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Connecticut Senator Pushing for Gas Tax Cap [POLL]

State Sen. Len Suzio says, "It's time to put a limit on this nonsense." What do you think?

 

If one Connecticut senator has his way, you could be paying less tax at the gas pump soon.

State Sen. Len Suzio has reinvigorated his campaign to implement a cap on the gross receipts tax for gasoline, most recently during a visit to a Cheshire gas station on Monday.

The gross receipts tax on the wholesale price of gas is 7.53 percent, and that's on top of the 25 cent state tax on gas and 18 cents levied by Washington, according to CT News Junkie.

The problem with the gross receipts tax, Suzio says, is that the higher the price of gasoline the more state residents are paying in taxes. In fact, CT News Junkie reports, Suzio asserts that the state will be taking in 41 percent more than expected in the first six months of this year, due to that tax.

"You are paying 53 cents per gallon in state taxes on every gallon of gasoline you pump," the Republican senator writes on his website. "It’s time to put a limit on this nonsense!"

Here's his plan: "I will introduce a cap on the second hidden gas tax so that when gas prices rise above a gallon, this tax will not continue to increase. This should save as much as 10 cents per gallon immediately and could save even more if gas prices continue to increase."

Suzio, who represents the 13th District, is circulating a petition to have the issue debated on the House floor in the current legislative session, and is encouraging residents to sign that petition on his website.

  • Should Connecticut implement a gas tax cap?

    (Voting has been closed for this question)
    • Yeah, we're paying too much!
        72 (44%)
    • No, the state needs the money.
        2 (1%)
    • Depends, and I'll tell you why in the comments.
        87 (54%)
    Total votes: 161
  • This is not a scientific poll. View Results Vote!
Related Topics: Gas Prices

Bill Hillman

4:35 pm on Wednesday, February 22, 2012

Agreed, we should not be tax-gouged at the same time we are being price-gouged. Set these taxes per gallon, not a percentage

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g

11:28 am on Thursday, February 23, 2012

The proposal is from a Republican, they couldn't pass a cold through the state legislature. Unless Democrats sign on, this is just noise, imo.

QWERTY

4:39 pm on Wednesday, February 22, 2012

Thanks for saving me 10 cents/ gallon while the price rises by $2/ gallon.

I'm all for paying less but don't put a band-aid on a laceration.

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Alex Tytler

5:16 pm on Wednesday, February 22, 2012

Pandering. Doesn't he realize that more taxes is good? That way there is more to redistribute.

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brewster53

5:17 pm on Wednesday, February 22, 2012

Gross tax receitps needs to be cancelled not only on gas, also on heating oil, tv cable and diesel.

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SmallMinds

5:26 pm on Wednesday, February 22, 2012

Don't like the high gas prices? Here's an idea: stop driving 4 mpg trucks to go buy a quart of milk. Get up and walk once in a while. Car pool. You have no "right" to an eternal supply of cheap gas, paid for with the blood of our servicemen and women. Get yourself a fuel efficient car and stop whining.

Wanna know where the money came from that paid for 9/11 attacks? Your endless thirst for Arab oil. Turn down your home thermostat. Put on a sweater. Use fluorescent bulbs.

You all act like spoiled children. The gas is going up in price and the cure for high gas prices is high gas prices. Price too high? Buy less. Buying less? Price comes down. Unless you are completely living with your head in the sand you know the oil supply will not last forever no matter what; maybe 50 years left, maybe less. What better time to start to kick the habit than now?

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Christine E.

6:08 pm on Wednesday, February 22, 2012

"You all act like spoiled children"
So you assume that everyone that complains is wasteful? Carpool? Sounds great...with whom? I work alone. You offering?

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Alex Tytler

6:30 pm on Wednesday, February 22, 2012

"Turn down your home thermostat. Put on a sweater. Use fluorescent bulbs."

Jimmy Carter couldn't have said it any better. If I wanted to live like a european, I would move to europe. Can you say malaise?

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v

6:42 pm on Wednesday, February 22, 2012

Who buys milk by the quart?
You could ask some of my former employers about what it was like to scedule when people car-pooled.
I'd be mor ethan happy to used less Arab oil, however we would have to start drilling more here.

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Christine Sekelsky Hermes

6:32 am on Thursday, February 23, 2012

Gee, I'm sorry, I have to have a "gas guzzler" I have 5 Children, and I live in Newtown. Everything seems to be at least 20 minutes away. Who should I carpool with? I use LED lightbulbs, wear sweaters and we have a SMALL hybrid (it can't carry all of my children). Should I get a trolley of bicycle tandems? Apparently, you picked the proper pseudonym for yourself...Smallminds.

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john

6:48 am on Thursday, February 23, 2012

People should stop being so reactive. If the price of gas is critical to your family's bottom line, you should buy a more fuel efficient vehicle. Buying big SUV's these days is as much about status and people subtlety feeling more powerful in a big vehicle as it is about transporting. If you choose to buy something like this, you choose higher gas costs, period. Same thing with lifestyle pick-up trucks that people drive to desk jobs. No need to apologize for your choices but the world's economy is not obligated to financially support you in your personal choice. You do have choices.

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Steven

8:48 am on Thursday, February 23, 2012

For a start.. get your facts straight..
a. The majority of the oil we import comes from CANADA. Very little if any comes from the Middle East due to transportation costs.
b. There is enough oil for over a hundred years, using CURRENT technology. The Alberta oil sands has enough oil to last over 100 years at the current rate of depletion. There are also billions of barrels of oil sands in Utah that hasn't been touched.
c. Kick the habit with what? Oil and gas is the cheapest most efficient method of energy. What are we going to use? Solar panels? Not unless you want to see massive amounts of capital shifted towards using this technology, which will decrease overall GDP, which equates to unemployment. So unless your going to raise your hand and be the first one without a job, I think you might want to re-think your position.

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Jimmy Pursey

9:43 am on Thursday, February 23, 2012

You couldn't "live like a European", Eric. They'd know you were American INSTANTLY.

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Southbury Resident

9:52 am on Thursday, February 23, 2012

Christine I am with you. I like how people with no kids talk about downsizing a car. 4-5 kids require sizeable SUV to fit everybody. 5 + 2 requires 7-8 passenger vehicle that can also combat snow storms. That means Tahoe, Suburbans GMC, Sequoia or Armada.
I have idea how about our kids dont pay SS for complainers. Surely with all those savings smallminds has large 401K and does not need SS.

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Christine Sekelsky Hermes

10:33 am on Thursday, February 23, 2012

Thank you Southbury Resident. I must mention that with VW's it is possible to turn them into "french fry mobiles", which in turn uses waste to fuel their vehicles. My best friend came out East from Aspen to buy one and drove it all the way back to CO. She hasn't had a problem with it. My husband owns a small business and we are unable to purchase something like that, but if we could, I would. If I could move back to a city, I would. We were able to walk or take buses, but at this point nothings selling. Smallminds would you like to buy my house?

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Southbury Resident

11:01 am on Thursday, February 23, 2012

Christine. I used to own VW Tdi (Diesel) it was nothing but problems. There is known issue with fuel pumps in those things and Turbos. Also soot cloggs them a lot. Once their are out of warranty repairs are super expensive and VW has horrible consumer service.. Last Diesel VW that was good was produced in 2000. Anything younger then that turns into money pit. Thats why they all end up in junkyards. Newer ones can not be converted to vegetable oil. Again different oil pumps and configuration. You are better off buying old Dodge pickup with Cummis or old Ford diesel and simply install secondary tank for veggie oil. I know plenty of people who did that.

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Christine E.

11:05 am on Thursday, February 23, 2012

Christine,
I get where you're coming from. But let's be serious here. You're speaking as if every family has 4+ children. 5 kids? You're in the minority. Furthermore, I see families with 2 children driving around in their Tahoe's and Escalades...for what? Because they can. There are plenty of families that could easily fit their children in a nice, modest 4 door sedan but opt not to because SUV's are the trend. To make matters worse, I cringe every time I drive down the Merritt Parkway and see how many of these people can't keep their vehicles between the two lines.

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g

3:25 pm on Friday, February 24, 2012

Steven,
We import oil from Canada, and it may be our biggest source of imported oil, but we don't import "most" of our oil from Canada. We import from many nations, being the largest of those doesn't make you the majority provider of oil to the U.S.

Odd as you want people to get their facts straight, but yours don't seem to meet your own requirement.

Our Department of Energy publishes numbers that may help you. ftp://ftp.eia.doe.gov/pub/oil_gas/petroleum/data_publications/company_level_imports/current/import.html assuming the DOE is correctly tabulating oil imports, those numbers would be a good basis on which to assume a fact about importation of oil imo.

Jay

6:42 pm on Wednesday, February 22, 2012

Eric, if you actually read the article (I know this is difficult for you as it's written at an 8th grade level), you would see that the Senator's beef is with the State of Conneciticut, not the federal government's policies or President Obama's.

As SmallMInds said, the supply of oil is not going to last forever, even if it's sourced here in the US. Until we gain energy independence through alternatives to oil, we're dooming our kids to freezing in the dark and being slaves to Middle East regimes that throw our economy into the dumper whenever they get a knot in the their shorts. Sorry, but having $2 per gallon gas so you can drive your Hummer to the store to spend $75.00 on lotto tickets doesn't fit into this picture. President Obama is trying to make sure that the U.S. is still here in 2062. You should be praising his forethought, not cursing him for denying you your frivolity.

As for the Senators proposal, he's correct that there shoudl be some limit on the State's windfall from the current gas prices.

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Steven

9:25 am on Thursday, February 23, 2012

Hello..peak oil is a myth...Under current technology we hundreds of years of oil. We will only have more as the tech improves. We didn't get out of the stone age because we ran out of rocks Jay.. And the idea of one day opening the newspaper with a headline "WORLD RUNS OUT OF OIL" is some Mad Max day dream. As oil becomes scarce, prices will increase and people will be forced into using alternatives. Funny how the market works that way.....

JHS

6:54 pm on Wednesday, February 22, 2012

We have enough gas to last over 200 years. We have more oil potential than Saudi Arabia. Bringing more oil to market will bring down the prices that will endanger any recovery. Lower oil and gas prices will help get us through the recovery and then we can think about alternatives.

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Dennis Bailey

7:53 pm on Wednesday, February 22, 2012

The gasoline taxes should be per gallon and not a percentage of the price.

For whatever it's worth, US oil production (that is, oil drilled for and extracted from US land) INCREASED by more than a billion barrels a DAY between 2007 and now.
http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=5&pid=53&aid=1

During the same period, oil consumption DROPPED by over a billion barrels a DAY
http://www.eia.gov/cfapps/ipdbproject/IEDIndex3.cfm?tid=5&pid=5&aid=2

If there were a billion barrels a day more production and a billion barrels a day lower consumption, then there were potentially over 2 billion barrels a day that is not being imported into the US.

Free market capitalism and the gamblers on Wall Street mess with the price of energy more than anything else. The rich get richer.

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Steven

9:08 am on Thursday, February 23, 2012

Dennis... oil from PRIVATE land in the US increased.. oil on FEDERAL land has DECREASED more than the increase in private.

http://www.nytimes.com/gwire/2011/01/13/13greenwire-two-thirds-of-federal-oil-and-gas-drilling-per-13123.html

http://www.instituteforenergyresearch.org/2011/11/15/falling-production-on-federal-lands/

We have to drill on private land just to make up for what has SHUT DOWN in the last 10 years. Geopolitics has messed with the price of oil more than anything else. Oil is a GLOBAL commodity and demand is inelastic. When there is a supply shock (or fear of supply) anywhere in the world (hello.. IRAN!), demand doesn't drop but supply DOES.. This creates price shocks. The increase in price gives an incentive to supply more in the market. Wells not profitable and economical to drill at $60 per barrel become economical at $80 or $100 and drilling is increased. The free market works…

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JM

9:18 am on Thursday, February 23, 2012

"If there were a billion barrels a day more production and a billion barrels a day lower consumption, then there were potentially over 2 billion barrels a day that is not being imported into the US."

A billion barrels per day? World oil usage is only about 80 million barrels per day. Please get your facts right before accusing anyone of manipulating prices.

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Dennis Bailey

12:38 pm on Thursday, February 23, 2012

JM -- thanks for catching the math error. you are correct - my comment should have been million vs billion. The links I posted contain the exact numbers.

JHS

7:56 pm on Wednesday, February 22, 2012

49.5% pay no taxes now. The Democrats and Obama's goal is to get over 50% dependent on government so they can push taxing the rich and keep the good times rolling for those over 50%. When you have that many people not paying taxes they would have a tendency to continue that. Obama seems to be convinced the rich would never leave or sell their businesses. Of course, the UK pushed a 50% tax rate and the rich took off for more friendly climates. And his increase of taxes on dividends will hit everyone as historically when taxes on dividends rise, business cuts or stops dividends which will affect everyone depending on dividends to income such as retirees. Also dividends are already taxed on dividends so this will make a tax of 0ver 60% on corp dividends.
The 2% tax cut which comes out of SS, will not pay for the gas tax increase.So Obama continues to spend and tax and expects the economy to grow when historically tax increases kill growth. His energy secy said once we needed to get gas at the price level of Europe. Well he's getting close to his wish.

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Marcia Puc

8:46 pm on Wednesday, February 22, 2012

I'm always glad to purchase gas while traveling through another state and I certainly fill up before coming back here. Great idea. Raising taxes all the time is not a solution - it's the lazy way out. Some days I regret moving back to CT -- my car insurance doubled, property taxes went up, gas, electricity, etc. (I moved from No. Virginia). But, family was here :) A small price to pay for the kids getting to know their grandparents. But, really, let's get it together Connecticut.

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JYD

1:52 am on Thursday, February 23, 2012

Replace the state gas taxes with tolls at the state borders of all our interstates. We're footing the bill for our roads and bridges with gas taxes, while interstate commerce gets all the benefits. Ever wonder why truck stops are so busy on the New Jersey Turnpike and in northern New England states? It's because everyone fills up out-of-state so they can breeze the 100 miles or so across CT.

Every other state in the northeast has figured this out and has tolls in place. Why not Connecticut?

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Steven DeVaux

7:28 am on Thursday, February 23, 2012

To paraphrase a famous quote in Brookfield, Connecticut:

"If you can't afford the gas, you need to move out of town to some place where you can."

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C J Marion

7:33 am on Thursday, February 23, 2012

Higher gas prices and the lack of coincidence.

From Politico, quotes by Steven Chu, energy secretary.

“Somehow,” Chu said, “we have to figure out how to boost the price of gasoline to the levels in Europe.”

Chu, a Nobel-winning physicist and director of the Lawrence Berkeley National Laboratory, was not yet a member of the not-yet-in-existence Obama administration. But Republican politicians and conservative pundits have seized on his words as evidence that the White House is deliberately driving gasoline prices higher — ensuring that Chu’s remarks are the energy policy sound bite that will not die.

Read more: http://www.politico.com/news/stories/0212/73138.html#ixzz1nCvc6PNM

Read more: http://www.politico.com/news/stories/0212/73138.html#ixzz1nCvPzkZx

http://www.politico.com/news/stories/0212/73138.html

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Dr. Robin Appleby

8:16 am on Thursday, February 23, 2012

On Nov. 27, 2011, I wrote a blog article on living a low energy lifestyle. We downsized our home twice. It is superinsulated 2X6 walls with extra insulation and R-90 ceiling. We use one gallon of oil a day (instead of 2200 gals ave. per Mitchell Oil for our size). We cut, split and burn 4 cords of wood (2.5 this winter) in a wood oil furnace (yukon-eagle.com). The Mitchell service man said of the 12 homes that have this I am the only one to use it. We put an off switch on the hot water and turn if off at night & when away. Most Americans would rather turn up the heat on the whole house than put on a jacket. We turned in the 13 mpg SUV for a Volks Diesel (40-50+ mpg). We try to drive 55 mph (42 % less fuel than 80 mph .. I see the SUVs passing me everyday). I recently counted vehicles going to work: 89 (of the first 100) had ONE driver. We try to grow a lot of our organic food. It takes 400 gal. of fuel equivalent to feed an American and it travels ave. 1500 miles to you.
We are on the down slope of Hubbert's Curve. It is only going to get worse...not counting war in the M.E. We are sending Trillions of dollars abroad to buy petroleum. That money could stay here in OUR communities and build schools, bridges, etc. There seems to be NO leadership coming from either party and scant desire to use less energy. For all his faults, at least Pres. Carter tried to show some leadership on energy use. Instead of complaints, I would like to know what you are doing

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Southbury Resident

9:55 am on Thursday, February 23, 2012

Not to rain on parade but
1. Downsize home - only if you have no kids
2. Keep it cooler - only if you have no kids because whatever you save on fuel you will spend on medical bills
3. Wood burning causes asthma so you saving fuel but others will suffer
4. VW Diesel is horrible car that breaksdown a lot, plus what is your plan when there is foot of the snow on the ground ? Walk?

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Ashleigh

12:17 pm on Thursday, February 23, 2012

Keeping your house at 60 instead of 75 is not going to cause illness largely due to the fact that cold DOES NOT cause illness.

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Christine E.

1:00 pm on Thursday, February 23, 2012

Southbury Resident,
Can't have a smaller home with kids? What happened to the days of sharing rooms? Your remark about keeping it cooler is ridiculous, because you would likely be spending money on medical bills even if your house was warm and toasty. Wood Burning doesn't CAUSE asthma, it can trigger asthma attacks in people who already have it. My Ford Focus with regular tires has worked just fine, even in the 22 inches of snow we had last year. I think you're just being a little closed-minded. None of these things are things you CAN'T do, just things you aren't willing to do. Big difference.

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g

7:42 am on Friday, February 24, 2012

89 out of 100 cars had only 1 driver? How many drivers did the other 11 have? :)

As to energy efficiency, have you considered geothermal or a heat pump system?

Personally, I wouldn't want to inhale soot from burning wood. The potential for long term unpleasant health consequences is great. Not only inside your home, but your soot travels out into the neighborhood. If you enjoy splitting 4 or so cords of wood per year, kudos! I'd prefer other activities. Fuel technology has evolved a bit since we last relied on burning wood as a primary heat source.

Great energy efficiency can be obtained in subterranean dwellings, cave men knew this long before us. Doctor are you ready to return to our pre-Holocene roots and really move to the ultra low green living our species once enjoyed in caves? Forget low oil consumption, you can use 0 oil, and 0 electricity.

My point is, each of us can feel virtuous about almost anything. How extreme can we reasonably expect everyone to go when cutting eco corners?

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Dr. Robin Appleby

8:04 am on Friday, February 24, 2012

Good morning G
About the few cars with 2 people in them (11 %)...most were trucks or vans of men going to work. Also, a few women driving a child to school. I drove north from Brookfield to New Milford around 7:30 a.m. when they are all streaming to work. Having lived through the 1970s when there was carpooling, I was pretty amazed by how many cars had only one driver. I wonder at what price of gas, will people start to share rides ? Try counting the drivers/passengers some morning.
As to breathing the wood smoke, you are very correct that there would be a lot of respiratory illness, exacerbated asthma, even increased deaths, from the smoke of a fireplace or woodburning stove. It is a trade off for warmth. However, the Yukon wood/oil furnace is in the basement. You have to install an 8 inch air duct from outside and drop it about a foot from the floor near the furnace. The air is taken in and sent up the chimney. No one that I know is as sensitive to wood smoke as my wife and she cant tell when it is burning.
They report that by around the 1830s, that there was a real firewood crisis in New England. The forests had been stripped. Writers like James Kunstler (Kunstler.com) have predicted that in the future, as heating oil becomes expensive and possibly difficult to obtain, that the forests will again be stripped for firewood. If the woodlots are sustainably managed, it is said that you can obtain a cord of wood per acre each year. We shall see.

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Christine E.

1:47 pm on Friday, February 24, 2012

Dr. Appleby,
I don't think you understood g's play on your words. Of course the car only had 1 driver...there's only 1 driver's seat :)

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g

3:36 pm on Friday, February 24, 2012

Hi Dr. Appleby,
A survey while driving is at best anecdotal, and precludes viewing children in car seats that may be too small to be seen in another vehicle.

This link may be helpful to you in future discussions regarding energy use in the U.S. - http://cta.ornl.gov/data/download30.shtml it's been useful to me.

In it, you will discover that buses are energy inefficient. Occupancy of buses is on average about 9 people, and cars have 1.57 people (on average) according to our Department of Energy. When comparing the energy costs per mile for all buses in the U.S. cars are more energy efficient.

If all commuters on a bus were instead taking a car, we would be greener. This is counter intuitive for many, but it's true. The DOE estimates the BTU per passenger mile on a bus is 4,242 for a passenger vehicle (of all types) it's 3,538.

Now, will you be annoyed by all those taking buses and destroying our environment while depleting our oil? Or will you continue to be upset with the SUV moms who are on average helping to save our environment?

We must approach things rationally. I personally was puzzled by your ability to assess passenger status of 100 vehicles while doing a commute. Do you consider oil costs due to property placement when considering your greenness? For example how far you drive for necessary services, shopping, work or school??

Bill Hillman

8:22 am on Thursday, February 23, 2012

10 cents in 2 minutes? C'mon, this is gouging, has nothing to do with real markets. http://nz.news.aunz.sp2.yahoo.com/video/watch/28395855/

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Marcia Puc

8:45 am on Thursday, February 23, 2012

I don't think most people would disagree that we are consuming too much oil. We keep our thermostat set very low, have replaced old windows, belong to a local CSA, consolidate car trips, etc. The point of this article was the gas tax. If we use less gas, it seems as though CT will have to raise the gas tax yet again to off-set lost revenue. I would like to see more creative solutions to the economic problems in our state, not just the same old "raise taxes" mantra.

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JM

9:15 am on Thursday, February 23, 2012

I was just in Virginia this past weekend, where gas is in the low $3.40's...and they have no tolls. Which means we're paying .40/gallon more than they are and for what? We have a lot of roads and bridges that are deficient as well as traffic congestion issues. High gas taxes have solved nothing in CT.

Some of the commenters above think we have tons of oil, that peak oil is a myth...one thinks that we import most of our oil from Canada...no...and...no...

Read this link down below that disproves all the shenanigans regarding the oil shales out West. It's utter nonsense.
The US uses 20 million barrels of oil per day. We produce about 5 million ourselves. If you can't do that math, that means we import 15 million barrels per day, or 75% of our daily oil usage. Canada does not have the ability to produce 15 million barrels per day, now or ever. The most oil the US ever produced in 1 year was in 1970, at 9.6 million barrels per day, and that number has been going down ever since.

Now, if we had easy to get to oil, we wouldn't be drilling in oil shales and tar sands, which require enormous amounts of energy to extract that oil. And we wouldn't be drilling a mile or 2 under the Gulf of Mexico, and then another mile down from there to get at oil. I believe the amount of oil from the well that exploded in the Gulf would have supplied the US with 6 days of oil, based on our current consumption levels.

http://www.chrismartenson.com/blog/dangerous-ideas/71666

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Concerned Brookfield Citizen

9:32 am on Friday, February 24, 2012

JM, I just did a little fact checking and there are,tolls in Virginia. Maybe not where you traveled. Now, some of these are bridges but since must states dump all of the toll money into one pot, road or bridge doesn't seem to make a difference. I am not disputing your other facts, just the Virginia tolls.

captrips

9:31 am on Thursday, February 23, 2012

The bottom line is that the price of a barrel of oil and the price of a gallon of gasoline has less to do with supply and demand than with speculation, manipulation, influence peddling and greed. The commodities markets were developed for producers to hedge against wildly fluctuating commodities prices. Pleas note the subtle but important word "producer". That is, an entity that grows the commodity or takes delivery of the commodity to produce a final, consumer product. The fact that Goldman Sachs is the leading trader of energy contracts tells you all you need to know. Coupled with the millions that Goldman and the energy companies and industry trade groups contribute to politicians on both sides of the aisle and is it any wonder that oil and gas prices rise on any news, real, perceived or otherwise. Wake up folks, of course driving smaller cars, turning thermostats down, increasing insulation in structures, developing alternative energy sources, etc. are all good ideas in the long run. Unfortunately, the U.S. and world economies are carbon-based now and for the foreseeable future. The bottom line is that big energy can and will charge whatever they want with the tacit approval of our elected officials.

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Walt

11:42 am on Thursday, February 23, 2012

Bravo! Well said! Our wonderful oil companies also make more profit by selling to China and europe so that exacerbates shortage of supply here. Goldman and their ilk nearly destroyed the country, had the government bail them out and are proceeding with business as usual as they own the politicians.

Stephen C. Brown

9:42 am on Thursday, February 23, 2012

Heaven help the person that suggests that Americans should have to sacrifice a thing for the good of their country or the world. Those who have the ability to help out pf their excess should do so. With so much talk about freedom, many of us seem to reject and abdicate our greatest freedom which is the ability and means to give (and sacrifice) for the common and greater good. Doing what you want without regard for others is a peverse form of freedom and completely unsustainable.

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DAY

9:55 am on Thursday, February 23, 2012

Thanks Stephen: From each according to their ability, to each according to their need. Where have we heard that before?

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captrips

10:39 am on Thursday, February 23, 2012

I believe most Americans would sacrifice for the greater good when it's demonstrated that the sacrifice is truly warranted and part of a "fair game". That said, perform any small amount of research on: the history of the commodity markets and the current nature of those markets, the current workings of the U.S. Federal Government and the total ineffectiveness of Congress, the greed, manipulation and linkage between the large financial enterprises and the government and one might understand the lack of understanding by the electorate. Look at the S&L crisis of the late-80's, the currency crises of the late-90's, Enron, MCI and Tyco in the early-2000's and the creme-de-la-creme, the mortgage fiasco and financial meltdown of late 2008 and the pundits wonder why the electorate is up in arms? Link the mindset behind the aforemetioned events and some research on the ratio of oil contracts traded relative to the amount of oil contracts where someone actually takes delivery and you'll gain insight to exactly what's going on.

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captrips

10:39 am on Thursday, February 23, 2012

PART 2 - Remember at the height of the recent financial crises when the Administration had a regualtory group look at the role of speculation in the commodity markets and the recommendation was to put controls into the system to better link commodity trading to the original purpose of the markets, hedging for producers? NOTHING was adapted or instutituted. Wonder why? Look at who's in the top-5 contrubutors to key members of the House and Senate and to key, potential nominees of each party running for President. You guessed it, Goldman Sachs, the largest holders of oil contracts in the world. I could go on but you get the drift...Please note, I'm truly a "middle-of-the-road" individual who has voted for a Republican for President, 8 times since 1980. Hence, these aren't the rantings of a "Communist", Socialist, Liberal or Occupy Wall Street type. I'm merely one of the masses who is fed up.

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DAY

2:12 pm on Thursday, February 23, 2012

I don’t pretend to be an expert on speculation, but the FTC concluded last fall that supply-and-demand drive gas prices, not speculative oil traders. The CFTC issued a report in July 2008 with the same conclusion. The CFTC also noted that speculators were short amid some big run-ups in oil prices over the years, which would have driven prices down based on the theory of speculation critics. One odd item: where futures trading is illegal—like for onions—price volatility tends to be greater than in commodities like oil. Are they lying? It seems to me that speculation gets attention when prices make politicians squirm.

Christine Sekelsky Hermes

10:04 am on Thursday, February 23, 2012

While I am not necessarily writing about the gas taxes, I wonder why it doesn't seem as if Windmills are acceptable to have on our properties. We could become self sufficient when it comes to foods and meats, which I believe should be supported more. I am thrilled that my next door neighbor has an organic farm, is raising chickens and sheep, hopefully some goats in the future. There are many other things we could do to create tax revenue. How about raising the taxes on cigarettes again? They take energy to make, just to cost the healthcare system billions of dollars due to cancers and other respiratory issues!

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Walt

11:48 am on Thursday, February 23, 2012

Can you imagine getting approval for windmills from the town of Monroe? The nimby crowd would go wild! Won't happen though, there is not enough sustained wind in our area to make it feasible.

JM

11:48 am on Thursday, February 23, 2012

"While I am not necessarily writing about the gas taxes, I wonder why it doesn't seem as if Windmills are acceptable to have on our properties."

Christine - What we need are more durable batteries that can store power for long periods of time. A house with solar panels and long term storage batteries are great. Unfortunately, CT is not a good wind state. NW CT and the shoreline are ok for wind. Some of the largest solar installations in the world are in Germany, which gets just as much sun as CT

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captrips

12:02 pm on Thursday, February 23, 2012

Walt - Sure there is...witness most of our politicians! LOL

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Dr. Robin Appleby

1:54 pm on Thursday, February 23, 2012

John Hofmeister, former Pres. of Shell Oil predicted $ 5.00 a gallon gas for 2012. That means around $5 heating oil. Anything MANUFACTURED using petroleum (almost EVERYTHING) will be more expensive. Anything GROWN using oil (think plowing, seeding, fertilizing, herbicides and pesticides, harvested, dried, transported, refrigerated, cooked). Anything MINED or drilled for.
The middle class is being crushed in this country. Check out my blog of October 20,2011..."The middle class is being crushed in this country."
As people are losing their jobs and homes, as food and gas and heating oil are becoming out of reach. As families, single parents and our elderly are struggling harder every day just to survive, could someone please make the case how raising taxes on them helps them ?

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captrips

9:59 am on Friday, February 24, 2012

Wow...a former Big Oil exec who undoubtedly still holds stock options in Shell self-servingly predicts $5 oil. For anyone who has seen the movie Casablanca, it should remind us of the scene with the corrupt, Vichy police chief, Louis, in shutting down Rick's at the behest of the local Nazi utters the immortal phrase, "I'm shocke, shocked to find that gambling is going on here". Rick's croupier hands Louis his winnings from the casino to which Louis replies, "Oh thank you very much! Everyone out of here at once."

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g

3:13 pm on Saturday, February 25, 2012

In a few years the middle class will be a small minority of Americans. The vast majority will be on the public dole. Complex economic and social structures breakdown in unpredictable ways. Exactly what will happen over time is anyone's guess.

We are unable to control our borders, to produce much product, to mine, farm, educate, innovate, or much of anything else in much of our country. As we morph into an unproductive land of mostly poorly educated peasants, it'll be interesting to see what happens.

QWERTY

1:57 pm on Thursday, February 23, 2012

NEWSFLASH, smaller homes don't mean greater savings in heating bills! Most homes are built with 2x4 walls which limit insulation ability and make for poor energy retention. Most homes are old, built during a time when people were flat out wasteful. Government should mandate that all newly construction homes be energy efficient. I shouldn't be restricted to brand new or newer homes simply to get energy efficient. It's damn near impossible to retrofit an older home with 2x6 walls or add extra insulation to an attic built with no clearance in mind.

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SmallMinds

4:00 pm on Thursday, February 23, 2012

Smaller home most certainly cost less to heat. Less surface area on the outside and fewer cubic feet of air on the inside. It is just the laws of physics, that's all. Nothing more or less. You want to send your dollars to overseas oil Sheiks? Yes, you still have that right. Want to make you home more energy efficient? Double pane windows, plug the leaks, storm doors. Lower thermostat when you're not home, lower the thermostat while you sleep and use a small space heater in the bedroom(s). If you try to do it, you can do it.

Walt

2:40 pm on Thursday, February 23, 2012

Check out Mike Taibbis article on Goldman from the Rolling Stone a couple of years ago - google it

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DAY

2:55 pm on Thursday, February 23, 2012

I remember that article. Taibbi learned what a derivative was and sprinkled the article with colorful terms like "Vampire Squid". It was entertaining, but Taibbi and Rolling Stone are generally not good sources for insight into the world of finance.

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Jimmy Pursey

3:57 pm on Thursday, February 23, 2012

Taibbi is one of the best political writers in the US right now. For instance, this is spot on:

"The reason 2012 feels so empty now is that voters on both sides of the aisle are not just tired of this state of affairs, they are disgusted by it. They want a chance to choose their own leaders and they want full control over policy, not just a partial say. There are a few challenges to this state of affairs within the electoral process – as much as I disagree with Paul about many things, I do think his campaign is a real outlet for these complaints – but everyone knows that in the end, once the primaries are finished, we’re going to be left with one 1%-approved stooge taking on another.

Most likely, it’ll be Mitt Romney versus Barack Obama, meaning the voters’ choices in the midst of a massive global economic crisis brought on in large part by corruption in the financial services industry will be a private equity parasite who has been a lifelong champion of the Gordon Gekko Greed-is-Good ethos (Romney), versus a paper progressive who in 2008 took, by himself, more money from Wall Street than any two previous presidential candidates, and in the four years since has showered Wall Street with bailouts while failing to push even one successful corruption prosecution (Obama)."

HotfireXG

4:30 pm on Thursday, February 23, 2012

The Victorians once depended on whale blubber for lighting and heating - and fretted,about what might replace it. Human inventiveness rapidly provided an alternative.

And policy-makers were once gripped by the constrained and volatile supply of saltpetre, the nitrate being essential to both feeding their populations and making gunpowder. Then chemistry came to the rescue.

Of course a resource is a combination of things - the limits of human invention being just one.

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captrips

10:13 am on Friday, February 24, 2012

Day - I don't know if you agree with Taibbi's article or not. Everyone has to make up their own mind as to what to believe or not. I personally try to digest information from a variety of sources. I'm fiscally moderate and socially more liberal but would most likely be labeled a centrist. That said, because good reporting comes from a Rolling Stone reporter should not automatically disqualify it from intellectual consderation when forming a judgement. I read his book on the 2008 crash and while entertaining in terms of humor, it was well thought out and presented numerous facts. Moreover, his RS articles are similarly crafted. Of course anyone is free to believe anyone they want. It's just funny how Goldman Sachs alumni have begun to gain prominent positions in the federal government (Paulson, Geithner, Rubin, Friedman, Whitehead, etc) and most if not all of the practices that led to the 2008 Financial Debacle have yet to be addressed. Moreover, they led the "Too Big to Fail" remedies where certain financial institutions were told to acquire other institutions that were at risk for failure. And lest we forget the esteemed John Corzine who led GS, became a U.S. Senator, Governor of New Jersey and the head of MF Global which imploded and lost $1.2B of it's investors money. To which Corzine had no explanation to the cause of whereabouts of the money when questioned by Congress. If anyone truly believes that which we label "free markets" is truly free...

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captrips

2:08 pm on Friday, February 24, 2012

Day - Good response but, as I recall, the CFTC findings were not as black and white as you stated. I seem to recall some sentiment that speculation was part of the issue. That said, a system that was created to allow producers to protect themselves has been bastardized to allow large financial firms to do nothing but spot trade on the contracts. I don't have the exact figures but a segment on 60 Minutes highlighted exactly what I'm talking about. They cited the fact that actual contracts traded relative to the actual contracts where delivery is taken by anyone has exploded over the past 10 years. Further, firms like Goldman not only trade the contracts but their advisory areas publish guidance that self-servingly affects the market whether the need to increase long or short positions. I'm not an expert either but this is hardly indicative of a free market nor does it appear ethical, albeit legal.

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