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May 30th, 2008
05:05 PM ET

Will oil probe lead to cheaper gas?

 Gas prices soar over $4.00 a gallon in NY.

Gas prices soar over $4.00 a gallon in NY.

FROM CNN's Jack Cafferty:

Here we go again. Every time oil and/or gasoline prices get high enough, someone in the government announces an investigation. The idea is to try to convince the poor soul forking over four bucks a gallon for gas that his government gives a damn. This time it's the Commodities Futures Trading Commission.

We've been here before. Investigators this time say they're looking at potential abuses in the way crude oil is bought, shipped stored and traded nationwide. Usually they don't publicize this kind of stuff, but say they are doing so now "because of today's unprecedented market conditions." That and senators and congressmen are catching hell from their constituents who want an explanation of why oil prices are up 42% since last December.

And, heading into the peak summer travel season, gasoline prices are up an average of 76 cents over where they were a year ago.

When you read the fine print, you discover experts say this investigation – like all the others before it – will likely have a limited impact on oil prices, which have been going up for many reasons, including growing demand from places like China and India, the falling value of the dollar, international tensions and low interest rates.

Meanwhile, a new Gallup Poll asks Americans what should be done to reduce gas prices. A majority of those surveyed, 53% favor price controls. 58% support draining oil from the strategic petroleum reserve, and 57% are for drilling in U.S. coastal and wilderness areas that are now off limits.

However, a majority of people say it's a bad idea to ration gas, bring back the 55 mph speed limit or – are you listening, John McCain – suspend the federal tax on gasoline for the summer. If it makes you feel any better, the highest gas prices in Europe are in Norway where motorists pay more than $9 a gallon.

Here’s my question to you: Do you think a government investigation of oil prices will lead to cheaper gasoline?

Interested to know which ones made it on air?

David from Alexandria, Va. writes:
Gee, Jack. It can't hurt. The announcement of the investigation was enough to send prices down $4 yesterday - maybe some of the opportunistic traders are going to ground and the hounds of the SEC will go after them. This worked for Enron, didn't it? Seems to me we spend too much time vilifying the oil companies and not enough thinking about the futures traders who can pretty much do what they please.

Mike writes:
Got the high gas price blues? Buy oil stock - that will take the sting out of high gas prices!

James from San Diego writes:
I'll bet oil will fall just before the election as Big Oil desperately tries to keep its minions in power.

M. writes:
It’s interesting that we would investigate this now. The more interesting issue is that if you do the basic math the price per barrel of oil has risen over 100% since January 2007 and yet our gas per gallon price has not doubled. They still pay far more "per gallon" in every European country than in the U.S. Lets all thank our stars we aren’t paying $6 a gallon like we ought to be.

J. from New Jersey writes:
Jack, Since we are funding this war in Iraq, how about recouping some of it with a little oil? Aren't they (the Iraqis) just keeping all the profits from their oil for themselves?

Adrian from Lafayette, Louisiana writes:
This investigation is clearly a political move which will have no real impact on pump prices. Our political process uses corporate money as its fuel and our spineless legislators are unlikely to upset such generous benefactors.

Posted by
Filed under: Oil Prices • US Economy
soundoff (218 Responses)
  1. Katie

    I don't think it will help any time soon. A government investigation is a long, drawon out process where there are endless committee meetings and questionings so that everyone can get their 15 minutes in. Until the government decides upon a course of action and actually makes it happen, we won't see any relief.

    May 30, 2008 at 2:00 pm |
  2. Joe in DE

    When the public become irate enough, prices will be damped.

    May 30, 2008 at 2:02 pm |
  3. Drew, Central FL

    I don't think a probe will get anywhere while this administration is still in the WH. Republicans will continue to shield big oil.

    May 30, 2008 at 2:06 pm |
  4. Jen from Bethesda Maryland

    yes..........there is something really wrong here and it would be stupid not to look and see if there is price fixing........you can't assume this administration (filled with oil men) "wouldn't have the heart" to do this to us....... they figure if gas prices stay this high for too long they will get the go ahead to start drilling in our national parks etc.........that is what they have been lobbying for years

    May 30, 2008 at 2:07 pm |
  5. David, Orlando, FL

    Of course not. First of all, nothing will happen to the bottom line of any oil company or OPEC country until the Bush occupation of the WH comes to an end. Then depending on who replaces him, we will have more of the same, except worse, or we may actually begin to wean ourselves off of oil and our untenable dependence on it. Any investigation will be a congressional dog and pony show to fool us into thinking our representatives are working for us.

    May 30, 2008 at 2:07 pm |
  6. chester from toledo ohio

    No it won't help this just and way to make the republican's look good we can't afford another republican term

    May 30, 2008 at 2:09 pm |
  7. Jamaal Kansas

    Jack You Know the Answers to you own Question they can probe all they want and will not bring down Gas prices they are probing Just to say that they did something. OPEC is the one that can bring down gas prices but they are the richiest they have ever been so why would they bring down oil prices

    May 30, 2008 at 2:12 pm |
  8. Bob L from Philadelphia, PA

    No, whose paying for this investigation? Tax payers, probably through the use of a gas tax!!!!!!!

    May 30, 2008 at 2:12 pm |
  9. Conservative Buyer -CA

    What will lead to cheaper gas is if our next President will actually change the energy infrastructure by commercializing the supply into alternative fuels.

    Remember supply and demand can be offset with competititon.

    May 30, 2008 at 2:12 pm |
  10. Sherry

    No, just more election year nonsense.

    May 30, 2008 at 2:14 pm |
  11. Jayne in NH

    Something's got to give very soon. New Englanders are already worrying about next winter's heating oil. It's currently at $4.50 a gallon and people will be freezing to death if nothing is done.

    May 30, 2008 at 2:14 pm |
  12. Rex in Portland, Ore.

    A legitimate investigation of the oil industry would lead to cheaper gas, thousands of jail sentences, billions of dollars in fines and remunerations, and the complete collapse of . . . . . Jack, it ain't gonna happen. First of all, this administration couldn't make a legitimate investigation of a traffic stop, secondly this administration will never investigate and (possibly, just possibly) remove its nose from its own face.

    The current investigation, by the stock boys club, is asking all the wrong questions of the wrong people. Instead of asking what happens to the money generated by retailing oil and oil products, the big question should be: What happens to all those dollars sent to OPEC? How are they divided up? Who gets the brokerage fees, the kickbacks, the profit, the 'expense' money? Once the oil boys club gets the oil there are some minor shenanigans such as speculation and perhaps a bit of manipulation with all the retail proceeds, but this is peanuts (billions and billions of peanuts) compared with the difference between the cost of production of a barrel of oil and the amount of dollars received by OPEC.

    Problem is, I guess, there is no authority which can investigate the real problem.

    May 30, 2008 at 2:16 pm |
  13. Chicago Bob from Illinois

    No. It's just stagecraft.

    May 30, 2008 at 2:19 pm |
  14. David Alexandria, VA

    Gee, Jack. It can't hurt. The announcement of the investigation was enough to send prices down $4 yesterday - maybe some of the opportunistic traders are going to ground and the Hounds of the SEC will go after them. This worked for Enron, didn't it? Seems to me we spend too much time villifying the oil companies and not enough thinking about the futures traders who can pretty much do what they please. At least this way, we can add or eliminate them from the blame equation.

    May 30, 2008 at 2:20 pm |
  15. Alex

    Lets stop kidding ourselves. The only relief we will see from this is the same "relief" we've seen in the past. They will decrease the current price ($X) slightly to pacify us, then kick the prices back up higher than what they were before. THEN they will decrease the price to it's original value ($X), and we will all think we're getting a deal. We're such beautiful, gullble creatures!

    In a nutshell, we're in for a rude awakening. Please, someone explain Hubbert's Peak Theory to the United States. Oil discovery is declining and oil extraction and consumption is increasing. (For those that don't realize, that's the bad part of the bell curve... the downhill side!)

    Oh, and can we also get over our fear of nuclear energy and maybe start growing switchgrass somewhere? OR, lets walk or ride a bike somewhere. Maybe we'll kill two birds with one stone. (The energy crisis and obesity.)

    May 30, 2008 at 2:20 pm |
  16. Conservative Buyer -CA

    The gas tax holiday isn't going to bring down gas prices and I don't suspect this oil probe to do much either.

    This oil probe is like the security guard at WalMart. The security guard only carries a flash light around and when he sees something wrong happening he'll just be flashing the light.

    May 30, 2008 at 2:20 pm |
  17. John in San Diego

    Jack, reports of the investigation actually led to lower oil prices – yesterday! In the long run, however, another government investigation will lead to one thing and one thing only – the felling of a lot of trees to provide lots of paper for lots of copies of a lengthy Report that no one will read and even fewer persons of influence will act on.

    May 30, 2008 at 2:21 pm |
  18. dzion

    No government investigation will yield any reslut. The current "independent investigation" has resportedly been going on for six months. Yesterday, when reported, prices when down modestly. But, speculators, knowing who is investigating, went right back into improper "price fixing." No consequences would ever be applied that would not immediately be passed on to consummers. So, what is the purpose of such "investigations?" It seems only to temporarily satisfy those who say the "market" is free and fair.
    DAN

    May 30, 2008 at 2:21 pm |
  19. Allen L Wenger

    No way! The oil companies own enough of the politicians to control any investigation.

    May 30, 2008 at 2:21 pm |
  20. mitch martin arkansaw

    i hope so.someone's been stealing a lot of money from poor people ,all over the world,and they need to be punished.

    May 30, 2008 at 2:21 pm |
  21. Janet, American in Canada

    Wow, really, I really saw that Elephant fly overheard!

    May 30, 2008 at 2:25 pm |
  22. Raj, Toronto

    You make me want to laugh Jack. We have an administration with deep ties with oil companies, I'm talking about Saudis. Do you ever wonder about how the price of oil went from $20 to $135 and to an expected $200. Do you ever wonder about how our energy policies allow subsidies for tax relief for these companies that do not need it. Do you ever wonder why the federal government has to this date not encouraged the automotive and energy sector to come up solutions to the energy crisis? Do you ever wonder why John McCain said we will not have the mind set to go to war over oil? Do you ever wonder what war does to the price of oil and why someone would want a continual state of war with these oil producing nations? I'll tell you Jack because they are getting rich, thats why the republican elite do not feel any economic troubles (Bush, McCain), thats why we need to elect Barack Obama.

    May 30, 2008 at 2:25 pm |
  23. Larry from Georgetown, Tx

    Is this the humorous question for Friday? After reading the question and picking myself up off of the floor from laughing so hard, I decided to respond. Nope.

    May 30, 2008 at 2:26 pm |
  24. Courtney, South Windsor, CT

    No no no no no. Our government is good at one thing and one thing only: paying us lip service. I'm appalled that Americans feel slighted somehow by the price of gas. Aren't we supposed to be the epitome of the free market? And beyond that, is it really such a bad thing that our over-consumption of all our resources finally caught up to us? The high gas prices, higher in my native Connecticut then in anywhere else in the US, are the first in a long line of reality checks heading down the pike. We need to change our lifestyle, not send useless investigations into "action" or drill in protected wilderness. Wake up, people.

    May 30, 2008 at 2:26 pm |
  25. Tom - Virginia

    Jack –

    Untill there is a new boss in the White House nothing will change.

    We are getting scewed and we need to learn to enjoy it or change our addiction to oil.

    May 30, 2008 at 2:27 pm |
  26. Kay in WV

    No. This is simply a PR stunt so that the average citizen feels like its government cares. The single thing the federal government could do to significantly change gas prices is shore up the value of the dollar by increasing interest rates. But in doing that they would adversely affect the 'consumerism financed by debt' economy of this country and there's no way that such a short-term hurt would be imposed during an election year.

    May 30, 2008 at 2:27 pm |
  27. Scott, PA

    No, what will lower the cost of gas is a Democratic presidency, whether its Clinton or Obama.

    May 30, 2008 at 2:28 pm |
  28. zuted

    Jack this is just another sham. Like that stupid McCain/Clinton Gas tax scam. Its an attempt to make us all think that the problem will be solved by our prestigious government officials which it wont... the best we can hope for is a band-aid as a short term fix.

    I live in New England and the price of heating oil this winter is going to be ridiculous one way or another.... I'm installing a pellet stove and will be boycotting oil.

    May 30, 2008 at 2:30 pm |
  29. Kevin in Mass

    Absolutely NOT!!! Anytime our government gets involved in something it can only cost us more. Make the speculators actually take delivery of the oil they invest in would drive down the price in a hurry.
    Investigations only lead to coverups, just as reasearch causes cancer in lab rats. All Washington want is more people to point fingers at.

    May 30, 2008 at 2:30 pm |
  30. Bill in Michigan

    Sorry Jack. It's just another Dog and Pony Show to look like they're doing something.

    My suggestion to you is buy a bicycle. You can get one for less than a tank of gas.

    May 30, 2008 at 2:31 pm |
  31. Richard B, East TN

    NO -

    As hard as it is for me to say it, I've come to believe the only way the USA is going to become energy independent (and not under the influance of the Arabs) is leave the gas at $4 per gallon – and above -

    Sure it hurts and we're having to cut back – smaller cars, car-pooling, driving less – EVERYONE is going to have to be inconvienced some before we get the situation under control - We need to stop being so selfish and leaving a carbon footprint the size of an elephant -

    We simply need to become independent – let China and Europe and whoever else pay the Saduies $150.00 a barrel for oil

    May 30, 2008 at 2:34 pm |
  32. Praetorian, Fort Myers

    Our Congress-again is just making a show of dragging out the oil/energy executives–knowing full well that the government makes as much as the oil companies do on every gallon of gasoline sold. Neither wants to lose the revenue.

    So this makes it appear they are trying to do something–and the far right/ far left elected officials create a little media zoo with their off the wall comments–in the end nothing will be done this year-just like nothing was done in years past.

    May 30, 2008 at 2:35 pm |
  33. Larry, Ohio

    Jack
    ,here we go again,another dog and pony show to try to appease the voters when is congress going to realize that American public doesn't fall this crap anymore!The only probing that's going to help is probing off the coast and in Alaska.Congress wake up!

    May 30, 2008 at 2:36 pm |
  34. Paul, Columbia, SC

    Investigation? Not just NO. Hell NO. When our market cannot be supplied with our own oil production, expect to pay the piper. Keep the morons off TV. We have seen and heard enough of their nonsense. Getting hit hard in the wallet should be motivation enough to get Americans off their butts to come up with the answers. Now get mad and get busy!

    May 30, 2008 at 2:36 pm |
  35. Judy

    Gas prices will never drop, at least not in this world. The government has a saying < One good thing for governments is that people don't think, and we are not thinking. WE the people sign their paycheck. It is time the people take a stand, or we all will be flushed down the toilet.

    JT_ New York

    May 30, 2008 at 2:36 pm |
  36. Raoul - Lake City, SC

    Yeah, and the magical fairies will come down from sparkleville and bring happy sunshine to us all. C'mon, let's get real. Until they really start to put pressure on these guys, you know by maybe throwing a few of them in jail for holding the country's economy hostage, nothing is going to change.

    May 30, 2008 at 2:36 pm |
  37. Gigi in Alabama

    I don't imagine that it will do any good. Oil prices are down today, but do you see a drop at the pumps? . . . of course not. This is not an OPEC problem; it is an American oil company problem. OPEC supplies only about 20% of the oil that America consumes. The rest comes mostly from domestic oil. If people would stop filling up at Exxon, Mobil, Shell, BP and the other major companies, maybe the price would come down. I have been using JetPep for months and intend to continue doing so. They are usually at least .05 a gallon less than the major brands.

    May 30, 2008 at 2:36 pm |
  38. KC - Ohio

    You said it, Jack..... Here we go again... But, to their defense; they are doing what they do best.. - TALK.

    These self-serving orators need to understand that the voters want appropriate action and not just speaches... We need a short-term energy plan (drill off-shore), and long-term energy plans (hydrogen powered cars, neuclear power plants), and we need them NOW.

    Vote these fat cats out of office - we need term-limits - and get some new blood in congress that will do what is best for the country rather than what's best for the party...

    May 30, 2008 at 2:37 pm |
  39. Brian from Fort Mill, S.C.

    I think it's already happening. After all, oil was around $135 per barrel, and now it's down to $127. I think the speculators know that the jig is up, and the price will drop further.

    But then again, I could be wrong... 🙂

    May 30, 2008 at 2:37 pm |
  40. Kenneth Haak

    If America really want's to know why oil and gas are so high,every taxpaying citizen should call their congressman and demand to know what was discussed behind closed doors between Cheney and the oil exec. Shortley after that meeting,oil and gas started going up. the only reason it was a closed door meeting is because it was either illegal.immoral or just plain wrong. So ,come on people call your congressman and demand they find out what that meeting was all about. That is where it all started from.

    May 30, 2008 at 2:37 pm |
  41. Harry

    The answer is NO. I am sure that some bureaucrats will be singing their own praises, come November and the gas priced is below $3.25 a gallon. You won't find them next Memorial Day, when it is back above $4, however.

    Once upon a time, people in the news media had something called investigative journalism. Apparently, we will have to wait for some ex-government employee to publish a tell-all book and then have the news media proclaim it as "breaking news".

    Harry
    Ky.

    May 30, 2008 at 2:37 pm |
  42. Richard Sternagel

    No the Robber Barron Oil Tycoons are in bed with the Bush Administration and Congress! We need to vote for a Democratic President and through out all the Republicans and/or Democrats who are in league with this Oil Monopoly!

    May 30, 2008 at 2:37 pm |
  43. Rick PA

    The government is doing the investigation. Or should I say nothing to see here folks move along.

    May 30, 2008 at 2:38 pm |
  44. Mark, Berwyn, PA

    Not one bit. This is a typical politic sideshow, all in the name of quieting down your angry constituents. Nothing will happen. Nothing ever does when politicians get involved in matters of commerce and industry. Maybe they should stick to investigating illegal steriod use in baseball. That was a big winner, wasn't it?

    May 30, 2008 at 2:38 pm |
  45. Major Michael in Lorton, Virginia

    Jack: Let evaluate; the President of the United States visited OPEC in an effort to persuade them to increase production to meet the global demand......the results......they increase production to about 300,000 barrels per day and raised the price of oil two dollars a gallon......that should answer your question.

    May 30, 2008 at 2:39 pm |
  46. Alan, Buxton, Maine

    It may lead to more contributions to politicians by the oil companies and more kickbacks to the investigators buit will never lead to lower prices.

    May 30, 2008 at 2:39 pm |
  47. Bill from PA

    Americans want a big fix from the government. How about a little personal responsibility? What are YOU going to do about the price of gas YOU pay? For me I started carpooling, driving 55 when I'm on the highway, converted my house from heating oil to coal and am going over the house to retrofit insulation. Stop relying on big government to solve every problem in your lives. If you don't like the price stop or slow down your purchases. It's that simple.

    May 30, 2008 at 2:39 pm |
  48. sandy in Ohio

    NO! And who will be conducting this investigation? Semms to me that we have had a lot of investigations but little,if no results. The only relief from gas prices are the ones the consumers create, drive less and use fuel efficient vehicles. We are all on our own with this administration and anyone who thinks other wise needs to look at the Katrina debacle.

    May 30, 2008 at 2:39 pm |
  49. Tom, Ft Lauderdale

    Jack

    I heard that European contries tax a gallon of gas 30%.
    They also don"t support the United States Congress or a monster military buget.
    I'm sure, all things equal the Amercan taxpayers pay dearly in money and lost lives to insure the flow of money to Americas wealthy oil barons. Amerca will drive it's way to bankruptcy. Happy motoring

    May 30, 2008 at 2:40 pm |
  50. Peter Pan Fairview, Texas

    No. Part of the oil speculation game is outside of this country. Our government has no control over investors in other countries. As far as the government stepping in to control or ration anything it never worked in the past. It spawned black market rings and organized crimes and thousands of investigations that lead no where costing tax payers a hell of a lot of money. We can not afford what the government spends our tax dollars on right now. We don't need more money wasted on more fruitless investigations.

    May 30, 2008 at 2:40 pm |
  51. Dave from Veazie, ME

    Jack,

    I don't think anything can really be done by our government to lower the price of oil, not that the politicians really want to anyway. As you pointed out, the real reason this investigation is going on is that the overpaid monkeys in D.C. are being complained at by the people that keep them in power. So, to every American out there I say this, high oil and gas prices are most likely here to stay, I suggest buying a bike while they're still cheap.

    May 30, 2008 at 2:40 pm |
  52. Les From Lakeland, FL

    Sure it will Jack! And I will also be winning the Florida lottery Saturday.

    May 30, 2008 at 2:41 pm |
  53. Jeremy D (University of Texas @ Austin)

    Jack,

    Why does this administration persist in putting band-aids on all of our problems? Tapping into the strategic oil reserve is a band-aid, increasing other drilling sites is a bigger and longer lasting band-aid but still doesn't SOLVE the oil problem. Begging for oil is even worse, I can't even call that a temporary fix because it does nothing but hurt our credibility. I'd rather a President neogotiate with Iran than beg to the corrupt Saudi leaders who also oppose us.

    This investigation is a waste of time. Why not investigate alternate sources of fuel? Why not investigate why the value of the US dollar continues to plummett which is directly influencing the cost of a barrel of oil? Gas prices aren't crumbling the country, they are just a marker that the country isn't doing too well. Fix the nation, gas prices will level out. Fix foreign policy, gas prices will decrease. Get kids college educations, you solve the dilemma of the lower and middle classes the main victims of gas prices.

    May 30, 2008 at 2:42 pm |
  54. Conor in Chicago

    How could it make a difference when the oil companies already own the US government by proxy?

    May 30, 2008 at 2:42 pm |
  55. Mary Oklahoma

    No, it won't make much difference. The Bush Adm. set everything up with their big oil buddies in 2000.

    May 30, 2008 at 2:43 pm |
  56. Morris- Bridgeport,Ct.

    No Jack

    In past years it was just a show to fool people into thinking they were doing something. What is needed is a comprehensive policy geared to reducing oil consumption and overhaul of regulations to cut out oil speculation which drives up the price of oil.

    With the Bush administration refusing to do either and John Mccain just paying lip service I suspect that this time the democrats are just marking time till a democratic president and congress is elected.

    May 30, 2008 at 2:44 pm |
  57. James in Cape Coral, FL

    Jack,
    Oh sure, an investigation will definatly help reduce oil prices just like a stimulus package will help boost the economy! How's that working by the way?

    May 30, 2008 at 2:47 pm |
  58. Marty, Idaho

    Nothing got done before and nothing will be done now. It's just part of the same reality show to them. Hopefully, Americans will be smart enough to vote them off the island in November.

    May 30, 2008 at 2:47 pm |
  59. Johnny Up North

    Not a chance, Jack. This is just another attempt to sooth-over the (shafted) American public, and make us beleive that something is actually being done with regard to oil prices. There will be hearings, and frequent expressions of outrage and indignation. There will be chants that the politicians "feel our pain." But let's face it - we live in the age of sensationalism. The oil probe will be long and drawn-out, and will be quickly buried and forgotten by the next media-hyped story to hit the wire.

    May 30, 2008 at 2:48 pm |
  60. C. Farrell, Houston, Tx

    Oil prices will only be cheaper if the Government can show good cause to OPEC that we are no longer storing, shipping and trading oil. Until then oil prices will continue to soar.

    May 30, 2008 at 2:49 pm |
  61. Mark Winnipeg Manitoba Canada

    Jack,
    When has government intervention ever lead to anything being cheaper.If they really wanted to help us working class they could start by reducing the Federal, State, and Local Municipal taxes. If we want to see $2.50 to $3.00 a gallon gas that would be one place to start. But were talking the government here, and that would make too much sence.
    mark Winnipeg Mb. Canada

    May 30, 2008 at 2:49 pm |
  62. Bizz in PA

    The only reason this is done for is to make it look like someone gives a damn. The faster the people in this country relies that gas prices will keep rising, the better off we will be. Be cause we will then realize we need to drive more gas efficiency vehicles and bring to the market alternative energies to heat and cool our homes. The day has come that we are no longer able to drill, buy or threaten our way into lower oil prices.

    May 30, 2008 at 2:50 pm |
  63. Will San Jose, CA

    Gas isn't going to get cheaper. The oil companies are making record profits and for all the complaining we are still buying gas. Our entire infrastructure is built around vehicle travel and we can't just wish our way around that.

    If congress was smart they'd put their focus on creating financial incentives to buy American built efficient automobiles. Instead they waste tax payer to score political points.

    May 30, 2008 at 2:51 pm |
  64. Dave from Maryland

    Nope! Nothing short of nationalizing the oil refining and distribution industry ala Mexico will lower prices. Exploration can and should be done separately by private concerns.

    All of this investigation will, however, probably lead to shortages like in the 70's and then the fun will really begin.

    May 30, 2008 at 2:52 pm |
  65. Dennis

    The simple answer is it will have little impact on the presidential race if he does. The more complex answer is probably yes. He needs to take with him His top ranking military advior and his potential future security of state. Since Senator Biden has been to Iraq as much as anyone he probably should be asked to join them. They probably should also go to afganistan.

    Greshm Oregon

    May 30, 2008 at 2:53 pm |
  66. Maggie Muggins From Selwyn

    Well Jack the truth is you people put Ali Baba and the 40 thieves in charge of your country and then chose to keep them in control for an additional four years and it has taken them this long to get these prices to where they are now so do you really think this probe has any legitimacy.

    Haliburton Industries & Oil magnates totally own your government with an excellent chance of them being able to stay in control for another 8 years. If people place more importance on what someone's ex paster says or how religous a candidate is and ignore the important issues that have a real effect on their existence then just hang on and enjoy the ride!!!!!!!!

    May 30, 2008 at 2:53 pm |
  67. Anthony Smith

    Unfortunately, no! We have been down this road before with no results. If they cared so much about lowering oil prices, they would put wind farms and solar panels across this country and along the coastal waters, get out of Iraq, start drilling in ANWR, start building refineries and power plants, and end ALL business with Saudi Arabia. Talk is cheap especially when Uncle Sam pays their car expenses!

    Wildwood Crest, NJ

    May 30, 2008 at 2:53 pm |
  68. Rod from Allentown PA

    Jack,
    Don't these people realize that the U.S. oil companies control about 2% of the oil in the world. Stop blaming the administration and everyone else you can think of and take responsibility for consuming the lion's share of the oil produced in the world. No investigations, probes or other means will change the thirst we have for oil.
    Want to change? Put pressure on the government to develop new sources, and use the ones we are currently ignoring. Most of all, stop blaming everyone else for our greed.

    May 30, 2008 at 2:55 pm |
  69. Jason, Koloa, HI

    The answer is a resounding NO!! The real question is why we as citizens tolerate a corrupt, impotent, government that is completely bought and paid for by the wealthiest corporations. It's time for citizens to turn off their T.V.'s, put down their drugs (illegal or prescription) and pick up their pitchforks. It is looonnngg overdue.

    May 30, 2008 at 2:56 pm |
  70. mark in arizona

    yes.
    speculators have been running oil, just like enron did with utility bills in the good ole days. once they realize they're about to get caught, you bet they are covering their tracks.

    just watch the price of oil. its going to drop.

    May 30, 2008 at 2:57 pm |
  71. Ginger Salida, CO

    It's a lil late isn't it?
    Will our misleaders do this investigation before or after the free lunch that big oil buys em?

    May 30, 2008 at 2:59 pm |
  72. Mike, Ohio

    Not really Jack. I think the long term answer is competition. We need more alternatives for our automobiles to come with choice features on them like battery power, hydrogen fuel, flex fuel, maybe even a battery powered by a solar panel on the roof that you could switch over to a fossel fuel on. I also believe it is time to drill in Anwar and the Gulf of Mexico....China already is!

    May 30, 2008 at 2:59 pm |
  73. J.N.

    NO!! All the probes in the world will do absolutely no good as long as we have the oil companies bed-fellows in the White House and Congress. If you want to make a difference, then quit buying foreign oil,
    start drilling for oil off the eastern and western seaboards and not just in the Gulf of Mexico, but leave Alaska and the Artic areas alone. Then
    tell the oil executives if they want tax breaks, they can have a small break for each new refinery they open up and operate at full capacity.
    Of course this will require getting rid of the idiots in the White House and Congress to make it work.

    May 30, 2008 at 3:00 pm |
  74. David,San Bernardino,CA.

    No! The price of gas is not going to come down. The oil companies execs have their feet on our necks and are not going to stop until they have all the money.

    May 30, 2008 at 3:00 pm |
  75. Allan Hanson Cameron Park Ca.

    NO. Congress have held many hearings in the past and what happened? The oil companies come check in hand and don't even get a slap on the wrist. Polititions are all "Bought and paid for", It will never change.
    An idiot would see the oil compies are conspiring to set prices. Why would 4 gas stations in my area raise prices in lock step, recently 13 cents per gallon in an hour?
    The fix is in.

    May 30, 2008 at 3:00 pm |
  76. Doug from Bloomington IN

    No. The corporations are at least one step ahead of the government all of the time. They will figure out a way to wiggle around anything the government tries to do. They bought these Washington politicians, remember?
    I live in Indiana where Governor "somebody's man" Mitch Daniels, in his first year in office as a republican, tried to impose a 1% tax on people making over $100,000 per year. Naturally, the republican-controlled legislature voted it down. Mitch could then say, "Hey, I tried a bi-partisan approach and it didn't work!" He has since bastardized the state and sold us out to foreign countries, just so he can get re-elected on a "I balanced the budget" theme. He's an ass.
    That is basically what will happen with any investigation by congess into the oil companies.
    Sorry this is so long. I hope you get to see it, Jack. I like your off-beat way of thinking. You remind me of me.

    May 30, 2008 at 3:00 pm |
  77. David Bakody

    What a waste of time.....and here is another thing Jack, the more Americans stay home and us less fuel the more the big boys will raise prices to keep their share holders happy. It's a catch 22, 50%% less use means a 50% increase to break even in profit.....

    David
    Dartmouth NS

    May 30, 2008 at 3:00 pm |
  78. Censored

    Na, won't do a thing to gas prices. With all the evidence against Bush and they won't prosecute him, they sure won't arrest any oil guys. I'm for attacking Saudi Arabia and keeping Iraq for ourselves! Lets face it, they're never going to change. If Iraq can't form a government, let's give em ours and kick the bastards out. It would be a lot easier than trying to make them think! Saudi's human rights abuses make them the next target, Arabs have never done a good thing with any of that oil money and don't deserve it.
    We can let Russia and China have Iran and Quate and that damn near solves all our problems for the next hundred years.
    If our troops got to die for something, why not something that works in the long run! Lets quit pussy footing around and all this Jibber Jabber and take control of the situation,The American Way! Semper Gumby,(Always Flexible)!

    May 30, 2008 at 3:02 pm |
  79. Mary - California

    Jack – there can be numerous reasons why the price of gas is out of control, so we are told. It's propaganda on "passing the buck" on what source is to blame for this ridiculous situation! The current and prior Administrations had plenty of time to plan for NOT depending on foreign oil; however, they chose to ignore other alternatives for oil in this Country. We have only ourselves to blame and a government investigation is just another episode of "grabbing for straws"!

    May 30, 2008 at 3:02 pm |
  80. don in naples, florida

    Oil is a diminishing commodity, there is no way the price of gas is going to go down. Please stop kidding yourselves. The LION has tasted blood, oil costs are only going to skyrocket from now on. I am more concerned about cheaper alternatives. Of course, I know we will have to wait until oil runs out before cheaper alternatives will be available.

    May 30, 2008 at 3:03 pm |
  81. Geri Britt

    No. Not until ANWAR and coastal drilling is approved will oil prices come down. This is what the spike in oil prices is about anyway. Part of the Bush/Cheney oil policy.

    Something for trivia buffs. There is an old Mormon prophecy that states: In the future cars will be sitting alongside highways because there won't be any gasoline to fill them. Many of the Mormons during this time, believing the end is near will walk to Zion. Zion in this old prophecy was Independence, MO. Now I understand it's supposedly in the N.E. section of Kansas. Why the change? I don't know.

    Geri – Mead, OK

    May 30, 2008 at 3:03 pm |
  82. Lori in Battle Creek, MI

    Jack, I think we should leave the gas prices at four dollars a gallon. Maybe then the people will push for alternate fuels. What would really be a disaster if the 57% Americans get their way and we start drilling in U.S. coastal and wilderness areas. Doesn't Global warming prove that we have done enough damage as it is?

    May 30, 2008 at 3:04 pm |
  83. Patricia

    No.... The price stays the same because those oil men are going to need to pay for lawyers to represent them.
    Patricia
    Palmdale, Ca.

    May 30, 2008 at 3:04 pm |
  84. Greg, PA

    Yes if it means political candidates are prohibited from receiving contributions from big oil. They are profitting by billions of dollar and are getting rich off the backs of the middle class.

    May 30, 2008 at 3:05 pm |
  85. Michael, Seattle

    You are asking an oil patch administration whose vice president's pension is tied to Haliburton's performance, to investigate an oil market manipulation that is anywhere from $30 to $50 dollars a barrel? The cost of the inquiry will surely be passed onto the American consumer as some value added benefit.

    A tough investigation into the Treasury Department's refusal to support the dollar, the Fed's failure to limit the credit/sub prime crisis and the impact of the Iraq war on America's geopolitical prestige would likely have a more a salutatory effect on the price of gas than the CFTC investigation. A review by the SEC of the trading positions fo ALL hedge funds and private equity funds that trade or are based in ths country could prove illuminating as well.

    May 30, 2008 at 3:06 pm |
  86. Terry from North Carolina

    Jack
    This investigation is all " Smoke and Mirriors " gas prices aint coming down soon there are too many hands in the pot enjoying the profits from this increase.

    May 30, 2008 at 3:07 pm |
  87. Len of Colfax, Wisconsin

    No! They will just go through the motions and then agree to whatever the oil companies and those associated with the oil commodities market want them to say. To really do anything would probably require true oversight, trading regulations and oil company regulations. In the current environment, can you really see any progress in these areas happening? This would truly require some changes. Jack, wish the average person lots of luck!

    May 30, 2008 at 3:08 pm |
  88. nora CC TXAS

    I doubt it Jack, I think we all have to get ready for the day when we look back at $4 a gallon gasoline and recall it as the good old days!!!

    May 30, 2008 at 3:09 pm |
  89. Terry in Hanover County

    The current investigation may draw conclusions as to why the price of oil has gone sky high, but like all past investigations, it will have no teeth and nothing will be done about the price of oil. Perhaps, instead of price controls, Congress should outlaw energy and crops speculation. Necessities like fuel and food sustain life. There's nothing wrong with making an honest profit but there is something wrong when the price of these necessities are bet on like a horse race. There are other investments and ways to make money than by hurting the poor and middle class.

    May 30, 2008 at 3:10 pm |
  90. Maryann wethersfield CT

    Of course it won't lower gas prices! These prices are here to stay. Changing to alternative fuel sources is years away, but this has to be looked at vigorously. Changing the American fuel gluttony mind-set may be the biggest challenge...we consume ~ 25% of the world's oil, yet we make up only ~ 5% of the world population...shameful.

    May 30, 2008 at 3:15 pm |
  91. Kim, Dodge City, Kansas

    If history has taught us anything it is that government investigations have always led to higher prices because those who control the market control the government. You can't just go around having the tail wagging the dog. The administrations of the last four decades have no desire to bite the hand that feeds them, and that hand ain't us poor common folk. Price controls are the way to go, and they should be implemented whenever prices accelerate beyond the inflation rate for more than 30 days. That would at least give the average man a fighting chance.

    May 30, 2008 at 3:17 pm |
  92. Douglas -- Rochester, MN

    Jack, it won't make any difference. It will probably fool a few people into believing that something actually is being done about high fuel prices; but most people see it for what it really is - a political ploy. I'm sure Washington will "feel our pain," and there will be expressions of outrage and indignation; as well as calls for someone to be held accountable. But that's about all that will happen. Let's face-it - we live in the age of sensationalism. After a few days the oil probe will get buried and forgotten by the next media-hyped story to hit the wire.

    May 30, 2008 at 3:17 pm |
  93. Prince /New Orleans

    No Jack, it won't lead to cheaper oil prices. They'll just pay off who they need to pay off, and it'll be business as usual

    May 30, 2008 at 3:18 pm |
  94. ken Millington Mi

    Hello Jack. I really don't think that anything we do in the near future will bring down the price of gas. Europe is reaching $8 a gallon and protest are going on everywhere. The truth is the Saudis are squeezing America and Europe while Chinas sucking down as much oil as they can get their hands on, after all the Chinese have money to burn and their consumption is driving the price. Think about it they can afford to pay more per barrel then Europe or America because even if 50 million people own vehicles in china that only represents those who can afford to drive that still leaves 950 million who dont drive . Compare that to how many americans own vehicles.

    May 30, 2008 at 3:20 pm |
  95. JW Georgia

    No. Supply limitations will not change, and demand levels will only increase. The only way to diminish the price of conventionally extracted petroleum at this point is to make it as irrelevant to our economy as possible. Find a reasonable way to fuel ourselves, come to some level of sanity concerning population levels, and get real in the areas of social expectation and oil prices will moderate. It was an Arab, by the way, who said, "My father rode a camel, I rode a car, my son rides a jet, and his son will ride a camel."

    May 30, 2008 at 3:22 pm |
  96. Greg form Mechanicsburg PA

    What a wise idea it is to have the Congress and Senate investigate the big oil companies. Of course these fine ladies and gentlemen will disregard the fact that much of their re-election campaign contributions come from big oil and that many of their best legislation is drafted by the oil lobbyists. And they should not forget to recommend to big oil, who already budgets for research and development, to use that ruse as an explanation for charging the American consumer so much as to earn them record profits while the rest of the nation can't afford to buy groceries not to mention the gas required to drive to the supermarket.

    May 30, 2008 at 3:23 pm |
  97. Wendy. San Rafael, CA

    How many so-called "probes" have we had over the years and how many led to change? NONE! Just another opportunity for political posturing.

    May 30, 2008 at 3:23 pm |
  98. Chryssa

    Cheaper oil isn't even leading to cheaper gas, so I don't see what difference a "probe" will make.

    Boise, Idaho

    May 30, 2008 at 3:25 pm |
  99. Al, Lawrence KS

    The only thing that will reduce the price of oil is finding a way not to use the stuff. And that's the truth. Of course the idiots in Washington won't tell us that.

    May 30, 2008 at 3:27 pm |
  100. Linda

    No, no difference. All the world's a stage and the oil companies have the leading parts!

    May 30, 2008 at 3:27 pm |
  101. IFEANYI AZUBIKE Houston, Texas

    NO. Will the investigators be probing OPEC? The only thing that can affect prices is for the Government that got us in this Mess pay some kind of subsidy and stop passing the buck.

    May 30, 2008 at 3:28 pm |
  102. Bruce St Paul MN

    Nothing will result in lower prices. The best we can hope for is a return to regulation from our regulatory agencies. Oil prices were being manipulated in the 1970's (remember daisy chains) and energy prices were manipulated in the famous Cailfornia energy shortage. if evidence of market manipulation and price gouging rear their ugly head once more, there could be some major consumer anger. The question then is, what do we do? Stop driving? Start a revolution? What? Add this to the war in Iraq conducted for the benefit of oil and energy companies and you can see why it's not good to fill the government with oil and energy exec's like Bush, Rice, Cheney, Rumsfeld, and all the lower level players.

    May 30, 2008 at 3:28 pm |
  103. koshy m

    DearJack
    Given the fact that Tornadoes and twisters are creating havoc and destruction of properties,is it worth to build the same kind of houses with wood again to feed to the frenzy of natures wind power.
    why cant they build brick and concrete houses like in india and other tropics. they last for ever
    koshy

    May 30, 2008 at 3:30 pm |
  104. bob, Ontario, Canada

    Jack, this won't make a difference. They never do find any evidence of deliberate attempts at raising the price of gasoline. If George Bush, the leader of the most powerful country on earth goes to Saudi Arabia and their leaders laugh in his face when he asks if they can lower prices, then a bunch of government investigators feigning indignation at high prices is a futile effort. After their failed attempt, they will shrug their collective shoulders and say we tried. Now we know that Americans and Canadians live in a dictatorship controlled by a handful of multi-national corporations that can pretty well do as they please. The politicians that we vote into office simply serve not us the people but a corporate elite.

    May 30, 2008 at 3:30 pm |
  105. Don-Ocala, FL.

    Not likely--Since when has any government investigation led to any real action? Just another waste of hard working tax-payer $$$. Our government may be broken beyond repair!

    May 30, 2008 at 3:32 pm |
  106. Mike Nunn - Hot Springs, Ar.

    There is no way that cheap gas will return. Bush has accomplished the primary goal of his administration. He has taken the price where his friends are almost satisfied. Just a few more bucks and he will have done his job.

    May 30, 2008 at 3:33 pm |
  107. Jerry from Fayetteville TN

    Not unless they uncover illegal activities on the part of the futures traders and speculators that are involved in this mess. If that's all on the up and up then the only thing that will bring prices back down is reduced demand by the American consumers – fewer trips, more car pooling, etc.

    May 30, 2008 at 3:34 pm |
  108. Darlene Philadelphia

    No, not until bush leaves office. We are being punishd for bush's sins and besides his cronies need to make their millions before he leaves. Of course if mcwar gets in they wil continue to make billions.

    May 30, 2008 at 3:34 pm |
  109. dave walker,n. dartmouth,ma.

    Hopefully,arrests and prosecutions also. We have taken the pipe enough as average joes and we need relief now.

    May 30, 2008 at 3:35 pm |
  110. Karl in CA

    So, the Oil Baron Administration is looking into high oil and gas prices. How quaint. Is this to find out why the prices are this high or to see why they aren't as high as they were expected to be at this time. My$5.00 a gallon money is on the latter. Price won't be going down and no one will be prosecuted for inside trading. To expect different is called insanity.

    May 30, 2008 at 3:36 pm |
  111. Annie, Atlanta

    They're just throwing us a bone, Jack. I wonder how many of the folks doing the investigating are benefiting right now. That would be worth looking into.

    May 30, 2008 at 3:37 pm |
  112. Paul from Houma, Louisiana

    Well it may not bring the prices down significantly anytime soon. But hopefully it will stop them from rising a lot further.

    May 30, 2008 at 3:39 pm |
  113. Jan from Ohio

    Never, Jack! That is PRECISELY why we need private farmers to initiate the cellulosic ethanol (switchgrass, hemp [I know it's still illegal here in the USA], corn husks & stalks, etc.) industry! Beat those fat-on-greed oil dictators to the money punch!!! Then Ford & GM can produce cars (like they already do for the Brazillian's to run their cars on SUGARCANE ethanol) & not go backrupt before the end of this decade!!!

    Jack, it's time we step BACK up to the plate & regain our lost, earlier place as the World's INNOVATORS!

    May 30, 2008 at 3:40 pm |
  114. Patricia from Pine Plains, NY

    When pigs fly.

    May 30, 2008 at 3:41 pm |
  115. Chris Swansea, MA

    What do we need a probe for?? Isn't it obvious the oil companies are trying to get every last penny they can squeeze out of the American economy while their buddy George is still in office.

    May 30, 2008 at 3:41 pm |
  116. Linda in Virginia

    Nope, but getting into the 21 certury might help, we need to get out of the oil business.

    May 30, 2008 at 3:42 pm |
  117. Tom Huntington,NY

    I doubt prices will go down. The government will spend hundreds of millions investigating this and more on hearings. If they discover a guilt party they might get fined which they will pass on to us. So who really loses here?

    May 30, 2008 at 3:44 pm |
  118. Bill in PA

    Jack,
    No new oil is being created. Every barrel taken lowers the fixed amount remaining in the ground. That's it like living with no income and a small savings account. You will run out of cash!
    We could have chosen to spend a trillion dollars developing new sustainable/renewable energy. Had we done that we would own the patents and build the equipment, cut greenhouse gases and give our children and grandchildren a cleaner world with jobs paying living wages. But we chose to attack and continue to occupy Iraq with has half the know oil reserves on our little blue planet. So now we are 3 Trillion dollars in debt and must endure the litany of problems left unsolved: health care, education, corporate re-regulation till we get a clue and some real people patriotic enough to what is right for America.
    Greed, conflict and an Uber class is what we have. The rich could not care a whit if gasoline rises to 5, 10 or $20/gal. An investigation is good theater and may distract the middle class for a while.

    May 30, 2008 at 3:44 pm |
  119. Diane Glasser

    Not until the Democrats have a President in the White House and all the Republican Supreme Court Justices either retire or die.That could take about a year.

    May 30, 2008 at 3:46 pm |
  120. John Gibson

    This is a two pronged ptoblem involving (1) the price of crude oil and (2) the price of gas at the pump. The reailers want to blame the price of crude but it has gone down lately while the price of gas continues to rise. I think the "fix" is on at the retail level, and that is where the investigation should be. Question No. 1: what is the formula the retailers use to gauge what price they charge for retail gasoline? Question No. 2: can I see all your e-mails to and from other oil companies? I suspect there something about prices in there.

    May 30, 2008 at 3:47 pm |
  121. Ryan, Champaign IL

    The investigation will help some, but no real change will occur until the oil barons, whom speculators know will not lift a finger to stop this outrage, are out of our White House.

    May 30, 2008 at 3:49 pm |
  122. Staci from Nashville, Tn

    As long as those republicans are in office, nothing will ever be cheaper or go right.

    May 30, 2008 at 3:49 pm |
  123. Marilyn

    OPEC does not care about the American people. They only care that they are all getting "RICHER". This is insanity. What will an investigation do? "Nothing". We will all have to purchase shoes that have very thick soles... Walking or riding a bike is right around the corner.

    Marilyn
    La.

    May 30, 2008 at 3:52 pm |
  124. Cliff

    No, but it could lead to an increase in the price of government. Why don't we finally get serious about viable energy alternatives?
    Cliff, Ky.

    May 30, 2008 at 3:53 pm |
  125. L.M.,Arizona

    Yes probably around January 2007.

    May 30, 2008 at 3:53 pm |
  126. Michael In Maine

    Jack,
    Americans have to realize that the price of oil is due to the Big Oil Companies that have had an eight year free run mastered by Hailburtons former CEO Dick Cheney. On top of the quarter after quarter of record profits we also gave them enormous tax breaks. Nothing like "Corporate Welfare" at it finest. But Jack the best part is that our local gas station have installed Adult Video's at each gas pump so you can watch others having sex while we're getting SCREWED!!!

    Michael In Skowhegan, Maine

    May 30, 2008 at 3:53 pm |
  127. George

    Depends which government you are referring to. If it is the Bush Administration, it will only get worse. If it is the democratic administration then we may get to the bottom of it. I myself think it is a no-brainer. Oil companies are making record profits while use is down, and prices are up.

    May 30, 2008 at 3:53 pm |
  128. Kathy from East Haddam, CT

    Jack,
    I'm already paying the highest price for gas in the country, and I'm afraid of what my oil bill for next winter will be, so I'm not in a forgiving mood regarding the oil robber barons. What do you say we just start a campaign to nationalize oil for national security reasons (since suggesting that we do anything for the American people is laughable to all politicians; we have no lobbyists for our interests). That might be enough to "scare" the oil companies into taking more reasonable profits just to prove to us that we "can" afford gas and oil and to chase away all talk of regulation or nationalization! I can dream, can't I!

    May 30, 2008 at 3:55 pm |
  129. Nancy, Tennessee

    We've been there before and got the t-shirt. Everytime Washington gets the constituents on its back they call for some kind of investigation. The investigation is a tactic for the American people to get over the shock of the price at the pump and to adjust their budgets to handle the higher prices while they wait 6 months more for a report. By then the public will be more accepting of their lame report on how everything is being done correctly in the buying and distributing of oil. Stall tactics have worked in the past and will continue to work. After all if they don't know what is going on, they have to investigate it, right? Wink Wink

    May 30, 2008 at 3:57 pm |
  130. Mark, Oklahoma City

    No, it won't lead to cheaper gasoline or anything else. All our lazy, good for nothing Congress will do is continue to "cheapen" our lives by their "I don't give a damn" attitude toward the American consumer.

    May 30, 2008 at 3:57 pm |
  131. Roger Cyr

    Mr. Obama will go to see the troops at a time that is appropriate but it is not the business of McCain to tell him when to go, and I am sure when he goes he will bing back a real honest report which McCain did not do when he went.

    May 30, 2008 at 3:57 pm |
  132. Mary

    Considering that the higher ups in the government are probably stockholders or owners of the oil anyway, what good would a government investigation be?

    May 30, 2008 at 3:57 pm |
  133. Jonathan, Hartford, CT

    Nothing is going to lead to lower gas prices. Any politician promising lower gas prices is a liar. We knew this was a crisis since 1973. The only response from politicians was lower speed limits on the interstates. At least, in Europe where people are paying $9.00 per gallon, they can always take excellent mass transit. European countries are far ahead of us with wind turbines and solar. Products travel on waterways and by the rails. Our country has become obsolete in a techno-world.

    May 30, 2008 at 4:01 pm |
  134. Beverley, Fredricksburg Va

    I sure hope not. The Country has known for decades that our oil habit was bad for the economy, bad for our international policies and bad for the planet. We have to change for the future of our children, our neighbors and the planet.

    May 30, 2008 at 4:01 pm |
  135. Sterling Greenwood, Aspen

    Nope.
    Sterling Greenwood
    Aspen Free Press

    May 30, 2008 at 4:01 pm |
  136. Greg

    About the only thing other than the gas companies having their "grinch stole christmas" moment, the only way an investigation would help is if it unlocks the key to teleportation.

    Bucks County, PA

    May 30, 2008 at 4:02 pm |
  137. Adam Mercer

    Jack,

    You are right, this happens every time the gas price goes up, and darned if the gas company profits just keep going up too. You would think if this was all driven by the market that it would somehow eat into those profits, and yet it never does, if anything they seem to go up. It would be nice if the gas companies would do something nice, like reduce their slice of the pie a little and take some of the pressure off the rest of us.

    May 30, 2008 at 4:02 pm |
  138. karen Branson

    I don't see how it could hurt. Yes, it's about time this was done.

    May 30, 2008 at 4:03 pm |
  139. George Gates (Bozeman, Montana)

    Hi Jack. It seems as if we're milking the same dead dinasour. Driving up prices and tearfully stating "if only we could drill here!" I suppose that would be worth a $17,000,000.00 raise for some Exec. Imagine, we could all be driving hydrogen cars right now, but ofcourse the Exec's would be drinking water and riding bikes. What of future generations who won't be able to drive much less breathe.

    May 30, 2008 at 4:09 pm |
  140. Steve in Michigan

    Whatever the government does - it will lead to HIGHER gas prices.

    But, truthfully, it is about time we pay the going world market rate for gasoline - same as Europe, Australia, etc...

    I've always wondered why OTHER governments are not meeting to figure out why they have been paying TWICE as much at the pump as Americans ...for decades...

    The people of other nations of the world are the onces who should be mad about gas prices. Not us.

    May 30, 2008 at 4:18 pm |
  141. Don in Florida

    it's too late for cheaper gas for us. we'd better get use to high prices and longer lines. it's our own fault for depending on such an unstable region of the world for something so important to our way of life. we better find an alternative and quick. I'd hate to be the parent of a soldier who has died just so we can have cheaper gas.

    May 30, 2008 at 4:20 pm |
  142. Dave Arnholt, Moorhead, MN

    It will depend on what happens with the info gathered from the probe. If it points to guilty parties and they are punished then yes. Otherwise there will be no impact.

    May 30, 2008 at 4:20 pm |
  143. Sherri Moury

    I would LOVE to believe (in my dreams) that this investigation would uncover the massive fraud and monopoly that exists in all of our energy sources...coal included. In California...we've been told that the reason our gas is so high is the extra work created by the refineries to get it to comply with our state emissions requirements. We're also told that refineries are maxed out....WHAT? Build more plants with those massive profits and the supply will decrease pressures on prices. (We were told this after Hurricane Katrina and the resultant Price Spikes...always a reason.)
    Oceanside, CA

    May 30, 2008 at 4:22 pm |
  144. Kevin

    Jack, an investigation of the oil companies would be worse than the steroid investigation. Gas will be $5.00 a gallon by the time Washington decides to pursue further actions after their initial investigation. It is an Economics 101 issue. (Supply & Demand.) Conserve! Buy a Hybrid.

    Kevin
    Warren, MI

    May 30, 2008 at 4:22 pm |
  145. michelle nyc

    no i don't. i think it will cost the taxpayers more to fund this investigation. we know why the prices are so high.

    May 30, 2008 at 4:22 pm |
  146. Mike, Syracuse NY

    Jack, the Saudis say that there isn't enough demand to pump more oil, and I don't see ant gas lines. So if supply is adequate, that just leaves speculation and/or price fixing as the cause of the price run-up. Can a government investigation find proof? Probably not; but who knows, even a blind squirrel find an acorn every now and then.

    May 30, 2008 at 4:23 pm |
  147. Denver

    The only thing that will bring lower gas prices is Electric cars. We need to stop this schizophrenic policy of going to war against "terrorism", and then giving the terrorist all our gas money.

    May 30, 2008 at 4:24 pm |
  148. raul, from louisville ky

    Of course not; however, just like with the gas tax holliday some people keep believing the same lie over and over. The interesting thing about it is that these are the same people that need lower gas prices the most. I guess in this aspect it is adequate to say that some people get what they deserve. I am just another elitist though.

    May 30, 2008 at 4:25 pm |
  149. karen

    Jack, I thought Nancy Pilosi was supposed to reduce gas prices??? Don't hear much out of her lately!

    May 30, 2008 at 4:25 pm |
  150. Lynn - Rancho Mirage, California

    Jack, nothing will help lower the oil prices except finding an alternative that is not costly and friendly to the enovironment. Let us all wake up and realize that the cars that replaced our horses are totally passe. We need something different or let's just go back to our horses. Cleaning the streets from what the horses leave behing is a lot cheaper than paying for oil.

    May 30, 2008 at 4:28 pm |
  151. Willow from Sheldon,Iowa

    Our current President, isn't he involved in oil somewhere, somehow? He must be working on his retirement funds.

    I know that when the price of a barrel of oil goes up, the price of gas goes up. but its amazing to me that it goes up THAT day. Isn't there a time frame of a few weeks before our local gas station gets the more expensive gas?

    May 30, 2008 at 4:28 pm |
  152. Voice of Reason

    Hell no, it won't lead to cheaper gas. Drilling up the entire Alaskan shoreline won't do it either; it's about GREED!!! The oil companies periodically check the consumers' level of tolerance by raising prices by a large margin. We (the consumers) start to freak out and they lower the price by a nominal amount and we thank our lucky stars and breathe a sigh of relief that we only have to pay twice what we were paying a year prior. "Whew! Thank God gas is only $4 a gallon!" Meanwhile, gas industry barons (like the Bush family and their cronies) are laughing all the way to their great-great grandchildren's bank. This war only served to further obfuscate the goings on. Biz as usual... Bread and circuses to the public...

    May 30, 2008 at 4:30 pm |
  153. Anthony, Dallas, Tx

    I hope so, it doesn't make any sense to make $15000 more from last yr and don't have anything to show for it. It cost my almost $200 a week and my truck note is $527. It cost me $15600 to drive my vehicle a year and that make me bitter and cling to my gun because other people make way less than I do and they have to survive somehow. What a shame Washington.

    May 30, 2008 at 4:31 pm |
  154. John Hovland, MN

    As we use to say in the Navy – we got the giant green winnie!!! So walk, bike or buy a horse. Not many options for us ordinary people. The rich get richer and we get poorer! Our government does NOT care and congress only wants to get relected then retire with money and be happy – we get nothing. We lose every time.

    May 30, 2008 at 4:31 pm |
  155. Bill,Al.

    I guessing yes! Nothing that dramatic has changed in the last year or two to support their claims of supply and demand..............as a reason for the hikes.! It has to be a scam ,for the most part.

    May 30, 2008 at 4:32 pm |
  156. Allen in Hartwell GA

    If Congress can find evidence of manipulation I'd be satisfied with having the culprits get long jail sentences, but I do think the price of gasoline will drop as Congress gets closer to the truth.

    May 30, 2008 at 4:33 pm |
  157. Bill in New London, CT

    Its worth a try. If we are being scammed, it'd be nice to find out. If its really because of the war and over consumption, it'd be nice to find that out to. However, until the oil men are out of the White House, it will be difficult to find any real answers. Let's get Obama in there, with John Edwards as AG, and let him sick those bastards and get us our money back.

    May 30, 2008 at 4:34 pm |
  158. Joe in VA

    Nothing ventured, nothing gained. However, I doubt we'll see much change. It's time we stop whining about high gas prices and demand those really responsible, both parties of the US Congress, do something they have refused to do since 1970. That is, fix the damned energy mess with some type national strategy to get us off foreign oil. But then, I guess that's expecting too much.

    Joe Rogers
    Chatham, VA

    May 30, 2008 at 4:35 pm |
  159. Michael, Sparks, NV

    Honestly, like these rich, fat cat, oil tycoons are scared of a little government probe, they practically own the government. No this will not lead to cheaper gas prices. We have an oil man in the White House so you can bet this probe will come up empty handed and people’s pockets will be lined. This is about money, nothing more, nothing less, so as the old saying goes, money talks, you know what walks. Had to keep it clean, this is a family show after all.

    May 30, 2008 at 4:36 pm |
  160. William from Sanford, NC

    Jack, I am 57 years old and I guarantee the government investigation of oil prices will not lead to cheaper gasoline because the ones doing the investigation don't care how high the price of gas gets. The investigation is just for show. Even if the oil companies are found guilty of price gouging the damage to the country has been done and all they will get is a verbal slap on the hand. Any thought of getting a rebate check from an oil company is laughable.

    May 30, 2008 at 4:37 pm |
  161. Alan from San Angelo, TX

    Anyone buying gas lately knows who's being probed. Fortunately, the Saudi monarchy and oil execs just told us they're getting no enjoyment from it. Fat stinking profits, maybe, but so little joy.

    May 30, 2008 at 4:38 pm |
  162. Patricia

    I don't care if the price of gas is lowered–in fact I hope it is not. Driving less and buying locally is healthier. After work, I'm going to dust off my bicycle and pedal about a mile to a fruit and vegetable market that I've been driving to for years.

    Low income people who are employed and have to drive to work should be subsidized. Otherwise, we're on the right track in terms of oil prices!

    Boise, ID

    May 30, 2008 at 4:39 pm |
  163. Cruz

    An investigation can't hurt, but its probably a waste of money because no-one's head is going to roll and prices won't come down. However, I think that this is one of those "defining moments" – a wakeup call, as it were, to US wasteful habits – I'm not a conspiracy theory person, but I do wonder why so many Republican politicians are saying the answer is to drill in Alaska and offshore, as if the high prices will come down if that occurs, in other words if they allow fuel prices to go up then the public will support new drilling – hopefully we will turn our anger toward support of alternative fuels and vehicles with higher MPG rates.

    May 30, 2008 at 4:39 pm |
  164. Bodo from Ann Arbor

    Pleasure boats, SUVs and pleasure aircraft should be heavily taxed. The savings can be used to reduce gas prices for essential use.

    May 30, 2008 at 4:40 pm |
  165. Anton

    Hi Jack,
    If the investigations can lead to a positive short term solution, like harsher controls for speculators who inflate the market just to get a quick buck and higher taxes on "big oil" and lower federal taxes on oil, then we are pretty well off to start to tackle the bigger issues on how to switch the energy sources from fossil fuels to wind, water and sun.

    Anton

    May 30, 2008 at 4:42 pm |
  166. Judy

    Plain and simple, No. The democrats will not support the good old USA seeking for more energy at home and/or building another refinery.

    May 30, 2008 at 4:44 pm |
  167. larry giantonio

    Absolutely Not! as mentioned; it's a move to appear our government is doing something about the mess we are in. Also, "we the people" end of it...we simply must garage our SUVs and ATV's and any other acronym petrol guzzling vehicle you can think of and vacation in our backyards for a change this summer. "we the people" has turned in to "we the deserv-ed": selfish, take no prisoners, including our own children, so we can drive our economy into the breach of yet some other war looming. "we the people" cannot rely on our government for any answer here. after the last 8 years who could trust our government has a clue what to do.

    larry
    new york city.

    May 30, 2008 at 4:44 pm |
  168. David Dunn

    You've got to be kidding! The only thing that will bring down the price of gas is when Congress gets off its duff and removes all things hemp from the Controlled Substances Act.

    The threat of $0.60 a gallon biofuels from hemp will cause the price of oil to plummet.

    Energy independence from renewable and sustainable hemp fuels will strike terror into the heart of Middle Eastern crown princes and CEOs of Big Oil and Fossil fuels.

    May 30, 2008 at 4:45 pm |
  169. mimi

    You got to be kindling! does anything congress initiate follows through!!
    Just another rethoric to kill the time.
    We are on our Own America!!!

    May 30, 2008 at 4:59 pm |
  170. Kellie, Philadelphia

    One might assume as Congress probes the gas companies, they will find price gauging of every kind and do something about it. Unfortunately, I believe this entire process is a rubber stamp for congress to simply say we tried to do "something" about this gas issue during an election year. It's just for political positioning with no real solution in the end.

    May 30, 2008 at 5:04 pm |
  171. Janice

    No – a stronger dollar and weakening demand is the only hope short term of lowering prices. The Fed can help some in that regard by keeping interest rates the same or increasing slightly, and consumers could help a great deal more overall by driving less.

    The government has no teeth to do anything about prices – just or unjust – as long as Bush & company run the executive branch .

    May 30, 2008 at 5:07 pm |
  172. SavannaDon

    Thank God we have a Democratic Congress or there would be few if any questions at all about the upswing of gas prices.

    But what I want to know is what the advantage is to having a strategic oil reserve if we don't use it during times of fanatical rises in the price of oil and gas? And if this isn't an emergency, I would like to have the Bush administration define for me what would constitute an emergency.

    In addition, the oil that we are storing in the strategic oil reserve was purchased way back when oil was seemingly high at $40 – 50 a barrel, and if our reserves aren't big enough to make a dent in gas prices then at least we could make a profit that would help us pay down the wars in Afghanistan and Iraq

    May 30, 2008 at 5:07 pm |
  173. MIghty Blogger, Seattle, Wash

    If it were a neutral party doing the investigation sure. But it's not.

    May 30, 2008 at 5:08 pm |
  174. James

    No, This will hardly even change the price at the pump. We need a drastic change to our energy policy and use our taxes to get our sources of energy and not rely on other counties. They now own us whether we want to believe it or not they do. Our government under President Bush has done nothing at all on a real energy policy that benefits all Americans. I am an Independent and want more Independent thinkers in Washington not more Dem's. and Rep's. not doing anything for the good of OUR COUNTRY.

    May 30, 2008 at 5:08 pm |
  175. wendy Illinois

    Yes, assuming people do their jobs and actually stop the price-gouging that's going on. There's absolutely no credible reason why barrels of oil are going for near double their price in less than 6 months. It's being allowed so that certain people can make a huge profit, all the while "complaining" publicly about how the gas prices are hurting regular people.

    May 30, 2008 at 5:09 pm |
  176. Nemi Agrawal

    yes, if the probe is honest.

    May 30, 2008 at 5:10 pm |
  177. Natasha

    Jack

    If anything a government investigation will only lead to higher gas prices as big oil further gouges prices just to spite our useless elected officials.

    May 30, 2008 at 5:10 pm |
  178. Yolanda

    Jack,

    All a government investigation will lead to is more money being spent to accomplish nothing.

    May 30, 2008 at 5:11 pm |
  179. Bob Wrucke

    Jack,
    You have got to be kidding!! You ask if a government investigation will solve something!

    May 30, 2008 at 5:17 pm |
  180. Dawn

    I don't think so.......We up here just north of the 49th are paying 1.38 per liter, according to my calculations that is 5.79 per gallon!! We have been paying more than americans for DECADES!!

    I think ya'all should just "BUDGET" a little better and if ya live in an urban center take the friggen bus!!

    Days of CHEAP gas are OVER and have been for years...get with the program and deal with it!!

    Dawn
    Canada

    May 30, 2008 at 5:17 pm |
  181. Johnny Jones

    Not this government. This administration is so deeply in bed with the oil industry that they should be suffering bed sores. The only investigations that would help lower fuel prices are those of the horrific foreign policy of the Bush administration that has created an atmosphere of foreign disdain and disregard for the United States. But hey, Bush, Cheney and oil industry might be embarrased...embarrased all the way to the bank.

    Johnny
    Saint Petersburg, FL

    May 30, 2008 at 5:17 pm |
  182. Charles Thomas

    Since the speculators are driving the price of oil up on the commodities market and the oil companies are taking advantage of this to gouge the rest of the world, I believe that what is needed is to cut the speculators out of the formula, slap price controls on the oil companies and heavily tax their record profits to pay for the enormous jump in prices for food and necessities so that the rest of the world does not collapse into chaos while they continue to get richer and richer and less worried (if they ever were at all) about the collapse of the world economy.

    May 30, 2008 at 5:17 pm |
  183. Sharon Illinois

    Jack, I know I am in a minority here, but I don't think gas prices are high enough. It will not be until gas prices go even higher until Americans start to "get it" that petroleum is non-renewable resource that has finite availablity and we are competing with the rest of the world for its products. If prices had been at current levels 10 years ago, perhaps the buying spree for SUV's would have ended back then. The planet needs to develop alternative energy resources and stop using liquified dinosaurs. The government can investigate until the cows come home, but the cost of a barrel of oil is only going up. If we really want to stop other courntries from sharing in the carbon guzzling, we have only to stop using their products and their labor.

    May 30, 2008 at 5:17 pm |
  184. Dan Banks

    You talk about the high price of fuel in Europe, comparing it to the prices here in the United States. I often see this comparison being made by "the media". The thing I never see, however, is a comparison of the taxes on that fuel. Fuel taxes in Europe are considerably higher than they are here. And have been for decades. Which is why smaller cars are the norm there. If the United States had raised fuel taxes decades ago, Americans would now be driving much more fuel efficient cars, and the oil crisis would not be as severe. It might not even be a crisis yet.

    May 30, 2008 at 5:17 pm |
  185. Sam

    I think if there is any truth to this story from Preacher LIndsey Williams with The Non Energy Crisis. And the Government investigate that as well as the gasoline prices, we will surely be in a better price point on gas. According to his testimonial there is as much crude oil on the north slope of Alaska as is in Saudi Arabia... He also says we could have prices at 1.50 per gallon for 200 years with the wealth of oil available there.

    May 30, 2008 at 5:17 pm |
  186. Steve Murphy

    Jack,

    I smell a rat, notice that the oil company stocks have been flat over the past run up of oil prices. Someone is manuplitating the market in the US a-la- when Enron took the California government for a ride selling energy.

    This probe is necessary and should continue.

    Thanks,

    Steve, Euless Texas

    May 30, 2008 at 5:17 pm |
  187. Michael in Michigan

    Considering gas went up 10 cents in my city today and is now at $4.14 a gallon, I do not think the investigation will lower our gas prices. It was nice to see it only go up 10 cents instead of the usual 30. It is,however, quite clear that the oil companies are doing at least something to screw us all over. And they are doing a good job with it.

    May 30, 2008 at 5:18 pm |
  188. Steve

    I don't think another probe will do anything for gas prices. What needs to be looked into is oil company profits and government subisdies for exploration. With the profit margins the oil companies are showing, I don't think they need assistance with exploration.

    May 30, 2008 at 5:18 pm |
  189. Pat, Fayetteville, NC

    Hello Jack,

    The answer to the question is absolutely not!! Regulation would do a world of good. Haven't you noticed that left unregulated, anything that can be sold for profit, will eventually reach astronomical prices because of greed.

    Another thing, as a child, didn't you learn not to siphon gas from the tank? That stuff can make you higher than anything coming across our southern borders.

    May 30, 2008 at 5:18 pm |
  190. Paul, New Orleans

    A investgation on oil prices as it led by the goverment, come on Jack this is ridiculous. I don't think by 2009 we will see this goverment investagtion making the price cheap. If they do go with this, there's also might be a investagtion on food prices, gas replacements, house prices, recalls, and etc. None of them haven't change a bit, so you think we have to count on the goverment to make the gas cheap, is this a demoracy or an anarchy? To me Jack, it's a goverment being led by a failed adminstration that will won't bring the price down, but only make it worse!

    May 30, 2008 at 5:18 pm |
  191. Linda from Sarasota, FL

    Frankly, Jack, it doesn't really matter. When I have to go someplace ... to an appointment, to the grocery store, wherever ... it requires gas. I pay what I pay because I have to. Let them investigate all they want. If I pay less, yeah! If I don't, boo hiss.
    Linda – Sarasota, FL

    May 30, 2008 at 5:19 pm |
  192. Joe

    This will work:

    Start with Exxon. We stop buying gas from them until they lower the prices. We then do it to the next largest, and so on.

    Joe In Ohio
    19 mpg

    May 30, 2008 at 5:19 pm |
  193. Edward

    Jack
    No one ever talks about the rediculous Federal "cap" on closed oil wells...thousands of them, that are perfectly good in the U.S....But because of archaic Federal regulations, once the well is stopped, it cannot be restarted, except at the original price of oil...Who , today , would pump oil at $28 a barrel?
    As far as the Alaskan pipeline goes, our taxes pay Canada for the right to cross their border, then the oil is loaded on ships and sent to the Far East....Drilling again in Alaska, would bring more wealth to the oil compaies, and no oil to the U.S.

    May 30, 2008 at 5:19 pm |
  194. Tina

    Jack–YOU CRACK ME UP!!

    May 30, 2008 at 5:25 pm |
  195. simon in greeley CO

    If people don't like paying high gas prices they shouldn't drive huge SUVs and Pick up trucks. I'm lower class and I can afford a fuel efficient car, I drive a 1992 toyota corolla.
    I learned in ECON 101 that price controls don't work and create black markets. I guess 53% of the country needs to take an ECON class.
    Congress should open up drilling in places where drilling isn't allowed, but it also needs to come up with a plan to get us off of oil.

    May 30, 2008 at 5:26 pm |
  196. Jerry -Roselle, Illinois

    What the Government givest the Government takest away!

    May 30, 2008 at 5:26 pm |
  197. Aaron Johnson

    Let's hope to god it helps but I don't think it will. All depends on how much oil money is stuffed into the pockets of the investigators. Nothing will change until we get the Texan out of the White House!

    May 30, 2008 at 5:27 pm |
  198. Julie from LA

    No investigation is needed. Two words: windfall profits.

    May 30, 2008 at 5:27 pm |
  199. Tracey

    When People compare the Fuel Prices to what Europeans have been paying for years, I say, Fine, then give us Universal Healthcare, 5 weeks paid Holiday a year, retirement, and an awesome public transportation system, and I'll embrace Whatever they throw at us!

    May 30, 2008 at 5:27 pm |
  200. yvonne corbin

    No jack unfortunately the investigation just won't matter not with the demand being so high if only it were possible for us to boycott, us being the common foke and then just turn off the engines, even a day would be too much then they would see we really can't take it any more . Thank .

    Fed-up from
    Philadelphia,pa

    May 30, 2008 at 5:27 pm |
  201. Duneman

    I disagree with your premise. If anything, we need to raise taxes on gasoline to curb consumption further and create an energy fund to systematically develop alternative sources that really matter. Our economy is hostage to a finite resource, one that many geologists believe has reached peak production levels. Given rapidly increasing demand in India and China, we should expect rising prices for the rest of our lives as supply diminshes. The writing is on the wall NOW. If we artificially lower prices now through some gimmick, it will only exponentially intensify the pain when prices inevitably go through the roof in the not too distant future.

    May 30, 2008 at 5:28 pm |
  202. Elaine in Queen Creek, AZ

    When our chief and vice chief are in bed with the oil companies along with more than half of Congress lining their pockets with profits, why would they want to stop the windfall??? They're all happy and so are the oil companies, so why should anything change? Wake up people...

    May 30, 2008 at 5:28 pm |
  203. Thomas Houdek

    Getting to the truth (and gaining anything remotely useful) from an oil probe that will be undoubtedly held by pro OIL lobbyists and politicians, is as laughable as the delusional concept that Iragi oil would somehow subsidize the cost of invading that country and the war on terror.

    Would probably find out more by putting CHENEY in Guantanamo and administering the water board.

    That in itself would be worth paying $5 for a gallon gas

    Merritt Island FL

    May 30, 2008 at 5:36 pm |
  204. Haiz from Florida

    For how long I may ask?Why dont they use the resources we have here.At less form some organization,generate jobs.Gas rule everything,even the pastor going to church.We rely on gas so much,that a person would prefer to to fill his/her tank than paying morgage.

    May 30, 2008 at 5:36 pm |
  205. Tom Adamo

    Jack.
    Investigations usually cost lots of money and the little guys pays the bill. A simple solution to the commodities issue is to require all traders to have the facility to take delivery of the product. If my goal is to sell short and make a profit I would really have to think hard about the size of the gas tank in my SUV if I had to acutually own the product, likewise I would have to have a hugh pantry to store those bushels of corn. And speaking of corn who had the bright idea that putting food in the gas tank was any better than allowing people to buy and sell stuff they never have any intention of owning. Profit is not the only goal in life.
    Tom from Maine

    May 30, 2008 at 5:36 pm |
  206. Tom

    Dear Jack, I remember back in the 1970's when the demand for gas exceeded the supply and we had to suffer with gas rationing. However the price per gallon rmained the same. Why is it now that with the same problem the prices are skyrocketing? It is not costing any more money to pump the oil so I fail to see why the media continues to say the reason for these prices are tied to supply and demand. The sellers must be pocketing proffits never befor imagined. When this is investigated by a responsible media we will finally see prices decline. Also lets stop giving these Arab Nations endless support monitarily and militarily until they decide to help us out for a change. I fail to see how any investigation by this administration will accomlish anything as tehy have too much to gain from the high price.
    Tom, Lake Mathews, CA

    May 30, 2008 at 5:36 pm |
  207. Paul

    Jack,

    Yeah, right, and Bush and Cheney will come before the American people soon and admit that their leadership has been questionable, at best. I don't think so. It seems to me their leadership has led to this gas debacle in one way or the other, and we have 7 months more of it. Once they leave office, and they and all their fat cat friends can settle in for a long nap in the Bahamas while new leadership emerges, then maybe we will get a reprieve in gas prices. Maybe.

    May 30, 2008 at 5:36 pm |
  208. John

    Jack,
    I truly believe that of all options on the table, there is only one viable
    fix and it is to pursue alternative fuels in lieu of diminishing fossil
    fuels. Any of the other options are band aids for a critical problem.
    Let's get off our hunches use the available technologies.

    May 30, 2008 at 5:43 pm |
  209. Robert/Tacoma WA

    No, but if the government wanted to slow down the price of oil then they should subsidize it. Then and only then would you truly get the government to do something about the gouging that is going on!!

    May 30, 2008 at 5:45 pm |
  210. Ocala, Florida

    Throwing good money after bad..

    May 30, 2008 at 5:45 pm |
  211. Patricia Lawrence

    I have been listening to the Congress investigations of "the oil price gouge" for the last six months. They are all asking the right questions. They (Congress) all seem to understand the problem. Yet in six months nothing has been changed, except for gas prices creeping ever higher. When the cost of a barrel of oil goes up, the price of gas goes up immediately. However, when the cost of a barrel of oil goes down, the price of gasoline stays the same close to $4.00 a gallon.

    A second thing – I am sick of hearing how the Europeans pay SO much for their gasoline. I have traveled there quite extensively over the past five years. The most recent time you stated Denmark paying $9.00 per gallon. First of all the people of the US need to know what is the size of Denmark? about the size of Rhode Island? France is no bigger than Texas. They are really just independent states with their own culture and language. And a big plus which the media never mentions is how they have organizved and established MASS transit via bus, train, and plane to help the common people. How huge is the USA? Where is our MASS transit system? Amtrak??? which is always a step away from going under. And what is going on with our POOR airlines at this time? Also, let's address the value of the dollar in Europe and across the world. Thank you for listening. Pat Lawence

    May 30, 2008 at 5:45 pm |
  212. Ray Placious

    I don't believe that an investigation will lead to any price reduction.It worked once but big oil has learned how to avoid it now.
    I also question the new drilling request from big oil as far as US prices are concerned.
    It is my understanding that almost all Alaskan oil is sold to other out of US markets.
    I'm also wondering what would happen if there were say an executive order saying 75% of Alaskan oil should be sold to US refineries.

    May 30, 2008 at 5:45 pm |
  213. Ray in Los Angeles

    One only need to look at "Mother Nature" for answers to our energy crisis. We don't need internal combustion engines. An alternative propultion device could be based on compressed air. Look at what "Mother Nature" is doing in "Tornado Alley" where high pressure and low pressure areas exist.

    May 30, 2008 at 5:45 pm |
  214. Market Watch

    Looks like some traders in hedge funds are really nervous...that was good enough for me. I sold my meager little shares of drillers today but it won't buy me many tanks of gas at these prices.

    May 30, 2008 at 5:46 pm |
  215. Nissim Sasson San Diego CA

    jajaja
    They didnt do anything for 7 years they let the oil companies do wetever they want with the oil prices do they really think they can do anything now? its to little too late!!!

    May 30, 2008 at 5:46 pm |
  216. kothary, Canada

    no.

    May 30, 2008 at 5:47 pm |
  217. dennis north carolina

    NO, the crooks will win because our government doesnot do its job.

    May 30, 2008 at 5:48 pm |
  218. brent from Texas

    The last time the government 'probed' anything it cost the taxpayer several hundreds of millions of dollars and then we ended up with the same thing. This is the most rhetorical question yet!

    May 30, 2008 at 5:52 pm |