since his 1st day as President. It was only after this became Public Knowledge that he made a "vague" ineffectual attempt to lower the prices. We got accustomed to paying $3.79- $4 per gallon that we think it's really a bargain when the price "drops" to $3.69 per gallon. People praise O'Bama for the "big price drop" when in reality he had nothing to do with the drop but he could have had input when the price was at $4 a gallon but he didn't think it was a problem.

  • 8 votes
#1.6 - Mon May 21, 2012 1:09 PM EDT

It's amusing how these Obama lover are defending the gas prices. Lift the constraints on drilling offshore, sign the keystone pipeline, open up drilling on public land, that's just a few things he can do to lower the price. BTW if gas was $0.50 a gallon I still wouldn't vote for Obama.

  • 4 votes
#1.7 - Mon May 21, 2012 1:49 PM EDT

Gas prices here in jacksonville, florida is about $3.45. That's okay for my budget!!

    #1.8 - Mon May 21, 2012 1:50 PM EDT

    Hey floyd-

    BTW if gas was $0.50 a gallon I still wouldn't vote for Obama.

    Are you an idiot. That completely disqualifies anything you said in your post. You obviously dislike Obama indefinatly, so why would you take into consideration why he made the decisions he did on keystone and other projects. Fox has your mind clouded.

    • 1 vote
    #1.9 - Mon May 21, 2012 1:53 PM EDT

    I still have 87 cents a gallon burned into my 30 year old head! All this talk of how $3.50 a gallon is cheaper than in 1981 adjusting for inflation falls on deaf ears to generations x,y, & next. We werent around to know how expensive $1.35 a gallon was in 1981. So they should use relavant comparisons when dealing with a younger group. But $3 is by no means cheap & neither is $2.87 or whatever other number they pull out of their rear end!

    • 3 votes
    #1.10 - Mon May 21, 2012 1:53 PM EDT

    Let us not forget that if we aren't travelling because of fuel prices, then all the communities and industries that thrive on that summer vacation business will be hurt, more people will be out of work, more people will need assistance, and that will reflect itself in those of us still working paying more throught taxes to cover the costs of those who cannot work. Leisure and tourism are one of the big reasons that many areas of Europe are hurting, both in the US and overseas, nobody has the money for travel and sightseeing.

    • 4 votes
    #1.11 - Mon May 21, 2012 1:56 PM EDT

    Here we go again, the Obama haters claiming "open up drilling and prices will come down"

    So I have a simple question? Who is the magical company who is going to glut the market with supply so you can have cheap gas? WHO? Stop whining and give me a name..

    Fact is, no Company is interested in additional supply to the Market. Additional supply drives up cost and drives down the Market price.

    Please research the modern day oil markets and educate yourself before speaking.

    The Current Oil and Gas Markets reward tight supply, not excess inventories. This are just political red herrings so people like Sarah Palin can say Drill Baby Drill. Nothing but political noise.

    • 1 vote
    #1.12 - Mon May 21, 2012 2:07 PM EDT

    I wouldn't give obama the sweat off my balls if he was dieing of thirst in the desert let alone ever giving him my vote!

    • 1 vote
    #1.13 - Mon May 21, 2012 2:32 PM EDT

    Frankly, any pres can go screw himself until gas prices are under $1 a gallon, IMHO.

    • 2 votes
    #1.14 - Mon May 21, 2012 2:42 PM EDT
    Reply

    For this year, I have not bought new clothes for me and my hubby at all, only for the baby. I am stay at home mom, I only go to the grocery store and BJ's gas. No vacations planned this year. Trying to get my financial house in order. Unemployment is high here in Florida. My hubby is trying to sell his Hummer.

    • 3 votes
    Reply#2 - Mon May 21, 2012 10:46 AM EDT

    You mentioned a baby, so I'll assume you are a younger family. I'm quite old. It is very difficult, actually, almost impossible, for a young family to survive in todays economy.

    The people of many past generations put a blind faith and trust in the leadership of our government (many still do), because we believed they had our best interests at heart. Many of us were gullible, uninformed, mislead, complacent, etc., and over time, we, the people, lost control of our government.

    We were under the illusion, for several Decades, that everything was not only great, but would continue to get better. What a mistake. Those past mistakes covering 100 years, have culminated in what you and your family, and millions of other families just like yourself are dealing with today.

    It's up to you, and the Citizens within the younger generations to regain control of your government. That is the only way you'll be able to change the policies that are killing the socio-economic climate.

    For arguments sake I'll call the bad guys the 'Washington Establishment' (includes both Democrats and Republicans). It will be next to impossible to dismantle this corrupt body, because of their Elite financial supporters, and the wealth and power they have consolidated (all at the exoense of the people). How do you do that? Maybe a third political Party, or as a last resort turn to Revolution. We've had to do that once before in our past...1776.

    Don't know what else to say, but take care of yourself, your family, and if in a position to, help someone less fortunate. Enjoy the people you love, and don't fall for the illusionary dream conjured up by politicians about Utopia.

    • 14 votes
    #2.1 - Mon May 21, 2012 11:34 AM EDT

    I remember when gas was .35 cents a gallon. I remember the war years when there was no gas. I remember being caught away from home on the wrong license plate for gas with only a quarter tank of gas. Now i can hardly squeeze into a car and feel like my butts is dragging at that.

    Don't despair the Chinese are coming. Love life to the fullest.

    This is the land of free and the brave. LOL

    • 1 vote
    #2.2 - Mon May 21, 2012 12:26 PM EDT

    Hummer? Seriously? There was never a time in the history of that vehicle when purchasing it was anything close to a smart decision. 6mpg? Why not just crumple up the planet and toss in in the nearest garbage bin (black hole). You _should— be squeezing pennies.

      #2.3 - Mon May 21, 2012 4:32 PM EDT
      Reply

      My car is 16 years old and has 180,000 miles on it ( Buick LeSabre ). I WISH I had a Hummer to sell.....

      • 3 votes
      Reply#3 - Mon May 21, 2012 10:59 AM EDT

      my car is 32 yrs old and still my daily driver (1981 ford fairmont futura) 260,000!

      • 2 votes
      #3.1 - Mon May 21, 2012 12:48 PM EDT

      The heyday of SUVs and Hummers are over. What kind of idiots would waste $100 to fill a gas tank? That $100 could feed their kids for a week. These are the same lunkheads who think dinner is a Mcburger or pizza and not a homecooked meal. As if they even know how to cook a meal..roflmao.

      The proof of Big Oil's rip off are record profits since 2009...all at the end of the 1st fiscal quarter of each of the last 3 years. Historic records not seen in a decade in each of those quarters.

      • 2 votes
      #3.2 - Mon May 21, 2012 12:52 PM EDT

      Ever watch the "do it yourself" shows? Ever notice that people are paying the same amount of money for a state of the art kitchen, or more, than perhaps some of us paid for our homes? Would somebody please tell me why? If they can't nuke it, they can't cook it....Why do you need a $1000 range hood? Or a Carrera marble countertop? Seems almost sacrilege to put the poly styrene container from the fast food joint on it.

      • 1 vote
      #3.3 - Mon May 21, 2012 2:08 PM EDT

      I live in Alaska, I just paid $ 4.97 for diesel. Obama is soo full of $h!t, his eyes are brown. he campaigned on bringing the price down, then tells us it's a global economy and he has no control. Now an election year, he tells us he is gonna spend $52 million to control the speculators. SHUT UP. How about you open public land to drilling. You say there is more drilling going on and that is true. Too bad it's all on private land in North Dakota and Texas.

        #3.4 - Mon May 21, 2012 3:50 PM EDT

        The oil companies aren't stupid enough to increase supply enough that it would lower their profits. Opening up areas to drilling won't make a bit of difference.

          #3.5 - Mon May 21, 2012 4:33 PM EDT
          Reply

          How's that change thing working for all of you that voted for Obama?

          • 13 votes
          Reply#4 - Mon May 21, 2012 11:11 AM EDT

          Obama has very little to do with gas prices... unless you get your news from Fox/Drudge.

          No president has complete control over any aspect of the economy.

          • 5 votes
          #4.1 - Mon May 21, 2012 11:56 AM EDT

          The current administration can work to enforce existing measures against energy price speculation and manipulation. Existing Federal Agencies are mandated to do so. But the biggest campaign contributor to the present administaration is a Wall Street speculator, and I feel we do not see any action against price speculation and manipulation.

          • 9 votes
          #4.2 - Mon May 21, 2012 12:19 PM EDT

          Bill...It's working out fine for the smart people who follow the path and direction President Obama is trying to set forth...a country where sharing unites and makes the biggest difference.

          You can bash away at President Obama but we all know who you are really hiding....Big Oil Big Daddahs making those predatory pricing decisions. Then, you get a cable program called "Big Rich Texas" and you just know who is making that state so rich...the other states paying their freight.

          • 2 votes
          #4.3 - Mon May 21, 2012 12:40 PM EDT

          Sharing is Caring....Yeah right! I am not a 1%, never was, never will be. This administration's vision has broken me down to the point where I get to become part of the welfare crowd. I don't want pity. I don't want hand outs. I just want a chance to work, earn my money and then have the privelege to decide how best to serve my family needs with what I have. I feel that has been completely taken away from me and my government is like a giant vulture waiting for the carcass to die, so they can pick the rest of it clean to feed their carrion eating brood.

          • 1 vote
          #4.4 - Mon May 21, 2012 2:11 PM EDT

          @Sue-3329001 Obama has done nothing But fight for the middle class, while the Republicans have done nothing but say No to every idea that could improve the economy because all the care about is getting back into power, and they know that an improved economy under President Obama means a re-elected President Obama. If you want a group of fat cats who do nothing but give themselves and their buddies tax breaks in office, vote for Republicans. If you want people who are actually on Your side, vote Democrat.

            #4.5 - Mon May 21, 2012 4:35 PM EDT
            Reply

            This cycle demands better understanding. One of the reasons gasoline prices are so high to begin with, is that financial reasoning is NOT the only factor hindering American fuel & automobile budgeting. Most people these days (primarily the younger set) only want to grab the basic essentials from the corner superstore and then get back home to the Internet. They could care less about things like fancy automobile trips to Mount Rushmore or Niagara Falls.

            • 2 votes
            Reply#5 - Mon May 21, 2012 11:23 AM EDT

            If Bush was in bed with all the oil companies, then why was gas 1.85 in 08---Which

            Obama said was way too high---Now we have almost 4.00 gas and no real reduction

            in sight. Who again is the one in bed with the oil companies??????

            • 7 votes
            Reply#6 - Mon May 21, 2012 11:56 AM EDT

            actually when bush left office, gas was over 4 dlrs a gallon, and remember how he kissed the shieks hand when he had him in his ranch?

            • 5 votes
            #6.1 - Mon May 21, 2012 12:12 PM EDT

            Come on Mini, don't let the facts get in the way of Obama bashing, right? Obama did decry high gas prices in '08, if you recall, gas peaked that September at $4.11. Check price here: http://www.nashvillegasprices.com/retail_price_chart.aspx

            It did then fall off the cliff due to the financial crisis that occurred days later and it bottomed out at $1.47 to be exact.

            Have you already forgotten George Bush looking panicked in the Rose Garden, wringing his hands and biting the insides of his cheek? Lehman Bros and Tarp? Oh yeah, and John McCain "rushing" back to Washington to try to fix the economy? Good times, those were... Did they not air any of that on your news network of choice?

            • 6 votes
            #6.2 - Mon May 21, 2012 12:20 PM EDT

            Sorry but in the East for most of the Bush years, gasoline prices increased. They NEVER decrease. For those 8 years, gasoline went from $2.79 a gallon to over $3 by 2008.

            It's time to stop blaming government for decisions made by Corporate CEOs who get annual increases the rest of the people in this country never will. It's time to admit that not a single one of these CEOs live within THEIR means but they will demand we do. They more they luxuriate and spend on fleets of private jets, the more entitled they believe they are to that wealth. Wealth that can only be gained from consumers they juice with predatory pricing, taxpayers they are begging bailouts and unnecessary subsidies from and employees they deny jobs and decent benefits. Bougies anyone?

            • 3 votes
            #6.3 - Mon May 21, 2012 12:45 PM EDT

            It's too bad there isn't a simple fix for this problem. But when ALL the politicians are in bed with ALL the corporate CEO's, nothing will change.The only thing changing is how many people actually make enough to pay their bills, and continue to pay those same politicians. And that figure is declining, as more and more people are actually losing any benefits they may have had, therefore less discretionary money for such things as vacations, new clothes for their kids/grandkids, new vehicles, new homes, etc., etc.

            Until all the number crunchers get their facts right, and stop catering to the political whims in Washington, D.C., nothing will really change. They need to do the job they are paid to do, by the taxpayers, not the blasted politicians.

            • 3 votes
            #6.4 - Mon May 21, 2012 1:48 PM EDT

            You can try to call it "Obama Bashing", but what his policies have done is create a federal government every bit as threatening to the American way of life as any other major corporation. The CEO's are the people we elected to got o Washington and represent us, but they only represent themselves and protect their interests and pad their bank accounts-not unlike the corporate types that the posters are so happy to criticize and villify. The difference is that our government has the ability to legislate themselves a monopoly, to impose so may rules on the private companies that the only game in town will be the government-no competition, no profit and without the motivations of competition and profit, you can darn well forget wages increasing for the working person, just the taxes to pay for all those displaced from honest work.

            • 1 vote
            #6.5 - Mon May 21, 2012 2:17 PM EDT
            Reply

            The oil companies and the markets continue to use the "bait and switch" method to lure Americans into thinking the prices of gas will go down.

            The bottom line is...until our Government makes a serious effort to control the greed, and destroy the monopoly that they have on gas prices. Our economy and the American people will never be burden free from the risk of gas prices rising on a wend.

            I mean think about? There is no other product on earth; that is so vital to our livelihood- that shoots up in price as much as gasoline does... constantly.

            How do we live with the theft of gasoline prices jumping 20 cents a gallon in a week! and then taking months to go back down. It's a scam!!!

            IF you look at our history...gas prices have always been less than a 1/4 of the minimal wage.

            But for the past 9 years or so - it's be about 3/4 the minimal wage. SO how in the hell does these so called financial experts think, people will really be able to do anything more than work and pay for gas?

            Greed has clouded their minds. Gas prices should be less than 1/4 minimal wage. The oil companies will still make billions - because more people would be able to afford to pay for more gas.

            The economy would grow like crazy - because they would be able to spend on others things - which will also allow them to enjoy life after work.

            Gas should be a fixed price... at no more than $1.75 a gallon and then everyone; everyone would make money and live comfortably.

            Commodities should not be used to make other countries rich! Or to fatten a small group of pension holders port folios...

            It's BS and it stealing!!!

            TRUTH - not CRAP

            Thank you and GOD BLESS AMERICA

            • 5 votes
            Reply#7 - Mon May 21, 2012 12:01 PM EDT

            Almost all products sold where the price of production has nothing to do with the selling price, are nothing but giant almost illegal money grabs for the benefit of greedy companies run by greedy CE-Os. Energy, electric power, pharmaceuticals, banks, lawyers, accountants, doctors, some insurance, etc. They have a monopoly and they know if they lobby the governments they will keep it. The benefit of the country and it's citizens is the last thing on their mind.

              #7.1 - Mon May 21, 2012 12:30 PM EDT

              am.can...Don't know if you recall the bleating, screaming, complaining and caterwalling when Nixon tried price controls. They went absolutely ballistic that any president would dare, much less a Republican president to put price controls on their products.

              Where did these lunatics EVER get the idea that they can overprice their goods and we'll not find other options to avoid their grift?

              • 1 vote
              #7.2 - Mon May 21, 2012 12:47 PM EDT

              its all about control they want us under their thumb ( mashed hard )

              • 2 votes
              #7.3 - Mon May 21, 2012 1:33 PM EDT
              Reply

              Thanks to the moron Barry Obama.

              • 2 votes
              Reply#8 - Mon May 21, 2012 12:02 PM EDT

              Rob...Is that all you righties know how to do? Lob your accountability on everyone else but yourselves? Did you mind when Bush dumped the Valdez spill on you in 2007? Or that $200 billion he spent on an embassy in Iraq? Where were the righties mouths on that?

              As for morons, we know who the morons in this country are...the Lil Abners and Daisy Maes who don't leave DogPatch long enough for their lives to change since the 1940's. Meanwhile, these asses assume the rest of us must be held back by their fear of change and reform. Reform we will...whether the TX Big Oil Big Daddahs like that or not.

              • 2 votes
              #8.1 - Mon May 21, 2012 12:49 PM EDT

              Ewent, you do realize that Obama has publicly stated that gas prices will have to become unnecessarily high before green energy can ever by seen as being efficient and embraced by the American people, right?

              And the Exxon Valdez spill did not raise prices. The imposed government oversight afterwards, imposed by liberal idiots, is what caused higher prices. And no, I really don't care that a few birds died.

              And yes, numbnuts, drilling at home would reduce prices. But since you obviously skipped elementary school, here's a simple rule....When supply is greater than demand, prices drop....when demand is higher than supply, prices rise.

              You also realize Obama gave billions to Brazil for their oil industry with the hopes that we'll be their #1 customer...so much for reducing our reliance on foreign oil, huh? Then he has the gall to go and piss them off so they don't want to do business with us...oh yeah, that isn't the act of a moron, is it?

              Any president that has an agenda should not be president. Period.

              The Potus is a position that is intended to represent the will of the people...not the will of the current administration. As long as Democrats/Republicans continue to force large government, this problem will not go away. Reduce government, eliminate pay for civil service positions, and outlaw lobbyists. Then our problems will begin to diminish. Personal responsibility will be held high, so that a family that can't afford to have one child, but has 10 anyway, will just collapse and die. That would begin the cure to overpopulation, lack of resources, and high cost of living.

              I'm not sure why people think we have the right to healthcare. We don't. We don't have a right to life (our only right is that the government cannot execute us...well, until Obama started assassinating Americans). We don't have a right to happiness. We don't have a right to government welfare. Liberals demanding that the U.S. government pay for unfunded programs to make the dregs of society happy only destroys the quality of life for the many that actually make this country's economy run.

                #8.2 - Mon May 21, 2012 2:57 PM EDT
                Reply

                listen up,if you dumb ass people continue to buy the gas and make them richer, then there you have it. quit driving when you can avoid it, share, buy yourself a scooter, ride a bike ,walk,etc. take as fricken bus if you can. i'm not saying you should bury your car, just cut back as much as possible. when they quit selling the crap, the price will drop, you all know that to be true, so stop driving the guzzlers. thank you

                • 1 vote
                Reply#9 - Mon May 21, 2012 12:11 PM EDT

                Good points rondoozi.There are other ways to cut gas waste as well.I wonder how much is burned every day sitting in McD or bank drivethrus,for instance.Or driving around parking lots looking for the closest space.I even see people leaving vehicles on while they run into convenience stores or sit outside fast-food places eating in the car.

                • 1 vote
                #9.1 - Mon May 21, 2012 12:48 PM EDT

                I seem to remember after the Valdiz oil spill, there was a huge push to boycott them as being environmentally irresponsible, and I know that emails circulated and billions of people stopped going to that gas station in favor of competitors who were viewed as more environmentally friendly, but fact reality, it didn't put Exxon out of business at all. The Valdiz was not something that a corporation did intentionally. If they were as greedy as you assert, then wasting all that oil would be an anathema to them. Valdiz, like the BP incident in the gulf had multiple factors all coming together at one time to create a huge accident with serious repercussions. Human error, failing mechanicals, weather conditions.....Not necessarily proof of any single negligence, but rather our arrogance to assume that we can control everything all the time. We don't prepare for the unforseen, and then blame everyone in sight when it happens. Valdiz and BP gave everyone a chance to vent their spleen and villify and lay blame for all their ills, far beyond the actual disasters themselves. It created a rallying point for the "we/them" kind of divisive rhetoric that our country seems locked into. In reading these posts, I have become convinced that people are not as concerned about the environment, the future, or their fellow human being's ability to live and thrive in America, as they are vested in the notion that those who have risen to the top of the heap, are the embodiment of the promise of America should be stripped down, vengefully reduced. The environment, social conscience are merely socially acceptable trappings for the greed, envy, and vengence that nobody seems to want to admit. If you successfully destroy all the successful people and companies, what will be left????? We are already feeling the affects when companies feel that the US environment is too hostile and move overseas-unemployment rampant and stagnant wages, unbalance flow of trade.....

                • 1 vote
                #9.2 - Mon May 21, 2012 2:28 PM EDT

                re: 9.2 I am curious, do you have a job? My wife and I do not because of Corporate Bankruptcy and Age Discrimination. My wife has no insurance and I cannot afford $800+ / month for long. We are losing our house. When is this mess going to improve? Government does absolutely nothing effective about jobs, homeless and unaffordable major medical insurance. You wrote a lot of words saying we are too hard on government. Will all these words stop us from being homeless on the street and just dying because we cannot afford health insurance? May we have human rights???

                  #9.3 - Mon May 21, 2012 2:55 PM EDT

                  Two words Rowboat3....Personal Responsibility. The U.S. government is not your personal babysitter.

                    #9.4 - Mon May 21, 2012 3:00 PM EDT

                    Re 9.4 Why is age discrimination not stopped so we can get jobs again? It is law.

                      #9.5 - Mon May 21, 2012 3:07 PM EDT
                      Reply

                      Goldman Sachs proudly admits to tacking on 50 cents to each gallon of gas we purchase as a result of market speculation that, while strictly legal, is essentially gambling. We pay more. They get richer. And it all has almost nothing to do with actual supply and demand.

                      Last year, federal regulators charged five oil speculators with manipulating the price of oil in the early months of 2008 and making a $50 million profit from the scheme.

                      Here’s how they did it:

                      The group bought up a bunch of actual oil contracts, which created the perception of an oil shortage that in turn drove up oil prices. Then, having artificially inflated oil prices, they paradoxically bet that oil prices would fall, which of course is exactly what happened when they turned around and sold the original contracts, in effect ending the bogus shortage they created in the first place.

                      The government needs to de-regulate Wall Street NOW!!

                      • 3 votes
                      Reply#10 - Mon May 21, 2012 12:20 PM EDT

                      Got a new twist on that one, here in Canada four different independent retailers were charged and fined several millions of dollars for agreeing to set the price of gas at their retail pumps. But here is the kicker they had agreed to sell below the suggested retail price the large oil companies stations were selling it at. So who is to blame for the higher price, even the governments protect them and does nothing when the big oil companies agree to sell it all at a higher price.

                      • 2 votes
                      #10.1 - Mon May 21, 2012 12:43 PM EDT

                      am.cam...You live in one of the most remarkably beautiful countries in the world. I visited Calgary in 2000 and saw the huge oil corporations in that city. Then, a few days later saw that oil sand production facility in northern AB. What Canada does is Canada's business. But that Keystone Oil project Bush and Ralph Klein tried to push through without full approval from American taxpayers was a massive scam. We in the US have some pretty high handed politicians who ignore the rights of the people who elect them.

                      British Columbia didn't want that pipeline because they knew it would destroy their beautiful province. So why should 1750 miles of a pipeline in some of the most dangerous areas of the US where wild fires and twisters are a persistent problem be allowed here? Not to mention the loss of US residential property by eminent domain to Canadian Oil companies.

                        #10.2 - Mon May 21, 2012 1:00 PM EDT

                        For all those who like to bash Bush, it was Bush who threatened a similar legal action to the one mentioned by our Canadian neighbor....any retailer artificially "price gouging" was going to be subject to potential fine, investigation, prosecution. That prevented what we have as the current scenerio, where the rumors of a futures increase in crude oil prices spike the price at the pump, but when the actual price per barrel declines, we do not see the corresponding drop to the consumer. And the 50 cents per gallon, speculation costs pale in relation to the percentage of gas price at the pump which is made up of federal, state and local taxes.

                          #10.3 - Mon May 21, 2012 3:27 PM EDT
                          Reply

                          But, but...this should have a net zero effect on the ecomonmy because the hard working petroleum execs will have more money to spend, so they will spend it, right? Buy more goods and services and hire more workers with it right? They wouldnt dare artificially elevate the prices through speculation and artfiicial supply constraints (like buying tankers full of crude and parking them off the coast for months or shutting down multiple refineries in the same region at the same time), take our hard earned money and park it in offshore bank accounts...would they?

                          • 1 vote
                          Reply#11 - Mon May 21, 2012 12:20 PM EDT

                          re 10. Would oil companies hire qualified applicants in proportion to the age distribution of people where they do business or in proportion to the age distribution of applicants???? I believe not, they like age discrimination, just like the rest of Corporate America and government always goes along with big business. If one feels I am incorrect, let's see the numbers which I have never seen shown.

                            #11.1 - Mon May 21, 2012 12:36 PM EDT
                            Reply

                            gasoline is still45%higher than 2010 and 65% higher than 2009. True the President doesn't set gas prices but HE appoints people in different agencies that DO affect fuel prices. His SEC appointees have done nothing to regulate commodity speculation, his EPA appointees are restricting domestic fuel production and the administration has funneled billions into failed green energy companies. Add to the mix that in 2009 during a Los Angeles Times interview Obama himself said that electricity rates will have to rise and gasoline will have to go to $5.00 to get the country focused on "Green Technologies". Tell me again that the President doesn't affect gasoline prices.

                            • 6 votes
                            Reply#12 - Mon May 21, 2012 12:24 PM EDT

                            So you think he will deliberately damage his re-election for the sake of higher fuel costs?That he will throw himself under the bus,in effect?That makes sense to you?And btw,Solyndra would've been a good thing.It would have allowed Americans to produce,employ and pay taxes.Instead the benefits go to the Chinese who put Solyndra out of business.Hope you're happy about that.

                            • 1 vote
                            #12.1 - Mon May 21, 2012 12:54 PM EDT

                            David Jones...Wrong...The Energy Commission is comprised on Energy Executives. None are appointed by the President. At present, the head of the SEC is a Bush appointee and by your thinking that means for the 8 Bush years, that Bush appointee missed Madoff's fraud as well as Kozlowski's, Ebbers and the rest of the Wall Street thieves. Why point out Solyndra? Is it because that's the ONLY solar company that had a massive failure? Now, come to NJ. Trinity Solar has 12,000 customers and climbing. Don't you people leave your states ever? Trinity is one of thousands of solar energy companies hiring in NJ.

                            • 1 vote
                            #12.2 - Mon May 21, 2012 1:02 PM EDT

                            ewent--ummmm--Why point out Solyndra?

                            Could it BE that it is because the Obama Admin. Gambled Billions of dollars on Solyndra despite his OWN people knowing it was failing?

                            • 1 vote
                            #12.3 - Mon May 21, 2012 1:45 PM EDT

                            Obama seems to be using the carrot and the stick approach to gaining wider acceptance, use and development of green technology, but he has an interesting spin on the process. Instead of there being a reward for moving in the direction of green energy, the rabbit gets bludgeoned with the stick.

                              #12.4 - Mon May 21, 2012 3:30 PM EDT
                              Reply

                              Unfortunately gas prices affect everything so it's hard not to have to look at your finances closer and realize what you can afford. I haven't had a real vacation since 2008. Food goes up every single week and you get way less and spend much more. Hell, I bought normal food and a few household items for just me and my hubby for one week and spend $115. No, we do not buy anything glamourous and I always have to buy the "great value" brand. It's only going to get worse. I also do not indulge in anything like soda.

                              • 2 votes
                              Reply#13 - Mon May 21, 2012 12:24 PM EDT

                              Goldman Sachs proudly admits to tacking on 50 cents to each gallon of gas we purchase as a result of market speculation that, while strictly legal, is essentially gambling. We pay more. They get richer. And it all has almost nothing to do with actual supply and demand.

                              Last year, federal regulators charged five oil speculators with manipulating the price of oil in the early months of 2008 and making a $50 million profit from the scheme.

                              Here’s how they did it:

                              The group bought up a bunch of actual oil contracts, which created the perception of an oil shortage that in turn drove up oil prices. Then, having artificially inflated oil prices, they paradoxically bet that oil prices would fall, which of course is exactly what happened when they turned around and sold the original contracts, in effect ending the bogus shortage they created in the first place.

                              • 2 votes
                              Reply#14 - Mon May 21, 2012 12:25 PM EDT

                              The financial and political wizards think the American consumer is too stupid to recognize the fact that even as gas prices rise and fall, the costs of everything that supposedly rose because of high fuel prices have stayed high and will stay high. Not only food, but utilities, services (cable, internet), home repairs, insurance coverage, major appliances, small appliances etc, etc. I have received "the-cost-of-everythign-is-going-up-and-so-is-your-bill" letter on many occasion but not once have I received my "your-bill-is-going-to-be-lower" letter. Still waiting.....

                              • 4 votes
                              Reply#15 - Mon May 21, 2012 12:26 PM EDT

                              Austin--I DO hope you are not holding your Breath!

                                #15.1 - Mon May 21, 2012 1:47 PM EDT
                                Reply

                                Goldman Sachs proudly admits to tacking on 50 cents to each gallon of gas we purchase as a result of market speculation that, while strictly legal, is essentially gambling. We pay more. They get richer. And it all has almost nothing to do with actual supply and demand.

                                Last year, federal regulators charged five oil speculators with manipulating the price of oil in the early months of 2008 and making a $50 million profit from the scheme.

                                Here’s how they did it:

                                The group bought up a bunch of actual oil contracts, which created the perception of an oil shortage that in turn drove up oil prices. Then, having artificially inflated oil prices, they paradoxically bet that oil prices would fall, which of course is exactly what happened when they turned around and sold the original contracts, in effect ending the bogus shortage they created in the first place.

                                  Reply#16 - Mon May 21, 2012 12:28 PM EDT

                                  People are funny, while all of your gas prices went down in the lower 48, ours went up 20 cents in less than 5 days to 4.58 a gallon. Thats nothing compared to some more remote places paying anywhere between 8-15 a gallon. Alaska is getting screwed hard, and we produce oil, and have a refinery. Funny how that works.... I am sure "they" want our gas up here above 5 a gallon in the city before the summer is over. It will never actually go down either.

                                  • 1 vote
                                  Reply#17 - Mon May 21, 2012 12:28 PM EDT

                                  RT Tech...Alaska is getting anything but screwed. It receives the highest dollar ROI for what they pay into the fed. $1.72 for every dollar they pay. That doesn't count the $1200 each Alaska taxpayer gets from that subsidy.

                                  Here's the real game Big Oil plays. They jack prices. Then, they return them to the pre-price jack level. So they don't really ever go down. They just return to pre-predatory levels of the prior fiscal quarter. It's why every 1st fiscal quarter they are turning over obscene profits. They try to make Americans think that this predatory pricing game is lowering the cost of gasoline...Is it? It went from $4.10 in NJ last year to $3.59...now that ought to really help our budgets? So now that Memorial Day and 4th of July are on their way, watch the price increase again and watch how that price will be considered "lowered" when the holiday is over.

                                    #17.1 - Mon May 21, 2012 1:14 PM EDT

                                    Actually, I can agree somewhat with our friend in Alaska....We have a similar situation in which the electricity company soaked the residents to build new nuclear plants....These nuclear plants were flawed during construction and that fact was known, so they have never been able to even operate at peak efficiency. So our state had the financial liability to build them, and we now have the eco issues waiting to see if there could be a serious failure resulting in radioactive spills....and all the power generated at these facilities is being sold in other states, states that are paying less for their electric than we are. Yeah, I can really understand where RT Tech is coming from......The excuse given by the electric company is that all power generated goes into the grid and then entities, states, cities etc, purchase blocks of power from the grids and negotiate contracts with the grid.....Question is, why can't the grid risk its own capital to build these plants if it is going to export the power generated everywhere else, but where the plant is, and usually for lesser costs.

                                      #17.2 - Mon May 21, 2012 3:36 PM EDT
                                      Reply

                                      The Obamas don't seem bothered by the cost of gas, as they fly nonstop around the world vacationing and campaigning on the taxpayer dime.

                                      • 4 votes
                                      Reply#18 - Mon May 21, 2012 12:29 PM EDT

                                      There are postings that show people have little understanding of the commodities market. They are biggest culprit in the pricing of gas and are regulated by the SEC which is the federal oversight committee. The laws were changed two years ago to prevent the speculation from occuring again. Obama stated a couple months ago the problem was speculation. Has he done anything about it. NO! His agenda for green transportation is foremost in his mind. He and the rest of the government could care less about the suffering people of this country. He has the power to reign in the gas prices but has chosen not to do it.

                                      • 1 vote
                                      Reply#19 - Mon May 21, 2012 12:32 PM EDT

                                      Von Snickle...And just what did Bush do with his SEC Bush appointee about Madoff? Nada. gas prices are NOT regulated by the SEC. That's as stupid a posting as it gets. Gas prices are regulated solely by the Gas Industry.

                                      Green transportation is here to stay whether the Texas jerks in Big Oil like that or not. Come to NJ. You'll see as many hybrids on the roads as you do the new electric cars. Electric charging stations are replacing gas stations. Just because Texas is so oil addicted, doesn't mean the rest of the states are willing to be their hostages.

                                      Furthermore, it's pretty damn hypocritical to say Big Oil isn't involved in solar when First Energy out of TX has littered roads and highways with solar panels on street lights all saving them tons of money while they juice electricity, natural gas and gasoline prices.

                                      • 1 vote
                                      #19.1 - Mon May 21, 2012 1:08 PM EDT

                                      And BP's new slogan is "Beyond Petroleum" Big oil are the bad guys for producing oil, and when they try to get on board with the environmental issues that everyone holds so dearly, they are lambasted for doing it. Make up your minds. Who better to research alternate energy? Who has better motivation to do so in a timely and economically friendly manner than a company that successfully supplies energy and would like to continue to do so in future as the fossil fuels become scarcer? What I am hearing is that you resent big oil's success and it would just fry your grits if they were successful with alternate energy sources as well, even if that made things affordable for you and everyone else....Because, the little green eyed monsters out there, somehow think that we should replace the "robber barons" of big oil with the new "robber barons" of alternative energy....We will still have the almighty 1% that seems to aggravate everyone so much, but it will just be a new crop of crooks to complain about.

                                        #19.2 - Mon May 21, 2012 3:41 PM EDT
                                        Reply

                                        If you read the article, the financial market sources and the comments, the problem continuously leads to a root cause as the administration. With support from the head of the department of energy desiring gas prices to meet what European countries face (to make alternative fuels more attractive and financially feasible), it doesn't take much logic to realize that the prices are being forced higher by our executive branch of the government with support from the senate side of congress. We cannot order another four years of progressive thinking (oxymoron).

                                        • 1 vote
                                        Reply#20 - Mon May 21, 2012 12:42 PM EDT

                                        FoundersFan...I'm voting for President Obama because unlike Bush, people come first. If the hotsy totsy makes billions off Americans in the Big Oil industry need a rude awakening we are more than happy to provide that. Any idiot who'd spend $100 to fill a gas guzzler deserves the economic slapping they get. Nothing else seems to wake up the affluenza suffers in this country. They want to go on and on and one just blithely using up every natural resource and then when that happens...It's "Road Warrior" all over again.

                                        If the rest of us can learn to economize, so the ritzy titzies.

                                          #20.1 - Mon May 21, 2012 1:18 PM EDT

                                          Ewent--sorry, but Obama doesn't seem to ME like he cares about "people''--just the ones who while not paying ANY income taxes, are the prime beneficiaries of government giveaways.

                                          I forget which Greek philosopher who said that all democracies will fail when the number of people TAKING from the government VOTES themselves too much for the ones PAYING for everything.

                                          I'm not rich, my income is less than $50K, but I pay 15% of MY income in INCOME taxes alone. Until Obama starts requiring EVERYONE to pay SOMETHING, he is like the parent who spoils his kids rotten, and then wonders why they become drains on society.

                                          • 1 vote
                                          #20.2 - Mon May 21, 2012 1:55 PM EDT

                                          Agreed Momaid....if I were to wait for the present administration to "care about me" I would starve to death in the streets. We have a country that falls into basically two categories: those who produce tax dollars and those who do not. Unfortunately, we are rapidly nearing that point where the tax producers cannot meet the needs of those who do not and soon everyone collapses under the weight and we all have to be content with whatever the government deems is appropriate for us to have. All of you engaging in class envy and feeling oppressed.....just wait. Economize isn't even going to begin to describe what will happen...It is such a shame that people's thoughts are so easily manipulated by dollars....As long as you have dollars, the administration is peachy. As long as the government provides dollars for not working, not contributing, then for those folks, government is good. For those of us who work and try to make our bills honestly....well, which of us will be the last one standing?

                                            #20.3 - Mon May 21, 2012 3:47 PM EDT

                                            Price of oil, gold, silver, stocks, bonds, homes cannot be sustained when the money supply deflates. Google for "DEFLATIONARY CRASH" to understand why US dollar becomes more valuable during financial crisis. Stock will decline first, economy will get worse later. And prepare for cheaper gas! It is coming.

                                              #20.4 - Mon May 21, 2012 6:16 PM EDT
                                              Reply
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