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Big Jump In Gas Prices Predicted [24 cents!]
CBS News ^
| 3/3/2005
| CBS/AP
Posted on 03/04/2005 7:45:04 AM PST by Quick1
Gasoline prices are about to go through the moon roof. One analyst predicts a 24-cent-a-gallon increase in the next few days and other experts say average prices could go as high as $2.50 a gallon this summer, the peak driving season.
"$2 a gallon we think is easily within reach and probably in the next couple of months," the American Automobile Association's Robert Sinclair told CBS Radio News.
Tom Kloza, senior analyst at the Oil Price Information Service, expects the jump much sooner: The end of this month. "Petronoia is in full flower," he told USA Today, but added he's not sure if prices will stay over $2 a gallon, or retreat as they did last fall.
Fuel-watchers say the main culprit is global demand, which briefly pushed the price of a gallon of crude oil as high as $55 a barrel Thursday. That's the highest level since last October.
(Excerpt) Read more at cbsnews.com ...
TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: energy; energyprices; gasprices; oil
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To: All
61
posted on
03/04/2005 8:36:13 AM PST
by
RockinRight
(Ken Blackwell for Ohio Governor in '06...and President after that...)
To: zarf
Enjoy your SUV's suckers.If gas goes from $2.00 to $2.50 a gallon then the cost per year to fuel my Ford Explorer will jump by a whopping $375. I guess I'll have to sell my house, tap into my retirement, and get a second job to afford the increase. < / sarcasm >
To: painter
In 2002 (the most recent data from the 2004 World Almanac), the net US import of petroleum was 10,546,000 barrels per day. Do the math - your 8 to 30 billion barrels doesn't go very far.
63
posted on
03/04/2005 8:38:04 AM PST
by
stormer
(Get your bachelors, masters, or doctorate now at home in your spare time!)
To: RockinRight
Mine too, I have felt that way every time (over the past couple of decades) that the oil price has fluctuated so widely. If that's what the Arabs are doing, so be it. It may be their last hurrah.
Anyway, I have always wondered...with the US as the granary of most of the world, what would those grain buying/trading countries do if the US decided to blackmail the hungry millions by witholding grain? Just wondering.
64
posted on
03/04/2005 8:40:08 AM PST
by
SMARTY
To: zarf
So how does one explain the disconnect between the expectations that the world economy will continue to grow and OPEC's statement that they have enough oil production to meet demand and that they expect oil prices to drop in 2006?
Maybe it's not SUV's, the station wagon of the 90's/00's. Maybe it's market speculation and dollar devaluation. The oil producers want more of those devalued dollars for each barrel. Even the speculation could be tied to the expectations that further dollar devaluation is expected.
65
posted on
03/04/2005 8:40:11 AM PST
by
mpreston
To: Huck
Oil, Steel, and Cement.
The triplets of inflation and whose consumption is skyrocketing most?
China.
I cannot get a fix from contractors on steel or cement or even bricks for over 30 days.
66
posted on
03/04/2005 8:42:06 AM PST
by
wardaddy
(I don't think Muslims are good for America....just a gut instinct thing.)
To: Quick1
Went up 26 cents in Indiana yesterday
To: Teacher317
To: Big Giant Head
Let's hang onto that Honda a little while longer. I think we'll be able to get a little more out of it if gas prices keep going up. :D
69
posted on
03/04/2005 8:45:54 AM PST
by
Marie Antoinette
(The same thing we do every day, Pinky. We're going to TAKE OVER THE WORLD! Countdown to #8)
To: Huck
...really doubt ANWAR would have made a difference.Especially without increased refinery capacity.
70
posted on
03/04/2005 8:46:04 AM PST
by
mewzilla
(Has CBS retracted the story yet?)
To: RockinRight; Obadiah; RockyMtnMan
I'm not suggesting that I know the answer, nor do I buy into some of the equally half-baked conspiracy theories that abound. However, I've looked at the market, the stats, and the excuses in excruciating detail and they just don't add up.
As to what your gf said, remember, Confucious say: "Better to be pissed off than pissed ON."
71
posted on
03/04/2005 8:46:11 AM PST
by
ManHunter
(You can run, but you'll only die tired...)
Comment #72 Removed by Moderator
To: Kerretarded
Don't want to be a pessimist, but there will be resistance to alternative fuels from the Saudis, producers, ...
What would happen to the Saudis if demand drops for their primary source of revenue -- oil? For that matter the whole middle east.
I wouldn't be surprised if the oil companies own a lot of the patents on alternative sources of energy.
73
posted on
03/04/2005 8:53:18 AM PST
by
dhs12345
To: snowsislander
I wouldn't reckon on any great advances
Not going to be a pessimist on this one. The majority thought that it was impossible to fly a heavier-than-air device before it was done. It was once thought that only a few computers would ever be needed.
There will be competitive alternative fuels or even alternative propulsion systems on the market in a few years. Count on it.
74
posted on
03/04/2005 8:53:45 AM PST
by
Eagle of Liberty
("Science without religion is lame; religion without science is blind." —Albert Einstein)
To: Quick1
This could be more fear mongering from the left.
I had heard on the radio rumors of a big Gas & Oil company merger that could be coming.
This incident happened over some equipment failure somewhere in Texas I believe?
Comment #76 Removed by Moderator
To: RockinRight
Why would an administration comprised of oil men want to lower the price of gas (and oil company profits)?
77
posted on
03/04/2005 9:01:16 AM PST
by
paleocon patriarch
("Never attribute to a conspiracy that which can be explained by incompetence.")
Comment #78 Removed by Moderator
Comment #79 Removed by Moderator
To: zarf
Enjoy your SUV's suckers.I do.
80
posted on
03/04/2005 9:04:59 AM PST
by
JTHomes
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