It's official. Gas prices double under obama

[rudeguy]

rofl, you're a joke.

Thanks for your thoughtful and intelligent post.

 

[Matt1970]

Quote:
Originally Posted by CycloWizard
It's only the president's fault when gas prices skyrocket if his last name begins with B, not his first.

that's what makes me laugh. the fucking hypocrites. they blame bush and we had huge threads on how bush was in with the oil cartel to push prices higher.

now? nothing. the same posters are quite.

wich i think is one big problem with the US. Its not longer about the people and the best ideas. Its our team must win no matter what!

It's funny, I don't see any more of those slogans about how gas has risen $2 a gallon under Bush and it was all due to their ties (Bush and Cheney) to Halliburton and big oil.

 

[umbrella39]

There seems to be no end to the hating of America when these kinds of stats tickle people.

 

[CycloWizard]

There seems to be no end to the hating of America when these kinds of stats tickle people.

It's called irony. Suddenly, the idea that the president doesn't have a magical lever which sets the price of gas seems perfectly feasible to Democrats.

 

[jhbball]

Thanks for your thoughtful and intelligent post.

Thanks for continuing to spam these forums with garbage. You never let me down.

 

[sunzt]

But we're told by this Administration that the production of oil from the gulf is the highest its ever been. More oil is driving prices up now?

US oil reserves are also the highest they've been. Oil price isn't determined by the US alone. The biggest thing driving oil prices now is speculation. A distant 2nd is the emerging market demand.

Remember how in the summer of 08 or 07 oil prices spiked up to $150 for pretty much no apparent reason and then plummeted within the next few months? Gas prices went from about $2 to $5 back to $2-3 in less than a year.

Right now, oil speculators are driving up the prices to 105+ again. We may see $150 soon, and most of that increase, if not all, will be based on speculation and not supply/demand.

 

[umbrella39]

It's called irony. Suddenly, the idea that the president doesn't have a magical lever which sets the price of gas seems perfectly feasible to Democrats.

It should be clear to everyone that Obama is no different than Bush in not having a magical lever that controls the price of gas. If they had such a lever I'm sure they would have both treated it with the same gentle respect the American people deserves Bush, Obama, same guy.

 

[CycloWizard]

US oil reserves are also the highest they've been. Oil price isn't determined by the US alone. The biggest thing driving oil prices now is speculation. A distant 2nd is the emerging market demand.

Remember how in the summer of 08 or 07 oil prices spiked up to $150 for pretty much no apparent reason and then plummeted within the next few months? Gas prices went from about $2 to $5 back to $2-3 in less than a year.

Right now, oil speculators are driving up the prices to 105+ again. We may see $150 soon, and most of that increase, if not all, will be based on speculation and not supply/demand.

It's impossible to distinguish between the two causes. Increasing price will result in increased supply as oil which is more expensive to produce suddenly becomes economically worthwhile. This oil hits the market after a time lag, driving prices down. As prices go down, people sell oil futures, driving the price down further. This makes aforementioned oil no longer worth producing, reducing supply. Rinse and repeat. The general upward trend will continue as demand continues to increase, but with heavy cycling due to this and other phenomena (e.g. summer blend regulations).

 

[Matt1970]

And liberals didn't complain at first about rising gas prices under Bush ... or at least didn't heap the blame on his shoulders. They almost quadrupaled at one point under him. The main blame for Bush came due to his invasion of Iraq which had an impact on the price of oil and other things. That was something he pretty much could hold the blame for. Main reason this seems so high under Obama is because gas had been driven down when he took office due to the falling economy. And the reason it's risen so much in recent months is due to the middle east unrest. And then there was an oil spill in there with a pretty major impact. Had none of that happened the price would likely have remained stable. But then when is anything ever going to remain stable.

I pretty much remeber the Liberals crying about big oil from the start. And for the record, gas was pretty stable during 2003 during the first year of the Iraq war.

 

[Matt1970]

Let's not forget out good friends the Opec Nations that constantly choke production to cut supply and drive the price up.

Everyone is always quick to point out how much money the oil companies make but nobody really mentions the Opec Nations. Last time I looked it up it costs roughly $4 a barrel to get oil out of the ground and is currently selling on the open market at over $100 a barrel. Nice profit Margin.

 

[Fear No Evil]

Where are the calls for a windfall profits tax?

 

[werepossum]

It's called irony. Suddenly, the idea that the president doesn't have a magical lever which sets the price of gas seems perfectly feasible to Democrats.

It's impossible to distinguish between the two causes. Increasing price will result in increased supply as oil which is more expensive to produce suddenly becomes economically worthwhile. This oil hits the market after a time lag, driving prices down. As prices go down, people sell oil futures, driving the price down further. This makes aforementioned oil no longer worth producing, reducing supply. Rinse and repeat. The general upward trend will continue as demand continues to increase, but with heavy cycling due to this and other phenomena (e.g. summer blend regulations).

Two excellent posts. The only things funnier and yet sadder than this idea that the President runs the economy and therefore sets gas prices, are the machinations and convolutions of those trying to explain why their guy should not be held responsible but the other guy should be held responsible.

 

[sunzt]

It's impossible to distinguish between the two causes. Increasing price will result in increased supply as oil which is more expensive to produce suddenly becomes economically worthwhile. This oil hits the market after a time lag, driving prices down. As prices go down, people sell oil futures, driving the price down further. This makes aforementioned oil no longer worth producing, reducing supply. Rinse and repeat. The general upward trend will continue as demand continues to increase, but with heavy cycling due to this and other phenomena (e.g. summer blend regulations).

You're talking about short term weekly cycles, not the long term trend. Worldwide oil demand doesn't suddenly double within a year nor does supply. In an efficient market we would see a slow general upward trends coinciding with demand/supply over many years, and not sudden ramp ups or crashes driven by speculators.

 

[piasabird]

The Less US $$ is worth, the more Gas Costs. This is a direct result of borrowing trillions we dont really need. As the Price of gold rises, that is an indication that the value of $1.00 US is dropping. Plus in this economy I think there is also a Price Gouging effect going on as well. Suppliers just raise prices and the consumer can either quit purchasing products or pay higher prices. Greed increases prices without any control from the government. Maybe we need a gouging tax if a company is making over 30% profit. Sometimes it is hard to say if the manufacturer is gouging, the middle marketer is gouging, or the retailer is gouging, or all 3.

 

[sunzt]

The Less US $$ is worth, the more Gas Costs. This is a direct result of borrowing trillions we dont really need.

so the US dollar is worth half as much as it was in 2009, but just as much as it was worth in 2008?

 

[CycloWizard]

You're talking about short term weekly cycles, not the long term trend. Worldwide oil demand doesn't suddenly double within a year nor does supply. In an efficient market we would see a slow general upward trends coinciding with demand/supply over many years, and not sudden ramp ups or crashes driven by speculators.

Can you drill an oil well in a week? I can't. Why is a doubling of demand required to double the price? Why is it necessary for this relationship to have unit slope? It's not.

 

[sunzt]

Can you drill an oil well in a week? I can't. Why is a doubling of demand required to double the price? Why is it necessary for this relationship to have unit slope? It's not.

So you see that demand/supply is not the primary driver of oil prices then (lately)

 

[DaveSimmons]

I thought Republicans were giving Bush credit for the disruptions in oil production in the Middle East?

http://forums.anandtech.com/showthread.php?t=2153380

 

[Red Dawn]

Then we should also double or triple electricity costs as well. Probably should do the same thing for raw materials as well. Weed should also go to like $1500 a joint.

If Mickey D's and KFC did that you'd go broke.

 

[waggy]

Two excellent posts. The only things funnier and yet sadder than this idea that the President runs the economy and therefore sets gas prices, are the machinations and convolutions of those trying to explain why their guy should not be held responsible but the other guy should be held responsible.

/this.

when people were bashing bush on t he gas prices i wondered how he was setting prices. he has no say in it.

Same with Obama. I just find the silence from those that complained funny.

 

[Red Dawn]

/this.

when people were bashing bush on t he gas prices i wondered how he was setting prices. he has no say in it.

Same with Obama. I just find the silence from those that complained funny.

I don't recall Bush taking too much criticism over it but then it might have been drowned out by the criticisms for all the other things he was fucking up.

 

[waggy]

I don't recall Bush taking too much criticism over it but then it might have been drowned out by the criticisms for all the other things he was fucking up.

sure we even had a bunch of threads. here was a lot of complaints about bush and the oil prices.

 

[ShawnD1]

http://www.washingtontimes.com/blog/watercooler/2011/mar/30/gas-prices-double-under-obama/

Luckily there are a few more dollars in my paycheck.

"According to the GasBuddy gasoline price tracking web site, the price of a gallon of regular gas was around $1.79 when Mr. Obama took office"


Damn that's cheap. That's about $0.47 per litre.

 

[Craig234]

Where are the calls for a windfall profits tax?

From progressives, the only faction who represent the people over corporations.

President Obama abandoned candidate Obama's calls for a windfall tax.

President George W. Bush opposed a windfall tax.

President Carter PASSED a tax called a crude oil windfalls profits tax, that was technically an excise tax, the last time we had one. President Reagan repealed it.

 

[Craig234]

The last peak in prices in the summer of 2008, it appears the dominant cause was Wall Street speculation - something the media nearly completely missed at the time.

Supply and demand did not explain the prices - they said they should be far lower.

Nothing has changed to prevent the Wall Street behavior, so that's the first place I'd look this time as well.