Posted on 04/13/2011 6:16:14 AM PDT by Red in Blue PA
WASHINGTON - Gas prices are going up. And up. And up. And now, the Energy Department predicts the cost of gasoline this summer will be 40 percent more than last year.
In the District of Columbia, the average price of regular unleaded jumped four cents a gallon between Monday and Tuesday.
"I think it's all kind of a farce," says driver Kathryn Abate. "Because the oil prices have gone up a little, but not really to the extent that gas prices have. So it's just like a 'predicting' thing which I think is kind of unfair to consumers."
The experts blame rising gas prices on unrest in the Middle East and a fear factor that goes with it.
(Excerpt) Read more at myfoxdc.com ...
Gas is $4.00 a gallon here in Indy now. Up a penny, down a penny. It is now $4.00.
Where are the pubbies out in front of the mics?
Dumbarses they are.
Close to a break even for me- traded in the beloved but gas guzzling Jeep for a four-banger Ford Escape.
LOL. I can already see the headline:
"Consumer spending rises to highest level in 2 years, indicating some growth in the sluggish economy"
/shot in the dark..
I have a bet with someone at the office that it hits $6 by Labor Day. As soon as it hits the fan in the mid-east I (I refer to the next Israeli-Arab war, or Iran starting to throw its weight around, not the Libya-type sideshows)it’ll shoot up.
When the media reports oil price in the US, they use the price for WTI deliveried to Cushing, OK. That is done because it is the basis for the NYSE commodities oil price for next month.
Cushing is having a surplus of oil due to larger domestic production around the Permian basin and some other factors. Where the WTI price has normally been a premium to our imported oil price, it is now trading at a discount.
But that doesn't change the fact that most of the oil we use in the US is imported. So most of our Gasoline is from the higher priced oil than that quoted in the media.
If you look at the following two source of data you can see this switch. The latest average cost of domestic oil is a few dollars cheaper than our average imported price. Back in July of 2008 the imported price was several dollars less.
U.S. Crude Oil Domestic Acquisition Cost by Refiners
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R1200____3&f=M
U.S. Crude Oil Imported Acquisition Cost by Refiners
http://eia.doe.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=R1300____3&f=M
So the price of oil that is quoted by the media represents a minority of the oil that is actually processed in this county. And since 2008, the ratio of domestic oil versus imported oil has raised which compounds that difference.
well, with crude oil tanking this morning after Goldman Sachs’ report on severe over-supply yesterday, it is likely that gas prices will now decline...usually about a 2 week delay in it hitting the gas pumps.
and the oversupply is not due to having too much productive capacity...the oversupply of crude oil is due to demand destruction...
” it is likely that gas prices will now decline...usually about a 2 week delay in it hitting the gas pumps “
Yeah - the customary 5-cent decline after a $1 runup - and we’re supposed to be grateful...
word was this morning that the crude bubble pop was gonna be so severe that they were gonna halt trading...likely more than a nickel a gallon at the pump...
Yes, exactly...this isnt about having the latest boutique green car its about inflation at a pace not seen in some time. It seems the left is oblivious to the consequences of their silly pseudo-scientific eco agenda and kindergarten economic theories. One things for certain, we’ll all have front row seats to the eventual failure of the lefts sacred cows.
My magic eight ball predicts lower gas prices a few weeks before the next election cycle.
This week Sen. Frank Lautenberg (D-NJ) delivered the Democratic radio address. Lautenberg placed the blame for the high prices of gasoline and oil firmly at the feet of George W. Bush and the Republican Party.
“This week, the price of oil and gasoline both hit new record highs – almost $120 for a barrel of oil and more than $3.50 a gallon for gas. These out-of-control prices mean that hundreds of thousands of Americans are driving to work and spending too much of their day just earning back the cost of their commute. The American people deserve to know why this happened,” Lautenberg said.
He blamed the Bush/Cheney energy policy, “When President Bush took office, gas prices were less than half of what they are today – and oil was less than one-third. Then, seven years ago, President Bush and Vice President Cheney secretly invited executives from the big oil and big energy companies to the White House to write our national energy policy. When we finally uncovered the truth, we discovered – to no surprise – that Big Oil helped write a law that guaranteed them billions and billions of dollars in tax giveaways while they set in motion disastrous economic and environmental policies that have served no one but themselves.”
LOL where is the press? Only one I see is Donald Trump
What's going on is...The Obama administration wants to purposely have the gasoline prices raised, the cost of living go up, etc. because campaigning is going to start. And then...when all He** breaks in the country Obama will do something so that he can look like the "savior" they say he is so he gets re-elected by the fools who believed in him the first time around. The Obama string pullers, Dems, and Libs in power create problems just so they can solve them later and then claim they have rescued us. It's political psychology and that's their plan.
I was filling up at my usual station a couple of weeks ago and the gal at the next pump was muttering "f'n obama and the democrats" under her breath.
They’ll still line up to vote for Obama in 2012 ...
Ah yes, a trads view of the world, simplicity itself. Im sure Ben’s over heated printing presses have nothing to do w/ the price of oil.
Nope, you are about 15 replies too late.
We need those little FUBO stickers to put on the pumps.
It’s all because of Obama’s Haliburton buddies.
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