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

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Oct 30, 2004
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Fuel or Food?

Considering that the drought has devastated this year's corn crop, does it still make sense to turn corn into ethanol for gasoline when we need it for food?
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
8-17-2012

http://www.sfgate.com/news/article/US-considers-release-of-oil-from-reserves-oil-up-3792441.php

US considers release of oil from reserves



A senior Obama administration official says the White House is considering a potential release of oil from the Strategic Petroleum Reserve.


The U.S. is monitoring gas prices to see whether they fall before making a decision.


Gas prices in the U.S. have risen an average of 39 cents since early July, because of an increase in oil prices and refinery problems in some regions.


Benchmark crude is up 22 cents to $95.82 in midday trading in New York.



It has gained three percent this week on positive economic data and a drop in U.S. oil supplies.

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Supplies may have dropped a little but still highest inventory of oil since 2004 so I don't see how the reserve oil would help.
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,589
5
0
It is not the reserves - that wold just be physiological adjustment.

the current issue is the loss of fuel to the refineries in the mid West and the loss or refinery capacity in CA.

If the gov were to have the excess output out of the Gulf refineries get shipped north and west; that will clear up the panic and bring the numbers down.
 

EagleKeeper

Discussion Club Moderator<br>Elite Member
Staff member
Oct 30, 2000
42,589
5
0
Well that is a decision the rich made that control the Politicians.

Starve if you are not rich

Only the rich can afford gas


Die if you can't afford health care

The Rich Politicians rule especially the Republican variety.

So you must be using shoe leather nowdays - correct.

boiling scraps and shoes for soup to keep you going.

Plenty of FUD comes out of your electrons
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
8-17-2012

http://finance.yahoo.com/news/tappi...RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Traders say tapping Into Oil Reserves Will Raise Prices


Published reports suggest that the White House has "dusted off" plans for potentially tapping the Strategic Petroleum Reserve (SPR).

But esteemed commodities trader Dennis Gartman doesn't care about politics - he cares about profits - and he says tapping the SPR could have an unexpected consequence.

"Yes, in the very near term oil prices (New York Mercantile Exchange: CLCV1) will fall, he says, but we're not in a distressed market as would be the case after an attack or natural disaster. There's no serious issue.

"Therefore, the market will quickly come to expect the oil to be repurchased and replaced. And if a big buyer steps into the market in the form of the US government, speculators could drive oil to new highs."
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
8-19-2012

http://baltimore.cbslocal.com/2012/08/18/gas-prices-spike-leaves-motorists-uneasy/

ObamaGas Spike Leaves Motorists Uneasy

Earlier this year, it appeared gas prices were headed to record lows. Now, a recent spike has motorists wondering how high they might climb.

Maryland drivers will be digging deeper into their wallets to pay for gas. AAA Mid-Atlantic says prices have been rising steadily for about a month.

The national average for a gallon of regular self-service gas rose to $3.72 on Friday, five cents more than a week ago.


“Gas prices continue to rise. In the past week, they are exceeding 2011 levels. If this trend continues, 2012 could be the costliest year for gas prices,” said Christine Delise, AAA Mid-Atlantic.


Analysts say increased demand for gas around the world and tensions in the Middle East are reasons prices are rising.

Analysts also warn that hurricanes have the potential to disrupt oil production in the Gulf of Mexico.

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Welcome to Obamagas! Let's vote to fire that POS in Nov!

Sounds like we are victums of Obama-nomics! He doesn't seem too worried that the taxpayer is having to pay more at the pump. Can we afford to put up with this for another 4 years?

obama/us gov takes MORE MONEY FROM A GALLON OF GASOLINE THAN, the stores which provide you with that gas, and more than the refineries which WORK TO PROVIDE YOU WITH THE GAS - OBAMA STOP GOUGING US AND PLAYING THE GOOD GUY

Excuses excuses excuses! What the frig does tensions in the stupid middle east have to do with the constant gouging at the pump? It's not like there has been some big catastrophe or huge fire that has disrupted oil flow. Is there ever going to be an end to Wall street's insatiable greed? How many more people are going to be put out of work, have to keep cutting back and suffering because of the greed of these moronic speculators?

OPEC hasn't raised gas prices; we are still shipping out gas

Gas is already at $4.00 a gallon in upstate New York. The last time gas was at these levels was in the summer of 2008. Until the price started to drop, this was the number one issue in that election year.

It's ludicrous to accept the excuse for the spike in gas prices on an accident at chevron that caused gas prices to rise everywhere. Shouldn't they have to pay for insurance in case of accidents or are they exempt from having to even have insurance? if they do have insurance and gets compensated for the loss and still raise prices wouldn't that be double dipping?

It's AMAZING When prices GO-UP the Politicians will say NOT MY FAULT! BUT when they go DOWN, THEY are breaking their own arms telling us HOW WE ARE ABLE TO SAVE THE TAXPAYERS MONEY, Obama is the WORST at this.

There's been "tension in the Middle East" since before Christ was born. Big oil needs to come up with a better excuse for higher profits.

Makes you wonder when fridays report stated gas usage down in U.S.! Let the barrel price drop and we dont see that for 2 weeks, bur when it goes up it only takes minutes for the pump prices to rise! Rip off artists!!
 

Doppel

Lifer
Feb 5, 2011
13,306
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Dave, you spend too much time listening to Alex Jones. You're supposed to listen to that stuff as a joke, not for a serious source of news.
 

AlienCraft

Lifer
Nov 23, 2002
10,539
0
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Since the Chevron Refinery fire last week, gas prices have spiked. It had been around 3.58 / ga then overnite went to 3.68 and it's got to be over $4.00 now again. Shell and Valero refineries both experienced flare-offs that resulted in air quality warnings being issued. That is your supply-side choke point. Close that and prices will automatically rise to new normals.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Oil closing in on $100

Just $1.20 away now

http://finance.yahoo.com/q?s=clh13.nym

Crude Oil Mar 13 (CLH13.NYM)

-NY Mercantile

98.81
up_******
0.07(0.07%) 8:25PM EDT


Prev Settlement:N/AOpen:98.16Bid:98.86Ask:98.93Day's Range:98.06 - 98.97Volume:8Open Interest:N/ASession:
Exp. Date:N/A
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
http://news.yahoo.com/oil-resumes-upward-march-tops-97-per-barrel-150331985--finance.html

Oil resumes upward march, tops $98 per barrel

Speculation that the U.S. Federal Reserve might take action to spark the sluggish recovery and hopes for good news from upcoming debt-crisis meetings in Europe were the catalysts.

Traders awaited the Wednesday release of minutes from the previous Fed policy meeting for signs that it might lower interest rates. Lower rates tend to drive oil prices because they steer investors away from less-risky investments.

Retail gasoline prices have gone up about 39 cents per gallon, or 12 percent, since hitting a low of $3.326 on July 2, according to AAA, Wright Express and the Oil Price Information Service.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Most stations in core of city of Chicago hanging around $4.59

Out here in burbs just over $4

http://mystateline.com/fulltext?nxd_id=349532

Gas Prices Reach Record High



Gas prices continue to rise, setting a new record high for prices for this time of year.

Pumps in the Forest City are averaging $3.98/gallon.



The closer you get to Chicago the worse it gets, $4.22/gallon.

Experts blame new sanctions on Iran for the increase.
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Oops someone forgot to tell stations in Texas about these sanctions driving the prices up as they've dropped $0.10/gal this past week.

Texas marches to it's own beat of a drum.

They were told to back off using pennies on the tollways so they made sure every exit is an odd amount using pennies.

Texas should be beat down in so many ways.
 

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
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londojowo.hypermart.net
Texas marches to it's own beat of a drum.

They were told to back off using pennies on the tollways so they made sure every exit is an odd amount using pennies.

Texas should be beat down in so many ways.

Yet you're the one that get's beat down with toll roads in the Chicago region and state/local taxes on state mandated formulated blend gas.

I paid $3.29/gal (without discount) this morning.

http://www.houstongasprices.com/Chevron_Gas_Stations/Richmond/107517/index.aspx
 

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com