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Politics : Politics for Pros- moderated

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To: LindyBill who wrote (103642)	3/8/2005 8:19:41 AM
From: John Carragher	Read Replies (1) of 793790

do we need to keep price supports for ethanol in budget? each gallon of ethanol that is blended with gasoline by a gasoline distributor or retailer results in a $.54 per gallon tax credit. Why is federal gov still giving tax credits for ethanol when oil prices have gone out of sight.. I doubt ethanol needs price supports to remain competitive. High Oil Prices to Stick Around By PETER A. MCKAY Staff Reporter of THE WALL STREET JOURNAL March 8, 2005; Page C1 Everyone knows oil is expensive now. And it isn't going to get a lot cheaper soon. Or so says the futures market, which is signaling oil prices on the horizon varying from the merely costly to the astronomical. As often happens during a crude-oil rally like the one seen in recent weeks, most observers are focusing on the price of oil contracts for immediate delivery, currently at $53.89 a barrel. In an otherwise fragmented global market, this contract provides a standardized benchmark. When professional traders, economists or families chatting about current events at dinner talk about the price of oil, they are all referring to the "front-month" contract. Yet the market for long-term oil delivery has become more active than usual and is sending its own message: The real danger of a crude-supply pinch is months or years away, but expect a spate of generally high prices for the foreseeable future. "I used to think, forget it, $40 oil is not sustainable," says Oppenheimer & Co. energy analyst Fadel Gheit, a 30-year industry veteran. "It has to come down from there. That's what I was taught. But things have changed. The center line for oil prices is clearly moving up."

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