The price of oil per barrel continues to climb upwards. That means that the price of gas per gallon is going to climb upwards as well. The rise in fuel costs have been one factor to thank in regards to the soaring price of food. Get used to the rising gas prices. If you live in the big city and have access to public transportation, use it. If you can get to a place soon enough by walking, then walk.
We will not be seeing low fuel prices anytime soon. However, it is not just the consumers that are suffering from the high price of gas. Those that serve in all four major branches of the United States military are feeling it as well. That means people that serve in the United States Army, the United States Navy, the United States Marine Corp, and the United States Air Force will all feel the pain of the climbing costs of fuel.
It is expected starting July the cost of refined fuel per barrel will significantly jump by an extra $45. Currently, a barrel costs about $128 at the moment. By July, it will cost at least $171.
According to Republican Senator Susan Collins of Maine, a member of the United States Senate Committee on Armed Services, Iraq’s government should start paying a portion of fuel costs for the United States military. Collins does make a valid point because Iraq does have some fat oil reserves.
Back in March, Democratic Senator Carl Levin of Michigan and Republican Senator John Warner of Virginia had both requested an inquiry into Iraq’s oil revenues. They had written a letter stating that while Iraq has money in banks across the world, it has done little to help pay for its own reconstruction. This was to see if Iraq could use its own oil revenues to help with the financing of reconstruction.
Levin is the chairman of the Senate Armed Services Committee. Warner is also a member of the committee.
Nobel Prize-winning economist Joseph E. Stiglitz said that the cost of Iraq is at least $12 billion a month.
In March, a Pentagon study shows that the security situation in Iraq hurts reconstruction. Also, it revealed that government corruption is responsible for Iraq’s security situation.
Collins has taken action along with Democratic Senators Ben Nelson of Nebraska and Evan Bayh of Indiana. The three of them had proposed legislation that would require current United States President George W. Bush to negotiate on fuel for US troops serving in Iraq.
Collins explains that US troops continue to pay much money for the fuel. So yes, the US troops are feeling a good deal of the pain in regards to high fuel costs.
This gives further enticement for alternative fuel sources. And no, it has been revealed that biofuels such as ethanol do not help as much. On the contrary, the use and productions of biofuels is also blamed for the rising costs of food.
In a nutshell, everybody is feeling the sting of gas prices. It is one wound that will not heal. Instead of healing, the wound opens up even more.