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?
Stefan from Hoffman Estates, Illinois writes:
None of the candidates has a plan ready for 2 years out. Our politicians can't even plan for two months ahead. When gas hits $4, $5, $6 the politicians will run around declaring there is problem and then stick their heads in the sand to ignore any real debate about a solution. It is better politically to tell you about the problem, fear the problem and assess blame than to solve the problem...just look at Social Security and Medicare funding for proof.
Jim from Winston Salem, N.C. writes:
Jack, I'm not sure who has "the plan", but I for one would suggest a 2,500 lb weight limit, and 50 mpg bio-diesel fueled car for starters. In a few short years, plug-in electrics can be added to improve performance, as the fueled cars downsize further when wind/solar electric generation boosts our electricity capacity. Europe has 80-100 mpg cars now, and we need to tell Detroit to eat their 300plus HP cars they push down our throats now.
Roy from Olympia, Washington writes:
I believe that Obama will address this issue the moment he steps into office by looking at alternatives to oil. If it comes to having to pay that much at the pump then it's time to get a subscription to National Geographic and just look at where I can't afford to get to.
So far Hillary Clinton has the best idea. She is the first to talk about the facing up to the oil companies and energy trading companies that are manipulating the oil prices. Legislation must be passed to regulate the energy market.
Trick question. Real answer is none of them do. What will we do? Probably the same thing the Brits are currently doing as they pay over $8 a gallon for gasoline, smile and kick ourselves in the butt when we think of all the programs we could have started 10 years ago but did not have the insight or gumption to adopt.
Marcus from New York writes:
Does it matter? Look at tobacco. A pack of cigarettes in New York costs nearly $8 but incredibly you still see people puffing away. They figured out how to make it work and Americans will do the same with gas.