Congress Exhibits Less Outrage Over Gas
By DAN CATERINICCHIA
AP Business Writer
1:38 am, November 10, 2007
When gasoline prices first hit $3 a gallon in 2005, irate lawmakers quickly assembled top oil executives for a public grilling. Pump prices are again above $3, yet the outcry from Congress is barely a whimper by comparison - even after this week's warning from Federal Reserve Chairman Ben Bernanke that oil near $100 a barrel is a serious economic threat.
The change in tone since Nov. 9, 2005 - when Sen. Barbara Boxer, D-Calif., castigated oil executives for reaping multimillion-dollar bonuses while "working people struggle" - reflects an altered landscape in terms of energy economics and politics, analysts said.
- The American public is more accustomed to high prices, despite the financial pinch.
- Oil industry profits are retreating from year-ago levels as the soaring cost of crude crimps refining revenue.
- Plus, lawmakers have their hands full with a worsening housing crisis, a four and a half year old war in Iraq, and spending bills that have yet to be completed.
Geoffrey Styles, managing director of Virginia-based energy consulting firm GSW Strategy Group LLC, ascribes the relatively tame reaction in Washington these days to "price fatigue." "If (gas) hits $3.50 a gallon, then I think you'll see ... that hue and cry of the past," Styles said. [continues... snip]
Granted, it's getting kinda cold, but it's nothing a good jacket and pair of gloves can't take care of
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