There is no gas shortage... (1 Viewer)

[Rickboy]

If you haven't noticed that gas prices are sorta high, you're either dead or live the life of a hermit..

But have you noticed that you never really have to wait in line to get your gas? Seems to be plenty of gas around.

So read this.. The mainstream media is finally starting to touch on this subject but Ed Wallace, writing for Businessweek started hitting on this subject a long time ago...

"They see speculation in the market, I see decline in global inventories. I don't think this is a big surprise, that we've had a jump in price when there has been a decrease in crude inventories."— Energy Secretary Sam Bodman, Bloomberg News, Mar. 5, 2008

"It should be obvious to you all that the [gasoline] demand is outstripping supply, which causes prices to go up." — President George W. Bush, Associated Press, Mar. 5, 2008

One wonders if verifiable facts ever get in the way of this administration's statements on issues that are critical to the average American's wellbeing. After all, last time I checked, when politicians are elected to public office, or appointed, as is Energy Secretary Samuel W. Bodman, they must take an oath to the American people before assuming their new positions. How can they forget a sacred oath so quickly? Were they daydreaming when they took it, so it never meant anything to begin with? Maybe it's just another promise you have to make to get into office: When you're securely incumbent you can ignore even solemn oaths you took.

Obviously, the two quotes that led this article came from discussions concerning the current high price for oil on the futures market. Bodman appears to be protecting the speculators in oil, as opposed to looking after the interests of all Americans. President Bush, apparently, has never talked to the Energy Dept.'s Energy Information Agency to see whether gasoline demand is actually up. More troubling, the writer of that particular Associated Press article obviously didn't look up the EIA's numbers to verify the President's assertions. They weren't accurate.

Read the rest here:
http://www.businessweek.com/lifesty...top+news_top+news+index_dialogue+with+readers

BTW, Ed Wallace has created a news aggregator on his website. I've found it to be pretty damn good, especially when it comes to economic and energy related news.

http://insideautomotive.com

 

[blackadder]

If you haven't noticed that gas prices are sorta high, you're either dead or live the life of a hermit..

But have you noticed that you never really have to wait in line to get your gas? Seems to be plenty of gas around.

So read this.. The mainstream media is finally starting to touch on this subject but Ed Wallace, writing for Businessweek started hitting on this subject a long time ago...





Read the rest here:
http://www.businessweek.com/lifesty...top+news_top+news+index_dialogue+with+readers

BTW, Ed Wallace has created a news aggregator on his website. I've found it to be pretty damn good, especially when it comes to economic and energy related news.

http://insideautomotive.com

My understanding is that refining capacity has been tight but that a significant part of the price run-up has also been to due to speculation as well as the general level geopolitical uncertainty.

The situation in Iraq automatically builds some markup into the price of oil because the market can not be sure when or how the next crisis will hit and how that will impact regional oil prodution.

Likewise the expectation that there is some realistic chance that an attack on Iran will be launcned, with unpredictable repercussions, also fuels speculation in oil and gas.

Consumers have cut back and gas inventories have been firming but we have yet to see any price relief as a result of this due to the specualtion, which is supported by geopolitics.

 

[MamaSaint]

From what I understand, the weakening US dollar is also at play in this. It takes more weak dollars to buy a barrel of oil. It's certainly mostly due to the speculators. I hope that the bottom falls out on them in time, like it did to the real estate speculators. I was absolutely horrified to pay $3.49 per gallon this morning. It costs triple to fill up my tank as it did when Little Red (a 1997 Cavalier) was new. Fortunately, I live within 5 minutes of work & a tank of gas will last me at least two months because I don't drive my car very much on the week-ends.

Jan

 

[blackadder]

From what I understand, the weakening US dollar is also at play in this. It takes more weak dollars to buy a barrel of oil. It's certainly mostly due to the speculators. I hope that the bottom falls out on them in time, like it did to the real estate speculators. I was absolutely horrified to pay $3.49 per gallon this morning. It costs triple to fill up my tank as it did when Little Red (a 1997 Cavalier) was new. Fortunately, I live within 5 minutes of work & a tank of gas will last me at least two months because I don't drive my car very much on the week-ends.

Jan

Yes, that's another part of it. Tanking dollar, geopolitical uncertainty.

All else being equal, as the dollar weakens oil prices will increase.

 

[varanook]

If there is no shortage, why the expnasions at various refineries nationwide?

 

[jrdbrn]

Easy life in America has come to an end for the majority of people.

I am so glad I scored a job 3 minutes away from home... now it's just to finish school so I can stop commuting and I will be set till the economy finally caves in.

 

[bearsfanforever]

Easy life in America has come to an end for the majority of people.

I am so glad I scored a job 3 minutes away from home... now it's just to finish school so I can stop commuting and I will be set till the economy finally caves in.

That's good, I am also about three miles from work. However, you are aware that High gas prices drive up the cost of anything that has to be transported, correct? Finding personal means to eliminate the need for filling your vehicles can be quite easy. However, other things can be out of your control.

 

[jayd265]

i just got back from a 7-day cruise to jamaica, grand cayman, and cozumel and gas in jamaica was 4.50 (after it was converted into USD) and 4.62 in grand cayman, i dont know if that was in USD or cayman money but i know $1 our money equals $0.80 their money (it was on a menu in senor frogs so i know that for sure.. lol)

 

[bearsfanforever]

i just got back from a 7-day cruise to jamaica, grand cayman, and cozumel and gas in jamaica was 4.50 (after it was converted into USD) and 4.62 in grand cayman, i dont know if that was in USD or cayman money but i know $1 our money equals $0.80 their money (it was on a menu in senor frogs so i know that for sure.. lol)

Ahhh senor frogs, such memories, enjoy the time. Do they still have the tequilla train?

 

[bigdaddysaints]

I want to know why after a hurricane, its price gouging to sell a bag of ice for $10, because there is a shortage and its in high demand, but its ok for the oil companies to do it.....

 

[superchuck500]

Yes, that's another part of it. Tanking dollar, geopolitical uncertainty.

All else being equal, as the dollar weakens oil prices will increase.

Yeah, I think you got it right. It is a multi faceted issue, but refining capacity, weak dollar and speculating is causing the price run. On CNBC this morning the expert was saying exactly that. And he said that $130 - $150 is not out of the question. "We are in uncharted waters" he said.

 

[bearsfanforever]

Yeah, I think you got it right. It is a multi faceted issue, but refining capacity, weak dollar and speculating is causing the price run. On CNBC this morning the expert was saying exactly that. And he said that $130 - $150 is not out of the question. "We are in uncharted waters" he said.

At least this will drive the Demand for alternative energies. Especially since we have the technology TODAY to replace most uses of petrol.

 

[jrdbrn]

Yeah, I think you got it right. It is a multi faceted issue, but refining capacity, weak dollar and speculating is causing the price run. On CNBC this morning the expert was saying exactly that. And he said that $130 - $150 is not out of the question. "We are in uncharted waters" he said.

I am just waiting for some of these crazy *** people to start blowing up gas stations... it will happen. Stuff like this will make people insane

 

[bearsfanforever]

I am just waiting for some of these crazy *** people to start blowing up gas stations... it will happen. Stuff like this will make people insane

Yeah just wait until the August heat gets here, oh boy.

 

[porculator]

At least this will drive the Demand for alternative energies. Especially since we have the technology TODAY to replace most uses of petrol.

Not to mention plenty of our own oil in the plains and Alaska to tide ourselves over until the new technology becomes more feasible.