Should the Government cap the price of gas?

[Dr. Blutarsky]

Oil companies are making record profits, they have never made more money than thay are making now. The actual gas stations aren`t making much at all off it. THe common man is also getting fucked. Sooner or later the price will be so high it will start to really affect the economy. But Exxon will be doing well. Fuck that. If it is feasable, lets limit how much we can be charged for a gallon of gas.

[gilld1]

No, but we should cap the government, at least this current US Oil Cartel that we have.  Bush cares not about the common man, we don't have enough money for him to be concerned. 

[SLCPUNK]

"Exxon-Mobil announced in January that it had made a profit of $8.4 billion during the last quarter of 2004, a U.S. record. Royal Dutch/Shell announced a profit of $10 billion for the same period, the largest U.K. corporate profit in history."

[N.I.B]

too expensive. Pretty soon, electric cars will take over us....

[Dr. Blutarsky]

I`m so glad I bought my Dodge Ram last year. Costs me $60 to fill the damn thing up.

[SLCPUNK]

I`m so glad I bought my Dodge Ram last year. Costs me $60 to fill the damn thing up.

Diesel or gas?

[SLCPUNK]

too expensive. Pretty soon, electric cars will take over us....

There is a guy who took a Prius and added more batteries in the trunk. It gets 250 mpg!!!!! Although Toyota does not like mods to it's car, it is talking to this guy now.....

There have been diesel/electric hybrids that get 90 mpg for well over 5 years now, just not on the market......

[gilld1]

I don't know if there is any truth to this, it might be a wild conspiracy theory, but I have heard before that the big oil companies have bought up patents on high efficiency engines so they never see the light of day or get developed.  It's not a hige stretch of the imagination....

[Dry Heat]

I thought OPEC was in control of the price of oil and not the government?

I think here in the US, many of us drive SUV's that don't get great gas mileage.? I see a change coming in the future as gas prices continue to climb...the American driver will be forced to buy fuel efficient cars.

The high cost of gas has really changed my driving habits.? I limit where I go and try to consolidate my trips.? And I find after filling up my tank, I don't have the extra money to spend else where.? So I don't go out to dinner or to the movies as often.

If I didn't live in an area that got up to 115 degrees in the summer, I would ride my bike more often as an alternative.

And one last word, if you invest in the stock market, buy some oil company stock!? ?

[SLCPUNK]

I don't know if there is any truth to this, it might be a wild conspiracy theory, but I have heard before that the big oil companies have bought up patents on high efficiency engines so they never see the light of day or get developed.  It's not a hige stretch of the imagination....

They have their money in alternative power yes, but only to make money once our dependency on oil comes to an end.

[Dr. Blutarsky]

I`m so glad I bought my Dodge Ram last year. Costs me $60 to fill the damn thing up.

Diesel or gas?

Gas. I had no use for the towing power of a diesel ( or the noice a diesel engine makes). I need my truck for work and travel quite a bit, the gas bills are getting rough. If they could come up with a hydrogen or electric vehicle with the carrying capacity of my truck and be affordable, Id trade it in. But I love Dodge Trucks!

[Prometheus]

I thought OPEC was in control of the price of oil and not the government?

I think here in the US, many of us drive SUV's that don't get great gas mileage.  I see a change coming in the future as gas prices continue to climb...the American driver will be forced to buy fuel efficient cars.

The high cost of gas has really changed my driving habits.  I limit where I go and try to consolidate my trips.  And I find after filling up my tank, I don't have the extra money to spend else where.  So I don't go out to dinner or to the movies as often.

If I didn't live in an area that got up to 115 degrees in the summer, I would ride my bike more often as an alternative.

And one last word, if you invest in the stock market, buy some oil company stock!   

OPEC controls the price of oil.... yes.... goverment CAN cap the cost per gallon of gas.... IN canada its on the provience sde not the federal side, though theyre is/was an engery tax that was levied in teh early 80's by the feds.... all of which now is going back to cities and towns for infastructure upgrades. In my home provience there is a pricing commission that sets the price of gas. it has some master formula that it uses to determine the price of gas. however it is flawed in the way it is structured. It allows for only 2 times per month for the price of fuel to be lowered however it can raise every 3 days if they want. the only thing that is really good about is that you know the price of gas in every zone b4 you do a trip... so you can bypass high cost areas and purchase from lower cost areas. Granted the flux is only 3 cents prov. wide and in closer regions the flux is maybe only a few tenths of a cent... so it does not make much difference.

keep in mind that te US is a free market economy where prices are totaly dependant on market pressures. if you cap off the price say at 2.50/gal and the actual cost goes over 3-4/gal. the production companies will be loosing money at an insane rate and will cause a crash and a new spike in the cost of oil. the producers would have to opperate at a loss within country and drive costs up everywhere else casuing a global crash new wars, countries refusing to export oil and then another hit to the US economy...... that would be 2 major crashes in under 10yrs and 3 in 15yrs or less... can the US economy really push through that kind of crash?

the only 100% way to push through is to start to reduce the dependency on convential fuels switch over now to hybrids and within 10yrs switch to fuelcell/hydrogen fueled/electric vehs..... if the federal goverment reall got behind the auto industry and pushed you could get these vehs to market in 5-8yrs.... with the continued slow growth into hybrids over that times... in say 20-25yrs the demand for oil in NA would be very low, as it would be in most westren countries. it would be a econmy killer for smaller countires in 50yrs + due to world change over would be behind the growth curve. if the US can really get going on this it will create a new and more powerful economy one that teh US should be happy to be the leaders of in teh World.

the start was made in the 90's under clinton, and killed by bush in favour of more oil exploration, if Bush can turn this around he can create a legacey for himself.... something other then WAR. it would be the smartest move that he has ever made.

[SLCPUNK]

I thought OPEC was in control of the price of oil and not the government?

I think here in the US, many of us drive SUV's that don't get great gas mileage.  I see a change coming in the future as gas prices continue to climb...the American driver will be forced to buy fuel efficient cars.

The high cost of gas has really changed my driving habits.  I limit where I go and try to consolidate my trips.  And I find after filling up my tank, I don't have the extra money to spend else where.  So I don't go out to dinner or to the movies as often.

If I didn't live in an area that got up to 115 degrees in the summer, I would ride my bike more often as an alternative.

And one last word, if you invest in the stock market, buy some oil company stock!   

Yes, many people are changing their habits. I wonder how it is going to affect the economy. I read that they will keep long term interests rates down because oil is up. Makes sense, since it will be the only thing left to keep the economy moving along (ie home sales).


****

NEW YORK (CNN/Money) - To cope with rising gas prices, some people are driving less -- or changing vehicles.

Some are cutting back elsewhere in their budgets. Some are taking more drastic measures.

And with gasoline rising to an average of about $2.60 a gallon -- and oil prices staying high -- it doesn't look like prices at the pump will retreat anytime soon.

CNN/Money invited readers to write in and share stories about how they are coping.

Below are Thursday's selections. (See gripes from Tuesday and Wednesday.)

It's about the music, man..."I am in a band that just got signed to a independent label and we are about to start touring. Because gas prices, if we don't sell merchandise, we don't eat." -- Tavis W.

Cutting back on EVERYTHING..."I've done the following: quit eating out; wearing anything that needs dry cleaning; I'm doing my own hair; canceled the newspaper subscription (I read it online); not renewing any magazine subscriptions; had the "home" phone turned off, just using my cell phone (cut back on minute plans)....whatever it takes!!!" -- Mel

A new thief in town..."Recently I received a call from my credit card company to report a number of fraudulent charges. Can you guess what the thieves charged? Gasoline, of course! Go figure!" -- Carol C.

Brown bagging..."I used to spend $7 per day for lunch or $35 per week. Now I take lunch to work and it costs about $3 per day ( $15 per week). The extra $20 savings is shifted to the tank. I'd rather put that savings into my 401(k). Also I stopped going to Starbucks and lowered my Lottery ticket purchases." -- Mark S.

Extreme measures...? "I've had to switch from Charmin to newspaper." -- Stacey

Trading down..."I traded in my BMW for Nissan Altima 2.5S because gas prices are making me sick to my stomach. I'm from Yonkers, N.Y. and finding a gas station with the lowest price is like striking gold. If I find one, it's just funny how reality bites: Porsche, BMW X5, Ford Mustang, Mercedes are all lined up for the cheapest gas station in town!

Loving the bug..."I am doing quite well with gasoline prices at record levels. More than two years ago I purchased a 1974 VW standard beetle with a 1600CC engine in anticipation of rising gas. My daily round trip commute is 52 miles and I get 36 miles to the gallon with my bug. My cost for filling up the fuel tank is $21. FYI: I sold my gas guzzler on 8/1/05." -- Max D.

Walking off the job..."Because of the rise in gas prices I had to leave my job. I worked on the east side of Detroit and lived about 85 miles away. I have had to make the decision the leave a good job to look for local employment that probably wont pay more than $9 an hour. Also because of the gas prices I cannot afford to drive to and from college so I have chosen to take all online classes, which is a big disappointment. -- Justin E.

Check back for more reader responses. And send us your story at gasprices@cnn.com.

[Dry Heat]

I thought at one time I heard that the "shortage" of oil was being blamed on the Chinese.? OPEC wants to produce only a set amount of oil per day (barrels) and if there is an economy that at one time wasn't using these products and now they are, that is causing an impact/shortage here in the US.

Now I'm not trying to blame the Chinese or anyone...don't get me wrong.? I think it is a wake up call to us (Americans) that oil is a limited natural resource and we need to be thinking about the impact of this now.? You know, maybe one day there won't be any oil or anyone to drill or produce it...what would we do?

Where I live, water is a resource that we have to get from other states primarily.? So we pay dearly for it.? I use it sparingly and it has just becomes a way of life after awhile.

I think everyone will adjust and hopefully use alternative methods to save on gas.? If not, there will be less money to spend elsewhere.? Everyone is feeling this and I feel sorry for those small businesses that have to pass along these costs to us, the consumer.

[Dry Heat]

I thought OPEC was in control of the price of oil and not the government?

I think here in the US, many of us drive SUV's that don't get great gas mileage.? I see a change coming in the future as gas prices continue to climb...the American driver will be forced to buy fuel efficient cars.

The high cost of gas has really changed my driving habits.? I limit where I go and try to consolidate my trips.? And I find after filling up my tank, I don't have the extra money to spend else where.? So I don't go out to dinner or to the movies as often.

If I didn't live in an area that got up to 115 degrees in the summer, I would ride my bike more often as an alternative.

And one last word, if you invest in the stock market, buy some oil company stock!? ?

OPEC controls the price of oil.... yes.... goverment CAN cap the cost per gallon of gas.... IN canada its on the provience sde not the federal side, though theyre is/was an engery tax that was levied in teh early 80's by the feds.... all of which now is going back to cities and towns for infastructure upgrades. In my home provience there is a pricing commission that sets the price of gas. it has some master formula that it uses to determine the price of gas. however it is flawed in the way it is structured. It allows for only 2 times per month for the price of fuel to be lowered however it can raise every 3 days if they want. the only thing that is really good about is that you know the price of gas in every zone b4 you do a trip... so you can bypass high cost areas and purchase from lower cost areas. Granted the flux is only 3 cents prov. wide and in closer regions the flux is maybe only a few tenths of a cent... so it does not make much difference.

keep in mind that te US is a free market economy where prices are totaly dependant on market pressures. if you cap off the price say at 2.50/gal and the actual cost goes over 3-4/gal. the production companies will be loosing money at an insane rate and will cause a crash and a new spike in the cost of oil. the producers would have to opperate at a loss within country and drive costs up everywhere else casuing a global crash new wars, countries refusing to export oil and then another hit to the US economy...... that would be 2 major crashes in under 10yrs and 3 in 15yrs or less... can the US economy really push through that kind of crash?

the only 100% way to push through is to start to reduce the dependency on convential fuels switch over now to hybrids and within 10yrs switch to fuelcell/hydrogen fueled/electric vehs..... if the federal goverment reall got behind the auto industry and pushed you could get these vehs to market in 5-8yrs.... with the continued slow growth into hybrids over that times... in say 20-25yrs the demand for oil in NA would be very low, as it would be in most westren countries. it would be a econmy killer for smaller countires in 50yrs + due to world change over would be behind the growth curve. if the US can really get going on this it will create a new and more powerful economy one that teh US should be happy to be the leaders of in teh World.

the start was made in the 90's under clinton, and killed by bush in favour of more oil exploration, if Bush can turn this around he can create a legacey for himself.... something other then WAR. it would be the smartest move that he has ever made.

Interesting comments made!? ?It is interesting to see how they regulate it in Canada.? At least you know where you stand...over here, we drive by a gas station and it is one price; drive by later on that day and it has gone up!? Wake up the next morning, and it has gone up again over night? ?

Thanks for sharing your thoughts!

[SLCPUNK]

I thought at one time I heard that the "shortage" of oil was being blamed on the Chinese.  OPEC wants to produce only a set amount of oil per day (barrels) and if there is an economy that at one time wasn't using these products and now they are, that is causing an impact/shortage here in the US.

Now I'm not trying to blame the Chinese or anyone...don't get me wrong.  I think it is a wake up call to us (Americans) that oil is a limited natural resource and we need to be thinking about the impact of this now.  You know, maybe one day there won't be any oil or anyone to drill or produce it...what would we do?

Where I live, water is a resource that we have to get from other states primarily.  So we pay dearly for it.  I use it sparingly and it has just becomes a way of life after awhile.

I think everyone will adjust and hopefully use alternative methods to save on gas.  If not, there will be less money to spend elsewhere.  Everyone is feeling this and I feel sorry for those small businesses that have to pass along these costs to us, the consumer.

USA accounts for 25% of oil consumption, I think....China is up there now too. The SUV craze certainly does not help lower demand. That was Clintons fault because he allowed them to be put under the truck category, thus eliminating MPG standards......

[Kitano]

One very interesting alternative to gas is E85 which is a blend of 85% ethanol and 15% gasoline.  Ethanol is made mainly from corn which means that money can go to farmers in the US rather than to the middle east.  It is also signifigantly cheaper than gas.

[SLCPUNK]

One very interesting alternative to gas is E85 which is a blend of 85% ethanol and 15% gasoline.  Ethanol is made mainly from corn which means that money can go to farmers in the US rather than to the middle east.  It is also signifigantly cheaper than gas.

It's great, however the amount of land we have, time, vs demand makes it a no go. Sad to say.

[Prometheus]

One very interesting alternative to gas is E85 which is a blend of 85% ethanol and 15% gasoline.  Ethanol is made mainly from corn which means that money can go to farmers in the US rather than to the middle east.  It is also signifigantly cheaper than gas.

It's great, however the amount of land we have, time, vs demand makes it a no go. Sad to say.

exactly... though there have been some studies with GM crops forcing a shorter grow season, and higher yeild so as to maximise the land being used... then it comes back tot eh GM debate.......

[Prometheus]

I thought at one time I heard that the "shortage" of oil was being blamed on the Chinese.  OPEC wants to produce only a set amount of oil per day (barrels) and if there is an economy that at one time wasn't using these products and now they are, that is causing an impact/shortage here in the US.

Now I'm not trying to blame the Chinese or anyone...don't get me wrong.  I think it is a wake up call to us (Americans) that oil is a limited natural resource and we need to be thinking about the impact of this now.  You know, maybe one day there won't be any oil or anyone to drill or produce it...what would we do?

Where I live, water is a resource that we have to get from other states primarily.  So we pay dearly for it.  I use it sparingly and it has just becomes a way of life after awhile.

I think everyone will adjust and hopefully use alternative methods to save on gas.  If not, there will be less money to spend elsewhere.  Everyone is feeling this and I feel sorry for those small businesses that have to pass along these costs to us, the consumer.

see you are almost right on the mark.... let me guide ya back a bit.

India and China in 15yrs or less that will be the population placements are growing rather fast and their own demand on the current supply is forcing the price up. OPEC being the power hose controls a rather large stake in teh oil production world wide. it was always said that they maintained a 20% ceiling on production.... what we are finding out now is that they are currently near 90-95% production capibility world wide..... and they cant make the step up to the next level, and curb the prices to create a price fall. With teh growing demand pressure being put on by these 2 insanely large markets, in 10 years fo trends remain the same with growth and exploration there will be a -1% on supply, and that is also because the new feilds are located in harder and harder to reach locations, making the cost rather high for production. Another problem that makes the oil gap on domestic production rather large is much of teh east coast oil has very high sulphur content. making the refing process more expensive and as such much of this oil is sold to other nations with lower enviroment reg's and we get theirs for our own production. Coming from a rather Oil rich provience in eastren canada (higher sulphr then west of NA) we ship 2 tanker of crude to veneula for 1.5 tanker of their crude. that is a rather intresting trade.... but it makes for cleaner air at home........

But with developing nations such as INdia and China (there about 20yrs behind overall on oil demands) catching up to us, the supply problems will only ge worse not better.... and the change over needs to occur asap..... africain countries can be pushed past this growth point and it will assist them into the future..... its teh big brother principal.... we as the west over all need to step up and take the lead in thse technologies and help others come beyond their reliance faster. its teh only way to the future..... one where we are only fighting over fresh water..... LOL