Word: gas
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...nation struggles to cope with $4-a-gal. gas, what are we to make of Rainwater's decision? Is it a sign that the near doubling of oil prices over the past eight months is about to reverse itself? Does it mean we can all breathe big sighs of relief and go back to gassing up our Hummers with abandon...
...things that prompted Rainwater's sell decision was a reader poll on the investing website Motley Fool--yes, even billionaires get ideas from Motley Fool. "What are you doing to deal with high gas prices?" the poll asked. Seventy-seven percent of the respondents said they were cutting back on consumption (by driving less, buying a hybrid, buying a Vespa, etc.). Rainwater, who was one of the 23% who clicked on "Absolutely nothing. I'm rolling in profits from my oil stocks," took it as a sign...
...just felt that America was not ready for $4 gas and we would see a pause here," he says. "And we are seeing a pause." But even a sustained turn toward conservation in the U.S. wouldn't affect the main long-term drivers of higher oil prices--stagnant production worldwide and burgeoning demand from China, India and other emerging markets. So pay heed to Rainwater's choice of that word pause...
...Washington Cutting Out Carbon The U.S. Senate began debating legislation that would establish a cap-and-trade system aimed at slashing greenhouse-gas emissions nearly 70% by 2050. The bill has slim chances of passing; critics say it would bruise the faltering U.S. economy by hindering manufacturers and saddling consumers with energy cost increases. But advocates hope the bipartisan measure will establish a blueprint for attempts to curb emissions under the next Administration, while leaving its opponents susceptible to the wrath of pro-environment voters in November...
...Washington Straphanger Nation Stratospheric gas prices are driving commuters out of their cars and onto buses and trains, as the number of Americans using mass transportation reached record levels in the first quarter of this year, up 3% to 2.6 billion trips. If fuel costs remain high, transport officials see 2008 ridership exceeding last year's total of 10.3 billion, the highest mark in 50 years...