Gas prices, on average, are about 50 cents less a gallon than a year ago, giving a de facto tax cut and providing relief to millions of consumers as the holiday season kicks into high gear. However, a growing number of politicians have suggested that, given cheaper fuel costs, conditions might be ripe to hike federal taxes on gas in order to help fund infrastructure projects.
Rendell is one of those voices. He supports raising the federal gas tax—
(Excerpt) Read more at cnbc.com ..
Oil prices jumped to nine-month highs on Thursday, as concerns mounted that escalating violence in Iraq could disrupt oil supplies from the second-largest OPEC producer.
Sunni Islamist militants, who took over Iraq’s second-biggest city Mosul earlier this week, extended their advance south toward Baghdad and surrounded the country’s largest refinery in the northern town of Baiji on Thursday.
“The fear is that will cause a threat to Iraqi oil exports,” Christopher Bellew, a trader at Jefferies Bache, said. “If this conflict knocked out Iraq as an exporter, that would have significant impact on prices.”
Brent futures gained $3.07 to settle at $113.02 a barrel, the highest level since Sept. 9. U.S. oil gained $2.13 to settle at $106.53 a barrel, also the highest close since Sept. 18, according to Reuters data.
President Obama knows that every public statement he makes is recorded and lives forever on the internet. That is cause for serious worry. The best campaign ad to run against Obama is one that uses his own words — and those of the officials he has empowered — against him. When it comes to high gasoline prices, this is a target-rich environment.
Obama is not the cool, calm, and collected guy that he portrays publicly; he’s far from it. Obama is described privately as a thin-skinned hot-head when it comes to questioning his policies, or anything else, for that matter.
Though there has been a slight shift upward in Obama’s poll numbers, Obama knows the real temperature of the American people. Here are 10 indicators as to why Obama will have sleepless nights leading up to the election of 2012: