Gas Prices Are Insane!!!!!

[oldbluedog]

It is all thanks to the Obama administration of course. I love my giant American made pickup truck and my 15 mpg. Thank you Barack Hussein for crippling the American offshore exploration & production and making us even more liable than ever on the middle east oil. I find it quite nauseating myself.

 

[VirginHarvester]

That remains to be seen.

That's what I thought.

Anyone who directly lays the current price increases of oil to Tarp or inflationary FED policy while minimizing the effect of speculation
and Middle East tensions is simply a partisan hack unable to diverge from their talking points.

If TARP were our only unfunded expense since Obama took office.... By the way, isn't it true that it was Bill Clinton who approved the change whereby brokerage houses and the rest of the speculators could engage in trading oil futures? Before that I believe it was only industries/corporations whose future depends on hedging energy costs(airlines) were able. God only knows how much allowing speculation has cost Americans.

How's that brilliant stimulus(debt) working for us?

No doubt these do play some part but the strong value of the dollar(yuan and yen also BTW) is actually having an insulating effect on US gas prices.

I'm confused by this, we don't have a strong dollar. It's possible Obama and the Fed are manipulating so the market acts as if the dollar's strong, but it's not, and there doesn't seem to be any insulation, unless the "right price" for gas is $6+ per gallon. Is it? That seems to be where we're heading. And if we get there who do we blame, Bush? When you see Obama speaking and he asks you not to blame him(because nothing's ever his fault) will you agree and blame Bush, Boehner, Gingrich, Paul?

Erroneously claiming TARP as Obama's spending
without any mention of Bush's culpability also reflects a mind set
that is biased and willing to avoid facts in pursuit of rhetoric.

So does pretending TARP would not have happened if Obama were elected a year earlier. Obama was fully on board with TARP because he's as intertwined with Wall Street as Bush was. Pretending Obama's somehow a friend of the middle class is hogwash and reflects the other alternative- that Obama supporters are just as guilty of being misled partisans.

Ignoring other major contributions to national debt(unpaid wars,Bush tax cuts) while concentrating solely on Tarp also reflects badly on his credibility.

So lets add those to the equation and continue to put the blame where it belongs. Is there nothing you question about Obama's Presidency and policies... really?

I would gladly roll back Bush tax cuts and pharmaceutical boondoggle. But the Bush tax cuts add up to about 10% of our annual deficit from what I calculate, about the same as illegal immigration, which not surprisingly is something Obama isn't concerned about unless he's paying lip service to illegal immigrant rights group.

Of course I could check statistics,his professional background, or any other corroborating evidence to support his positions
if he had included any of those in his blog

Or simply just post what you have that refutes it.

You mean people who require actual articles and sources
as opposed to someone who blindly accepts biased and anonymous blogs posted by
hacks with an obvious political agenda on some 67 year old grandma's blog site simply because they support their own viewpoints?

Well, if you can find something that exonerates Obama I'd really really like to read it because at this point I see a bad President(Bush) followed by an even worse President(Obama).

I agree you would probably like it over there with the other
lemmings mindlessly parroting misinformation and opinion as fact.
Feel free to spend your time on those types of sites with others who will blindly accept whatever pablum you post as actual information.

Yet you seem to be offering your opinion as fact. Seems like you already have your mind made up- Obama is blameless.

Think about how confused and how easily misled we are. Remember when the media was pitting Occupy Wall Street against The Tea Party? I was like "WTF???" They both stand for something we desperately need(reform and sane policies) yet somehow they managed to pit Republican citizens against Democrats over who supports which group. Weird.

 

[Molson]

Well, if you can find something that exonerates Obama I'd really really like to read it because at this point I see a bad President(Bush) followed by an even worse President(Obama).

President Obama's Role in Current Gas Prices

If President Obama declared tomorrow that oil companies could drill anywhere they wanted, it would have no impact on supplies (and by extension, fuel prices) for years. Further, there are no assurances that even this would moderate gasoline prices, because these prices are increasingly being driven by factors outside of the United States.

In a nutshell, the price of gasoline is not determined by U.S. presidential policy, but rather by how much people in India, Vietnam, or China are willing to pay for oil. Demand growth in those countries has been extremely strong even in the face of $100 oil, and that is a fundamental reason why there has been no gas price relief despite that fact that 1). Gasoline demand in the U.S. is down; and 2). Oil production in the U.S. has been rising.

If you really believe that Obama has a lot of control over gasoline prices, then ask yourself why prices are up all around the world. Why are people in the UK protesting gasoline prices? Do Obama’s policies drive up prices throughout the world? Of course not. Gasoline prices are responding to the same market forces in Europe, Asia, and even in oil-exporting countries like Canada. The fact that gas prices are up everywhere should tip people off that this issue extends far beyond the powers of the American president.

 

[Scrogerman]

you guys wanna thank yaselves you dont reside in the UK!!!!! you pay fk all compard to us! lmao!" or cmao should i say!

 

[SpasticGramps]

there is a very interesting event that occured around the time this price spike started.... can you see it in the graph?

This is also the around the same time the Greenspan Dot Com bubble burst and he dropped interest rates to abnormally low levels which began the fueling of the housing bubble. Low interest rates make for bubbles bubbles everywhere. It encourages banks to lend to each other (free money) and to speculate. They tried tightening around 2005, but it was too late. Everything crashed and now interest rates are at 0 and we are going to ride that train off the cliff. I can't stand listening to all these ignorant people talk about "free money" these days. Free for now yes, nothing is free though. Everything has a price.

Post 9/11 geo-political instability certainly plays a role in the price increase. The continued Middle East meltdown will continue to drive prices up, but ZIRP (zero interest policy) and QE, LTRO, nominal GDP targeting etc etc (money printing) will allow the speculative money to pour into every asset class that promises a big return. Read oil.

The left will blame the "evil speculators" without looking at where the money is coming from.

Speculators are just crackheads taking free crack from the FED. What do you think is going to happen?

 

[Bullfrog44]

Bottom line...........High gas prices suck, and we are all effected. Lets hope the upcoming war in the Middle East wont exacerbate things.

 

[VirginHarvester]

If President Obama declared tomorrow that oil companies could drill anywhere they wanted, it would have no impact on supplies (and by extension, fuel prices) for years. Further, there are no assurances that even this would moderate gasoline prices, because these prices are increasingly being driven by factors outside of the United States.

In a nutshell, the price of gasoline is not determined by U.S. presidential policy, but rather by how much people in India, Vietnam, or China are willing to pay for oil. Demand growth in those countries has been extremely strong even in the face of $100 oil, and that is a fundamental reason why there has been no gas price relief despite that fact that 1). Gasoline demand in the U.S. is down; and 2). Oil production in the U.S. has been rising.

If you really believe that Obama has a lot of control over gasoline prices, then ask yourself why prices are up all around the world. Why are people in the UK protesting gasoline prices? Do Obama’s policies drive up prices throughout the world? Of course not. Gasoline prices are responding to the same market forces in Europe, Asia, and even in oil-exporting countries like Canada. The fact that gas prices are up everywhere should tip people off that this issue extends far beyond the powers of the American president.

Then why this 2008 ad? Unless he's lying he must have learned a lot on the job that he was clueless about before.

http://www.youtube.com/watch?feature=player_embedded&v=Ka_tjPLJwVI

What could Obama have accomplished as President? Interesting Obama vilifies oil companies but has done nothing to curb speculation that drives prices up, and money out of the people's pockets. What bothers me here is that even the poorest buy gasoline. Man, this just sucks. He's doing little, if anything that he COULD do.

Props to Bernie Sanders for trying.
http://finance.yahoo.com/blogs/dail...igh-sen-bernie-sanders-demands-183803867.html

Check out the video, he blames it one Wall Street. Interestingly, Obama has a lot of Wall Street people in his camp. Funny how Obama's not worried about a) how much they are making; and b) how much they made/or it cost Americans to bail them out of their housing bubble. You have to find that interesting, if not compelling.

So Bernie's blaming it on Wall Street to an extent. Are you surprised you haven't heard from Obama on this, that he's not leading the charge to actually keep money in American's pockets? I am disappointed.

In a separate but related development, Vermont Senator Bernie Sanders is sponsoring the End Excessive Oil Speculation Now Act.

"The price of gas at the pump is outrageously high. Many people had thought this had something to do with supply and demand, that's not the case," Sen. Sanders tells me in the accompanying video. "It has everything to do with Wall Street speculation."

Rather than reinventing the wheel, the legislation, which has 5 co-sponsors, seeks to force the CFTC to impose regulations required by The Wall Street Reform and Consumer Protection Act.

"One of the reasons people are losing faith in the political process is even when we occasionally do something to represent working people, then that law is not implemented," Sen. Sanders says. "The reason for this legislation is to say [to the CFTC], 'you haven't done it, you were supposed to in mid-January. You're in violation of the law and we're going to make you do it.' We are going to have speculation limits."

Specifically, the legislation mandates the CFTC Chairman Gary Gensler take the following immediate actions to eliminate excessive oil speculation within two weeks:

Establish speculative oil position limits equal to the position accountability levels that have been in place at the New York Mercantile Exchange since 2001.
Establish margin requirements of 12 percent on speculative oil trading to require investors to back their bets with real capital.
Classify as speculators each bank holding company, investment bank, or hedge fund engaged in proprietary oil trading; and
Take any other action the Chairman of the Commission determines is necessary to eliminate excessive speculation.

It's not like the President's hands are tied... or are they?

 

[VirginHarvester]

Bottom line...........High gas prices suck, and we are all effected. Lets hope the upcoming war in the Middle East wont exacerbate things.

You thinking what I'm thinking? There is speculation we'll get a war or Israel attack with US involvement Sept/October, we'll see. Depends on how it looks for Obama's reelection I guess.

 

[trichrider]

Bottom line...........High gas prices suck, and we are all effected. Lets hope the upcoming war in the Middle East wont exacerbate things.

hope springs eternal, but China, N. Korea, maybe India aren't going to like us interferring with their oil supplies out of Iran. war there would definitely excerbate price of everything...maybe these theaters of war will not affect gas prices...


i believe these theatrics are designed to control prices.

 

[DiscoBiscuit]

I wonder how many tankers are anchored just outside of the mouth of the Mississippi River?

I'd like to buy me some petroleum, please. Delivery? No, I don't want delivery. I'll pay what it takes to leave those tankers sitting right where they are... for 30 days. I'll sell within the deadline and the buying entity might boogie on down to da refinery or they might speculate another 30 days. Who knows, I might buy it back from the very entity I sold it to.

After all, the more guys like us the longer we can milk this here cow.

 

[trichrider]

^^^yeah that^^^

figures too.

 

[SpasticGramps]

A Sign Of Things To Come? Gas Prices Top $5 Per Gallon On Long Island

GREAT NECK, N.Y. (CBSNewYork) — It’s shocking — reports that gas will reach $5 per gallon by the summer.

Believe it or not, a station on Long Island is already charging that much. CBS 2’s Don Dahler went there Tuesday to find out why.

The sign at the Gulf station on Northern Boulevard in Great Neck really does say a gallon of regular will cost you $4.99.9. Unless you have a spare one-tenth of a penny lying around, for all intents and purposes, that’s a $5 gallon of gasoline — $5.09 if you use a credit card.

What's interesting is that gasoline retail deliveries has fallen off a cliff since 2005, but prices have continued to skyrocket.

Less is being delivered must mean less is being consumed, but prices continue to skyrocket. Inflation making up for the demand destruction.

 

[robbiedublu]

A Sign Of Things To Come? Gas Prices Top $5 Per Gallon On Long Island

What's interesting is that gasoline retail deliveries has fallen off a cliff since 2005, but prices have continued to skyrocket.

Less is being delivered must mean less is being consumed, but prices continue to skyrocket. Inflation making up for the demand destruction.

Lots of new cars in China and India since 2005.

 

[Goyakla]

ITS GONNA GET A LOT WORSE WITH THE WHOLE "BOMB" IN THE MIDDLE EAST. SO THAT LIFESTYLE IS TOTALLY OVER........... FOR ALL.!!!!! TIME TO INVENT NEW STUFF.. LIKE SOLAR, WATER, WIND, WAVES, AND SEVERAL PETROLS .. ITS JUST A ? OF BALLS !!!!!

 

[DiscoBiscuit]

So long as they're not socialist balls.

 

[flubnutz]

it wouldn't surprise me if 10 years from now we're taking streetcars and buses to work, or working from home at least part of the week, with the 4-cylinder car only coming out when it's needed.

 

[toketronix]

This is also the around the same time the Greenspan Dot Com bubble burst and he dropped interest rates to abnormally low levels which began the fueling of the housing bubble. Low interest rates make for bubbles bubbles everywhere. It encourages banks to lend to each other (free money) and to speculate. They tried tightening around 2005, but it was too late. Everything crashed and now interest rates are at 0 and we are going to ride that train off the cliff. I can't stand listening to all these ignorant people talk about "free money" these days. Free for now yes, nothing is free though. Everything has a price.

Post 9/11 geo-political instability certainly plays a role in the price increase. The continued Middle East meltdown will continue to drive prices up, but ZIRP (zero interest policy) and QE, LTRO, nominal GDP targeting etc etc (money printing) will allow the speculative money to pour into every asset class that promises a big return. Read oil.

The left will blame the "evil speculators" without looking at where the money is coming from.

Speculators are just crackheads taking free crack from the FED. What do you think is going to happen?

speculation hasn't helped and probably fanned the flames some... but, there have always been speculators and increased speculation during times of instability ..imo speculation is not the root cause

take another look at the graph, all(4) spikes since wwII have been caused by war in the middle east ...and off the top of my head I can't think of any middle eastern war on the same scale as the one we are in now ..and has been rolling on for more than a decade ...and we might still be there in another 10 yrs ho ho ho ...imo these concrete realities as an instigator...far outweigh anything that happens on a traders computer screen

 

[Snagglepuss]

The new commuter... (well, a similar one anyway)

50mpg. 12 second 1/4 mile. Torquey v-twin. Fun but not scary like a supersport.

And it tops out at 130 so you're not tempted to run from the cops.

Im at 10:30 in the 1/4 mile...Whooohoo...lets race!!!...Well maby in a few years when,,,i can actually ride...lols

 

[Molson]

Oil is a globally traded commodity. I don't understand why most seem to think Obama or any other politician has the power to influence prices.

Plus, politicians have a notoriously bad understanding of how energy markets work. Newt Gingrich comes to mind off the top of my head.

 

[SpasticGramps]

Newt is too busy drawing up plans to colonize space to learn how markets work.