So ... Why ARE gasoline prices going up ... THIS time ?

self ^ | May 21, 2009 | knarf

[knarf]

I admit to being confused.

[RandallFlagg]

I’d read somewhere that they removed a lot of tax breaks for oil companies.

[mtrott]

“because the dimwits are in charge and everyone knows there will be no drilling of new oil or increases of the domestic supply as long as they are in charge.”

Bingo. This is why we need a national energy policy of incentives for drilling and refining. We need enough capability such that we essentially cap the top side of the price range that speculators will bid crude up to. Even if we are not at all times using 100% of our capability, speculators would know that we could ramp it up in fairly short order.

If we had had such a policy for the last few decades, prices would never have gone to $4/gallon last summer, and would not have killed the US auto makers. Why? Because consumers would have felt safe enough to purchase the SUVs and trucks that Detroit actually make profits on!

But no, we couldn’t have that. We have to try to become France.

[presently no screen name]

In the past month gas has gone up 70 cents a gallon. That is 35%. I don't think that is gradual.

Reading and understanding are two different things. Did the gas go up just for memorial day weekend (immediately) or did it go up the past month (gradual)? It was gradual as opposed to immediate.

[Beagle8U]

“It was gradual as opposed to immediate.”

OK, you are right. 35% a month is a gradual increase, after all, it wouldn't double for 90 days!

[presently no screen name]

You are addressing the ‘price’ - I was responding to a poster on the ‘timing’ - it didn’t just go up for this weekend.

[PjhCPA]

Oh NO! Profiteering. Not Profiteering. Can’t have profits now can we!

[hunter112]

Over on the DUmmies board, they're absolutely convinced it is those evil speculators. They fail to see that rising gas prices make their Lord Zero look like a prophet for raising the CAFE standards.

They're funny, they jabber on and on about "Peak Oil", yet they bitch, gripe and moan about the prices of gasoline when there is a rise.

[east1234]

At least we will be able to payoff our mortgages with cheaper dollars.

[BelegStrongbow]

Because they can.

I was going to say the exact same thing.

That's some catch, that Catch-22.

[PROTESTBYPROXY]

Memorial Day, happens every year.

[Jmouse007]

Come on, you already know the answer: Because it is that time of year again for everyone involved in the oil industry including speculators and those who can make billions on others pain and suffering to Rape the consumer. We have no options because we all have to drive and all we can do is complain.

[Lonesome in Massachussets]

Silly me, I paid off my mortgage, stayed out of debt, saved for retirement, avoided unhealthy life style choices.

It’s people like me that are dragging the rest of America down.

[presently no screen name]

no kidding - so does my birthday. What’s your point?

[mysterio]

Because the price is being manipulated by the financial institutions that we bailed out.

There is no consumer demand support for this, so I wouldn't be surprised if the price crashes again. Unless the dollar crashes first or cap and trade is enacted.

[GreatDaggar]

why are gas prices going up?

because oil prices are going up.

why are oil prices going up?

traders either think that (1) the economy is going to rebound, (2) there is going to be inflation, or (3) both. Any of them are valid reasons for being bullish on commodities, of which oil is a commodity.

[Obadiah]

Silly me, I paid off my mortgage, stayed out of debt, saved for retirement, avoided unhealthy life style choices.

You do know that Democrats HATE your kind of people, right?

[mockingbyrd]

Obama’s fault

[IronJack]

Look up "profit."

Then look up "profiteering."

You'll find they're not synonymous.

[plsvn]

Dixie didn’t think it was necesary to add .. /s.

I don't pay attention to these sorts of comments... there are ALWAYS exceptions to the GENERAL RULE.

[reaganator]

Before Bush left office he opened up vast off shore areas to leasing by the oil companies. When Obama came to office he reversed this.

The Obama administration also has closed off on shore oil producing areas to oil companies.

demand is up and the Obama Administration is at the same time ending America’s dependence on oil. he used to call it it America’s dependence on “foreign oil” now he just calls it America’s dependence on “oil”.