gas tax at Brave New Films

Let's Get Down to Gas Tax

2008-08-13T12:48:12Z

Cracking down on oil speculation could prove tricky – a tax on the sale or purchase of commodity futures is the practical solution.

Many members of Congress and other political leaders have been bellowing against speculators who they blame for the high price of oil and petrol. According to their story, speculation is the main factor behind the run-up that pushed the price of oil above $145 a barrel and petrol to more than $4 a gallon. They have proposed a variety of measures to rein in speculators and presumably bring petrol prices back down.

There almost certainly is something to the speculation story. Large movements in the price of commodities, in either direction, are almost always exaggerated by speculation. In fact, we may already have seen the reversal of some or all of a speculative bubble in oil prices, with the price of a barrel of oil now hovering in the range of $118. While there may be room for oil prices to drop further, those waiting for the days of oil at $40 a barrel, or even $80 a barrel, are likely to be disappointed.

Furthermore, cracking down on speculation is likely to be more difficult than it sounds. It is not hard to hide a speculative bet as a hedging bet. If a trader wants to make multi-billion dollar bets on the future price of oil, she can find ways to make it look like the bet came from a company that buys or sells oil. Restrictions can make speculation more inconvenient, but they won't stop it.

Campaign Promises, McCain, July 7th, Denver

2008-08-20T16:25:15Z

Pulling policy from rhetoric when listening to a politician isn't always easy. Good thing we got it on tape! Here are the fourteen concrete "I will" statements I found in McCain's economic policy speech in Denver on July 7th.

1. Make it easier for small businesses to grow and create jobs
2. Won't raise taxes-- will cut them where he can
3. Raising taxes in a bad economy eliminates jobs-- won't let that happen
4. Will double the child tax deduction from $3,500 to $7,000 for every dependent in every family
5. Will expand markets for goods and services, as with Crocs, the shoe company
6. Will reform unemployment insurance and retrain workers using community colleges-- will make up difference in wages between a worker's temporary job while they train for a better on and their old job
7. Do a stem to stern review of government, modernize how it does business, and save billions
8. Will veto bills with pork and shame those involved with them
9. Produce more of our own oil and gas to pressure market prices down
10. Create at least 45 new Nuclear Power plants, creating 700,000 jobs (including construction)
11. Develop clean coal technology, employing 30,000 in demonstration projects
12. Support gas free cars and create high tech jobs in the auto industry
13. Support wind and solar power development
14. Put the country ahead of personal and partisan interests

gas tax at Brave New Films

Let's Get Down to Gas Tax

Campaign Promises, McCain, July 7th, Denver

John McCain: Town Hall 04/21/08

John McCain: Town Hall 05/02/08

John McCain: Town Hall Meeting 05/02/08

John McCain: Press Avail 04/26/08

McCain: Town Hall 05/01/08

McCain: Town Hall 05/01/08

Gallup Glance Around the Globe

The Gas Tax 'Holiday' Powder-Puff Spin.

RNC Chair Duncan: The Experts Aren't Always Right

Obama: Get Out the Vote Rally, Indianapolis

Hillary Runs to the Right of McCain on Gas Taxes

Barack Obama in Durham, NC

McAuliffe: Economists Don't Matter

Barack Obama: "It's a Shell game"

Local IN Channel: Voters Not Impressed By "Gas Tax Holiday"

Clinton: Is Congress "With Us Or Against Us" On Gas Tax?

Barack Obama at CMW Factory

Economists and Experts Agree Obama Correct on Gas Tax

Barack Obama in Winston-Salem, NC