By Frank Witsil
Gas prices fell yet again (click here) - down 19 cents from a week ago, according to AAA — with Michigan drivers paying an average of $4.44 a gallon, an big drop from a month ago when gas was well over $5 a gallon.
"Michigan motorists have seen gas prices decrease 65 cents within the past month," Adrienne Woodland, a AAA spokeswoman, said Monday, adding that if demand remains low as supply increases, motorists "will likely see pump prices decline."
Gas is still $1.16 more than this time last year.
But one Biden senior official has predicted gas will eventually fall to about $4 a gallon nationally.
Motorists are now paying an average of $66 for a full 15-gallon tank of gasoline....
In the EU. There are no new supply because the companies don't want to pay wind fall profit taxes.
July 22, 2022
On 26 May 2022, (click here) Chancellor of the Exchequer, Rishi Sunak, announced a temporary tax on the profits of oil and gas companies operating in the UK and on the UK Continental Shelf. This is a tax on companies that have made high profits, particularly where these result from increases in energy prices....
In the USA the burden falls to the national debt. Some Americans think that is a burden and a windfall profits tax is in order.
July 11, 2022
By Guest Commentary Ukaykiran Vissa
Although this has the potential to ease pain at the pump, responsibility for a viable solution should fall on large oil companies, especially given their record-high profits.
ExxonMobil, America’s largest oil company, reported that its net profit of $5.5 billion, more than doubled in 2022. Shell recorded its highest earnings ever, and Chevron reported its highest quarterly profit in almost a decade.
Even more infuriating is that oil and gas companies currently possess 12 million acres of leased U.S. public lands, along with 9,000 unused drilling permits, according to the Center for American Progress.
Given their record profits and vast land reserves, oil companies should technically have the ability to increase supply and subsequently lower fuel prices. So why don’t they? The simple answer is they choose not to....
