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$5 Gas By Summer Is Seen as Iranian Situation Festers
NY Sun ^ | Ap 24 06 | Dan Dorfman

Posted on 04/24/2006 8:41:25 AM PDT by churchillbuff

Mr. Gaines, chief executive officer of Houston-based Dune Energy and a former top institutional energy analyst, told The New York Sun that those factors could include the current shortage of gasoline inventories, a really hot summer, supply disruptions arising from troubles in Iran and Nigeria, or another serious hurricane in the Gulf, 13% of whose production is offline.

These factors, he says, also could easily produce $90 to $100 oil, as well, versus Friday's close of $75.17.

Equally significant are the implications for interest rates. The gushing oil price, says money manager Leonard Mohr of Los Angeles-based MCR Associates, re-enforces his conviction that the Fed, contrary to overwhelming Wall Street expectations, is in no position to call it quits on future interest rate increases, given the inflationary ramifications of the burgeoning price of oil.

(Excerpt) Read more at nysun.com ...


TOPICS: Business/Economy; Foreign Affairs; Government
KEYWORDS: gasprices; speculators
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1 posted on 04/24/2006 8:41:27 AM PDT by churchillbuff
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To: churchillbuff
And why aren't we drilling in Alaska? The Alaskans are begging for it. OR better yet, let's invade Canada, and steal all their oil.
Skrew the seals! What about the economy?
2 posted on 04/24/2006 8:43:22 AM PDT by TrogdortheBurninator (Masters, remember that I am an ass: though it be not written down, yet forget not that I am an ass!)
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To: TrogdortheBurninator

Wouldn't matter if we were.. its futures manipulation not supply shortages that have been driving gas prices through the roof for the past few years... Even if we tapped ANWAR the price would still be going up, because the markets being manipulated.

Tankers are SITTING in harbors because we have no place left to store the crude we have such oversupplies around the world, but the price keeps going up.. its a speculative manipulated bubble driving up prices for the past few years, not war in Iraq or issues with Iran.. just pure old greed by a few powerful folk.


3 posted on 04/24/2006 8:45:37 AM PDT by HamiltonJay
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To: churchillbuff

It is all total insanity. Yet we (our government) continue to self-destruct when it comes to energy independence. Washington continues to stand there, doing nothing about it. And anyone who thinks this will not have a profound impact on key elements in our economy are living a major lie -- it already is. We continue to be OWNED by the international oil cartel.


4 posted on 04/24/2006 8:46:40 AM PDT by EagleUSA
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To: churchillbuff
I can't help inviting all the good people with muscle cars who wax poetic about me being an idiot for driving a Prius.
Even though I didn't buy it to "save" money.

Heaven forbid, what with the 'Rats doing everything possible to make Bush look bad, plus the Bugs and Bunny crowd doing likewise and obstructing the development of our domestic energy resources (including nuclear), rationing may be a real possibility in the near future...

I will particularly enjoy that discussion.

As an aside... just announced on the radio: the Brits are paying $8 a gallon for fuel. So we should be happy!
What a lame argument!

5 posted on 04/24/2006 8:47:15 AM PDT by Publius6961 (Multiculturalism is the white flag of a dying country)
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To: churchillbuff

Please, I don't think so.


6 posted on 04/24/2006 8:48:18 AM PDT by Perdogg (entia non sunt multiplicanda praeter necessitatem)
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To: HamiltonJay
Even if we tapped ANWAR the price would still be going up, because the markets being manipulated.

OK.
'Splain this to me... if you can.
How did Southwest Airlines manage to secure futures at half of the current price? Pretty inept 'manipulation', if you ask me.

7 posted on 04/24/2006 8:49:42 AM PDT by Publius6961 (Multiculturalism is the white flag of a dying country)
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To: EagleUSA
Washington continues to stand there, doing nothing about it.

Since 1974, Government has not done anything about a national energy policy which addressed all aspects of energy. Nothing. Carter did the most, he said turn your thermostats down at night.

8 posted on 04/24/2006 8:52:36 AM PDT by 1Old Pro
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Comment #9 Removed by Moderator

To: churchillbuff

Friday night I was taking a NYC cab home, my driver was a Pakistani and he was listening to the BBC which started discussing recent gas/oil prices.

He blurted out quite seriosuly that America "should just invade Saudi Arabia and take their gas". "They don't have any army and the young people all want to be American".

Nothing like prices at the pump to spur public opinion.

By the end of the summer, drivers will be screaming to drill ANWR and invade Iran already.


10 posted on 04/24/2006 8:53:51 AM PDT by finnman69 (cum puella incedit minore medio corpore sub quo manifestu s globus, inflammare animos)
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To: churchillbuff

The Dems should be cheering. Isn't this what they have wanted?


11 posted on 04/24/2006 8:54:05 AM PDT by 4U2OUI (OK.)
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To: EagleUSA
What does "energy independence" have to do with this? Can you think of a single product or commodity produced here in the U.S. that is inexpensive by international standards?
12 posted on 04/24/2006 8:55:10 AM PDT by Alberta's Child (Can money pay for all the days I lived awake but half asleep?)
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To: Publius6961

Splain this to me:

We have so much crude right now we can't even unload it.. because we have nowhere left to store it.. not only here in the US, but also in Japan and other countries around the world.

Demand, worldwide is actually declining.

Yet the price of a bbl of crude continues to climb....

Long term contract for delivery was available long before a futures market existed in the US.... all you have going on right now is futures manipulation, just like you had tech stocks in 99.


13 posted on 04/24/2006 8:55:18 AM PDT by HamiltonJay
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To: churchillbuff

But wait, OPEC says oil price will drop!!

I'm getting VERY frustrated at these gas prices.


14 posted on 04/24/2006 8:55:29 AM PDT by sandbar
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To: churchillbuff

Perhaps a Congressional investigation of gasoline prices should include looking into George Sorros and other oil speculators. In addition to not tapping our own supplies of oil, we haven't built a new oil refinery in 25 years, despite increasing demand for gasoline...thanks again to the tree huggers.


15 posted on 04/24/2006 8:56:06 AM PDT by The Great RJ ("Mir w├Âlle bleiwen wat mir sin" or "We want to remain what we are." ..Luxembourg motto)
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To: 4U2OUI
The Dems should be cheering. Isn't this what they have wanted?

Absolutely.
The good news is that none of them has even a clue on how to fix the problem. The silence is deafening...

16 posted on 04/24/2006 8:56:12 AM PDT by Publius6961 (Multiculturalism is the white flag of a dying country)
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To: churchillbuff
Cool!!!
17 posted on 04/24/2006 8:56:29 AM PDT by JZelle
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To: Alberta's Child

Can you think of a single product or commodity produced here in the U.S. that is inexpensive by international standards?
-------
For openers, GASOLINE used to be....


18 posted on 04/24/2006 8:56:49 AM PDT by EagleUSA
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To: churchillbuff
Gas won't go to five bucks....

The demand falls off at three or close to three, and unless we experience a major supply problem, which we do not have presently, the price will remain in the three dollar range to curb demand.

This is all Shumer speak nonsense.....

19 posted on 04/24/2006 8:57:11 AM PDT by Cold Heat
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To: TrogdortheBurninator

"And why aren't we drilling in Alaska?"

Sorry, but Senator Maria Cantwell's Sierra club checkwriters say we aren't going to and as long as they are funding her elections, she and the rest of the dem anti-drilling obstructionists like Feinstien are going to do everything they can to keep us dependant on foriegn oil.


20 posted on 04/24/2006 8:57:17 AM PDT by Proud_USA_Republican (We're going to take things away from you on behalf of the common good. - Hillary Clinton)
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