$4 gas: Get used to it (Under Obama)

Cnn Money ^ | October 5, 2012: 5:00 AM ET

[BradtotheBone]

FORTUNE -- President Obama may have a lot more to worry about than bombing the debate this week. Traders are starting to get particularly bullish over gasoline prices – and that is bad news for the average driver, who may also be looking to vent his spleen at the voting booth.

Reports of gas shortages along the high-demand west and east coasts may be fleeting – although deeply concerning – but they highlight a problem that's expected to persist in the U.S.: our refineries are getting old. Given that a new refinery has not been built since 1976, commodities desks on Wall Street are bracing for more refinery outages and fires just as the nation needs to gear up for the busy winter heating season.

What does that mean? Probably more weeks where we'll see U.S. crude oil inventories hovering above the upper limit of the average range for this time of year, yet gasoline inventories tunneling into the lower half of their average range, as the U.S. Energy Information Administration reported Wednesday.

Translated in dollars and cents, retail gas prices likely won't be moving off the $4 needle anytime soon. In fact, some gasoline buyers think this may even usher in a run to $5 a gallon (especially out west where gas stations are shutting down because they cannot buy gas at price levels low enough to turn a profit).

[Gaffer]

Heard people somewhere in California on the radio this morning complaining about over $6/gallon.....gee, thanks Obama!

[treetopsandroofs]

Emboldened by their Fraud’s fraud, they will be REDUCING gas prices in the next few weeks.

Betting this was just so the Hussein Heads can say, “See, you idiots, gas didn’t go UP (at all) with Obama!”

And He created 8 MILLION jobs, too!

/Hussein Heads

[Oberon]

And don't forget that... let's face it... oil companies will keep the price of gasoline just as high as they can drive it without breaking something, right up until the election.

They don't want Big Brutha in office any more than we do.

[stephenjohnbanker]

Premium in Cal is 5.00/gal

[ssaftler]

You beat me to it, I was gonna say that $4.00/gallon gas ALMOST sounds reasonable out here in the land of the fruits, nuts, flakes and moonbats!

The gas stations at the corner of my street BOTH clocked in at $4.719 this morning, according to Gasbuddy.com! And these stations were, IIRC, about $4.139 on Monday.

Thank you, nObama, I’m sure your oil buddies are making a fortune off us poor shlubs here in Caliph-phony-a!

[Gaffer]

Maybe so, but all I can report is what I heard on the radio. Something about temporary shortage and stations closing, etc.....

[rollo tomasi]

Why just under Obama? If the highly “intelligent” members of the Fed. Reserve keep perpetuating the need for QEs the other eggheads from the Ivy League in the public servant sector are just going to go along with the plan.

Ever notice since the dawn of Pres. Wilson and his superior intelligence/Philosophy King Ivy league central planning approach, the United States future began dwindling. “It's better to burn out, than fade away” should stick to rock stars, not a nation's economy.

[Zakeet]

[stephenjohnbanker]

” Something about temporary shortage and stations closing, etc”

That could well be.

[tumblindice]

Let’s see now ...
As in Dicken’s novel `Great Expectations,’ a Saudi princeling arranged for a promising young muslim youth to attend Georgetown and Harvard.
And this youth grew up to be an America-hating man-child who has led the charge against fracturing America’s oil shale assets.
Is anyone surprised?

[null and void]

I've been putting this sticker on gas pumps:

"Somehow we have to figure
out how to boost the price of
gasoline to the [$8-$10/gal]
levels in Europe." - Barack Obama's
Energy Secretary Steve Chu. Had enough yet???

I've sized mine to fit twelve to a sheet of easy to remove bumper sticker stock...

I will send a dozen stickers to anyone who FReepmails me their address.

I will send the Excel file to anyone who FReepmails me their email address, PROVIDED they promise to only use removable stock.

[Jack Hydrazine]

It’s headed for $10/gallon.

Get used to it!/s

[FourtySeven]

Where can one buy this removable stock?

[GlockThe Vote]

Screw them - they are voting for obama - more misery be on them.

[Cvengr]

Spoke with the Costco attendant,...they are raising gas prices 3 times daily, at $4.75 now, shooting towards $6/gal.

[null and void]

Any stationary store. It’s sold as bumper sticker stock, full sheet labels removable adhesive, or as removable labels.

My current batch is being printed on Post-it 2500-L stock.

It peels cleanly, sticks well and has a backing that is relatively easy to remove. The backing is also beige, making much easier to determine which side up in the printer...

[Carry_Okie]

Regulations constraining production are a payoff to the owners of the oil industry.

Here's how it works.

[Victor]

"....And don't forget that... let's face it... oil companies will keep the price of gasoline just as high as they can drive it without breaking something, right up until the election. They don't want Big Brutha in office any more than we do......"

Agreed. I've been saying this on FR for many months....the oil companies have a tremendous incentive to drive this bastard out of office...and what better way to do it than pump prices at, say, $7.00/gallon the week before election day....??

I will gladly for gas at those prices as an investment to recover my country.

[Vendome]

I don’t recall what the price per gallon was yesterday when I filled up but, when the total for filling my tank reached $87.00 I thought “The Saudis must be pleased with me today...”