Gas $5 a gallon by summer?

[UNT90]

Will it happen?

Will Pres. Obama feel the backlash from his obvious attempt to make his buddies rich (cause thats what has to be going on when gas prices go up, right?)?

To be fair, you can find predictions as far back as 2009 and 2010 saying $5 gas was just around the corner. Anythng above $4.20 and my pet frog Croaky could beat Pres. Obama in November.

Just stirring the pot. It's either this or reallignment talk. Both are depressing.

Edited February 22, 2012 by UNT90

[H-towngreen]

Will it happen?

Will Pres. Obama feel the backlash from his obvious attempt to make his buddies rich (cause thats what has to be going on when gas prices go up, right?)?

To be fair, you can find predictions as far back as 2009 and 2010 saying $5 gas was just around the corner. Anythng above $4.20 and my pet frog Croaky could beat Pres. Obama in November.

Just stirring the pot. It's either this or reallignment talk. Both are depressing.

The threat of Canada sending their oil to China instead of us doesn't help his cause. If it gets to $5 a gallon I think there will be some serious backlash

[Green2012]

The threat of Canada sending their oil to China instead of us doesn't help his cause. If it gets to $5 a gallon I think there will be some serious backlash

That threat is what bothers me. My understanding was that the Keystone pipeline was going to run next to existing pipelines that already criss cross all throughout the US. It seems like his decision was just to appeal to the environmentalists even though the pipeline's effects were not going to be detrimental to the environment. I know his decision ticked off some unions who looked forward to the increase in jobs. Didn't the house pass something lately that requires Obama to revisit the Keystone idea?

[SilverEagle]

Does everyone understand that any oil extracted from the ground (from here or any location in the world) goes to the world market for pricing. So the real bad guys in any high fuel price situation is the speculators. Many people love to use the line from a Shakespeare play that goes "The first thing we do, let's kill all the lawyers". I would update that and substitute "oil speculators" for Lawyers.

[KRAM1]

Didn't the house pass something lately that requires Obama to revisit the Keystone idea?

Yes.

Until the US actually has a policy and a program to get off the middle eastern, Mexican, etc. teet and become self-sufficient in oil and gas production, this will continue to happen. Few, if any, new refineries have been built in the US in some time (thanks environmental lobby and other tree huggers and frog lovers on the left as well), the Keystone pipeline was denied by Obama (again...thank you environmental lobby), off-shore drilling has been seriously curtailed, just today the Wall Street Journal reports that Obama is proposing increased taxes on the Oil and Gas industry, Alaskan oil exploration has been seriously curtailed (gee, thanks environmental lobby)...do we see a pattern here? Then we cry about rising gasoline prices, the threat from Iran to curtail oil shipments to England and France (funny, England and France get very little of their oil from Iran), the always present threat from OPEC (not just middle eastern members to OPEC folks) and on and on and on.

I fully believe that if the US citizenry demanded it, like when Kennedy announced the US would be standing on the Moon in X amount of time, that this great nation of ours could be self-sustaining in oil and gas production/consumption within three to five years! And, that's WITH plenty of reasonable safeguards for the environment! No one wants to destroy the environment...no one, in spite of what the environmental whacko's will tell you.

This is not just an Obama "problem"...I seem to recall every president in recent memory calling for programs to be sulf-sufficient in energy...every party...but when it comes time for the "rubber to meet the road" it's..."not in my backyard", "it will kill a tree", "it will add to global warming", "the jobs won't all be union jobs", "the jobs will all be union jobs", the polar baer won't be able to crap where he wants to", "we might kill a fish or two", "the reactor might melt down", and on and on and on....

The American public had been duped in a big way...there is more than enough energy reserves to power this great nation for the foreseeable future right here at home and in Canada. There is absolutely ZERO reason this nation cannot become self-sufficient within 3-5 years IF we, as a nation, made it a number on priority! It can be done, and it can be done quickly...however, we do not seem to have politicians who really care to do anything about it. Both parties talk a good game, but never get off the dime! Wait until gasoline is over $5.00 a gallon soon and listen to all the rhetoric flowing from DC, the Republican Party, the Democratic, etc. All just campaign talk..."All Hat No Cattle"!

[UNT90]

Does everyone understand that any oil extracted from the ground (from here or any location in the world) goes to the world market for pricing. So the real bad guys in any high fuel price situation is the speculators. Many people love to use the line from a Shakespeare play that goes "The first thing we do, let's kill all the lawyers". I would update that and substitute "oil speculators" for Lawyers.

Sure, you say this now, but we all know when Evil Pres. Bush was in office, he used his evil powers to drive up oil prices. I mean, it's well documented. At least by liberal leaders' remarks at the time.

So, if that is the case, when did these market forces come into play? Because, according to those liberal leaders, they darn sure weren't in play in 2008 when Evil Pres. Bush was making all his oil buddies rich.

Are you telling me liberal leaders were lying to me then? Or are they lying to me now?

Just so we can be clear, ya know.

Edited February 22, 2012 by UNT90

[Censored by Laurie]

Are you telling me liberal all "leaders" were lying to me then? Or are they lying to me now?

Fixed.

[UNT90]

Fixed.

Nope.

It was only the liberal leaders who said Pres. Bush was making his friends rich.

Yes, I get your bigger point.

I found this very interesting:

http://m.newsbusters.org/blogs/julia-seymour/2011/03/01/networks-link-bush-skyrocketing-gas-prices-15-times-more-obama

[Censored by Laurie]

Nope.

It was only the liberal leaders who said Pres. Bush was making his friends rich.

Yes, I get your bigger point.

I found this very interesting:

http://m.newsbusters.org/blogs/julia-seymour/2011/03/01/networks-link-bush-skyrocketing-gas-prices-15-times-more-obama

Define "interesting"

[SilverEagle]

Sure, you say this now, but we all know when Evil Pres. Bush was in office, he used his evil powers to drive up oil prices. I mean, it's well documented. At least by liberal leaders' remarks at the time.

So, if that is the case, when did these market forces come into play? Because, according to those liberal leaders, they darn sure weren't in play in 2008 when Evil Pres. Bush was making all his oil buddies rich.

Are you telling me liberal leaders were lying to me then? Or are they lying to me now?

Just so we can be clear, ya know.

Geezz, I thought my statement was pretty clear. It doesn't matter if we suddenly discover oceans of oil under American soil. The companies that control that oil put it on the world market for pricing. It goes up or down because of demand, but just as likely because of the greed of oil speculators. Now, the oil companies can affect the price by sitting on the reserves that they control, thereby creating shortages on the world market, and thus driving up the speculative prices even more. The fewer people that control the world wide oil reserves, the greater the chance that the prices get manipulated....and not to the consumers benefit.

[UNT90]

Geezz, I thought my statement was pretty clear. It doesn't matter if we suddenly discover oceans of oil under American soil. The companies that control that oil put it on the world market for pricing. It goes up or down because of demand, but just as likely because of the greed of oil speculators. Now, the oil companies can affect the price by sitting on the reserves that they control, thereby creating shortages on the world market, and thus driving up the speculative prices even more. The fewer people that control the world wide oil reserves, the greater the chance that the prices get manipulated....and not to the consumers benefit.

Maybe I fail to understand.

So what you are saying is Evil Pres. Bush managed to control the oil companies to drive up the prices, but good Pres. Obama just doesn't have the same control to bring prices down?

Is that what you are saying?

[kalebschumann]

I don't think the main problem has anything to do with politics.

This is the most simple study in supply and demand if you ask me. Our oil demand is larger than the oil production, that's why prices increase. The oil companies know this. Even though they are increasing the amount of production, it is (purposely?) not keeping up with demand. Therfor, we see a rise in price.

Prices go up in the spring and a large amount in the summer, and they come down in the cold months. When do people usually fly to their vacation spot or take their road trip? The summer.

To me the majority of this oil issue is supply and demand.

The rest of the blame goes to us for not looking for alternative sources, not dirlling what oil we do have in America, and to the companies not producing more.

[cwb]

Prices should stabilise now that our windmills are spinning.

[Mean Green 93-98]

Geezz, I thought my statement was pretty clear. It doesn't matter if we suddenly discover oceans of oil under American soil. The companies that control that oil put it on the world market for pricing. It goes up or down because of demand, but just as likely because of the greed of oil speculators. Now, the oil companies can affect the price by sitting on the reserves that they control, thereby creating shortages on the world market, and thus driving up the speculative prices even more. The fewer people that control the world wide oil reserves, the greater the chance that the prices get manipulated....and not to the consumers benefit.

What in the world are you talking about? Oil that is extracted is not sent to "the world market for pricing." Prices are reached in the markets largely based on available supply, but very few markets handle the physical commodity itself in the vast majority of their transactions.

And speculators have very little control over the price of gasoline in the grand scheme of things.

[Coffee and TV]

And speculators have very little control over the price of gasoline in the grand scheme of things.

This isn't really correct.

Speculators right now are afraid of Iran closing the Strait of Hormuz, and general instability in the region. Yesterday the price of oil rose $1 per barrel just on the news alone that Iran wouldn't allow UN inspectors to see their facilities (gawd this sounds familiar). Some countries are buying up huge amount of oil in the event that any sort of conflict escalates with Iran in the near future, which also causes the price to rise. Hopefully after it all calms down, we'll be slightly overloaded with supply and gas could take a strong dip depending on when this all blows over.

The Keystone pipeline decision has nothing to do with it, the first date of operation for that wouldn't have come anytime soon.

[H-towngreen]

Doesn't Iran supply less than 3% of the world output?

[Coffee and TV]

Doesn't Iran supply less than 3% of the world output?

But the Strait of Hormuz is where 20% of the world's supply travels.

[Mean Green 93-98]

This isn't really correct.

Speculators right now are afraid of Iran closing the Strait of Hormuz, and general instability in the region. Yesterday the price of oil rose $1 per barrel just on the news alone that Iran wouldn't allow UN inspectors to see their facilities (gawd this sounds familiar). Some countries are buying up huge amount of oil in the event that any sort of conflict escalates with Iran in the near future, which also causes the price to rise. Hopefully after it all calms down, we'll be slightly overloaded with supply and gas could take a strong dip depending on when this all blows over.

The Keystone pipeline decision has nothing to do with it, the first date of operation for that wouldn't have come anytime soon.

So how does any of that support the notion that rising gas prices are caused by the greed of oil speculators?

[Mean Green 93-98]

Wow.

Its like teaching my 3-year-old how to do Algebra...

Typical liberal condescension.

I began working in the futures markets over 22 years ago, so I know a thing or two about this stuff. But what you posted had nothing to do with speculators manipulating markets. Try again.

[Coffee and TV]

Typical liberal condescension.

I began working in the futures markets over 22 years ago, so I know a thing or two about this stuff. But what you posted had nothing to do with speculators manipulating markets. Try again.

What I posted is not related to speculation? Currently the same amount of oil is on the world market as there was 4 weeks ago. Iran cut off supply to Britain and France, but not to the rest of the world. China, India, Russia, the US, the EU ect all relatively demand the same amount of oil. Nothing dramatic has changed: no tanker spills, no pipeline explosions, no one nation suddenly stopped or started using vehicles and airplanes. The main cause of oil prices escalating has to do with speculation that supply might be decreased and/or otherwise compromised due to geo-political instability in a region that supplies a whole bunch of it. I didn't say its greedy, I didn't say its illegal, I didn't say its wrong in any way, I just said that's what it is.

[Mean Green 93-98]

What I posted is not related to speculation? Currently the same amount of oil is on the world market as there was 4 weeks ago. Iran cut off supply to Britain and France, but not to the rest of the world. China, India, Russia, the US, the EU ect all relatively demand the same amount of oil. Nothing dramatic has changed: no tanker spills, no pipeline explosions, no one nation suddenly stopped or started using vehicles and airplanes. The main cause of oil prices escalating has to do with speculation that supply might be decreased and/or otherwise compromised due to geo-political instability in a region that supplies a whole bunch of it. I didn't say its greedy, I didn't say its illegal, I didn't say its wrong in any way, I just said that's what it is.

Hedging is not the same as speculation.

But that's really not the point. The point had to do with greedy speculators deliberately manipulating markets, who, according to Silver Eagle, are the reason our gasoline prices are going up. Are they, or aren't they?

[Coffee and TV]

Hedging is not the same as speculation.

Tomato = Tomahto.

But that's really not the point. The point had to do with greedy speculators deliberately manipulating markets, who, according to Silver Eagle, are the reason our gasoline prices are going up. Are they, or aren't they?

I'm not aware of what Silver Eagle is referring to.

[KRAM1]

But the Strait of Hormuz is where 20% of the world's supply travels.

EXACTLY...this is what gets the oil folks all i na stir, and creates such uncertainty in the markets. This IS a big deal even though Iran is not THAT big of a player when it comes to oil itself.

In fact, they import oil as well.

[UNT90]

EXACTLY...this is what gets the oil folks all i na stir, and creates such uncertainty in the markets. This IS a big deal even though Iran is not THAT big of a player when it comes to oil itself.

In fact, they import oil as well.

We will just blow their ass out of the water if they mess with the oil supply.

Anyone got a problem with that?

[H-towngreen]

We will just blow their ass out of the water if they mess with the oil supply.

Anyone got a problem with that?

I second this motion. Hell, Isreal is going to start it up for us here in a few months anyway.