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Thread: Gas Prices at it again..

  1. #241
    Advanced Member X-Nemesis's Avatar
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    Up here it's $1.40 per Litre, so that's about $5 per US Gallon I think.

  2. #242
    Ohh Hell yeah.. Sava700's Avatar
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    Quote Originally Posted by blebs View Post
    Down to $97 a barrel now, so prices should be dropping pretty quickly, though that's not what I'm seeing.
    See that's the problem here.. prices don't drop no where near as quick as they rise. We could see a rise of 5cents a day for weeks then it would take months to drop back to where it started. Stations are rising prices based on what "Futures" they think the gas will cost them later so they don't lose money if it starts to fall with what they have now. So they will drain the tanks on a higher price for along time if needed till the next load comes in cheaper then drop the price. Shouldn't happen like that and this is a problem on this end of the gas line.

  3. #243
    Ohh Hell yeah.. Sava700's Avatar
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    Prices were said to be dropping soon but I've not seen it yet... The summer driving season excuse is here too which is lame.

  4. #244
    Ohh Hell yeah.. Sava700's Avatar
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    Nope.. I was wrong. Now it's the floods being used to drive up prices even more!!! It's not reached that area yet and SPECULATION something is going to happen is driving prices up already! Something has to be done to prevent every little thing that COULD happen but doesn't from effecting the prices.

    Flooding along the Mississippi River is driving up gas prices over fears that refineries could become inundated in coming weeks, especially as the deluge heads downriver for Louisiana.

    "When we've had flood waters in this part of Louisiana before, it has closed up to 12 refineries," said Peter Beutel, analyst with energy risk management firm Cameron Hanover, referring to the impact of Hurricane Katrina in 2005. "The fear here is that we could see refineries close again."
    http://money.cnn.com/2011/05/11/mark...n_bin&hpt=Sbin

  5. #245
    Ohh Hell yeah.. Sava700's Avatar
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    puppet and dance show happening right now.. same crap that happened in 2008 that didn't do anything to get prices back to where they should be.

    http://money.cnn.com/2011/05/11/news...dex.htm?hpt=T2

    Gas prices sit near $4 a gallon. And guess what? Oil execs are heading to Washington to testify before Congress.

    Festivities start Thursday, when representatives of the so-called big five oil companies will be subjected to a ritualistic flogging at the hands of the Senate Finance Committee.

  6. #246
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    Gas is up to 4$ here in south jersey. Makes going out way too expensive.

  7. #247
    Ohh Hell yeah.. Sava700's Avatar
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    http://www.cbsnews.com/stories/2011/...html?tag=stack

    Facing continued public unhappiness over gas prices, President Barack Obama is directing his administration to ramp up U.S. oil production by extending existing leases in the Gulf of Mexico and off Alaska's coast and holding more frequent lease sales in a federal petroleum reserve in Alaska.

    Mr. Obama said Saturday that the measures "make good sense" and will help reduce U.S. consumption of imported oil in the long term. But he acknowledged anew that they won't help to immediately bring down gasoline prices topping $4 a gallon in many parts of the country.

    Nothing more than a smoke screen to make himself look good while prices are still $2/gallon higher than they should be.

  8. #248
    R.I.P. 2013-11-22 blebs's Avatar
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    Exactly. How about dropping the Fed Gas tax for a while?
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

  9. #249
    Ohh Hell yeah.. Sava700's Avatar
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    Quote Originally Posted by blebs View Post
    Exactly. How about dropping the Fed Gas tax for a while?
    Well it's not just the fed gas tax but the state's usually have the most. I mean look at New York alone, they have a 31.9 cpg tax where New Jersey just right next door has only 14.5 cpg which doesn't sound right at all.

    http://www.gaspricewatch.com/usgastaxes.asp

  10. #250
    R.I.P. 2013-11-22 blebs's Avatar
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    You'd think there would be a flat tax across the board for Fed and State, but no.
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

  11. #251
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    Pain at the pump has turned into pain at the polls for President Obama -- and it's putting the nation's top Democrat in a political bind between an anxious electorate and environmental allies.

    Gallup's daily tracking poll showed Obama hitting an all-time low last week at 41 percent, a 10-point drop from mid-March. The downward slide was mirrored in an array of other surveys. And there's plenty of reason to believe that the drop has little to do with the issue that has consumed Washington lately -- the budget standoff -- and everything to do with gas prices that, according to the AAA, have soared more than a dollar a gallon in the past year.

    A recent poll from the Pew Research Center for the People and the Press listed gas prices as the financial concern that affects people the most, with 69 percent of Americans saying it affects them a lot. Only 7 percent said the rising cost of fuel doesn't affect them at all. Another Pew survey showed that more people are concerned with rising oil prices than with the federal deficit.

    Even environmentalists, who want Obama to stick to his clean energy agenda, admit he's in a bind: Rising gas prices make it harder for him to sell his plan to move the nation away from fossil fuels while Republicans are demanding that he expand domestic oil production now.
    He best do something fast to get prices to start dropping and continue to start dropping..election is just around the corner.

    http://news.yahoo.com/s/yblog_exclus...lems-for-obama

  12. #252
    Ohh Hell yeah.. Sava700's Avatar
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    Great news but a few months short of when they should have done this!! Although prices are slowly coming down they shouldn't have hit this high to start with.

    VIENNA - OPEC was expected to raise crude production levels at a meeting on Wednesday, with several delegates following Saudi Arabia's lead in favoring a hike to lower high oil prices and protect demand in countries facing a global slowdown.

    The 11 OPEC members under production quotas are already exceeding them. Their output is an estimated 26.15 million barrels daily — about 1.3 million barrels above the daily overall OPEC production target of 24.85 million barrels a day agreed two years ago.

    That sets the stage for what would be a relatively painless decision — the meeting could opt to raise the output ceiling to actual production levels of around 26 million barrels a day. Add to that the daily 2.7 million barrels produced by Iraq, which is not bound by quotas, and OPEC could be bringing more than 29 million barrels a day to the market.

    OPEC price hawks Iran and Venezuela came to the meeting opposing any move to increase output, which would likely lower prices from benchmark crude from the present levels of around $100 a barrel.

    But OPEC powerhouse Saudi Arabia, which backs prices of around $80 a barrel, wants an output hike — and has served notice it is prepared to up production unilaterally to close to 10 million barrels a day from its present daily production of about 8.7 million barrels.

    Read more: http://www.cbsnews.com/stories/2011/...#ixzz1Oh7x1pTZ

  13. #253
    Ohh Hell yeah.. Sava700's Avatar
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    BS I tell ya.. complete BS!!!! Let the gas prices climb once again!

    Oil prices rose nearly 2% Wednesday after OPEC said it could not reach an agreement to raise oil production.

    U.S. crude jumped $1.68, or 1.7%, to $100.70 a barrel. Oil prices were trading down about $1 just before the OPEC announcement. The price of brent crude - the European benchmark - rose 1.5% to $118.35 a barrel.

    OPEC's quarterly meeting was widely watched by analysts. The cartel had been under intense pressure to raise production as oil prices approached $120 a barrel last month. Prices spiked on supply-demand worries amid signs of a strengthening global economy and ongoing violence in the Middle East.

    OPEC members themselves, particularly Saudi Arabia, contested the notion that the world was short on oil supplies. Wall Street speculators were more to blame for the jump in prices, they argued.
    http://money.cnn.com/2011/06/08/mark....htm?hpt=hp_t2

  14. #254
    R.I.P. 2013-11-22 blebs's Avatar
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    Tell me this isn't a load of crap!

    http://money.msn.com/market-news/pos...e42a3c&_nwpt=1

    Result: Crude oil (-CL) in New York jumped back over $100 a barrel, helped by a government report showing lower domestic oil inventories. Crude's rise, in turn, boosted energy stocks, which helped support the Dow Jones industrials ($INDU) and the Standard & Poor's 500 Index ($INX), struggling to avoid sixth losses in a row.

    I don't know about most of you, but I'm about sick of Wall Street dictating our lives.
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

  15. #255
    Ohh Hell yeah.. Sava700's Avatar
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    Quote Originally Posted by blebs View Post
    Tell me this isn't a load of crap!

    http://money.msn.com/market-news/pos...e42a3c&_nwpt=1

    Result: Crude oil (-CL) in New York jumped back over $100 a barrel, helped by a government report showing lower domestic oil inventories. Crude's rise, in turn, boosted energy stocks, which helped support the Dow Jones industrials ($INDU) and the Standard & Poor's 500 Index ($INX), struggling to avoid sixth losses in a row.

    I don't know about most of you, but I'm about sick of Wall Street dictating our lives.
    Yeah it's insane... prices were falling but real slow. Had they pushed output I would imagin we be back down into $2.50ish average per gallon in the next 3-4 weeks.

  16. #256
    R.I.P. 2013-11-22 blebs's Avatar
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    Then we have Uncle Ben still clanging the cymbol that economy is recovering, but very slowly. Horse crap it is. It's all financed with monopoly money fresh of his printing presses. Then we have the government releasing bogus figures on jobs and unemployment and the casino boys on Wall Street are having a field day with it all. Recovery my ass.

    http://money.msn.com/investment-advi...om=en-us_money
    Last edited by blebs; 06-09-11 at 05:34 PM.
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

  17. #257
    Ohh Hell yeah.. Sava700's Avatar
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    Well Prices are moving down...just not fast enough and not low enough. They are releasing 30million Barrels in oil from the reserve but it's too little too late IMO.

    Prices of gas should be at or below $2/gallon on a national average to really help the economy grow much less help it from stalling.

    The U.S. Department of Energy said it will release 30 million barrels of oil from the Strategic National Reserve to alleviate Libyan oil supply disruptions, in the midst of already-plummeting oil prices.

    The U.S. release is part of a 60 million barrel increase in supply announced Thursday by the International Energy Agency, which includes the U.S. as one of its 28 member nations, "in response to the ongoing disruption of oil supplies from Libya."

    The U.S. Energy Department said the reserve is at the "historically high level" of 727 million barrels.

    "We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," said Energy Secretary Steven Chu. "As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."

    Meanwhile, Libya is still locked in civil war, as rebels aided by NATO airstrikes try to unseat Mohammar Gadhafi.

    Oil prices fell more than 4.5% Thursday, as investors signaled disappointment over a bummer of a speech by Fed chief Ben Bernanke.

    Oil prices plunged $4.71 to $90.89 per barrel. Prices edged down about 1.5% in Wednesday's session following Bernanke's speech.
    http://money.cnn.com/2011/06/23/mark....htm?hpt=hp_t1

  18. #258
    Moderator YeOldeStonecat's Avatar
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    Might as well wish for 50 cents a gallon...2 bucks ain't gonna happen, those days are long gone, with the early days of MTV and 80's pop.
    I'll be happy for just under 3 bucks/gal. End of summer dumping the Jeep and getting a RAM 1500 w 5.7l Hemi.
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  19. #259
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    soooooo.. how is releasing a 3 days worth of the amount of oil used in a day across the US going to offset anything significant or for long period of time? lol wow twilight zone doo do doo do.. math is fun kids!!!

  20. #260
    R.I.P. 2013-11-22 blebs's Avatar
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    Quote Originally Posted by frostybear View Post
    soooooo.. how is releasing a 3 days worth of the amount of oil used in a day across the US going to offset anything significant or for long period of time? lol wow twilight zone doo do doo do.. math is fun kids!!!
    But you have to admit, just making the statement of the release caused the market to drop immediately. Now if that isn't showing true market manipulation, what is?
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

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