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

[Doppel]

Oil is back over $100 so I don't know gas continues to go down for the rest of the country except for Chicago.

11-28-2011

http://finance.yahoo.com/news/futures-rise-electronic-trade-europe-002540668.html

Stock futures signal sharp gains



U.S. oil company Anadarko Petroleum (NYSE:APC) said its major gas finds offshore Mozambique were actually twice as large as it earlier thought, adding support to hopes that East Africa will become another major gas production center.

Chicago is down $.12 in the last week+

http://www.chicagogasprices.com/retail_price_chart.aspx

I'm reporting this post again.

Moderator, isn't trolling like this only allowed in OT? dmcowen continues to post complete rubbish in this thread over and over and has been called out many times on it.

 

[Born2bwire]

Chicago is down $.12 in the last week+

http://www.chicagogasprices.com/retail_price_chart.aspx

I'm reporting this post again.

Moderator, isn't trolling like this only allowed in OT? dmcowen continues to post complete rubbish in this thread over and over and has been called out many times on it.

Are you reporting his posts? I doubt the mods want to spare him or this thread a second glance unless someone brings it directly to their attention.

 

[Londo_Jowo]

Oil is back over $100 so I don't know gas continues to go down for the rest of the country except for Chicago

The oil companies hate not only Chicago but you personally.

 

[Ninjahedge]

This is from 2007, I suspect it is still roughly correct today.

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http://mjperry.blogspot.com/2007/05/gasoline-taxes.html

I didn't ask that.

I asked how much does the GAS COMPANY make from it as opposed to the cost of production.

Also, look at NJ.... The tax there (on gas) is MUCH less.

 

[Ninjahedge]

If we want to do a true comparison, we have to look at the net production and the inherent costs.

If we had people driving less during the start of the recession, coupled with increased mileage vehicles coming out when gas topped $4, how did the profits of Exxon et all hit record high levels?

Also, when you produce bulk, 4%-7% is not a fair comparison. Is that 4% from raw+costs to per-gallon profit, or total cost compared to profit.

Eliminate the tax from gas and how much are they making?

 

[airdata]

Also, look at NJ.... The tax there (on gas) is MUCH less.

If that tax is less, the gas station owners are probably just inflating price to match national averages and what have you.

Lingering just below $3 here... Would not be surprised to see it go up again though. By this time everybody is used to paying $3-3.50+.

 

[Londo_Jowo]

how did the profits of Exxon et all hit record high levels?

ExxonMobil is a global company who's profits are derived not only for gas sales in the US but oil sales worldwide. ExxonMobil is also the largest natural gas producer in the US.

 

[SparkyJJO]

Oil is back over $100 so I don't know gas continues to go down for the rest of the country except for Chicago.

It is under $98, it opened today below $100. Or is $98 close enough to be rounded to over $100 in your mind?

 

[Doppel]

Are you reporting his posts? I doubt the mods want to spare him or this thread a second glance unless someone brings it directly to their attention.

Yes, I've reported it several times without response.

 

[cybrsage]

Basically, you are reporting him for being wrong and refusing to learn. I don't think that is against the rules.

 

[Doppel]

Basically, you are reporting him for being wrong and refusing to learn. I don't think that is against the rules.

Idiocy is not, but rampant continual trolling is, particularly outside of OT. As I understand it he has been banned in the past for it.

 

[cybrsage]

AH, ok.

 

[SparkyJJO]

Everyone knows he's a liar. I think sometimes the only reason he's allowed to stay is his outlandish claims and stories can sometimes provide a little entertainment

 

[dmcowen674]

What happened yesterday???

Stations here jumped 25 cents. Back up around $3.49

Ah, found latest excuse:

11-29-2011

http://finance.yahoo.com/news/oil-price-flirts-100-barrel-160950931.html

Oil price flirts with $100 a barrel again



Oil prices are flirting with $100 per barrel again after a private survey found that American consumer confidence rose this month to the highest level since July.

Benchmark crude on Tuesday rose 90 cents to $99.11 per barrel in morning trading in New York. The price was as high as $99.79 earlier in the day.

Oil climbed with stocks, as investors were more encouraged about the global economy and energy demand.

11-29-2011

http://www.ft.com/cms/s/0/e0e7b672-1aa7-11e1-ae14-00144feabdc0.html#axzz1fAk9KxIV

Oil prices surge ahead of EU embargo talks

 

[Doppel]

What happened yesterday???

Stations here jumped 25 cents. Back up around $3.49

Ah, found latest excuse:

11-29-2011

http://finance.yahoo.com/news/oil-price-flirts-100-barrel-160950931.html

Oil price flirts with $100 a barrel again



Oil prices are flirting with $100 per barrel again after a private survey found that American consumer confidence rose this month to the highest level since July.

Benchmark crude on Tuesday rose 90 cents to $99.11 per barrel in morning trading in New York. The price was as high as $99.79 earlier in the day.

Oil climbed with stocks, as investors were more encouraged about the global economy and energy demand.

11-29-2011

http://www.ft.com/cms/s/0/e0e7b672-1aa7-11e1-ae14-00144feabdc0.html#axzz1fAk9KxIV

Oil prices surge ahead of EU embargo talks

Gas prices are still going down in chicago, troll. http://www.chicagogasprices.com/retail_price_chart.aspx

 

[Londo_Jowo]

What happened yesterday???

Stations here jumped 25 cents. Back up around $3.49

$3.49?????? Wow, you're finally admitting that Chicago gas prices aren't above $4.00/gal.

 

[dmcowen674]

Stopped at station this morning where guy was changing the old fashioned numbers (most stations are LED now).

Last night it was $3.49, day before was $3.35 (lowest I've seen it get to in the suburbs) and this morning jumped to $3.79.

Asked him what's going. He said they told him to "expect big jumps everyday as oil is going to skyrocket."

I don't go into the city until Friday morning, probably back up well over $4.

They were told ahead of time.

Oil already over $101 this morning.

http://finance.yahoo.com/news/gold-...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3

Gold, oil surge on central banks' move

Gold and oil futures held to session gains of more than 1% Wednesday after a report on private-sector employment showed November payrolls expanded 206,000.

Commodities had already got a big boost after global central banks announced a coordinated action to make it cheaper and easier for banks to access dollars.

Gold for December delivery added $17.20, or 1%, to $1,733 an ounce on the Comex division of the New York Mercantile Exchange.

Oil for January delivery added $1.23, or 1.2%, to $101.03 a barrel in electronic trading on Nymex.

 

[mizzou]

I would start selling us crude inventories while prices are over $100, the low consumption levels are clear indicators that crude is at a bubble, and expectations are not turning into more use.

Logic would say oil will be tight but the reality is 2012 will provide a huge glut of oil. Think about it. Libya comes back online 100%, new fields emerge, and consumption will be far weaker then forecased due to the continued high cost of oil that willl drag on into early first quarter 2012.

Next year,depending on the size of the glut,expect prices to drop off significantly. OPEC will keep prices above $80 but at some point you cant embargo everyone to keep prices high, you need to find the middle ground to keep consumption positive otherwise you wont sell enough of your product

 

[dmcowen674]

I would start selling us crude inventories while prices are over $100, the low consumption levels are clear indicators that crude is at a bubble, and expectations are not turning into more use.

Logic would say oil will be tight but the reality is 2012 will provide a huge glut of oil. Think about it. Libya comes back online 100%, new fields emerge, and consumption will be far weaker then forecased due to the continued high cost of oil that willl drag on into early first quarter 2012.

Next year,depending on the size of the glut,expect prices to drop off significantly. OPEC will keep prices above $80 but at some point you cant embargo everyone to keep prices high, you need to find the middle ground to keep consumption positive otherwise you wont sell enough of your product

Dude, you are not keeping up.

It's not a bubble, it's a scam.

They are sending the "glut" to South America, Russia and China.

In fact they just started turning the Cushing Oklahoma pipeline in reverse sending the oil down to Houston to send to Mexico.

The result is the Midwest refineries not having enough oil to make gas and diesel this driving the prices up further than the rest of the country as evidenced by the articles on the prices here.

Just look up a few posts to find my links to the articles on this.

 

[werepossum]

Paid $3.099 this week, woo!

 

[SparkyJJO]

Got gas at $2.98 a few days ago, $3.01 this morning on my way in to work at one of the last stations that hadn't bumped up to $3.29.

I still say we need to reverse what Clinton did and lock the speculators back out of the commodities. If you don't actually buy the oil, then you can't bid up the price.

 

[werepossum]

Got gas at $2.98 a few days ago, $3.01 this morning on my way in to work at one of the last stations that hadn't bumped up to $3.29.

I still say we need to reverse what Clinton did and lock the speculators back out of the commodities. If you don't actually buy the oil, then you can't bid up the price.

I don't know enough about the market to know if that would have adverse affects, and I'm not really fond of the government deciding that someone cannot buy something, or an option on that thing. I do wish though that Obama would remove the leverage, so that buying an option on, say, $1 million in oil futures required $1 million in an equity account.

I would cautiously support action to lock out the futures speculators who were not capable of taking delivery of the oil. For instance, there's a big difference (to me anyway) in a refinery buying oil futures, and someone who has no place to put the oil if he did buy it. In general I'm not big on such government restrictions, but commodities traders and futures traders probably provide little real value to society; mostly I think they are merely high tech gamblers.

 

[dmcowen674]

Got gas at $2.98 a few days ago, $3.01 this morning on my way in to work at one of the last stations that had it bumped up to $3.29.

30 cents jump for you, good :thumbsup:

No where near the 79 cent jump here but at least you got half of it.

 

[Londo_Jowo]

Still holding steady here. 4 stations with gas below $3/gal.

http://www.houstongasprices.com/Shell_Gas_Stations/Sugar_Land/113096/index.aspx

 

[MiniDoom]

30 cents jump for you, good :thumbsup:

No where near the 79 cent jump here but at least you got half of it.

gas prices are not "jumping" the dollar is falling you fool, because your buddies in Washington keep printing more money. Just like gold, which is actually staying close to the same value, just that the dollar is in a free fall giving us the illusion that the price of other commodities are on the rise, food, oil, gold, etc. just wait until yesterdays bank bailout really sinks in. money printing gone mad...