World Crude Oil Prices Determine Price of Gasoline, Senator Bingaman Unveils Clean Energy Standard

The Washington Post had a brillant editorial on exactly why gasoline prices are going up.  What editorial writer Charles Lane says is that world crude oil prices determine 76% of per-gallon price of gasoline - a  vast majority - according to the U.S. Energy Information Administration.   Those prices have been trending upward for more than a decade, largely because of surging demand in China and other reemerging markets. Gas prices have followed suit.  The Keystone pipeline has absolutely none - no effect on rising gas prices.  Obama made a pitch that a $14 million federal grant to help make fuel from algae. As Lane said, "that particular miracle’s been just around the corner for decades now".

Senate Energy and Natural Resources Committee Chairman Jeff Bingaman (D-N.M.) unveiled his clean energy standard (CES) toward the end of the week. The CES would require power companies to supply increasing amounts of the nation’s electricity from carbon-free (or at least lower-carbon) sources such as renewables, nuclear and natural gas over time.  In his last two State of the Union speeches, President Obama has advocated for a CES. Senators Wyden, Al Franken and Chris Coons are among the co-sponsors.  Although this is unlikely to pass, it is a good campaign platform to counter Republican plans.