Gasoline & Automotive Service Dealers of America

Consumer News

Senators Reach Deal to Repeal Ethanol Tax Credit!

WASHINGTON — Senator Dianne Feinstein (D-Calif.) reached an agreement with Senators Amy Klobuchar (D-Minn.) and John Thune (R-S.D.) to repeal the nearly $6-billion-a-year ethanol subsidy and end the tariff on foreign ethanol by the end of July, rather than the end of December. The agreement will reduce the federal deficit by $1.33 billion and invest $668 million in new technologies to reduce U.S. dependence on oil. Continue Reading…

How Goldman Sachs Created the Food Crisis

Don’t blame American appetites, rising oil prices, or genetically modified crops for rising food prices. Wall Street’s at fault for the spiraling cost of food.

BY FREDERICK KAUFMAN | APRIL 27, 2011
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The real reason current gas prices are soaring!!

An oil-trading pro blames a flood of new investors buying oil ETFs for the recent pain at the pump. By MSN Money partner Tue, Mar 29, 2011 By Charles Wallace, DailyFinance

Have you ever wondered why when you go to the gas station to fill up the family car, the price of gas at the pump has just jumped 25 cents a gallon over the past three days? Perhaps you thought the oil companies were just being greedy. Or you believed the nightly news pundit who said that gas prices went up because the crisis in Libya was affecting supplies of oil. One professional oil trader says that you’d be wrong on both counts.
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Blumenthal Lays Out Plan to Address High Gas Prices

March 23, 2011

HARTFORD, Conn. — At a gas station in Hartford, Conn., on Monday, Senator Richard Blumenthal (D-Conn.) proposed specific methods that he claimed would address rising gasoline prices, including curbing the ability of speculators to manipulate the market, releasing oil from the Strategic Petroleum Reserve (SPR), to provide relief to drivers and enabling the U.S. Department of Justice to bring action against foreign oil cartels.
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Second-Largest Gasoline Hike in History – Retailers and Consumers Hurting!

The U.S. average retail price of retail grade gasoline was $3.5061 per gallon, up 32.70 cents since Feb. 18. It is the second-greatest rise in the history of the gasoline market, according to the most recent Lundberg Survey of approximately 2,500 U.S. gas stations. The greatest price hike was in 2005, as Hurricane Katrina damage upped the average price 38.44 cents between Aug. 26 and Sept. 9.
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Big Oil Selling Off Retail – Better or Worse?

By Barbara Grondin Francella, Linda Lisanti

In June 2003, Convenience Store News reported on an emerging and dynamic trend starting to take hold in the convenience channel. Headlined “A Whole New Game,” the special report stated that major oil companies, faced with a more assertive marketplace, were unloading large chunks of their “financially frail” retail holdings.
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25-year Veteran Oil Trader tells CNBC investment banks causing Higher Gas Prices!

As the CFTC struggles to gain its footing on the path to regulating oil speculation and hopefully tamping down price volatility and manipulation, the debate over the true cause of volatility continues. Groups led by petroleum retailers like heating oil dealers and businesses that rely heavily on petroleum products like commercial airlines continue to forcefully argue that out-of-control speculation is driving up oil prices. Financial interests like investment banks and commodity markets continue to deny that speculative activity has any hand in inflating or destabilizing oil prices.
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Gasoline Dealers See High Rack Prices despite Paper Fall

February 10, 2011

Gasoline dealers in the east of the Rockies markets have seen higher wholesale rack gasoline prices despite a drop in NYMEX RBOB and WTI paper values in the first six weeks of this year.
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