Oil prices go wild; raid everyone's savings.
Every Monday at 5pm, the Department of Energy's Energy Information Administration (EIA) posts a "gasoline and diesel fuel update" at http://www.eia.doe.gov (right hand bar). This update provides the public with information about gasoline prices around the country.
Over the last few weeks EIA has reported gasoline and diesel prices rising consistently. But over the last ten days or so, oil prices have gone absolutely nuts. Oil set a new record today at $54 dollars a barrel. http://www.washingtonpost.com/wp-dyn/articles/A26047-2004Oct12.html. This is 70% higher than just a year ago.
So, anyone who knows the oil industry knows that gasoline and diesel prices will follow oil prices right up. Sure enough, EIA has just posted information and it provides a lot of bad news for Bush.
On a national basis:
- Gasoline (on a national average basis) has gone up 6 cents per gallon since just last week
- Gasoline has climbed over 43 cents per gallon from prices this week last year.
- Diesel has shot up over 60 cents per gallon since last year!
From a swing state perspective:
- In Oregon and Washington, gasoline went up NINE AND A HALF CENTS in ONE WEEK! Gasoline costs 47.7 cents more than just one year ago.
- In the Midwest, gasoline has climbed 5.4 cents in one week -- 42.1 cents since last year.
- States in the Rocky Mountain region, such as Colorado have been hit hardest by diesel prices, which SHOT UP 6.7 CENTS PER GALLON in just one week. People who own tractors and tractor-trailers must be taking it in the shorts!
Bush should be pressed as to what his plan is to address these runaway prices. People already (rightly) believe that Bush is too close to the oil companies. This issue hits every consumer and small business, and they are all worse off than they were even just one year ago, let alone four.
Please recommend this diary to highlight this dramatic price increase on the eve of the debate.