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

[monovillage]

That is funny. Homer now claims that an increase in U.S. field production oil is because of Obama, even when it was going up before he became president. It must be magic or the spew from a partisan hack. Too bad you can't run a car on spew.

 

[dmcowen674]

With your thumbsup icon it seems you approve of this...why? Why do some people hate the poor?

Because I can't wait to see the rabids faint when the national "average" goes over $5.

 

[dmcowen674]

BTW - Anyone mention how Republicans are in favor of Isreal attacking Iran now which could raise the price of gas to $7/gal.

$7 Nationwide would mean around $8 downtown Chicago :thumbsup:

 

[fskimospy]

Because I can't wait to see the rabids faint when the national "average" goes over $5.

It's very interesting that when I stated my relative ambivalence to higher gas prices you flipped out about what an awful person I must be. Now you are actively hoping for the same higher gas prices that you claim are ruinous just so you can make someone on the internet mad.

 

[shiner]

It's very interesting that when I stated my relative ambivalence to higher gas prices you flipped out about what an awful person I must be. Now you are actively hoping for the same higher gas prices that you claim are ruinous just so you can make someone on the internet mad.

His hope is that someday everyone will be as miserable as he is.

 

[Londo_Jowo]

$7 Nationwide would mean around $8 downtown Chicago :thumbsup:

I hope it goes to $12/gal in Elgin/Chicago just to hear you squeal.

 

[The-Noid]

@4:34 EST
April WTI 107.50 - 2.27
Brent 123.13 -2.35
(L)ow (O)f (D)ay on both.

 

[blackangst1]

Because I can't wait to see the rabids faint when the national "average" goes over $5.

Rabid...what exactly? I actually understand how gas at the pump is priced....

 

[ElFenix]

Apples and oranges. Most of the Euro countries have to pay to get the oil refined and cracked to auto fuel. The US refines most of their own fuel.

wait wut?

 

[sm625]

Speculators? Seriously? It isnt the speculators who print 2 trillion dollars and dump it on the market and then wonder why prices shoot up. Hating on speculators is like hating on flies when your dog drops a giant turd on your kitchen floor. Flies are annoying and yes they are a nuisance, but they are not the cause of the stink.

 

[The-Noid]

Chatter of margin hikes on crude and brent in the last hour of trading...

 

[dmcowen674]

What's missing is the number one excuse.

The oil industry thugs greed lining their pockets because they can.


2-27-2012

http://news.yahoo.com/why-americans-paying-more-pump-183758416.html

Why Americans Are Paying More At the Pump



Volatility in the Middle East.
An Israeli attack on Iran could push crude oil prices to $200 a barrel, if not higher, according to recent comments from Defense Secretary Leon Panetta, causing gas prices to spike to $6 per gallon or more.


Growing demand from Asia
The Department of Energy reported that the United States became a net exporter of oil for the first time since 1949 last year. But if we have all this "extra" oil to be exporting, why are prices at home still going up?

A lot of it has to do with demand for gasoline, which has been declining in the United States for the last 10 years, while shooting up by leaps and bounds in places such as Asia and South America. As demand has tapered of here due to more fuel-efficient vehicles and, more recently, the weak economy, oil companies have had to broaden the scope of potential markets--bad news for American consumers.


"Oil companies that have increased their exports overseas essentially are depleting the U.S. supply [and] in doing so it's creating an artificially higher price for American consumers," Laskoski says. "When consumer demand is weak [in the United States], it's a very attractive option to export and get those healthier profit margins."


Gasoline formulation requirements
Prices head even higher going into the summer months because refiners have to transition from a winter blend--required by law between Oct. 1 and April 30--to a more eco-friendly--but more expensive--summer blend.

 

[fskimospy]

Speculators? Seriously? It isnt the speculators who print 2 trillion dollars and dump it on the market and then wonder why prices shoot up. Hating on speculators is like hating on flies when your dog drops a giant turd on your kitchen floor. Flies are annoying and yes they are a nuisance, but they are not the cause of the stink.

Well if quantitative easing is to blame you should be able to track injections of capital by the fed with oil prices and come up with a really good correlation, right? After you go research that come back here and admit that you were wrong please.

Oil prices are being driven by speculative fears of supply instability.

 

[The-Noid]

Well if quantitative easing is to blame you should be able to track injections of capital by the fed with oil prices and come up with a really good correlation, right? After you go research that come back here and admit that you were wrong please.

Oil prices are being driven by speculative fears of supply instability.

Prices of commodity indices and central bank balance sheet size have actually had a surprisingly high R-Squared over the last 36 months.

Not sure you want to post this without knowing the facts. Lots have made this argument fairly successfully, statistically.

It's fairly hard to separate out economic growth, from inflation, from balance sheet size, etc. However, many have tried to argue this and like all inflation, it is the expectation of inflation that is the problem, not the inflation. If enough believe that commodity prices are directly tied to central bank positions, then consequently commodity prices will be tied.

I still think balance sheet expansion plays into commodity prices, however there are numerous other things. Not having an energy policy in this country, excessive leverage in many markets, excessive consumption, fears of supply disruption and thoughts that China and EM will increase consumption over the long-term.

 

[fskimospy]

Prices of commodity indices and central bank balance sheet size have actually had a surprisingly high R-Squared over the last 36 months.

Not sure you want to post this without knowing the facts. Lots have made this argument fairly successfully, statistically.

It's fairly hard to separate out economic growth, from inflation, from balance sheet size, etc. However, many have tried to argue this and like all inflation, it is the expectation of inflation that is the problem, not the inflation. If enough believe that commodity prices are directly tied to central bank positions, then consequently commodity prices will be tied.

Interesting that you would restrict it to the last 36 months instead of including all liquidity injections from 2008 on. I imagine this would wreck the R^2. There is of course also a huge autocorrelation issue between a recovering economy and commodity prices. All that aside, I was talking about oil specifically, not the CPI.

That being said, I would be interested if you could provide links to this, specifically as it relates to oil prices. I would like to read more about it.

 

[dmcowen674]

2-27-2012

http://www.forbes.com/sites/robertl...-39-to-the-price-per-barrel/?partner=yahootix

Speculation In Crude Oil Adds $23.39 To The Price Per Barrel


There is plenty of speculation as the possibility of strife in Iran, one of the globe’s largest crude oil producers, pushes up the price of oil futures, which in turn impact the price of buying crude oil in the open market. As of February 23, 2012 “managed money” held positions in NYMEX crude oil contracts equivalent to 233.9 million barrels of oil– the equivalent of about one year’s crude oil supply from Iran to Western European nations like France, Belgium, Greece, Italy and Spain.

During the summer of 2008 when crude oil per barrel rose to $145 a barrel, the peak cost of a gallon of gasoline was at least $4.11.

George Soros, hedge fund operator, took a massive short position in crude oil at $137 a barrel, and profited when the price fell.

 

[WhipperSnapper]

NPR aired an interesting report where one of the participants mentioned that we are burning natural gas in order to produce gasoline from crude oil. That almost seems perverse in a way.

The reason U.S. companies can produce gasoline so cheaply is because we've got this huge amount of natural gas that's been developed over the last three years because of these controversial techniques by fracking.

NPR Audio: What's Behind the Rise in Gas Prices?

 

[dmcowen674]

Heading to $6 :thumbsup:

2-27-2012

$5.59

Chevron 811 W Olympic Blvd & Figueroa St



Los Angeles Aflie

13 hours ago

http://www.losangelesgasprices.com/

 

[Londo_Jowo]

NPR aired an interesting report where one of the participants mentioned that we are burning natural gas in order to produce gasoline from crude oil. That almost seems perverse in a way.

How did you think steam was produced to heat the crude oil, or to drive the steam turbine compressor sets that move products around in the refining (cracking) process, or to produce electricity via steam turbine generator sets to offset what is purchased from the power companies?

http://science.howstuffworks.com/environmental/energy/oil-refining.htm

 

[Londo_Jowo]

Heading to $6 :thumbsup:

2-27-2012

$5.59

Chevron 811 W Olympic Blvd & Figueroa St



Los Angeles Aflie

13 hours ago

http://www.losangelesgasprices.com/

Gas still at $4.21/gal a mere 5 blocks away, so only ignorant fucks would be paying your cherry picked price.

http://www.losangelesgasprices.com/ARCO_Gas_Stations/Los_Angeles/10929/index.aspx

 

[dmcowen674]

Gas still at $4.21/gal a mere 5 blocks away, so only ignorant fucks would be paying your cherry picked price.

and I will ask this everytime you say that crap.

If you pay $5.59 at the pump do you say you paid $4.21 because it is $4.21 somewhere else?

 

[dmcowen674]

Go Orlando Go :thumbsup:

2-27-2012

$5.89, $5.79 and $5.79


Shell 8788 Vineland Ave near Apopka-Vineland Rd



Lake Buena Vista Disnydad

20 minutes ago
update Sun Gas 5600 Butler National Dr & S Semoran Blvd



Orlando - SE sunshine3733

11 hours ago
update Suncoast Energys 5928 Butler National Dr & S Semoran Blvd



Orlando - SE visitor_2

23 hours ago

http://orlandogasprices.com/

 

[Londo_Jowo]

and I will ask this everytime you say that crap.

If you pay $5.59 at the pump do you say you paid $4.21 because it is $4.21 somewhere else?

Thanks for answering my question, you would pay the $5.59/gal even though gas is far cheaper in the area. You must have a stupid phone right?

 

[Londo_Jowo]

Go Orlando Go :thumbsup:

2-27-2012

$5.89, $5.79 and $5.79


Shell 8788 Vineland Ave near Apopka-Vineland Rd



Lake Buena Vista Disnydad

20 minutes ago
update Sun Gas 5600 Butler National Dr & S Semoran Blvd



Orlando - SE sunshine3733

11 hours ago
update Suncoast Energys 5928 Butler National Dr & S Semoran Blvd



Orlando - SE visitor_2

23 hours ago

http://orlandogasprices.com/

Less than a 1/4 mile away, gas is $3.74/gal at Shell.

http://www.orlandogasprices.com/Shell_Gas_Stations/Lake_Buena_Vista/68389/index.aspx

Again only a brain dead idiot would pay this much for gas when much cheaper is available.

 

[The-Noid]

Less than a 1/4 mile away, gas is $3.74/gal at Shell.

http://www.orlandogasprices.com/Shell_Gas_Stations/Lake_Buena_Vista/68389/index.aspx

Again only a brain dead idiot would pay this much for gas when much cheaper is available.

I hate to say it but he's not really doing anything wrong. Sure hes cherrypicking information and using confirming evidence bias but for once he's not lying...