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WASHINGTON – Record gas prices are putting pressure on presidential candidates to offer quick relief for consumers, even though many economists say the government can't swiftly bring prices back to earth.
The candidates who earlier preached ways to kick America's oil habit are now focused on ideas that cater to the country's incurable driving habit. John McCain wants to suspend the federal gas tax this summer, an idea that would take billions from the treasury meant for highway construction and mass transit.
Hillary Rodham Clinton and Barack Obama favor investigations into allegations of price fixing and promise to raise taxes on oil companies, and all three candidates want to stop adding oil to the country's petroleum reserve.
Energy experts largely dismiss these ideas, saying the country is perhaps a decade away from innovations, in alternative fuels and automobile efficiency, that would cut the demand for oil and put downward pressure on the price.
Average prices in Texas have risen more than 42 cents since January. In Dallas, they hit a record $3.50 a gallon Friday, AAA Texas said.
[...] Standard Oil was convicted in Federal Court of monopolistic practices and broken up in 1911.
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Originally posted by AnonymousHippo
reply to post by kelbtalfenek
They are trying their best to get rid of all the "bottom feeders" in this society by raising the price of all of our natural-resources (beside water).
Originally posted by solidshot
Even if the oil companies ever wanted to drop the price of fuel the governments wouldn't let them any more as the higher the oil and fuel prices are the more tax the government can cream off. All the motorist is now is a cash cow for the government, what I'm wondering is though is just how are they going to make up the shortfall in tax once the oil runs out?