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Discussion: (10 comments)

  1. Jon Murphy

    Boy, I really wish I had land on the Bakken right now.

  2. Just ran across this on Market Currents:
    The average U.S. price of gasoline in 2012 never reached the highs seen in 2008, when the all-time record of $4.114/gal. was reached, but fuel prices have been so consistently high that Americans are on pace to spend a record $483B on gasoline this year. Yet U.S. demand for motor fuel so far this year is running at its lowest level since 2001.

    1. $4.79 was the price for regular gas in the fall of 2012 in N CA. Complaining about $4.11 average in 2008 would have brought rejoicing in California! I think California needs to put up lighted exit signs as at theaters so we can get closer to the national average. I feel like the end of Terminator 3, can you help us?

  3. Related comment Tuesday USA Today said that the average wage in the oil business in the Country was actually in Sutton Co, Tx (county seat Sonora) due to the Permian Basin oil boom at 115k/year (of course the total population of that county is 4128)

    1. Roughly confirming the Sutton co wage the Texas Almanac says that average per capita income in Sutton County is 79k

  4. Benjamin Cole

    So why is 10 percent of nearly every automobile gas tank in the USA filled with ethanol by federal diktat, and why is corn production subsidized, in the most pink, socialized, knock-kneed, inbred manner possible?

    Imagine if Obama proposed an “inner city” liquid fuels production and mandated consumption program.

    10 percent of gasoline sold in the USA would be from urban wastes converted into fuel, by federal diktat. And production would be subsidized.

    The outrage! The pique! The scorn! That Muslin socialist Obama!

    But, of course, I have just described our rural-subsidy ethanol program, courtesy of rural state Senators and congressmen.

    No outrage. Change the topic.

    How about the welfare queens driving Cadillacs in Detroit?

    1. The Unknown One

      In case you’ve forgotten, it was Bush (or even Clinton?) who started the ethanol program, not Obama. Seems like Obama’s become the scapegoat for just about everything these days, even for stuff that began, like, 10 years ago. Or more.

      1. In case you’ve forgotten, it was Obama who promised hope & change and promised to fix all those terrible things started by his predecessors. After four years in the driver’s seat he has not only continued all the disasters of the past but has added some of his own. We expected better.

        It no longer matters what previous presidents have done, the guy in charge now is expected to fix things.

    2. Benjamin,

      Ethanol is typical big government policy that helps the politically connected few at the expense of the politically unconnected many.

      Obama is a strong supporter of both big government and big ethanol.

      So what is your point?

  5. Blaming Obama seems to have become the favourite pastime of WASPs of a certain age and income bracket. USofA has only its own political schitzophrenia to blame — elect a Dem president but then also elect a Rep dominated Congress which ties his hands. Look at all the pending bills and inaction for the past 2+ years — including ones on debt ceiling and fiscal cliff. But the American electorate has spoken decisively and yet Reps seem to hang on to the idea of no change.
    As for ethanol — that is the farm lobby behind Bush and current GOPers who will not rescind that Bill — it keeps corn prices higher than otherwise artificially. Remember most Rep Congress persons are from the Red states of geographical mid-America — which is also the farming heartland. The current subsidy on corn ethanol is a whopping 40 cents per gallon — remove that and you also get over 20 Bn dollars per annum in budget cuts for the fiscal cliff medication!! It just does NOT make economic sense when USA now has far cheaper domestic oil and gas.

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