Posted on 04/21/2006 10:46:54 AM PDT by Rutles4Ever
SAN FRANCISCO (MarketWatch) -- Crude-oil futures climbed to a high of $75 per barrel Friday for the first time ever for a front-month contract on concerns about tensions surrounding Iran's nuclear activities, violence in Nigeria, and tight U.S. supplies of unleaded gasoline. June crude was last up $1.26, or 1.7%, at $74.95 per barrel. "We often see this sort of short covering in a record-setting bull market ahead of a weekend, since nobody is sure where we may be Monday," said trader Kevin Kerr, who is also editor of MarketWatch's Global Resources Trader.
That's mandated in Wisconsin. Under our absurd minimum markup law (supported by DemonRAT governor Jim "Craps" Doyle (WEAC/Potawatomi-For Sale) and various RINOS and RepublicRATs), gas stations must tack on the higher of 6% above what they paid for the gas in their tanks or 9.18% above what that day's average terminal price is.
...kinda tipped me that this episode was at least a couple of years old.
TURN THOSE MACHINES BACK ON!!!
Agreed. We are so asnine in this country, from the WH down to the dog catcher. No leadership, no vision, no action.
All we get from many party butt-kissers is as follows:
Blame the libs.
Blame the MSM.
Blame the RATS.
Blame Blame Blame.
Why not take the bull by the horns and just act? GWB did it to invade Iraq, why not on this?
$4.00 per gallon gas (it's already $3.35 and climbing at some places around here) and shortages to boot, are going to lead to a Democratic takeover of Congress this November.
It DOESN'T MATTER how much rhetoric a few Freepers are going to extoll regarding the concept of "free markets". It doesn't matter one whit
With ever-increasing gas prices that literally zoom up nightly, facts becomes useless. What matters more is "public perception".
And right now the perception is that the prices and shortages are due - at least in part - to the greed of the energy producers (look that that Exxon retirement package!), speculators who run rampant and unregulated, and the inability (or unwillingness) of the President and his party to do anything about it.
For example, the current "ethanol imbroglio" could be ended immediately - by an executive order suspending the EPA-mandated ethanol switchover requirements. After the executive order was in place, the Repbulican-controlled Congress (our side still "controls" Congress, right?) could expedite legislation to restrict or perhaps end outright "botique blends" of gasoline in favor of a few "regional" blends that can be produced more efficiently and cheaply, reducing price-pressure on refinery products and maximizing production "throughput" at our refineries.
My bet is the Congress and President will do next-to-nothing, or just plain _nothing_ as prices zoom up and actual shortages ensue (as they are occuring RIGHT NOW). Of course, President Bush will take a moment to express his "concern" about high gas prices, and then go on to other business (derisive snort).
We'll have $4 a gallon by fall, perhaps $5.
And a Democratic Congress, to boot!
- John
Peak Oil
Another $25, we get to $100 a barrel, which is supposed to be some magic number. At that point, it is entirely feasible to mine the ocean floor for Methane Hydrate, a much more abundant storehouse of energy than all the petroleum, coal and natural gas reserves known anywhere in the world.
Just breaking open the seams of coal that underlie many parts of the US, and using the Fischer-Tropsch process, we can produce more fuel stocks than we are likely to import from foreign sources for the next fifty years. In a word, self-sufficiency.
Designs for nuclear power generation plants, using technology developed since the last round of plants were built in this country some thirty years ago, should become one of our crash goals, starting a new plant every two weeks for the next five years, and getting them on line within three years of beginning construction.
This is a "price control" violation of a free market. Many think of price controls as an effort to keep the price down. But, forcing the price higher via government mandate is still a price control and a distortion of a free market.
What exactly do you propose they do?
We need more refining capacity, less regulation/EPA BS, and the ability to drill for our own oil. Is that what you're thinking?
They did a story on the local news and asked a gas station owner how he sets the price for gas. He said he gets in his car at 5:00am, drives up the road to big Shell/Exxon/Mobil/BP corner of gas stations, and sets his price $0.01 less than the cheapest price.
At $4.00 a gallon, those of us who own SUV's are paying $100 a tank. I stupidly allowed my wife to talk me into getting one in 2003. Gave up the relatively fuel efficient Honda Accord. We're a one car family, but $400 a month for gas is going to hurt -- and aside from the car payment, we're debt free!
Its too late. First:
1. Put the world on notice that we will be energy independant from the ME and Venezuala and follow the same by concrete measures. If the President can snub the U.N. and everyone else to start a war, he can do something similar on this. Anything else is just an excuse.
2. Give consistent and repeated speeches ala Perot about fixing the problem and the obstacles in the way. Tell the truth in plain English, not garbage D.C. nonsense.
#. Show initiative, not typical one speech wonders. People respect action not talk. All the WH does is talk talk talk. Talk is cheap.
Less taxes, self sufficiency, alternative fuel sources/choices, DRILL IN OUR OWN COUNTRY for cryin out loud....
Our party better start stepping up to the plate and actually HIT some balls (or get some), because we're losing on several fronts, fuel, immigration, social security, etc....
Not that I'd EVER vote Democrat, nope, never gonna do it, but still, I don't want them in office and others who are willing to vote democrat because of the Republicans lack of doing anything at all to fix the problems, will give us what we don't want and make matters far worse.
If ever there was a doomsday, we're heading towards it, imo...
Be-ver-ly Hills... that's where I want to be...
Wow, look at how the tax percentage has kept decreasing! Now that's progress!</sarc>
How many other countries have their economy as dependent on gasoline as ours is?
I seem to recall another price breakpoint for oil. $40/bbl was supposed to convince the American oil companies to explore in America. Only one small problem; the DemonRATs and RepublicRATs banded up to say, "No domestic drilling at any price."
Much the same thing is waiting for anybody who wants to exploit methane hydrate. IIRC, the US is a signatory to a treaty that gives all deep-ocean mineral rights to the UN.
It wouldn't surprise me.
I've been told that it's determined by the NYMEX bid price of refined unleaded + so many cents for this that and the other.
How long will it take to put those mechanisms in place?
$4 by Memorial Day? We'll send a get-well card.
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