Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

[dmcowen674]

1-3-2011

http://news.yahoo.com/s/nm/20110103/bs_nm/us_markets_oil

Oil climbs above $92


The Organization of the Petroleum Exporting Countries helped to stoke bullish sentiment by saying the market was still well supplied and that it would not implement any formal change in output unless it saw a convincing shift in the balance of supply and demand.
Some analysts agreed the rally was speculative.


"It does not make sense on a fundamental basis," said Olivier Jakob of Petromatrix. "The structure of the market is telling a different story from the flat price."


U.S. crude futures have been stuck in a stubborn contango, whereby prompt oil is cheaper than that for later delivery, a market condition that encourages storage.
=============================================

Like I said look in any harbor and you'll see tankers parked all over the place full of oil. Not just here but around the world.

 

[Darwin333]

All your friend has to do is look in any harbor such as Houston.

They have had hundreds of Oil Tankers sitting for nearly a year. They can't unload because the oil tanks on land have been full for years now.

I am curious as to why they would do that versus just trading paper (future delivery contracts). Storing it offshore in a tanker probably costs them $10-$12/bbl per year.

 

[RaistlinZ]

Any bets on whether oil will hit $100/gallon this year?

 

[piasabird]

Just start changing more for gas if you car gets lousy milage. Also charge more for electricity, Gas, and Heating oil if you own a large oversized house. Let those who live in luxury foot the bill for their own excess.

 

[PeshakJang]

Any bets on whether oil will hit $100/gallon this year?

I'll take even money that it won't. $1,000.

 

[Londo_Jowo]

All your friend has to do is look in any harbor such as Houston.

They have had hundreds of Oil Tankers sitting for nearly a year. They can't unload because the oil tanks on land have been full for years now.

Please show proof to back up you absurd statement.

http://www.bloomberg.com/news/2010-...-resumes-inbound-tanker-traffic-amid-fog.html

About 23 outbound ships were queued in Houston, with 19 waiting to enter the channel from the Gulf of Mexico after fog reduced visibility overnight, Levi Campbell, a watch supervisor with the service, said in an interview.

 

[dmcowen674]

Please show proof to back up you absurd statement.

http://www.bloomberg.com/news/2010-...-resumes-inbound-tanker-traffic-amid-fog.html

1-3-2011

http://news.yahoo.com/s/nm/20110103/...us_markets_oil

Oil climbs above $92


The Organization of the Petroleum Exporting Countries helped to stoke bullish sentiment by saying the market was still well supplied and that it would not implement any formal change in output unless it saw a convincing shift in the balance of supply and demand.
Some analysts agreed the rally was speculative.


"It does not make sense on a fundamental basis," said Olivier Jakob of Petromatrix. "The structure of the market is telling a different story from the flat price."


U.S. crude futures have been stuck in a stubborn contango, whereby prompt oil is cheaper than that for later delivery, a market condition that encourages storage.
=============================================

Like I said look in any harbor and you'll see tankers parked all over the place full of oil. Not just here but around the world.

You're in Texas, drive down to Houston Harbor and see for yourself and take some pics.

 

[Londo_Jowo]

You're in Texas, drive down to Houston Harbor and see for yourself and take some pics.

The proof of burden is on you. I already know how many tankers are in the Houston ship channel and it's no where near your absurd statement of hundreds.

I'll give you a hint, it's more than 5 but less than 15.

 

[dmcowen674]

The proof of burden is on you. I already know how many tankers are in the Houston ship channel and it's no where near your absurd statement of hundreds.

I'll give you a hint, it's more than 5 but less than 15.

There is no proof of burden on me. The facts tell the story.

Your buddies lies on oil is all out on the open for all to see.

It's up to the people whether they do something about it.

You are pushing their limits. We will all see what comes of it.

Perhaps nothing, perhaps a whole lot more than you and your buds bargain for. Only time will tell.

 

[Darwin333]

The proof of burden is on you. I already know how many tankers are in the Houston ship channel and it's no where near your absurd statement of hundreds.

I'll give you a hint, it's more than 5 but less than 15.

Shh. We moved them out into the Gulf after we learned Dave was on to us.

On a good note we were able to lash all the tankers together to form a giant middle finger that can be seen from orbit/satellite.

 

[Darwin333]

Any bets on whether oil will hit $100/gallon this year?

How much ya got?

 

[Londo_Jowo]

There is no proof of burden on me. The facts tell the story.

Your buddies lies on oil is all out on the open for all to see.

It's up to the people whether they do something about it.

You are pushing their limits. We will all see what comes of it.

Perhaps nothing, perhaps a whole lot more than you and your buds bargain for. Only time will tell.

You've got us, we will bankrupt your ass before the end of this year. We will also make sure you can't afford a computer or intarweb access.

 

[Darwin333]

You've got us, we will bankrupt your ass before the end of this year. We will also make sure you can't afford a computer or intarweb access.

We are hoping that google earth picks up the giant middle finger we made out of the 100's of tankers we moved out of the Houston channel and lashed together in the gulf first so he can see it.

 

[Londo_Jowo]

We are hoping that google earth picks up the giant middle finger we made out of the 100's of tankers we moved out of the Houston channel and lashed together in the gulf first so he can see it.

That will be the last intarweb image he will see before we take his computer away.

 

[XZeroII]

There is no proof of burden on me. The facts tell the story.

Your buddies lies on oil is all out on the open for all to see.

It's up to the people whether they do something about it.

You are pushing their limits. We will all see what comes of it.

Perhaps nothing, perhaps a whole lot more than you and your buds bargain for. Only time will tell.

OMG! Gas prices just jumped to $6/gallon by me! The end is near!

 

[Londo_Jowo]

Oh noes!!!!

http://online.wsj.com/article/BT-CO-20110105-707928.html

OIL FUTURES: Crude Extends Losses Following Inventory Report
Light, sweet crude for February delivery fell $1.12, or 1.3%, at $88.26 a barrel on the New York Mercantile Exchange

 

[JoshGuru7]

Just start changing more for gas if you car gets lousy milage. Also charge more for electricity, Gas, and Heating oil if you own a large oversized house. Let those who live in luxury foot the bill for their own excess.

I don't think there is a good reason to increase marginal costs based on personal preference. There are plenty of people who think they want to use taxes to change behavior, but in reality what most people care about is the end goal (rainforest is not deforested) rather than the intermediate behavior of other people. The bit I bolded is something that most people can agree on and the trick is working out how to properly account for those externalities.

Cars that get lousy mileage require more gas, which means that consumers with SUVs spend more money on gas and pay more gas taxes. People who live in large oversized houses already spend more money on electricity. Consumers are already paying for "overconsumption" in the same ratio that they overconsume - and that includes taxes which should go to offset externalities caused by that overconsumption.

If your concern is that people are not footing the bill for their own excess, then really what I think you are really saying is that the gas tax is too low, that it isn't being directed at offset those externalities properly, or some combination of the two. Setting up a process to offset an externality is contentious - the theory in not a political issue but the assumptions are. That's partly why the debate around the severity of global warming matters to economists - the case and severity of a carbon offset fluctuates enormously depending on the predicted impact.

 

[Engineer]

How oil could kill the recovery.

IMO, broke the back of the US in 2008 (was the final straw) and will do it again if it keeps up. Time to get busy and develop true alternatives that are renewable to get off of this shit.

 

[werepossum]

How oil could kill the recovery.

IMO, broke the back of the US in 2008 (was the final straw) and will do it again if it keeps up. Time to get busy and develop true alternatives that are renewable to get off of this shit.

Agree completely, we need to be pressing ahead on alternative and clean energy as fast as we can. We have a lot of talent that could be in energy research right now. And this research cannot be by the oil companies; any energy source controlled by oil companies will necessarily be as expensive as oil.

 

[Londo_Jowo]

Oil Prices Fall on Concerns About Growing Supplies

http://abcnews.go.com/Business/wireStory?id=12555921

Oil prices fell 2 percent Thursday, erasing more than two weeks of gains on concerns that supplies will increase in coming weeks as demand for oil and gas remains soft.
Benchmark crude for February delivery lost $1.92 to settle at $88.38 per barrel on the New York Mercantile Exchange.

 

[Engineer]

Oil Prices Fall on Concerns About Growing Supplies

http://abcnews.go.com/Business/wireStory?id=12555921

Prices have not been increasing on supply concerns anyway. Speculators! :whiste:

Time to put forth a policy and REALLY start getting us off of this shit.

By the way, the US, worlds largest user of oil, is now 8% lower on usage than it's all time high of 2006. The same report stated that there is a strong possibility that the US would never reach that high again (I can only assume higher fuel economy as well as moving to other sources?)

 

[bamacre]

Speculators. Do we have a definition for this group of people?

 

[Engineer]

Speculators. Do we have a definition for this group of people?

From what I can get (and what I go by) is the people who buy oil contracts not because they need or want the oil but because they feel that they can flip them for a profit (i.e. how much of the housing bubble finally burst when people were flipping from other flippers).

Oh, and I just read where North Dakota is set to double production by 2012 and landing behind Texas (who is #1) in US oil production.

 

[chucky2]

I don't understand with all the fertile land we have, why we're not moving forward with the best biodiesel options on the table, and working with the auto manufacturers to get the fine diesel offerings they already supply to the rest of the world here. Given the large reduction of pollutants in the "cleaner" biodiesel, I'd think we could get high mpg offerings that still didn't pollute that much (as compared to the less high mpg clean diesel offerings we have now that have more emmissions sh1t on them because of the crude oil based diesel), but still got diesel like economy w/ performance.

In the mean time, while we did that, other tech could improve to where it was viable. Even after the personal vehicle moved to those new viable techs, we'd still be able to leverage our biodiesel infrastructure for everything that will still need to be diesel (trains, planes, semi's, construction, etc.).

Frustrating......

Chuck

 

[bamacre]

From what I can get (and what I go by) is the people who buy oil contracts not because they need or want the oil but because they feel that they can flip them for a profit (i.e. how much of the housing bubble finally burst when people were flipping from other flippers).

I see. But don't people do this all the time? Ok, so it's not the same as people buying stock in Intel thinking it'll go up in price. But people buy other things like cotton, rice, copper, silver. I suppose those don't effect people as much as oil, but fundamentally, isn't it the same? I mean, can we call them speculators when they buy stuff we really need, but just investors when they buy things we only kinda need? And why oil? It's not like that's the only thing we really need. Are they organized, did they all get together and pull it out of a hat of all other commodities?