Gas Myths

Overview

From John Stossel's blog: Much of what we think we know... is not so. People assume the auto industry hates regulation, but Heartland Institute energy analyst James Taylor says big oil companies like the regulations because the onerous rules keep competitors out. Obama says government's fuel efficiency requirements will save families $8,000 a year, but the regulatory director at George Washington University, Susan Dudley, says that these rules will actually cost us $60 billion. Bob Dinneen of the Renewable Fuels Association and James Taylor debate whether ethanol is good for the environment, or consumers. Frank Gaffney of the Center for Security Policy and Jerry Taylor from the Cato Institute debate whether "energy independence" matters. And what exactly is in a barrel of oil? John Felmy, American Petroleum Institute's chief economist, points out that only about 50% of a barrel of oil is used to make gasoline. Special Correspondent Kennedy is a "hypermiler".