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

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blackangst1

Lifer
Feb 23, 2005
22,902
2,359
126

Doppel

Lifer
Feb 5, 2011
13,306
3
0
I'd say it's predicated upon how long the Libyan production is down. If it is mostly or entirely brought back soon then the surge will reverse, at least for a while. If its production stays offline for a lengthy period then the current prices are probably not too far off the mark of fair value. $70 is definitely in the ballpark of a realistic floor for oil. Nothing lower will stay in play for long ever again I'd wager.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Another day, another country, another excuse

2-28-2011

http://news.yahoo.com/s/nm/20110228/bs_nm/us_markets_oil_7

Oil up $1 as Oman protests fan supply concerns



Oil prices rose more than $1 per barrel on Monday as protests in Oman fueled wider concern about security of supply from the Middle East

Oman produces around 850,000 barrels per day (bpd) and its crude forms part of benchmark used to price more than 10 million bpd of crude shipped from the Middle East to Asia.

Oman is the latest producer to feel the impact of the regional unrest, although its oil flow has not been affected. Omani oil is equivalent to about 1 percent of global oil consumption and any disruption could be expected to have an impact on oil prices.
 

Svnla

Lifer
Nov 10, 2003
17,986
1,388
126
I am glad that I only drive about 8 miles round trip to work with a 20+ MPG vehicle. A fillup would cost about $41 (@ $3/gal on my last stop at the gas station) and last about 3.5 weeks.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
3-1-11

U.S. Government goal $6 a gallon

http://news.yahoo.com/s/ac/20110228/us_ac/7958764_rising_gas_prices_due_to_manipulation_not_demand_1

There is no such shortage of oil to warrant the increase in gas prices that are now skyrocketing across the country. The United States reserves are at a 20-year high, according to the website Global Research and the speculative market is driving the bus on this latest price increase that is expected to drive gas prices over the $4 a gallon mark before summer.

The most recent rise in gas prices in 2008 was driven purely by speculation much like the current price increase. Ultimately as Newsweek reported in 2008, the only sure way for the United States to curb its usage of gas and change its habits will be for the price of gas to reach the $6 mark. Is this the ultimate goal of government to rid us of our addiction to foreign oil?
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Lets see the hating liars in here refute CBS. Oh that's right they are on my ignore list so I don't see their drivel.

3-1-2011

http://news.yahoo.com/s/yblog_local...allon-at-some-chicago-stations?bouchon=602,il

Chicago gas prices hit $4 a gallon


Some Chicago stations were selling gasoline for as much $3.95 a gallon, according to chicagogasprices.com.



Premium was selling for well over $4 a gallon at multiple stations within the city.


One year ago, Chicago motorists were paying an average of $2.84 a gallon. These are the highest prices seen since 2008.
 

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
Lets see the hating liars in here refute CBS. Oh that's right they are on my ignore list so I don't see their drivel.

3-1-2011

http://news.yahoo.com/s/yblog_local...allon-at-some-chicago-stations?bouchon=602,il

Chicago gas prices hit $4 a gallon


Some Chicago stations were selling gasoline for as much $3.95 a gallon, according to chicagogasprices.com.



Premium was selling for well over $4 a gallon at multiple stations within the city.


One year ago, Chicago motorists were paying an average of $2.84 a gallon. These are the highest prices seen since 2008.

LMAO!!!!! Why didn't you post this important part from the link?

On Monday, the average price rose to $3.59, according to chicagogasprices.com. That would make prices in Chicago among some of the highest in the nation.

Also the link title is:

Gas Prices Near $4 A Gallon At Some Chicago Stations
 

ElFenix

Elite Member
Super Moderator
Mar 20, 2000
102,402
8,572
126
And so what is the current US energy policy? It sort of reminds me of the last one...

we don't have one, we've never had one, we've funded the department of energy billions of dollars a year since the 1970s to come up with something and we've got nothing except some nice computers to model nuclear bombs (not really sure why that's not in the department of war, er defense)
 
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K1052

Elite Member
Aug 21, 2003
52,550
46,140
136
we don't have one, we've never had one, we've funded the department of energy billions of dollars a year since the 1970s to come up with something and we've got nothing except some nice computers to model nuclear bombs (not really sure why that's not in the department of war, er defense)

The DOE ended up with the programs from the Atomic Energy Commission that the NRC didn't get, mainly the military stuff. It all goes back the the government's strong desire to retain civilian control over nuclear weapons (which are legally only loaned to the Department of Defense).

The DOE would really better be called the Department of Science or something like that since most of their budget goes to the national labs.
 

Doppel

Lifer
Feb 5, 2011
13,306
3
0
dmcowen uses artistic license. You're right, in the article he originally linked it said near, not hit. But semantics are unimportant to an artist. Sometimes the artist changes words in a title, other times it's linking to articles about a murder and claiming it's about a doubling of gas prices. Normally it's finding some gas station charging $.75/more than all the other stations in the city, then using its premium price, and finally rounding up to the next dollar and exclaiming that that's the cost of gas.
 

Doppel

Lifer
Feb 5, 2011
13,306
3
0
Liar

Here is actual screen shot from front page of Yahoo

http://www.flickr.com/photos/59817054@N07/5489944844/
How can you call him a liar when in post 613 the link says exactly what he says it says? Oh, right, because you're a
troll.jpg


At least a good troll would go back and edit his post but you cannot even be bothered.
 

comptr6

Senior member
Feb 22, 2011
246
0
0
House Democrats on Tuesday used debate on a short-term spending package to force a largely symbolic vote on ending tax breaks for major oil companies like Exxon and Shell.

The "motion to recommit" failed on a mostly party-line vote, but it will provide Democrats a hook to accuse Republicans of catering to “Big Oil” at a time of rising gasoline prices. Motions to recommit are a procedural mechanism that allow the minority party a chance to alter bills.

The underlying two-week spending package passed the House easily.
Rep. Bill Keating (D-Mass.), who sponsored the oil tax proposal, wondered why taxpayers should be asked "to fork over" billions of dollars in subsidies to some of the most profitable companies on the planet — particularly as funding for law enforcement, medical research and education is on the chopping block.

"Let's put a stop to this welfare program for big oil," Keating said on the House floor.

But House Appropriations Committee Chairman Hal Rogers (R-Ky.) slammed the Democrats' proposal, arguing it would single out one industry "and increase their cost of doing business."

"This misguided policy can only lead to higher energy prices, continued reliance on foreign oil and economic hardship that hampers job creation," Rogers said.

The motion would have removed two weeks’ worth of incentives, according to Minority Whip Steny Hoyer’s (D-Md.) office, including the industry’s eligibility to claim a deduction on income from domestic manufacturing.

The Democrat’s proposal would have sent the two-week spending package back to the Appropriations Committee, with orders to redraft it with provisions ending the incentives.

The vote was 176-249. Thirteen Democrats opposed it, and no Republicans voted for the motion.

A spokesman for House Minority Leader Pelosi (D-Calif.) said that had the motion passed, it would have laid the groundwork for a longer repeal of the tax breaks.

“If it had passed ... and we did another extension of the same CR [continuing resolution], it would’ve carried through for the duration of the next CR. So it was tied to the underlying date that keeps getting amended,” spokesman Drew Hammill said in an e-mail.
http://thehill.com/blogs/e2-wire/677-e2-wire/146843-house-thwarts-dem-bid-on-oil-tax-breaks

Thank God the dumbocrats aren't in control anymore! When the price of oil is sky high they want to end subsides and tax breaks to the oil companies. How is our free market economy supposed to thrive when these idiot leftists are intent on destroying the country?
 
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