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

[bgcpen]

True. Friend of mine also has oil heat. Hear about it every day...

 

[hal2kilo]

did, dit, daw, dit, dit, dit, AP new flash, in the mean time, america's biggest monetary export is refined gas.

Oh yea, boys, more drill'n is the answer.

Fools.

 

[dmcowen674]

did, dit, daw, dit, dit, dit, AP new flash, in the mean time, america's biggest monetary export is refined gas.

Oh yea, boys, more drill'n is the answer.

Fools.

The silver bullet is stop exporting all the oil and gas out of here.

 

[nonlnear]

did, dit, daw, dit, dit, dit, AP new flash, in the mean time, america's biggest monetary export is refined gas.

Oh yea, boys, more drill'n is the answer.

Fools.

America's biggest export is dollars. Yes it defies the laws of international economics 101, but realizing that is a crucial step to understanding how the US economy works.

There are too many dollars outside of the USA to ever be repartriated through sustainable export levels. Everybody knows this and yet the world keeps accepting dollars. Lucky us! This phenomenon can't be understood in the neoclassical framework of trade deficits, because that presumes that international trade is predicated on reciprocal value of the tangible goods being traded. Go further back in history and you will see very clearly what is going on: the world pays the US tribute. They give us goods and we give them something that costs precisely nothing to produce. (Although sustaining the underlying demand for that zero-cost export does require a substantial ongoing military investment.)

 

[ElFenix]

The silver bullet is stop exporting all the oil and gas out of here.

the only thing that would accomplish is to move that manufacturing offshore. why do you want good paying american jobs to go away, dave?

 

[Londo_Jowo]

the only thing that would accomplish is to move that manufacturing offshore. why do you want good paying american jobs to go away, dave?

Why does Dave hate union oil workers?

 

[desy]

Beacuz they are profiteers

 

[Doppel]

The silver bullet is stop exporting all the oil and gas out of here.

Freaking genius! The US relies on imports for more than half its oil and your silver bullet is to stop exporting, as if it were somehow creating this huge trade deficit of petroleum all as a result of selling too much overseas! You've cracked it, Dave! If the US would simply stop selling this stuff we'd all be good. A country that relies heavily upon energy imports can suddenly become self-sufficient by not engaging in international trade of those energy products, this is amazing math.

 

[dmcowen674]

The Great Nostradaveous says the elevated Gas prices will knock the economy back on it's ass just like 2008.

3-9-2012

http://finance.yahoo.com/blogs/dail...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3


Actually, High Oil Prices Will Clobber The Economy


By Henry Blodget

As oil prices continue to surge, economists are locked in a full-on debate about how much they will affect the economy.


Bulls argue that "this time is different," saying that today's consumers have handled oil above $100 a barrel so far, so they'll be able continue to handle it and the economy will roll merrily along.


Bears, meanwhile, argue that oil prices will eventually clobber the economy--by forcing consumers to spend more of their incomes on gas, heating oil, and other petroleum-based necessities, thus leaving them less to spend on other things.

 

[dmcowen674]

Gas has leveled off here and at some stations went down either a penny or 3 cents.

I'm sure it will head back up as we approach Memorial Day.

 

[dmcowen674]

Oil passes $108 again today.

Now even a rising dollar can't stop oil from going up

Expect fast rise at the pumps to resume

3-9-2012

http://finance.yahoo.com/q;_ylt=AnG...1lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3?s=clj12.nym


http://finance.yahoo.com/news/6-oil...BzdGNhdANob21lBHB0A3NlY3Rpb25zBHRlc3QD;_ylv=3


Oil up on jobs data even as dollar rallies


Oil prices rose a third straight day on Friday as data showing rising U.S. employment countered any pressure from a stronger dollar and faded euphoria after Greece's debt swap deal.

 

[Wheezer]

Yeah that story was just pathetic to read. If the family is living that tight they are doing something seriously wrong. And they have kids, it's time to act like adults. High gas prices suck, but people need to chill it's not like milk costs $7/gallon. Now then I'd freak out.

well lets look at it this way:

Gas is 3.89 per gallon currently.

so to fill up a 16 gallon tank = 58.35

Now 12 per hour is about the average where I live and as a single person 12.00 per hour - 26% (the amount of taxes insurance and misc deductions) that leaves about 8.88 per hour.


If they are like many people and commute to work everyday and go through a tank a week that means that of a 5 day work week 1 day is working just to fill the tank. Sounds like fun right?

Now because of the price of gas going up that also means that other goods and services go up because companies are not going to cover the costs of rising fuel out of the kindness of their hearts, it will get passed onto the consumers.

So it is more than understandable that as the price of gas goes up people will start to worry not only about the cost of goods going up but now have to also worry about someone one drilling a hole their tank to steal the fuel:

http://www.kctv5.com/story/16896431/thieves-find-new-way-to-steal-gas-out-of-cars

So yeah as the price of gas goes up people have a right to worry, not just about how they are going to afford to get to work, but how they are going to afford to buy food, or if their cars are going to get vandalized. No one should have to go to bed at night worrying if they will wake up and have to fork out money to fix a gas tank that some jackass decided to drain.

 

[dmcowen674]

Economists are whacked.

He is also wrong. It is going to be $5 for gas not $4

Gas jumped 20 cents today to $4.39 here , can imagine places like LA, Orlando and New York.

3-9-2012

http://finance.yahoo.com/blogs/daily-ticker/live-4-gas-economist-sees-hope-u-amid-191518576.html

“We Can Live With” $4 Gas: Economist Sees Hope for U.S. Amid Global Slowing



"In the immediate moment, the outperforming economy around the world seems to the United States," says Neal Soss, chief economist at Credit Suisse.


The direction of energy prices will most likely determine whether that trend can be sustained, according to Soss.

"The effect of gasoline prices on consumer behavior particularly is partly a reflection of shock value," he says, suggesting U.S. consumers will be able to handle $4 per gallon gasoline better now vs. the first time in 2008.

"We can live with this level of gas prices," Soss says, stressing another big move up -- say 50 cents or more per gallon -- would be a different story.

"That's what you need to worry about," he says

 

[wirednuts]

i like how it took 100 years to get to a dollar a gallon and 10 years to hit 4+ and stay there

meanwhile, minimum wage hasnt even doubled in the last 50 years

 

[Paul98]

We really should have been looking at greatly increasing our oil production for the short term. While also funding battery, alternate renewable, nuclear, and more energy advancements for now, 5, 10, 50, or 100 years down the road. Yet we are so short sighted that we get into these situations over and over on many different things. We build up on something unsustainable then complain about it. While the few that look at the long term see it coming.

 

[sportage]

Gas is gas. Exxon is going to charge whatever regardless of where the oil is drilled, piped or sourced from. Exxon serves gas to the entire world. As long as Exxon needs to drill in every foreign country, and Exxon will always have that need in fulfilling demand, then gas prices at home will be forever tied to the overall cost of drilling worldwide.
And their risk(s) !!!!
I find it so rightwing nutz-o crazy talk for republicans to actually believe drilling more at home will equal lower gas prices at the pump.
It doesn’t work that way… It never has… It never will…
Getting off that oil dependence train is the only true way to lower gas prices.
We have the technology. But sadly, the oil companies still control the politicians.
THAT is something you will never witness an end to, as long as people are forever fooled into drill baby drill as the solution. And while the politicians continue to bend over backwards doing the bidding of Exxon(s) everywhere.

 

[Londo_Jowo]

Gas is gas. Exxon is going to charge whatever regardless of where the oil is drilled, piped or sourced from. Exxon serves gas to the entire world. As long as Exxon needs to drill in every foreign country, and Exxon will always have that need in fulfilling demand, then gas prices at home will be forever tied to the overall cost of drilling worldwide.
And their risk(s) !!!!
I find it so rightwing nutz-o crazy talk for republicans to actually believe drilling more at home will equal lower gas prices at the pump.
It doesn’t work that way… It never has… It never will…
Getting off that oil dependence train is the only true way to lower gas prices.
We have the technology. But sadly, the oil companies still control the politicians.
THAT is something you will never witness an end to, as long as people are forever fooled into drill baby drill as the solution. And while the politicians continue to bend over backwards doing the bidding of Exxon(s) everywhere.

Colorado and Wyoming gas prices prove your theory wrong. The gas is produced in local refineries from US and Canadian crude oil.

The state average in Colorado Tuesday morning, March 6, for a gallon of gas was $3.23. Colorado currently is ranked as having the second to lowest gas prices in the United States. Wyoming has the cheapest with $3.20 per gallon.

http://www.holyokeenterprise.com/in...-in-the-country&catid=34:local-news&Itemid=34

 

[epidemis]

did, dit, daw, dit, dit, dit, AP new flash, in the mean time, america's biggest monetary export is refined gas.

Oh yea, boys, more drill'n is the answer.

Fools.

Because of excess refinery capacity, refinery margins are razor-thin

 

[dmcowen674]

Because of excess refinery capacity, refinery margins are razor-thin

Dude

Republicans especially the ones on here have been complaining there is a Refinery shortage, that there hasn't been a new one opened since 1979.

That's been their argument in here forever.

Of course there is so much refinery capacity that many have been closed down now but they will still continue to spew the garbage about how environmentalists and Democrats won't allow a new one to be built since 1979.

They lie and lie and lie and no one calls them on it until recently thankfully.

Speaking if lies.

If margins were so "razor thin" why would they export gas so much so that it is the number one export for the United States?

Why would you do something like that of it didn't make them any money?

 

[dmcowen674]

Originally Posted by sportage
Gas is gas. Exxon is going to charge whatever regardless of where the oil is drilled, piped or sourced from. Exxon serves gas to the entire world. As long as Exxon needs to drill in every foreign country, and Exxon will always have that need in fulfilling demand, then gas prices at home will be forever tied to the overall cost of drilling worldwide.
And their risk(s) !!!!

I find it so rightwing nutz-o crazy talk for republicans to actually believe drilling more at home will equal lower gas prices at the pump.

It doesn’t work that way… It never has… It never will…

Getting off that oil dependence train is the only true way to lower gas prices.

We have the technology. But sadly, the oil companies still control the politicians.

THAT is something you will never witness an end to, as long as people are forever fooled into drill baby drill as the solution.

And while the politicians continue to bend over backwards doing the bidding of Exxon(s) everywhere.

Colorado and Wyoming gas prices prove your theory wrong. The gas is produced in local refineries from US and Canadian crude oil.

The only one "wrong" is you because you have an admitted personal interest and gain in the oil scam industry.

Local production of gas has nothing to do with it otherwise we would not be exporting so much gas that it is the number one export for the United States especially Exxon.

Stop lying.

It's also supposed to be against forum rules and sanctioned.

 

[fskimospy]

Colorado and Wyoming gas prices prove your theory wrong. The gas is produced in local refineries from US and Canadian crude oil.

http://www.holyokeenterprise.com/in...-in-the-country&catid=34:local-news&Itemid=34

Proximity to refineries, etc most certainly does lower gas prices due to transportation costs being lower. Different taxes and regulations play into it as well. All that being said though, about 75% of the cost of gas is due to the price of oil.

http://www.eia.gov/petroleum/gasdiesel/

Local refineries might help a small amount, but that just it... a small amount.

 

[Londo_Jowo]

Lying.

It's also supposed to be against forum rules and sanctioned.

If that's the case, you should have been perma-banned long ago.

 

[Londo_Jowo]

Proximity to refineries, etc most certainly does lower gas prices due to transportation costs being lower. Different taxes and regulations play into it as well. All that being said though, about 75% of the cost of gas is due to the price of oil.

http://www.eia.gov/petroleum/gasdiesel/

Local refineries might help a small amount, but that just it... a small amount.

Really, so please explain why gas is more expensive in the US Gulf region. Far more refineries and shorter distances. Gas taxes in Texas and Louisiana are within pennies of Wyoming and Colorado.

 

[Matt1970]

All we need to do is put the possibility of more oil production on the market and the price will drop.

 

[fskimospy]

Really, so please explain why gas is more expensive in the US Gulf region. Far more refineries and shorter distances. Gas taxes in Texas and Louisiana are within pennies of Wyoming and Colorado.

I am most certainly not going to go through and explain every gas price disparity throughout the United States at any given time. The general costs of gas are well known, but I am certain that other local factors will influence them at any given time. Maybe refining capacity there is offline, perhaps environmental standards are different, etc. etc.

My point was that the price of gas is overwhelmingly related to the price of oil. Other costs are small potatoes in comparison.