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

[blackangst1]

It just hit $3.65 a gallon here. God this sucks.

Youre in orange right? Lots of $3.19 around

And just be glad you dont live in Europe or Asia.

 

[iGas]

Oil jumped to $101 a barrel today. Expect $4.00 a gallon for 2011.

 

[IHateMyJob2004]

An oil exec recently said on CNBC that $200/barrel is not far away. Some have said as early as 2012.

 

[Londo_Jowo]

Oil jumped to $101 a barrel today. Expect $4.00 a gallon for 2011.

Brent crude jumped to $101/bbl however WTI crude is at $92/bbl.

 

[werepossum]

One of the mainstays of the progressive wish list has long been $5 gasoline. While it sucks that this money is flowing out of our country, at least higher oil will stimulate demand for more efficient automobiles, trucks, furnaces, etc. As far as this money not going to government, it's been my experience that if government gets a new dollar it'll spend two. Too bad though that this money can't go to some place like Bangladesh - or even to the people living in the OPEC countries. If it HAS to leave our country.

 

[dmcowen674]

1-31-11

http://www.abc.net.au/news/stories/2011/02/01/3126549.htm

Oil hits $101 a barrel as Egypt protests mount


Oil prices smashed through $US100 a barrel for the first time since the 2008 economic crisis, as traders worried that unrest in Egypt could disrupt oil flows through the Suez Canal.

 

[LegendKiller]

An oil exec recently said on CNBC that $200/barrel is not far away. Some have said as early as 2012.

Was it T. Boone in a mask?

 

[Londo_Jowo]

1-31-11

http://www.abc.net.au/news/stories/2011/02/01/3126549.htm

Oil hits $101 a barrel as Egypt protests mount


Oil prices smashed through $US100 a barrel for the first time since the 2008 economic crisis, as traders worried that unrest in Egypt could disrupt oil flows through the Suez Canal.

Again you're going on Brent crude which is not consumed in the US. The WTI oil price is what's used to determine gas prices in the US.

http://money.cnn.com/data/commodities/

$91.58/barrel

 

[Tom]

1-31-11

http://www.abc.net.au/news/stories/2011/02/01/3126549.htm

Oil hits $101 a barrel as Egypt protests mount


Oil prices smashed through $US100 a barrel for the first time since the 2008 economic crisis, as traders worried that unrest in Egypt could disrupt oil flows through the Suez Canal.

Do you understand that this doesn't have ANYTHING to do with oil ? There are people who like to gamble on the price of commodities and they look for ANY reason to speculate.

It has NOTHING to do with the actual supply of oil. There is a glut of oil. So whatever short term price increases that occur, they aren't going to last.

 

[Londo_Jowo]

Do you understand that this doesn't have ANYTHING to do with oil ? There are people who like to gamble on the price of commodities and they look for ANY reason to speculate.

It has NOTHING to do with the actual supply of oil. There is a glut of oil. So whatever short term price increases that occur, they aren't going to last.

Dave is the resident chicken little.

The sky is falling, the sky is falling...........really the sky is falling.

 

[dmcowen674]

Do you understand that this doesn't have ANYTHING to do with oil ? There are people who like to gamble on the price of commodities and they look for ANY reason to speculate.

It has NOTHING to do with the actual supply of oil. There is a glut of oil. So whatever short term price increases that occur, they aren't going to last.

No way

We are all out of oil.

It has to be Supply & Demand that is what the Free Market is all about right?

 

[Londo_Jowo]

The sky is falling..................oh that's oil prices are falling.

http://www.marketwatch.com/story/cr...un-past-92-2011-02-01?link=MW_related_stories

Crude-oil futures fell back below $92 a barrel Tuesday morning as traders showed relief that supplies from the oil-rich Middle East so far haven’t been disrupted by protests in Egypt and a government shake-up in Jordan

 

[The-Noid]

12/12 WTI over $100/barrel.

Let's quote whichever is the most expensive!

 

[Londo_Jowo]

12/12 WTI over $100/barrel.

Let's quote whichever is the most expensive!

Gas prices in the US are based off of the WTI crude price so it's useless to quote Brent Crude. Brent crude is purchased/used in the US when the price is lower than WTI and only refined/used in the Northeastern states.

WTI price dropped $1.69/barrel to $90.50/barrel in trading today.

Unleaded contracts for March at $2.51/gal.

 

[The-Noid]

Gas prices in the US are based off of the WTI crude price so it's useless to quote Brent Crude. Brent crude is purchased/used in the US when the price is lower than WTI and only refined/used in the Northeastern states.

WTI price dropped $1.69/barrel to $90.50/barrel in trading today.

Unleaded contracts for March at $2.51/gal.

That was WTI for delivery December 2012, ticked over $100 today. The point of the post was we should defy both time and space and quote whatever is most expensive as that is what Dave does.

 

[WhipperSnapper]

It's possible that higher oil prices may be partially responsible for strife in some third world nations. Could we be witnessing the very beginning of a Global Malthusian Crisis?

World Food Prices Hit Record High

"High global food prices risk hunger for millions of people. Poor people in developing countries spend up to 80% of their income on food. For them high food prices mean selling off their land or sacrificing their child's education simply to put food on the table."

----------------------

"What has happened in Tunisia and is happening right now in Egypt, but also the riots in Morocco, Algeria, Pakistan, are related not only to high unemployment rates and to income and wealth inequality, but also to the very sharp rise in food and commodity prices," he told CNN.

 

[dmcowen674]

A lot more stations closing in on $5 in Chicago now, most at $4.80

They are blaming Egypt and the Blizzard

 

[Londo_Jowo]

A lot more stations closing in on $5 in Chicago now, most at $4.80

They are blaming Egypt and the Blizzard

Can you provide pics to prove this claim?

http://fuelgaugereport.opisnet.com/ILmetro.asp

 

[WhipperSnapper]

Nobody wants to talk about whether or not higher oil prices have contributed to higher food prices which may have contributed to some of the strife in Egypt?

 

[Londo_Jowo]

Nobody wants to talk about whether or not higher oil prices have contributed to higher food prices which may have contributed to some of the strife in Egypt?

No, this is now Dave's lie about the gas prices in Chicago thread.

 

[Fingolfin269]

Can you provide pics to prove this claim?

http://fuelgaugereport.opisnet.com/ILmetro.asp

Lol typical.

 

[stag3]

Again you're going on Brent crude which is not consumed in the US. The WTI oil price is what's used to determine gas prices in the US.

http://money.cnn.com/data/commodities/

$91.58/barrel

that is true but it seems whenever anything happens like a fly found dead in 1 barrel of oil
our prices go up instantly at the pump lol

 

[dmcowen674]

that is true but it seems whenever anything happens like a fly found dead in 1 barrel of oil
our prices go up instantly at the pump lol

Oh damn, a fly? Where Houston?

 

[BlahBlahYouToo]

A lot more stations closing in on $5 in Chicago now, most at $4.80

They are blaming Egypt and the Blizzard

are people allowed to troll so blatantly on these forums without repercussion?

 

[Darwin333]

Nobody wants to talk about whether or not higher oil prices have contributed to higher food prices which may have contributed to some of the strife in Egypt?

Egypt has seen a 45% cumulative rate of inflation over the last few years.

Egypts currency is pegged to the dollar.

We have been borrowing a shit ton of money and even monetizing some of the debt.

I don't know enough about comparing currencies that are pegged to each other to say one way or the other but it damn sure is a pretty big coincidence.