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

[AznAnarchy99]

Before you say never, in 2008 national average gas was over $4 and then it quite quickly fell to UNDER $2. Only for a moment, but it happened.

Oil is @*#(ing mess, though. We are crack addicts driving around our silly exorbitantly massive freaking vehicles with enough horsepower to (literally) move a school bus. We will change, not because we want to but because gas will hit $4 again and then $5, at some point and $6 and we'll be forced to. We'll look like Europe's fleet of cars and it will be fine in the end, we have such cheap gas in the US that there is a ton of room to play with.

Yup. I remember it hit $4, and then dropped all the way down to $1.99 and slowly started to go up.

 

[The-Noid]

So that means Chicagoans (other than me) are happy paying in the $4.50 + range?

I have a feeling if gas was $.01/gallon you wouldn't be happy. Then it would be something else.

You have transferred all of your life's problems into blaming other people. No matter what you will never find happiness and for that I feel sorry for you.

 

[dmcowen674]

You have transferred all of your life's problems into blaming other people.

I am to blame for the $4.50 plus gas?

Splain Lucy

 

[iLEktron]

why the fuck is chicagoland gas so high? any1 knows?

Thanks guys.

 

[chucky2]

It's the Republican's that run the state and Chicago. We need to elect more Progressive's and Democrat's to right all those evil Republican wrongs...

 

[dmcowen674]

why the fuck is chicagoland gas so high? any1 knows?

Thanks guys.

Because I am here of course

Oh, it went down that penny again today.

 

[Londo_Jowo]

why the fuck is chicagoland gas so high? any1 knows?

Thanks guys.

Blame It On Taxes

“Chicago is one of the very few major cities in the country that adds an added tax on gas,” says Mosher explaining that most U.S. drivers only pay state and federal fuel taxes. “Chicago and Cook County levy another 11 cents on top of that.”

http://theexpiredmeter.com/2011/05/chicago-gas-prices-hit-all-time-high/

 

[AznAnarchy99]

Filled at $3.84 today. $40 for a full tank. Should I be happy?

 

[Londo_Jowo]

Filled up this morning for $3.39/gal (including a Kroger $0.10/gal discount). Gas has dropped $0.15/gallon since last Monday.

 

[werepossum]

Blame It On Taxes

http://theexpiredmeter.com/2011/05/chicago-gas-prices-hit-all-time-high/

Holy crap! Ain't liberalism grand?

I'll go on record and say that happily, I was wrong. I expected gas to be at least $4/gallon, if not $5, by Memorial Day. It's still high, but at least it's coming down.

Guy in front of me when I filled my bike had $125. F450 Super Duty.

 

[wirednuts]

well i think what happens is businesses stop buying gas when it becomes too high (4+/gal). markets like airlines and such buy gas in bulk, so i would have to imagine they just stopped buying it and burning what they already have until prices calm down.

this is the same thing that happened a few years ago. gas shot up, and profits went from dozens of billions to just tens of billions so they had to lower prices.

 

[dmcowen674]

Gas still going up here, went up 3 cents instead of a penny yesterday

Oil back up 2 percent today just under $100

5-24-2011

http://finance.yahoo.com/news/Oil-r...9.html?x=0&sec=topStories&pos=1&asset=&ccode=

Oil rises 2 percent as Goldman boosts price forecast



Oil rose 2 percent on Tuesday in choppy trading after Goldman Sachs raised its price forecasts for Brent crude, saying demand from economic growth will eat into stockpiles and OPEC spare capacity.

Goldman raised its Brent price forecast to $115, $120 and $130 a barrel on a three-, six-, and 12-month horizon and boosted its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120.

The U.S. July crude rose $1.89 to settle at $99.59 a barrel, having pushed intraday as high as $100.09 and ending above its 100-day moving average of $98.80.

Morgan Stanley on Tuesday also raised its Brent crude price forecast for 2011 and 2012.


Citing improved demand coupled with production lost to Libya's conflict, Morgan Stanley raised its 2011 Brent crude price forecast to $120 per barrel from $100 a barrel, and its 2012 forecast to $130 from $105.

 

[ElFenix]

I also suspect that the many millions laid off are simply not driving as gas usage is down over 8% from it all time high in the US and is actually steady or dropping (suggesting between not driving as much and a combo of more fuel efficient cars - it's working).

gasoline consumption for transportation appears to have peaked in 2004
http://www.bts.gov/publications/national_transportation_statistics/html/table_04_07.html

that's despite the traffic miles driven peaking in 2008
http://www.bts.gov/publications/national_transportation_statistics/html/table_01_35.html

 

[JockoJohnson]

Oil rose 2 percent on Tuesday in choppy trading after Goldman Sachs raised its price forecasts for Brent crude, saying demand from economic growth will eat into stockpiles and OPEC spare capacity.

Goldman raised its Brent price forecast to $115, $120 and $130 a barrel on a three-, six-, and 12-month horizon and boosted its year-end target for Brent to $120 per barrel from $105 and its 2012 forecast to $140 from $120.

Coming from Goldman Sachs, this shouldn't be allowed for them to forecast the price. They are pretty much telling people to buy into oil so that the cost will rise and it will become a self-fulfilling prophecy.

Oh, and I know, there is no such thing as an oil speculator and they can't be the cause or part of the cause of rising oil prices....right?

 

[blackangst1]

Today, 12:19 AM

Oh, it went down that penny again today.

Today, 02:54 PM

Gas still going up here, went up 3 cents instead of a penny yesterday

lolwut

 

[Doppel]

Today, 12:19 AM


Today, 02:54 PM


lolwut

Having been banned in the past for antisocial behavior I remain shocked that this clown hasn't been perma-banned for such obvious trolling. I even a week back documented 13 lies from him in just the first 400 posts.

 

[blackangst1]

Having been banned in the past for antisocial behavior I remain shocked that this clown hasn't been perma-banned for such obvious trolling. I even a week back documented 13 lies from him in just the first 400 posts.

Yah most of us know. Its one of AT's great mysteries.

 

[dmcowen674]

Coming from Goldman Sachs, this shouldn't be allowed for them to forecast the price. They are pretty much telling people to buy into oil so that the cost will rise and it will become a self-fulfilling prophecy.

Oh, and I know, there is no such thing as an oil speculator and they can't be the cause or part of the cause of rising oil prices....right?

Well the Government is sueing a couple of traders from back in 2008.

Listening on the radio on this on the way to work one of the defendants that purportedly received $50 million in ill-gotten gains sounds word for word like one of the posters in here, perhaps someone will all of a sudden not have any posts on the subject anymore. I believe he said he worked at Parnon.

5-25-2011

http://news.yahoo.com/s/nm/20110525...5bl9oZWFkbGluZV9saXN0BHNsawN1c3N1ZXNiaWdvaWw-

U.S. sues big oil traders for 2008 manipulation


Regulators launched one of the biggest ever crackdowns on oil price manipulation on Tuesday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50 million by squeezing markets in 2008.

The Commodity Futures Trading Commission (CFTC) said traders James Dyer of Oklahoma's Parnon Energy, and Nick Wildgoose of Europe-based Arcadia Energy, amassed large physical positions at a key U.S. trading hub to create the impression of tight supplies that would boost oil prices.

Later they dumped those barrels back onto the market, causing prices to crash and racking up profits from short positions they had accrued in futures markets, the suit said.


"Defendants conducted a manipulative cycle, driving the price of WTI (crude) to artificial highs and then back down, to make unlawful profits," the lawsuit filed in New York said.


"This is a very big deal in that we seldom allege that the defendants manipulated the crude oil market to the tune of 50 million dollars in ill-gotten gains," CFTC commissioner Bart Chilton told Reuters.

FREDRIKSEN EMPIRE


Parnon, headquartered in Oklahoma, owns at least 3 million barrels of storage facilities at Cushing. London-based Arcadia is a major global oil trading firm, which typically markets about 800,000 barrels a day of crude and product around the world.

Volatility in commodity prices has renewed calls for the CFTC to crack down on speculators in oil markets, with some lawmakers calling on the commission to immediately impose position limits.

According to the Commodity Exchange Act, manipulation or an attempt to manipulate the price of physical commodities or futures on exchanges like NYMEX are illegal, and distortions in futures spreads that are deemed to have been caused by such trading are also considered violations.

 

[guyver01]

How many days until Memorial Day?

i dont think this is gonna hit $5 anytime soon.

 

[wirednuts]

yeah i just paid $3.64 yesterday. obama did it again! he produced a birth certificate, he killed bin laden, and he made a $1.50 gas price swing! its all him!

 

[MomentsofSanity]

yeah i just paid $3.64 yesterday. obama did it again! he produced a birth certificate, he killed bin laden, and he made a $1.50 gas price swing! its all him!

I'd love to hear someone explain how Obama is responsible for the price of gas in the US, yet it's up all over the world and the US pays significantly lower than the vast majority of countries.

 

[AznAnarchy99]

How many days until Memorial Day?

i dont think this is gonna hit $5 anytime soon.

What you guys have 85?

Ours go 87/89/91

 

[BrunoPuntzJones]

What you guys have 85?

Ours go 87/89/91

Rocky Mountain states are often 85/87/89 because of the elevation, thinner air.

 

[dmcowen674]

Gas jumped 20 cents overnight back near $5 at $4.74. Radio station (WBBM) said a refinery in Joliet went down and flared with no ETA to when it will be fixed so there is no gas for the Illinois, Michigan, Indiana, Wisconsin area for the Memorial Day Holiday weekend. Trucks are supposed be on the way from other areas and prices going up because the gas has to be shipped so far.

I'll look for a link when go into work later.

http://detnews.com/article/20110525/METRO05/105250357/1001/rss21

Holiday Hike, refinery trouble mean gas prices are going up

Michigan motorists could face higher gas prices today and into the travel-heavy Memorial Day weekend because of a problem at an Illinois refinery.

ExxonMobil said in an email late Tuesday it would not "speculate on when repairs might be completed.

The problem at the Joliet refinery — a compressor trip that led to a "flaring" of sulfur dioxide, according to ExxonMobil — raised short-term concerns about supply as the summer driving season begins Friday.

The projected gas price increase follows a dramatic increase in wholesale gasoline prices for the upper Great Lakes states since Friday, said Tom Kloza, chief oil analyst at Oil Price Information Service.

Wholesale prices in other regions have jumped a few cents compared with the near 40-cent increase in wholesale prices in Michigan, Indiana, Illinois, Wisconsin, Ohio and Kentucky, DeHaan said.

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Wow 40 cents, that will put Chicago over $5 this week in time for the Holiday
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[Capt Caveman]

Gas jumped 20 cents overnight back near $5 at $4.74. Radio station (WBBM) said a refinery in Joliet went down and flared with no ETA to when it will be fixed so there is no gas for the Illinois, Michigan, Indiana, Wisconsin area for the Memorial Day Holiday weekend. Trucks are supposed be on the way from other areas and prices going up because the gas has to be shipped so far.

I'll look for a link when go into work later.

http://detnews.com/article/20110525/METRO05/105250357/1001/rss21

Holiday Hike, refinery trouble mean gas prices are going up

Michigan motorists could face higher gas prices today and into the travel-heavy Memorial Day weekend because of a problem at an Illinois refinery.

ExxonMobil said in an email late Tuesday it would not "speculate on when repairs might be completed.

The problem at the Joliet refinery — a compressor trip that led to a "flaring" of sulfur dioxide, according to ExxonMobil — raised short-term concerns about supply as the summer driving season begins Friday.

The projected gas price increase follows a dramatic increase in wholesale gasoline prices for the upper Great Lakes states since Friday, said Tom Kloza, chief oil analyst at Oil Price Information Service.

Wholesale prices in other regions have jumped a few cents compared with the near 40-cent increase in wholesale prices in Michigan, Indiana, Illinois, Wisconsin, Ohio and Kentucky, DeHaan said.

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Wow 40 cents, that will put Chicago over $5 this week in time for the Holiday
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http://www.chicagogasprices.com/ - Prices stable in Chicago at $4.279