Futures speculators herding to cash in. There is no oil shortage. Never was, never will be. The world is awash in oil. You read it here first.
The dems will claim it is because they drove all the speculators out of the market.
Checking back, I noticed that it had actually gone down even further, earlier, to $99.41...Rack up one big psychological barrier as breached.
Gasoline went up 40 cents a gallon yesterday on Long Island.
and less than ten years ago oil hit less than ten dollars a barrel...
One might assume the strong prospect of a pro-US-oil production President in the White House is having its effect on greedy OPEC. This, combined, with very strong American voter sentiment to begin greatly expanded sourcing of domestic petroleum and the building of nuclear electric power plants....yes, OPEC, you should start worrying. You desert rats are going to have to sell your Mercedes limos some day.....and go back to riding camels...
RBOB Gasoline down 8 cents today too.
When oil was $140, the price of gas was just around $4 in my neck of the woods. NOT including the recent Ike-spike, when oil is now $100, gas was $3.45 (and only at one place - the two other gas stations at the same intersection were priced at $3.59 and $3.65).
Hmmm. Let’s do some math.
100/140 = 71%
3.45/4.00 = 86%
Well, isn’t that peculiar?
Now gas stations are purposefully jacking the price up in the wake of Ike when there is still plenty of room to go down from the barrel price drop.
Here in Toronto, we’re paying the equivalent of $5.21 a gallon. They say it’s because of Hurricane Ike. I say it’s because a kid dropped his ice cream cone in the park.
Despite declining oil prices, gas prices have stayed nearly the same for about the last three weeks or so here in N.W. Illinois ($3.70/gal.)
Not seeing much relief at the pump:(
Ping.
We need more refineries so our gas prices go down as well. Gas is still too damn high!!!
And NYMEX RBOB gasoline is down 14 cent a gallon as of 12:21pm today. Guess the refineries haven’t been hit that hard as the speculators are getting the news before we do??
Root of the problem is gubmint period.Nuff said.