The demand for fuel globally is outpacing the supply, which is one of the reasons oil prices have nearly doubled in just the last year. (PHOTO CREDIT: AP PHOTO)

FROM CNN’s Jack Cafferty:

If the cost of gasoline is hurting Americans now at about $3.61 a gallon, imagine what would happen if it reaches $7 or $8 a gallon in the next couple of years.

While Hillary Clinton and John McCain pander to voters with a proposed gas tax holiday that will never see the light of day, Goldman Sachs is out with a report that oil prices could reach $200 a barrel within two years.

The demand for fuel globally is outpacing the supply, which is one of the reasons oil prices have nearly doubled in just the last year. This prediction from Goldman Sachs, along with a weaker dollar and concerns about declining production, helped push oil to a record of more than $123 a barrel today.

Meanwhile, the Energy Department says strong demand from places like China, India, Russia, Brazil and the Middle East will support high prices and keep global oil demand growing by about 1.2 million barrels a day this year.

The government says it expects gasoline prices to peak at about $3.73 a gallon in June, but some private analysts think gas will go even higher – topping $4 a gallon this summer.

So what’s our next president going to do about all this? Clinton and McCain want to cut 18 cents off the price of a gallon of gas for a period of three months, which would save you a total of between $30 and $70. It’s the same old story from the Washington politicians… slap a bandage on an open wound and hope the public doesn’t notice it’s still bleeding.

Here’s my question to you: Which candidate has a plan for dealing with gas at $7 or $8 a gallon within two years?

Interested to know which ones made it on air?

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Click the Play Button to see what Jack and our viewers had to say. (PHOTO CREDIT: AP PHOTO)

FROM CNN’s Jack Cafferty:

What are the chances 200 economists would know more about the gas-tax holiday proposals of John McCain and Hillary Clinton? Clinton and McCain would like to buy your vote for somewhere between $28 and $70, which is how much you would save if their idea ever happens… which it won’t. If it does, I will eat an Exxon station.

The economists – including four Nobel Prize winners, advisers to past presidents and Republicans as well as Democrats (some of whom are Clinton supporters) – signed a letter rejecting the candidates’ plans for the summertime tax relief.

They say it would simply generate major profits for oil companies, instead of significantly lowering prices for consumers. Also, they say it would encourage people to keep buying expensive imported oil, instead of conserving. Lastly, they believe such a tax holiday wouldn’t provide much relief for families who feel squeezed by current economic conditions.

Barack Obama has said all along this is nothing more than a political “gimmick.” Top House Democrats – including Speaker Nancy Pelosi and Chairman of the Financial Services Committee Barney Frank – have also come out against these proposals.

But, Clinton and McCain don’t seem to be paying much attention to the critics. Meanwhile Goldman Sachs is out with a report today that crude oil could rise to as much as $200 per barrel within the next 2 years. Where are Clinton and McCain on that? The answer is: nowhere. They’re trying to buy your vote for 18 cents a gallon for three months.

Here’s my question to you: What does it mean when more than 200 economists say the McCain-Clinton gas-tax holiday is a bad idea?

Interested to know which ones made it on air?

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A woman holds a sign during a protest against high fuel price with other truck drivers April 28, 2008 in Washington, DC. (PHOTO CREDIT: GETTY IMAGES)

FROM CNN’s Jack Cafferty:

44% of Americans in a recent survey said paying for gasoline was a serious problem for them. Gasoline costs were the most frequently cited economic concern across all income levels. 25% of people who make more than $75,000 per year said it’s a serious problem while a whopping 63% of folks who earn less than $30,000 feel that way.

The cost of gasoline far outranks the number two economic concern, getting a good paying job or a raise at 29% and paying for healthcare and health insurance at 28%. The survey was conducted on behalf of the Kaiser Family Foundation.

And all indications are it’s going to get worse before it gets better. As gasoline shoots past $4 per gallon in some parts of the country, the president of OPEC is predicting crude oil prices could hit $200 per barrel. A year ago average gas prices were less than $3 per gallon according to AAA.

One idea being tossed around as a way of dealing with this is the four-day workweek. Several states are considering it. Staggered work schedules would be necessary in order to keep government offices open five days a week, and some have suggested that would end up costing the taxpayers more money. It’s also an idea that may gain traction in the private sector. I, for one, think it’s a terrific idea.

Here’s my question to you: Would shifting to a four-day workweek be a good way to save fuel?

Interested to know which ones made it on air?

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Pumps draw petroleum from oil wells before dawn as the cost of crude oil tops $104 per barrel in its surge to new record high prices March 6, 2008 in Signal Hill, California. (PHOTO CREDIT: GETTY IMAGES)  Click on the play button to see what Jack and our viewers had to say.

FROM CNN’s Jack Cafferty:

Vice President Dick Cheney is on his way to the Middle East to do something about skyrocketing oil prices. We’ll pause here to give you a chance to stop laughing. Cheney will meet with the leaders of Saudi Arabia, Oman and Turkey. The White House says it wants OPEC to increase production.

This is the same Dick Cheney who was chairman and CEO of Halliburton before becoming vice president. The same Dick Cheney who headed up the administration’s highly secretive energy task force. The administration’s energy policy, such as it is, was crafted with the help of oil industry executives and lobbyists including former Enron Chairman Ken Lay. These meetings were held behind closed doors and the records from them remain secret to this day.

Here is what has happened since Cheney’s secret energy meetings: When George Bush was sworn in as president in January, 2001, a gallon of gas cost $1.47 and a barrel of crude oil cost $30. Today gasoline costs an average of $3.22 and many experts are predicting it will hit $4 this spring. This morning, the price of a barrel of crude oil nearly hit $110.

And, while ordinary Americans suffer with increasingly crippling energy costs, the oil companies continue to rake in record profits. Exxon Mobil earned more than $40 billion last year. Oh, and they all get tax breaks, too, courtesy of your friends at 1600 Pennsylvania Avenue.

Here’s my question to you: Is Vice President Dick Cheney the right person to go to the Middle East to try to bring down skyrocketing oil prices?

Interested to know which ones made it on air?

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