March 8, 2006
OILY BUILDUP:
US oil supplies jump to seven-year high: EIA (Reuters, 3/08/06)
U.S. commercial crude supplies shot to the highest level in nearly seven years last week on sluggish refinery use and high imports, the government said on Wednesday.0U.S. oil stocks jumped 6.8 million barrels in the week ended March 3 to 335.1 million barrels, or 10 percent higher than last year, according to the Energy Information Administration (EIA), the statistical arm of the Department of Energy.
"The crude build is huge," said Jason Schenker, an economist at Wachovia Bank in Charlotte, North Carolina.
Oil futures on the New York Mercantile Exchange fell more than $1.00 after the report to $60.55 a barrel. In May 1999, the last time supplies were as high, oil futures were less than $17 a barrel.
Sub-$20 is the natural price level, which is why we should be cranking gas taxes upwards.
MORE:
OPEC agrees to keep taps open to cool oil prices (Peg Mackey and Barbara Lewis, 3/07/06, Reuters) - OPEC said on Wednesday it will keep oil output close to the limit to bring prices within consumers' comfort zone and fill supply gaps, but a threat by Iran to review its oil exports cast a shadow.
"Sub-$20 is the natural price level, which is why we should be cranking gas taxes upwards."
Why?
Posted by: sharon at March 8, 2006 1:56 PMTo keep prices high enough to change behavior and to replace other, less moral, taxes.
Posted by: oj at March 8, 2006 2:03 PMSharon,
I can only assume you're new around here... :-)
If only trains ran on 89-octane......
Posted by: ratbert at March 8, 2006 4:29 PM"To keep prices high enough to change behavior and to replace other, less moral, taxes."
Tax my gas, then you better tax heating oil as well so we can teach Northerners to change their behavior, as well.
Posted by: sharon at March 8, 2006 5:09 PMI'm all for spreading the pain. Particularly when the anti-oil people think everyone wants public transportation (not to mention the fact that it is not feasable everywhere).
Posted by: sharon at March 8, 2006 6:13 PMoj. This must be where our liberty is compromised by our freedom.
Posted by: erp at March 8, 2006 7:00 PM"No one wants it, but you can force them into it."
Sorry, dude. Talk to me about it when it is an hr drive from your house to your work but it is a 2 hr train right (laughable). You may like spending 15 hrs of your day this way, but I bet most Americans won't.
Posted by: sharon at March 8, 2006 7:09 PMSharon, you're not understanding what OJ means. He believes in reforming the masses through regressive, even punitive, taxation. In this case that would mean hiking gasoline taxes to make taking the train preferable to driving, regardless of how much time it wastes or social stress it causes.
Posted by: Robert Modean at March 8, 2006 7:44 PMOh, I got it. But he doesn't live in Texas, obviously.
Posted by: sharon at March 8, 2006 8:02 PMSharon, He doesn't live in the USA.
Posted by: jdkelly at March 8, 2006 8:15 PMin oj valley, witches pull the trains, and everyone rides for free
Posted by: toe at March 8, 2006 8:31 PMToe, but if we also raise the tax on heating oil, oj valley will have to burn the witches for warmth and the model collapses.
Posted by: Patrick H at March 8, 2006 8:44 PMsharon:
That's perfectly acceptable because those who insist on driving will reduce my tax burden.
Posted by: oj at March 8, 2006 8:46 PMerp:
Drivers don't want freedom, they want free government services.
Posted by: oj at March 8, 2006 8:47 PMOr village idiots.
Posted by: jdkelly at March 8, 2006 9:05 PMOr 89-octane.
Posted by: ratbert at March 9, 2006 1:21 AMHow's that? I pay the same taxes you do PLUS gas taxes. Last time I checked, that's not free. And then there's the damn train subsidy I gotta pay to support all those yankees.
Posted by: sharon at March 9, 2006 6:18 AMChannelling Jack Benny, eh?
Posted by: ratbert at March 9, 2006 7:40 AMDrive less, subsidize things you dislike less--it's a perfect system.
Posted by: oj at March 9, 2006 9:57 AMSince We, the People have chosen the car culture, there's virtually zero possibility of reversing that unless something better, like individual airborne travel, comes along, so who's going to implement draconian taxes on gasoline? Certainly not, We, the People's, elected officials.
Posted by: erp at March 9, 2006 10:20 AMerp:
Call it the Screw the Arabs tax and you'lkl get 90% support for it. Hysteria cuts in good ways too.
Posted by: oj at March 9, 2006 10:26 AMSubsidize less? I'd love to! But those damn politicians keep making me subsidize commuter service anyway, even though we don't want it.
Posted by: sharon at March 9, 2006 2:02 PMDrive less...you'll reduce your gas taxes.
Posted by: oj at March 9, 2006 2:07 PMDon't wanna drive less. I don't wanna pay for the train. That's the thing I'm subsidizing.
Posted by: sharon at March 9, 2006 2:33 PMLife is about choices...
Posted by: oj at March 9, 2006 2:46 PMSubsidizing trains isn't a choice. It's mandated.
Posted by: sharon at March 9, 2006 5:13 PMIt's a democratic choice.
Posted by: oj at March 9, 2006 5:33 PMA mandated democratic choice? Even you can't be that Orwellian.
Posted by: sharon at March 9, 2006 7:24 PMSharon:
Why? We choose to subsidize transportation, driving most heavily, but trains and the like as well. You could reduce your share of what we spend if you chose to drive less. You don't.
Posted by: oj at March 9, 2006 9:06 PMNo, OJ, I would change from "subsidizing driving," as you put it, which is advantageous in my area, to more heavily subsidizing trains by paying for the ticket every day to spend even MORE time commuting than I do now. In fact, if I figure in the cost of bus fare from the train terminal to a spot somewhere in the vicinity of my job (several blocks away; a walk I don't relish in bad weather) it would come out to MORE money subsidizing a form of transportation that is far more inconvenient.
Posted by: sharon at March 10, 2006 6:36 AMNo, if you used the train you'd be reaping the benefit of the subsidy and avoiding gas taxes.
Posted by: oj at March 10, 2006 7:05 AMNope, then I'm subsidizing (as you say) the far more convenient form of transportation without the benefit of it. And I'm paying more by subsidizing the far less convenient but more costly form of transportation. You can't say riding the train is better when it costs more money than driving my car AND it takes far more of my valuable time. Period.
Posted by: sharon at March 10, 2006 9:11 AMIt costs less when people ride the train in both monetary and temporal terms. Raising gas taxes will force those savings.
Posted by: oj at March 10, 2006 9:22 AMI've just explained to you how it does NOT cost less to ride the train in either my money or time. Why can't you concede the truth? Your argument is flawed. There may be areas of the country that this would work. It does not work in areas such as Texas where the cost for trains would be so high that they would have to charge exorbitant prices to cover it. This is not to mention the cost in time, which you seem to think is trivial. It is not.
Posted by: sharon at March 10, 2006 9:42 AMIt would save money and time for us as a society if commuters used mass transit. Obviously joriding will require cars and should cost more.
Posted by: oj at March 10, 2006 9:46 AMNever heard that commuting to work is "joyriding." I'll have to tell my boss that.
Posted by: sharon at March 10, 2006 9:58 AMAsk him if he wants to carpool too.
Posted by: oj at March 10, 2006 10:01 AMNot feasible. Quit trying to make excuses for a system that doesn't work.
Posted by: sharon at March 10, 2006 10:04 AMNot willing isn't not feasible. We live in a small town and companies organized carpool just because they're good corporate citizens.
Posted by: oj at March 10, 2006 10:18 AMIt's not a matter of unwillingness. It's not feasible. Have you spent any time in Texas?
Posted by: sharon at March 10, 2006 10:25 AMYes, our geoseismic crew met at a gas station every morning so we could drive to the field in a few trucks.
Posted by: oj at March 10, 2006 10:30 AMWonderful! You weren't in Dallas/Fort Worth, obviously.
Posted by: sharon at March 10, 2006 10:53 AMNo, we'd have taken the bus.
Posted by: oj at March 10, 2006 11:00 AMROFLMAO. Yeah, that just proves you've never been here. Thanks for making my point.
Posted by: sharon at March 10, 2006 11:10 AM