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  • bluecheese4u bluecheese4u Jul 16, 2013 8:06 PM Flag

    Lawmakers debate cause of rising gas prices

    Lawmakers debate cause of rising gas prices

    July 16, 2013 at 4:30 pm by Jennifer A. Dlouhy

    Prices for three grades of gasoline are posted in front of a service station Wednesday, Feb. 22, 2012, in Bellevue, Wash., near Seattle. (AP Photo/Elaine Thompson)

    The head of the nation’s largest independent refinery on Tuesday pleaded with Congress to dismantle an eight-year-old mandate that forces gasoline makers to blend ethanol into the nation’s fuel supply.

    “The renewable fuel standard is out of control,” said Bill Klesse, CEO of San Antonio-based Valero Energy Corp. “We support and believe that ethanol will be part of the fuel mix in this country, but the RFS is broken.”

    Klesse’s comments came during a Senate Energy and Natural Resources Committee hearing on rising gasoline prices that underscored the many reasons motorists are paying more for fuel and the deep divide among lawmakers on how to tackle the problem.

    While Klesse focused on the renewable fuel mandate, other witnesses blamed refinery outages, limited transportation options and a global market for keeping both oil and gasoline prices high even as energy companies extract ever-more crude from dense rock formations across the United States.

    Sen. Ron Wyden, D-Ore., the committee chairman, said motorists aren’t seeing the benefits of expanded domestic production. “Lower crude oil costs from these new sources of production aren’t being passed through to the consumer,” he said.

    Report: Keystone XL will hike gasoline prices for some US drivers

    But Adam Sieminski, head of the government’s Energy Information Administration insisted that gasoline prices are global.

    “Consumers are benefitting from the growth in domestic oil production — 2 million barrels a day or so that we’ve seen in just the past few years,” Sieminski said. “Increases in oil production from any source around the world, including the United States, tend to hold oil prices down.”

    The backdrop for the hearing was a sudden spike in gasoline pr

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    • Take your socialist sympathy to the social board. Over 100 million people are on food stamps and will continue to do so. Half of those are fraudulent . What do you want everybody on food stamps. Country is broke get your head straight.

    • Corn Gains a Second Day as Hot Weather Risks Hurting U.S. Yields

      By Luzi Ann Javier - Jul 16, 2013 9:10 PM MT

      Corn advanced for a second day on concern that hot weather in the U.S. may hurt the outlook for a record crop in the largest grower and exporter. Wheat rose.

      Corn for December delivery advanced as much as 0.7 percent to $5.145 a bushel on the Chicago Board of Trade, after climbing 1.4 percent yesterday. It traded at $5.1425 at 11:08 a.m. in Singapore on volume that was 37 percent below for the 100-day average for that time of day.

      Hot temperatures may hit the Midwest in the next three days, with little rainfall, DTN said in a report yesterday. About 16 percent of corn reached the silking stage, behind a five-year average of 35 percent, the U.S. Department of Agriculture said July 15. Silking is part of the pollination stage when drought and high-temperature stress can hurt the yield potential, according to the Ohio State University Extension website.

      “Market participants are concerned about a pollination problem,” Makiko Tsugata, an analyst at Market Risk Advisory Co. in Tokyo, said in an e-mail today.

      Futures slid 26 percent this year as farmers planted a record crop, estimated by the USDA at 13.95 billion bushels.

      Soybeans for November delivery climbed 0.3 percent to $12.905 a bushel, while wheat for September delivery rose 0.3 percent to $6.715 a bushel.

55.02-0.68(-1.22%)Aug 25 4:02 PMEDT