Gas price decline is a temporary aberration

venturacountystar.com ^ | February 10, 2008 | Jenni Mintz

[Emperor Palpatine]

Why do we put up with such speculating?

Speculative trading on “possible” futures was NOT what Adam Smith had in mind.

[kellynla]

“As long as the ignorant voters of America continue to vote Democrat, we will never have any real relief at the gas pumps?”

For the record, when GWB(so-called, “oil president”) entered the WH, the price of crude was less than twelve bucks a barrel. I don’t need to tell you that because of his lack of leadership, there has not been any drilling in ANWR, new drilling off ANY coasts, no new refineries and the price of crude is up ONE THOUSAND PERCENT!

We can blame the ‘Rats for a lot of things but we sure as hell haven’t gotten any help from GWB in the last 7 years when it comes to what we pay at the pumps. Remember the GOP was the majority in Congress for 12 FRIGGIN YEARS!

“Republicans are doing a lousy job of informing Americans that it is the fault of Democrats we have this energy “crisis”?”

And GWB, failed miserably to LEAD!

So there is plenty of blame to go around to BOTH parties...and we who's at fault...we only need to look in the mirror! This problem began in the '70's with the oil embargoes. And since then our dependence on foreign oil has increased and NOT ONE NEW REFINERY HAS BEEN BUILT IN 30 YEARS! Well, I did my part. I quit commuting to work in 1979 and started working out of my house and never looked back!

[thackney]

Why do we put up with such speculating?

What would you suggest? Outlaw trading in the US so all commodities trading is done in other countries? Do you believe it would be in our interest to move all such trading outside the oversight of our laws?

[thackney]

For the record, when GWB(so-called, “oil president”) entered the WH, the price of crude was less than twelve bucks a barrel.

President Bush took office January 20, 2001. Oil was $32 a barrel by then.

http://tonto.eia.doe.gov/dnav/pet/hist/rwtcd.htm

He was called the "oil president" by his detractors, not the best source of defining who he is.

We are quite a ways off from a 1,000% increase.

NOT ONE NEW REFINERY HAS BEEN BUILT IN 30 YEARS!

No, but we have been expanding and upgrading the existing ones. In the last 25 years our gasoline production has increased 43% (comparing Jan 2008 to Jan 1983).

U.S. Weekly Finished Motor Gasoline Production
http://tonto.eia.doe.gov/dnav/pet/hist/wgfrpus24.htm

For comparison, in the same time frame, our gasoline consumption has risen 42%.

U.S. Finished Motor Gasoline Product Supplied
http://tonto.eia.doe.gov/dnav/pet/hist/mgfupus2m.htm

[Conservativegreatgrandma]

Congressional Republicans have tried repeatedly to get drilling in ANWR, etc. and have been thwarted by Democrats but they should be beating the drum relentlessly and letting the American people know what is happening, and why.

[kellynla]

Thanks, “Thackney”
I stand corrected...it’s only gone up 300% since he’s been in office. LOL

I was thinking of Jan 1999 when it was $12.

And I know that we’ve increased capacity at existing refineries but we still haven’t built any new refineries in 30 years.

And you have to admit that we haven’t gotten any leadership out of Bush since he’s been in office when it comes to getting off our foreign oil dependence.

[Diana in Wisconsin]

I buy gas as I do stocks; via ‘Dollar Cost Averaging.’

I always fill up on Thursdays, no matter what the price at the pump. Over the course of time, gasoline averages out and I’m paying an “average” price over the long term. Sometimes that average is higher, sometimes it’s lower.

However, at least there IS gas to be had. I remember standing in line to get gas in the mid-1970’s. Carter. Worst. President. Ever.

[kellynla]

The road to hell is paved with “good intentions.”
The GOP had the majority in Congress for 12 years & the WH with RR, BushI & BushII and what did they accomplish with regard to this problem?
Anyone...anyone...
Zero, zip, nada, nothing!

Until we start electing CONSERVATIVES and not RINO’s the situation in D.C. & America is not going to improve!

[norwaypinesavage]

The rise in summer gas prices was caused by the stroke of a pen (Bill Clinton’s when he signed the oxygenation regulation), and it can be cured by the stroke of a pen, if a President has the onions to do it. It is a classic proof of the law of supply and demand. Supplies are made artistically low by restricting where gas can be sold, and poof! the price goes up. I live between Detroit and Lansing. There are three grades of gas here in the summer: Urban - Detroit, Rural - here, and Suburban - Lansing. My stations can’t buy the cheapest gas from Lansing or Detroit, and the price goes up. The fault is solely governmental.

[RSmithOpt]

I'm thinking that because of our thirst for cheap retail imports, that diesel may be lumped into that category with gasoline, Ol' Thackney knows about it for sure. The onslaught of Chinese imports to the west coast have saved the railroads and created a shortage in truckers.

However, gauging from last Holiday Season reports and the bust in housing, there has to be a significant decrease in the number of gallons of petro's being used.

I too am one to have cut back in driving, going out to eat, and even on-line shopping. I also know of a few others around the 'hood too doing the same.

I am distrusting in the gov's reports in that we know too well the 'revised numbers' we always see for inflation, GDP, etc. for the last year that tend to point in the more unwanted directions.

With the housing bust, building has slowed significantly or all together ceased in many areas because of the inventory glut. With that the case, we all know materials aren't being shipped and sold. Food and energy however will always need its transport system and people will still drive to work.

The economy is slowing, has slowed, and will continue to do so until 9 mos - 18 mos past this Nov. if the gov gets its fingers out of the mess, the markets will correct slowly and the economy will grow some then again.

The gov and the MSM will battle it out with none of us actually having the real numbers. I just know from what and who is around me in respect to what the middle to lower middle class Americans and their families are struggling with. Not everyone makes $125 / year, and the middle class drives this economy and the middle class is being swamped with real inflation in the necessities in life.

[thackney]

At least President Bush has proposed drilling in ANWR. McCain has actually voted against it.

His opposition to opening ANWR is one of the reasons he is doing so poorly in Alaska.

http://www.juneauempire.com/stories/021008/sta_245575913.shtml

[thackney]

that diesel may be lumped into that category with gasoline

It is harder to measure diesel as there was little to no difference between it and fuel oil used for heating except for taxes and dyes used to track what was taxed. The new ULSD creates a difference but it has no track record to compare and is still used sometimes for fuel oil based on market size and location.

Distillate fuel oil sales including diesel and fuel oil are up about 1% comparing the last two 12 months on record.

U.S. Distillate Fuel Oil Product Supplied
http://tonto.eia.doe.gov/dnav/pet/hist/mdiupus1M.htm

[kellynla]

I know this is your industry but I respectfully disagree.
When Bush was sitting on a 90% approval rating in 2001,
he should have gone to the public in a State of the Union and told the American public that we MUST “get off the dime”, and for the sake of nationality security and our economic prosperity, we MUST “get off our foreign oil dependence.”
Instead, just like his father, he squandered that 90% approval rating and we are in worse shape now than ever before!

[RSmithOpt]

I knew you'd know!!

How's the refit / upgrades stuff going?

Hopefully well.

Weather cooperating for the most part?

Higher ups staying busy as so they don't have to call meeting everyday because they are lonely or need a new chart? (Seems like that around here at times. LOL!)

Splitting out the 2 for gallosns would be interesting even though diesel is more refined than #2 fuel oil. That would be a good indicator as to amount of freight, etc. being moved. I'm sure the loco's have been using more moving all the trains heading east.

The relationship of the US consumer and those that make it happen:

[RSmithOpt]

I knew you'd know!!

How's the refit / upgrades stuff going?

Hopefully well.

Weather cooperating for the most part?

Higher ups staying busy as so they don't have to call meetings everyday because they are lonely or need a new chart? (Seems like that around here at times. LOL!)

Splitting out the 2 for gallons would be interesting even though diesel is more refined than #2 fuel oil. That would be a good indicator as to amount of freight, etc. being moved. I'm sure the loco's have been using more moving all the trains heading east.

The relationship of the US consumer and those that make it happen:

[kellynla]

I know this is your industry but I respectfully disagree.
When Bush was sitting on a 90% approval rating in 2001,
he should have gone to the public in a State of the Union and told the American public that we MUST “get off the dime”, and for the sake of nationality security and our economic prosperity, we MUST “get off our foreign oil dependence.”
Instead, just like his father, he squandered that 90% approval rating and we are in worse shape now than ever before!

[RetiredArmy]

But, but, but, I keep reading all these articles about the oil market tanking and prices dropping to the bottom. What’s up with that????? /sarcasm still on

[mysterio]

We need to eliminate the many blends this year and pare it down to just a couple. I recommend an executive order. Enough of this nonsense.

[thackney]

I agree he should have done more. But I think we have seen better from him than we will see from any of the choices left for the next presidency.

If the Senate had not voted against ANWR in 2005 we would be getting started there.

Then again, if President Clinton had not vetoed it in 1995, the oil would already be flowing.

[thackney]

How's the refit / upgrades stuff going?

Incredibly high demand for engineers, designers, material, equipment, constructors, etc.

It keeps my bills paid.

Weather cooperating for the most part?

For the most part. Construction is a lot easier planing down here than on the Alaskan North Slope, that's for sure.