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Posted on 01/21/2011 11:56:37 AM PST by NRG1973
Strong worldwide oil demand and lack of supply are to blame for steadily rising gasoline prices in the United States, an oil industry group said Friday.
The American Petroleum Institute made no specific price forecast for 2011, but didn't seem to see a drop anytime soon.
"Unless we see increases in supply, it's hard not to see a tighter market," John Felmy, the institute's chief economist, said in a conference call with reporters.
Felmy said worldwide oil demand in 2010 hit a record of more than 87 million barrels a day, driven largely by strong growth in India, China and the Middle East.
Supply, meanwhile, was constricted by the drilling moratorium in the Gulf of Mexico following the BP disaster, slow production growth in non-OPEC countries, and OPEC production controls.
The government's Energy Information Agency estimates that the drilling moratorium in the Gulf will curtail oil production by about 120,000 barrels a day in 2011. The moratorium has been lifted, but new permits have been slow in coming.
(Excerpt) Read more at money.cnn.com ...
As long as we keep accepting the price increases from the Arabs, gas will go higher. As long as they know we will not drill for our own oil, prices on oil will go higher. As long as our government continues to ban oil production, prices will go higher. Our government is pandering to the Arabs. Time to stop this crazyness.
I believe that it is possible that due to the recent events surrounding the search for Obama’s BC, he is not going to run for a second term. He doesn’t really care how high fuel prices go anymore than he cares how high unemployment is.
DRILL DRILL DRILL.
But O’Boozer says NO we need to have $7 a gallon gas.
Economies are more complex and multi-dynamic than community organizing. Too bad for us I guess...........
Bush`s fault.
Just heard clips of Obama on Immelt joining him stating he`s cleaning up someone else`s mess or words to that effect.
That is the comeback line in 2012 when unemployment is still at 10%, “ Hey, not my fault. I`m cleaning up Bush`s mess”
And the press will run with it.
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Food and gas are not considered in the core inflation rate, so Bernanke says “There is no inflation”. It’s all a scam.
Gas will hit $5.00 a gallon this summer.
Also in the NE which is dependent on oil for heating aways pushes up the cost overall. Snowy winter globally. Not sub cold but oil heating nevertheless. Wood and wood products, LP now more popular in the NE to cut dependency on oil.
The more the Zero prints money, the higher the gas prices go.
I think there may be a connection....................
Gas will ONLY hit $5.00 a gallon this summer....if we’re lucky............
Poll: 70% Expect to Pay $4-a-Gallon Gas By July…
(Rasmussen)- Nearly nine-out-of-10 Americans say they are paying more for gas than they were last summer and expect to pay even more six months from now. Most say $4-a-gallon gas is likely by July
http://weaselzippers.us/2011/01/20/poll-70-expect-to-pay-4-a-gallon-gas-by-july/
Obama’s plan is being implemented. We are experiencing the “fundamental change” of America, right under our noses and we are too fat, lazy and scared to do anything about it. Let’s all join hands and sing Kumbaya and we’ll all feel better.
LOL
In LA one can pay as high as 4 today.
These are high prices for just regular in LA today:
http://www.losangelesgasprices.com/
You might be right about 0bama not caring about unemployment, energy prices, etc. But I guarantee you that he badly wants to be re-elected. He would absolutely love to have four years to run the country where he doesn't have to answer to the voters.
In regards to his birth certificate...I believe that is a trap that he is setting up to whip up his opponents. He saw how the Monica Lewinsky scandal made the left flock to defend Clinton (leading to Clinton's popularity growing) and I think he'd like to use it to marginalize his opponents. I personally don't care if he was born on the planet Mars, he's a lousy president and is doing irreparable harm to the country.
$3.20 here today.....yikes...I dont know which is worse pumping gas or going to the grocery store.
$2.93 in north Denver area. That’s UP from around $2.40 this summer...
WHERE?? is the outrage from the DEMS? Media, etc.? Halliburton!!!
Oh...never mind...I forgot, the “O” ZONE is in charge...
We heard that in 2008 as gas climbed over $4/gallon.
And then cratered.
This is a mix of speculation and currency devaluation.
” ...I dont know which is worse pumping gas or going to the grocery store. “
You’d better figure that out - it’s gonna be your day-to-day choice, before long.....
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