Sticker Shock-$3 a gallon gas? Click the picture:
Posted on 08/31/2005 5:43:25 PM PDT by M. Espinola
$3.47 for premium here in mke.
I do not feel that is a fair statement. Many of the energy 'speculators' are just regular traders and the last thing they want is a full blown recession. People 'speculate' in currencies, stocks & bonds around the clock.
"They have been at it all year, this hurricane is just the latest excuse to gouge the American public in the back with the blessings of the Federal government."
The principal monetary force behind the oil market are the funds, not little guys.
Most in urban areas do not have fireplaces. Prices should drop as soon as the pipeline problem is resolved.
Prices should drop as soon as the pipeline problem is resolved.
Well there's that, hopefully we can drill ANWR (much to the dismay of the liberals and caribou everywhere), and if more refineries opened (not counting on that right now).
If history is any indication, the people doing the panic buying will also get hurt. Just as has happened with such panics before, those involved with them depend on the price continuing to get higher. But at some point, the price is seen not to be supported and it collapses.
Well stated. You know what they say, history repeats itself.
NYC, Chicago, Philly, Boston, Providence, etc, etc, depend on natural gas of the Edison for heat & A/C.
We need to be drilling wherever oil & natural gas has been discovered and forget out the bloody pinkos. Most consumers should be in agreement after this mess.
The 'cheap' for high test, in relation tor other areas across the nation this evening.
Let's hope as we enter into the crisp cooler weeks of late September and early October energy prices will fall well below pre Katrina levels. It's the winter I am concerned with - the inevitable 'Iranian problem'.
No argument from me. The economic impacts of this situation could be damaging if kept up for a long period of time, so I think it's worth exploring and tapping available resources.
Not one person I spoke to today -- not the car dealer, not my mother's friend, not the clerk/customers at the gas station, not my best friend, and not my own family -- did NOT have something on their mind about these gas prices. They were more than just disturbed, they were irate. (Heck, people I'd never met before today were whining to me about the gas prices!) I've not exactly seen anyone these last few days who wasn't p!$$ed about gas prices, but there's not a whole lot the consumers can do other than 1) deal with it or 2) cut down on gas usage.
There is a very strong dissatisfaction out there, on FR, and everywhere, and it's not so clandestine anymore (40-60 cent jumps in one day will do that). It's getting to the point where for some in our community, it's too costly to do daily errands. My friend's family is planning to buy a Prius hybrid car now because between running kids to college in MA & MD and going back and forth to Yonkers for work, it's an arm, leg, and firstborn for gas money without one.
We can only hope that what the president did today (waiver for fuel blends/release of petroleum reserves) will provide relief -- and fast.
I know the last thing anybody wants to hear, including myself, is additional major price hikes in overall energy prices, however OPEC's second largest volume exporter Iran is very busy nuclear tipping their cruise missiles and rapidly working over time (with the help of the damn Russians, North Koreans, rouge Pakie scientists, and Red China) to gain nuclear arms (IRMB's & ICBM) The ICBM's would be capable of striking the U.S. East Coast.
The mullah's nuclear madness must be countered before Tehran's tyrants push the button causing the unthinkable. Any war or limited war in the Persian Gulf region will trigger another round of panic driven bullishness in the energy trading pits of the NYMEX.
I was really hoping that somehow this inevitable confrontation could be completed prior to the upcoming heating oil season and now it appears the action will either begin in the middle of winter or after - who knows at this point.
Our economy can't continue sustaining these energy price jolts with out very serious long range bearish economic repercussions.
Here we are the first day of September and overnight prices in the traded energy complex are as follows as this is posted:
Light Crude Oil for October is @$69.51 a barrel up 0.57 cents
Natural Gas for October is @$11.490 (British thermal units) (MMBtu), up another 0.018 cents (This would be record breaking in the middle of the worst winter)chart
Heating Oil for October is now @$2.1267 a gallon, up again 0.0502 cents
Unleaded Gas October at the spot price is at an incredible $2.4051 up 0.1498 cents
Are these prices a but a mere sample of what future price trending will behold if there are sustained, future, supply problems, in either Iran or Arabia?
At those highly inflated Atlanta gas prices it would cost me $133.54 to fill up!
We used to have a van with a 36 gallon tank, which was great for the run up to Hot-lanta-- go there and get halfway back without stopping for gas.
36 X $5.87 = $211.32... good God, back when I drove the thing, a $20 bill would fill it up, and it seemed pricey at the time.
My mother in Atlanta said that gas in her area was over $5 as of yesterday and in short supply, limit 10 gallons per customer. The AJC has a story that corroborates this:
http://www.ajc.com/news/content/news/breaking/katrina/01gas.html
To think during 1999 when a barrel of oil and sunk in price to a little over $10.00 a barrel and pump prices were under a Dollar. (The good old days!) :)
Drop in inventory sends gasoline futures soaring (The Financial Times 9-1-05)
Thanks for the link- will try to read it before the wife-unit arises & starts demanding breakfast.
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