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Thread: Gas Prices at it again..

  1. #301
    Ohh Hell yeah.. Sava700's Avatar
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    (MoneyWatch)

    The S&P 500 is up 24 percent from the Oct. 3 lows and closed at its highest level since June 2008; the Dow Jones Industrial Average briefly pierced the 13,000 mark last week; and the NASDAQ closed at its highest level since Dec. 11, 2000. (Not a typo, that's 2000!) With all of this good news, you would think the mood would be better, but in fact, there is a strange whiff of anxiety in the air.

    The problem is oil, again. A general pick-up in the economy, rising demand from China and India, and anxiety over Iran have conspired to boost crude from $75 per barrel in October to $109.77 on Friday, just $5 shy of last year's high point of over $114 per barrel.

    Crude's ascent is translating into higher prices at the pumps, at a time when American consumers were finally crawling out of their recession-induced stupors. AAA says the average price for a gallon of regular gas is $3.67. Given the lag between oil and gas prices, many expect that number to rise close to $4 in the coming weeks, which is seen as the level that curtails consumer spending and sentiment.

    If the price increase is temporary and tensions with Iran settle down, there could be a retreat, but if prices remain elevated, you'll start to hear this scary and oft-quoted statistic: All but one of the 11 post-war recessions were associated with an increase in oil.

    Oil is not the only worry, of course. It wouldn't be a "Week Ahead" without a mention of Greece. After finally receiving approval from the troika (the European Union, the European Central Bank and the International Monetary Fund) on the second $172 billion bailout package, Greece must now persuade the owners of 206 billion euros worth of debt to swap their bonds for new, less lucrative ones. In doing so, bondholders may be forced to accept a 75 percent cut in the value of their holdings, which as one wise investor described as "25 percent more than they're probably worth!"
    http://www.cbsnews.com/8301-505123_1...omy/?tag=stack

  2. #302
    SG Enthusiast Leatherneck's Avatar
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    Recent news suggest that we are more likely to see $3 a gallon rather than $5 barring a serious problem in the Middle East. As more aging refineries are shuttled there will be a glut of crude say some experts.

    Whatever happens, the speculation seems criminal at times.
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  3. #303
    Ohh Hell yeah.. Sava700's Avatar
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    Quote Originally Posted by Leatherneck View Post
    Recent news suggest that we are more likely to see $3 a gallon rather than $5 barring a serious problem in the Middle East. As more aging refineries are shuttled there will be a glut of crude say some experts.

    Whatever happens, the speculation seems criminal at times.
    You mean $4/gallon....and if we lose even just one refinery for even a day prices shot thru the roof..we haven't built a new refinery in 40 years which is criminal if you ask me as the oil companies don't want to build another but instead keep inflating prices of oil to pad their pockets.

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  5. #305
    resident plumber Mark's Avatar
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    that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all

  6. #306
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    Quote Originally Posted by Mark View Post
    that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all
    Yep read that article today and its BS.... didn't take note that the difference in price goes to Free University education for many countries there, pays for free health care, pays for all sorts of things which takes a massive load off of other taxes that we already pay as US citizens which balances it out so if prices are going up on gas our taxes are NOT going down!!! Anything over $3/gallon average is going to hurt the economy and something needed to be done yesterday!!

  7. #307
    Moderator Roody's Avatar
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    Quote Originally Posted by Mark View Post
    that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all
    Consider it a curve ball to get people thinking.

  8. #308
    Moderator Roody's Avatar
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    On a more serious note give this a read.

    http://www.cnn.com/2012/02/29/opinio...html?hpt=hp_t3

  9. #309
    R.I.P. 2013-11-22 blebs's Avatar
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    Quote Originally Posted by Leatherneck View Post
    Whatever happens, the speculation seems criminal at times.
    Seems criminal? It is. No one is going to do a damn thing about it though.
    Success is a lousy teacher. It seduces people into thinking they can't lose. -Bill Gates

  10. #310
    Ohh Hell yeah.. Sava700's Avatar
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    The nationwide average for gasoline prices rose for the 26th straight day Sunday, topping the $3.76-a-gallon mark, according to the motorist group AAA.

    The average price of regular unleaded gasoline climbed 0.7 cent in the latest 24-hour period. The price of gas is up from $3.47 a month ago and $3.69 a week ago. Last year at this time, gas was $3.49 a gallon.

    The average price is 35 cents, or about 8.5%, lower than the record high of $4.114 set on July 17, 2008.

    Average prices for regular gasoline top $4 a gallon in California, Alaska and Hawaii. At $4.38 a gallon, Hawaii ranks as the nation's high. Prices are within a nickel of the $4 mark in Connecticut, New York and Oregon, according to AAA.

    Wyoming became the last state to reach the $3.20 mark, but still has the nation's lowest gas prices, about 3 cents a gallon lower than Colorado.
    http://money.cnn.com/2012/03/04/mark....htm?hpt=hp_t3

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