Oil Prices Rise to Record $65 a Barrel

ksl.com ^ | 8/10/2005 | BRAD FOSS

[RightWhale]

Oil range 66.00/64.55 present 65.50 up 0.60

Gasoline range 1.96/1.90 present 1.94 up 0.04

That is, there will be no gasoline under 1.94. With tax and other considerations the price of gasoline will be about 50 cents higher.

[Convert from ECUSA]

You said it! We could have taken care of this back in '73 when the Fraudis and their compatriots pulled the oil embargo then jacked up the prices. But NOOOOOOOOOOOOOOOOOOOOOOOOOO, we "negotiated" with the heathens, and now all they have to do is slow down production and start jacking up the prices again so we'll yell "uncle" and do their bidding in the M.E. Once we do that, supplies magically appear and the prices go down (a little, but never to where they were a few months earlier). To say nothing of being so hamstrung by the twigs-and-tofu set that we can't even develop the potential in Alaska and the lower 48! Ecology is one thing, but emasculating ourselves economically is another.

[Kuehn12]

You know how long it would take to build a refinery? I don't know exactly, but I imagine it would be at least a year once all the regulations are meet. I don't think the left can do anything about the law of supply and demand. The problems we are have is psychological factors, refinery problems, and a supply stretch to its limit.

[TheBattman]

I would have thought you crazy - if not for the last 12 months.

Now I am convinced that the Oil speculators are 100% raping consumers. Unfortunately, there are a lot of consumers who have money to take.

As far as I am concerned - if our economy that is beginning to show some positive signs of recover begins to show damage from this price gouging (don't give me any still-lower-than-historic-highs in adjusted dollars BS), the oil companies and those supporting their gouging should be run up a pole.

We have been cutting our expenses in every way we can - and are even trying to sell one of our vehicles to save on our budget. Yet we still are not gaining any ground, despite my income increasing regularly (though by small increments).

And if anyone needs any further proof that we are being gouged -

Reports that oil reserves/stockpiles are INCREASING, while demand has been quite a bit lower than expected. I thought lower demand vs. supply usually meant lower prices - at least that's what I remember from economics class in school.

Local gas stations here (4 of them) all raised their prices yesterday within 6 minutes of each other. None of them received a delivery of fuel that day, and none of them get their delivery the same day. Yet they all raised prices to the exact same price (10 cents - up to $2.39.9 for regular unleaded).

Is our President and legislative branch waiting for a consumer outcry, or worse - major economic damage - to even act like they want to come up with a meaningful energy policy which includes removal of many of the rediculous impediments to us becoming less dependent upon the Oil thugs around the world (like more drilling here in US territory).

We have cut back our driving to a bare minimum along with our other cost cutting. We cannot afford one of the wonderful 40+ MPG wonders. I guess it will take 20-40 million more with a similar situation as we have to even begin to be heard?

[thackney]

Reports that oil reserves/stockpiles are INCREASING, while demand has been quite a bit lower than expected. I thought lower demand vs. supply usually meant lower prices - at least that's what I remember from economics class in school.

This does not look like much of an increase to me.

It would not surprise if this increase was similar increase of demand. On hand stocks should be in proportion to demand.

[TheBattman]

Just going on several reports I have read and heard - that demand has been lower than expected, while reserves have increased.....

[thackney]

Demand may be lower than expected, or not, but it is not lower than the previous year.