Yep, blame the scarecrow that congress and the oil cartels around the world have set up for you. Don't actually attack the liquidity that the government floods the market with or the price targets that OPEC sets and reduces their supply accordingly.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
Still, speculators aren't adding any value to our economy. Whatever profits they earn are drawn either from other speculators or from oil consumers - which is pretty much all of us, directly or indirectly.
Thats a popular thing. Blame the government and the Arabs. The guys on Wall Street having nothing to do with it. If it wasn't for them, we would be a 4th world country. God Bless Wall Street.
WTF?
Keep seeing news reports of oil heading down with Libya oil back online yet gas stations that just had dropped to $4.09 jumped back up to $4.29
Keep seeing news reports of oil heading down with Libya oil back online yet gas stations that just had dropped to $4.09 jumped back up to $4.29
Imp
Lifer
- Feb 8, 2000
- 18,828
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Every news article I've seen concerning Libya's oil says that it'd be dumb to think Libya's oil production will magically pop back online. The place isn't quite done yet, is essentially lawless, and poorly organized. Foreign gas companies have written off their assets since agreements were made with the "illegitimate" guberment. Not to mention that a lot of stuff probably got blown up.
Doppel
Lifer
- Feb 5, 2011
- 13,306
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Not just me, everyone in the Wrigley Field area.
Caught in Chicago Air & water show traffic and had to pull in at BP at Belmont Ave and Racine Ave $4.29 for regular.
Doppel
Lifer
- Feb 5, 2011
- 13,306
- 3
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No. He means he's glad he's not dmcowen the person, not that he's not paying whatever made up prices you're paying for gas. You're like a slow kid in school being laughed at and doesn't realize it's at you, not with.
AznAnarchy99
Lifer
- Dec 6, 2004
- 14,695
- 117
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Oil approaching $90 fast
8-23-2011
http://finance.yahoo.com/news/Oil-a...5.html?x=0&sec=topStories&pos=1&asset=&ccode=
Oil above $86 as Libya rebels battle for control
Oil prices rose above $86 a barrel Tuesday in Asia as Libyan rebels fought pockets of resistance in the capital Tripoli and Moammar Gadhafi's whereabouts remained unknown.
Investors were also questioning how fast Libya's oil production could recover should the rebels take power. Fighting since February has cut the OPEC nation's crude output to 60,000 barrels a day from 1.5 million, and the country's oil infrastructure has been damaged.
Goldman Sachs said it was sticking by its forecast that Libya's oil production will average 250,000 barrels a day next year.
"It will be challenging to bring the shut-in production back online," Goldman Sachs said in a report. "We don't change our production forecast until we have more clarity on the situation."
8-23-2011
http://finance.yahoo.com/news/Oil-a...5.html?x=0&sec=topStories&pos=1&asset=&ccode=
Oil above $86 as Libya rebels battle for control
Oil prices rose above $86 a barrel Tuesday in Asia as Libyan rebels fought pockets of resistance in the capital Tripoli and Moammar Gadhafi's whereabouts remained unknown.
Investors were also questioning how fast Libya's oil production could recover should the rebels take power. Fighting since February has cut the OPEC nation's crude output to 60,000 barrels a day from 1.5 million, and the country's oil infrastructure has been damaged.
Goldman Sachs said it was sticking by its forecast that Libya's oil production will average 250,000 barrels a day next year.
"It will be challenging to bring the shut-in production back online," Goldman Sachs said in a report. "We don't change our production forecast until we have more clarity on the situation."
- Oct 30, 2004
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Unprecedented sustained price increase? If I remember right, it was over $3/gallon (generally) as of November, 2010. It's been about 10 months since then. Have we ever seen the price remain at over $3/gallon (and by a good margin) for over 10 months? Previously it had spiked over $3/gallon but decreased to the upper $2/gallon. In contrast, this seems much, much more permanent.
Wow, this thread backfired. You look foolish. Good try though. Keep bumping it, sooner or later the price will hit $4. Then you can claim to be right!
just look up what $80/barrell and $90/barrell oil the last few years and compare the cost of gallon of gasoline average each time, this year it's extremely expensive given the recent history and cost of oil.
werepossum
Elite Member
- Jul 10, 2006
- 29,873
- 463
- 126
How on Earth do you feel this thread backfired? It's been over $3/gallon since the thread began. Gas has never stayed so high so long. He said in the OP that perhaps gas would break $4/gallon this summer, and the market certainly flirted with it. In some places, especially in cities with boutique blends and/or high state and local taxes, it broke $4/gallon quite handily. Just ask Dave. Long Island, New York City, Bridgeport CT, and Chicago are still averaging over $3.90/gallon, according to GasBuddy.com. http://gasbuddy.com/GB_Price_List.aspx
A friend of mine just returned from Sturgis; he spent over $1,600 on diesel getting there, versus less than half that two years ago. And there is no doubting that such prices put a strain on the US economy, even more so than if prices were that high due to taxes as the liberals wish, because the taxes still remain in America whereas much of if not most of the additional cost now leaves the country. That is wealth that is no longer available to fund government or purchase other things within the American economy. My biker buddy now has over $800 less to spend than he would have had if gas prices had remained at 2009 levels.
You can argue whether his concern is overstating, or even understating, the true effect on our economy. But it's far from a thread backfire.
Originally Posted by Ackmed 
Wow, this thread backfired. You look foolish. Good try though. Keep bumping it, sooner or later the price will hit $4. Then you can claim to be right!
Ackmed, what Oil/Gas company do you represent?
Wow, this thread backfired. You look foolish. Good try though. Keep bumping it, sooner or later the price will hit $4. Then you can claim to be right!
Ackmed, what Oil/Gas company do you represent?
Yeah it's pretty stupid. The last go around a lot of speculation, but this time? lols no. This time we're getting fucked by nations and corporations. There was a ton of articles that came out around the time the "Arab Spring" jumped and everyone thought a rise, then boom speculators lost TONS AND TONS of money. Why? There was no supply issues, none whatsoever. People were making it up, in fact demand in certain parts of the world is so far down these guys have tanks full waiting to be refined. Oil companies and producers are screwing us and trying to pin it on their 08 accomplice.
- Oct 30, 2004
- 11,442
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Did this thread really backfire? It's the most popular thread that I've ever posted, anywhere and nearing 2000 posts. Apparently it's a timely subject of great and continuing interest to many people, and the issue of high gas prices and its effect on the U.S. economy won't be going away anytime soon (unfortunately).
Whenever I go grocery shopping, I look at how food prices have nearly doubled and I wonder how much of it is due to high oil prices in various ways. It costs more to transport the food to the grocery stores, it costs more to fuel farm equipment, and because we are using corn as a source of fuel, it costs more to feed livestock (our meat). Corn syrup is also used in a great many products.
Whenever I go grocery shopping, I look at how food prices have nearly doubled and I wonder how much of it is due to high oil prices in various ways. It costs more to transport the food to the grocery stores, it costs more to fuel farm equipment, and because we are using corn as a source of fuel, it costs more to feed livestock (our meat). Corn syrup is also used in a great many products.
Next thing you know Mcowned will be quoting Carolina Premium gas prices as the norm for the country....
Countdown until this happens....5...4...3..
Countdown until this happens....5...4...3..
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