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This may not be news to a whole lot of people, but, I am getting sick of this. Why isn't the Government doing anything about it, especially when they know that it is killing our economy? Not, to mention that we are fighting wars over it, only to have the countries we are "Aiding" are constantly stabbing us in the back.
If I were President, I would be slapping a huge tax on all imported oil, and fine gas stations that inflate prices over $2.00 a gallon.(Which would result in the price instantly coming down) Oil companies are making quarterly profits in the Billions, there is no logical reason for having gas prices this high, other than lining share holders pockets with more cash then they need.
I say pull all of our troops out of these countries, and spend the huge amounts of tax payer dollars, to bail out all of the families in the united states who have been made unemployed, as companies use the price of gas as an excuse to cut their labor.
The money they are spending on these wars in a single day, could buy homes for thousands of families in need. I know of people who are spending their entire paychecks on gasoline, just so they can get back and forth to work, with little left over for anything else.
I drive my brother 5 hours one way, so that he can get his Kemo treatments, and it costs me almost $40.00 for the trip just one way, $80.00 round trip, and I have to do this every week. And, this comes at a time when I have no income. Now the price of gas is going to have me shelling out $86.00 with the drastic raise.
More people should be outraged, and we should get together and start picketing, and begin our own "AID" in bringing these prices and our worthless government under control. If we have to keep senators and oil tycoons know that, we have had enough!!
Up here in the great white north....if I did the calculations correctly we are paying 4.58 a gallon. It is 1.21 per liter. Used an online calculator so I am pretty sure it is right. My husband drives 2 hours to work and 2 hours home. The cost is outrageous! Some days if traffic is bad it takes him 5 hours a day in total. He is in construction and has to drive his 4x4 suburban. Some days it just does not pay for him to go to work.
we could have it cheaper if we drilled here but the far left is worried about the wildlife.
We could drill here, but oil companies do not want to pay land owners to drill.
They want to drill on state owned land, so that they don't have to pay for it. And, the reason there is worry about the wildlife, is because a majority of the places where oil companies want to drill is on national park land. Like the land they are trying so hard to keep clean in Alaska.
No I have a friend who works for a company in Louisiana and he is not allowed to drill. they allowed the company to pay the big fees to see if they can find but now that they have, they won't give permission to bring it up. he hasn't lifted the ban.
And personally If we have oil in the parks they should drill! Also get rid of the lobbyist who stop all the alternative energy Ideas from happening. they have some solid Ideas but these thieves in Washington get paid off!
It's okay $2billion to Brazil. $2billion to Columbia. Pressure on OPEC to increase production - Drill, baby,drill - hell no - but /حفر، وطفل رضيع، حفرtaladro, bebé, taladro/bebê broca, broca - YES!!
While allowing the oil workers of the gulf to go on food stamps and unemployment, the massive deposits in the Dakotas, the continental shelf, Alaska as well as, our most reliable ally and supplier, Canada to go broke. I say keep the $4 billion in the family and DRILL, BABY, DRILL! - in English.
The disastrous policies of the Obama administration and the stupidity of Ben Bernake have destroyed energy production and the dollar simultaneously - way to go hope and change, hope and change, hope and change....
Based upon what? There hasn't been a single report stating anything other than we only have 1 yr worth of oil, IN TOTAL. That wouldn't fix the gas price. You are being ridiculous
Thats too cheap, in my country we pay $8,58 a gallon...
The government is doing something about it... they're causing it!
If you want more of something you don't tax it or place price controls on it. That's a sure way for you to be unable to get gas at any price!
The problem is Obama WANTS the prices to go higher to save us from carbon dioxide and to create the "green" economy. That is why he's imposed a moritorium on drilling in the gulf and shut down half the rigs there.
In addition Obama's monetary policy is to continue to print money to stimulate the economy. This is starting to show up as high inflation in food and commodities like oil.
I suggest you write to your reps and Obama to tell them how their policies are hurting you.
Yep...ignore it when it goes even higher under Bush, ignore the fact that speculators are unrest in the middle east pushes oil prices...and blame it on Obama. Sad sad very transparent person.
Brimancandy, this is the shape of things to come. Yes, the prices are up due to the tension in the Middle Eastern countries but oil is going to become more expensive as time go along. It is much higher in other countries. We will never see gas prices below $2.00 again in the United States. I remembered seeing it at 29 cents a gallon as a boy. It has increased a lot since that time. It is getting harder to find oil and there is a much higher demand for it now than 10, 20, or even 50 years ago so it will become more expensive and one day we will run out of it. The president cannot do much about the higher prices other than push for development of alternate energy sources for our transportation system.
He can also allow drilling here instead of worrying about the wildlife in Alaska. he just gave south America 2B to drill? why not here and create jobs? so he can do more to bring it down. and yes it will never be 2.00 again, just the tax here in NY on gas is about a dollar alone! crazy.
70 cents at least on tax per gallon. You think our government wants to give this up? Battery or better gas mileage? We are all screwed! The real only thing to do, is vote the old incumbent club out of office, until we can get some realistic people to do something!!
SO I agree with you completely, there is a lot of manipulation in the Oil & Gas market. Congress does little because those who manipulate are the same that give large campaign contributions.
Our gas in Michigan is $4.16 a gallon. I know California has it worse.
I may be wrong, but I heard that the price of gas in the UK and Australia has been over 5 bucks a gallon for a long time.
Makes ours seem like a bargain. Another reason why I love working at home.
But I do understand your anger.
Price of gas in the UK, over $10 dollars a gallon.
You are correct Bill. A lot of Australians are driving mini cars in the last few years. The price has been higher here than in the states for 30 years that I know of. It must be very difficult for Americans at over $5 a gallon though, as the cars are often fitted with bigger motors than we use here, with the exception of the 2 local big V8s that are mostly used for heavy towing.
The problem Earnest is the Public transportation systems, in cities other than major Urban hubs. It is sparce and the Distances we travel are large, so you are almost forced to commute by car, and getting a City Goverment to act on putting in a Good system is almost impossible.
Places like NYC, San Fran, LA, Wash DC, Atlanta etc..... they have them, most other Cities do no. or have a small version that does not cover all the Territory needed or necessary.
We have not expanded our Transportation infra-structure, and now we are paying a price for that as Gas climbs and tightens up the available monied on hand for folks.
. It would help some to easy the daily commuter costs if we had concentrated on building a really god public Transport system. To late for that now..
No one is investing in anything now like electric rail, or Hydrogen busses etc ..or converting to natural gas and it is now taking its toll as oil commodity speculators rip us off for the price. and blame un-rest instead of telling the truth.
Do realize that any tax that the government imposes on companies, is automatically passed on to the consumer, so as to protect profitability.
If you didn't know that, then now you do.
Applying any further taxation would be foolish. It would only drive up the price.
Indeed it would. About 70% or more of the UK cost of gas is tax, we even have tax on tax!
The tory government at the last budget, as a great concession to the people dropped the price of fuel one penny! Wow.
what do you expect they have to pay for all government giveaway's!
Roads are expensive things to build, in fact some of the cost has to come out of general taxation.
roads can easily be paid with a small tax! I do not know UK policies so I will not say anything about the UK. but here in the states each state is responsible for the roads and each state gets plenty of taxes one of my homes the one I live in I pay 14,000 a year in taxes. there is tax on everything here already except air which i think the socialist will try soon. liquor tax, cigg tax, telephone, electric, sales, gas, soda tax,state tax, I could go on for hours, they have police giving out tickets like crazy avg 75.00 per ticket and 25 surcharge another BS type tax. supposedly the lottery takes in millions per week for schools but they are broke! NY is a hell hole for taxes and corruption. someone in politics is always getting arrested for fraud and they let them go. look at Rangel.we are getting closer and closer to socialism and everyone is so stupid here. again you can have your UK and socialism I do not like it! The UK use to be the Superpower and you lost that crown. no socialist country can be a superpower because of the way it works.
Of course I know that companies pass the tax costs onto their customers. that's why I mentioned fining them when they raise the cost of gas over the $2.00 limit. They are already using taxes as an excuse to raise prices, along with any prick of someones finger, even though the Gov has already given oil companies billions in tax breaks. They continue to raise prices.
Take the recent story about GE, and major companies like them, who is bitching to the government about how much taxes they have to pay, when it was uncovered that they pay -65% , which is 65% below zero, to the tune of over 3 billion dolars in incentives that they get from the gov. How can you pass a negative percentage on to your customers? According to what they are doing. Very easily.
If the gov would just grow some balls, and fight these corporations, and stop giving them billions of dollars in tax breaks, and repeal all the stupid free trade agreements. It might wake up the corporations, and get them to put America back to work, instead of just sitting back and collecting our tax dollars like a sponge.
People bitch about the poor, and how much money the average welfare family gets, while american corporations are sucking corporate welfare dry, and constantly begging for more. If I were president I would give the corporations nothing!
I don't think fining them is a solution either, because that too would be passed along to the consumer, in some way. The supply and demand is the primary driver of oil price. However, the other factors, like the US dollar and speculators don't help.
The incentives government gives business and the tax they are passing along to consumers hit the books differently. The incentives are absorbed, while the taxes are absorbed via the consumer.
The tax breaks are again different than tax applied. The repeal of "all the stupid" free trade agreements is foolish and not a well thought out statement.
Now why would they want to do that. Government has already forced companies into the position where they have created dead-end meaningless positions, that certainly could be handled by a more responsible person. The more companies create dead-end non-growth positions, the more it hurts the overall Economy.
Companies don't need to beg. It's openly offered to those who know how to access the resources.
Then I am glad you're not President.
Where does the $2/gallon limit come from? The price of gas is a result of world supply and demand, and it fluctuates constantly. If we were to set a price limit at a random price and the cost per gallon for gas stations rose above that, they'd stop selling gas. Then you're going to have a fuel crisis like we did back in the 1970's, with people waiting in line 5 hours to buy gas from the one gas station in the region that's still selling gas because they filled their station's tank at a lower rate and can still make a small profit.
The solution isn't for the government to go after big corporations and end incentives that have kept them doing business here in the states, it's to tax the upper ranks of those corporations. How many executives at GE make over $150,000 a year? My guess is a whole lot. If a corporation can increase profits by moving to another country, they will. Sometimes it's as simple as switching bank accounts. It's a lot harder for an individual to skip town to avoid paying a higher marginal tax rate.
By encouraging corporations to do business in the United States with low tax rates and incentives, they are able to create more jobs directly, thus increasing American output and the tax coffers (through income taxes) at the same time. This works much better than tax brakes for the upper class (the so-called "trickle-down" economic theory), because there actually isn't a strong correlation between giving the rich more money and new job creation.
If they threatened to sell gas for $2.00 a gallon you can bet that the price of a barrel of oil would come down to compensate. The oil companies and their investors are not going to risk losing money on gas stations that are not open. If you recall, gas on the day of 911 shot up from 98 cents to $4.00 in a day. That had nothing to do with supply and demand, it is greed pure and simple, and they got burned for it.
Our store got fined $250,000.00 for price fixing by our states governor, and they agreed to sell gas for under $2.00. Once the fine period was over, gas shot up to $4.00 again, and has been hovering around the $3.00 mark ever since. So, yes fining them will work, and it does.
Next comes the disaster in the gulf and all these wars in oil rich nations.
Which heavily rely on the sale of gas to americans. If we were suddenly to stop buying oil from them, places like Saudi Arabia would turn from rich to poor pretty darn quick. One reason why we kiss their asses so much, because we get kissed back. They could shut us off completely if they wanted to. It's american oil companies and their share holders that are the problem. Not supply. Many experts have said that.
The sooner we squash them the better. there is no reason for these companies to rake in 4 billion dollars in a quarter, while people with minimum wage jobs are struggling to pay for the gas they are selling for no reason than to get rich quick. They could care less about what is happening in America, and as you say, if they want to leave....BYE!!! Don't let the door hit you in the ass on the way out BYUTCHES!!!
"If the gov would just grow some balls, and fight these corporations, and stop giving them billions of dollars in tax breaks, and repeal all the stupid free trade agreements. It might wake up the corporations, and get them to put America back to work, instead of just sitting back and collecting our tax dollars like a sponge."
Republicans would never allow that. take a look at where they want the govt. to cut money from and how it affects the wealthy and the corporations...not at all. It is to take away from the middle and lower classes. What I wonder is how the middle class can continue to carry the country when they will have nothing?
"People bitch about the poor, and how much money the average welfare family gets, while american corporations are sucking corporate welfare dry, and constantly begging for more. If I were president I would give the corporations nothing!"
Again, the Republicans will not allow that. They made that clear abundantly clear already. Do you not see how the government can close down if they Republicans refuse to cease their temper tantrums and get what they want? Make more working poor, give less to the people and insure the wealthy stay wealty or get wealthier. Just google what the GOP wants to do. It is easy to find and should make you very afraid.
That's my point. Our government has stopped working for the people, and looking out for their own corporate interests. Whatever makes them money, and pays for their campaign contributions, is going to be what they fight for.
Did you know that after the earthquake in Japan, and the whole Nuclear meltdown scare, republican's were pushing for more permits to allow building more nuclear power plants in the US? Then bitching about the slow process? I would say. If you don't like it there's the door.
Don't move to California then. And by the way they are talking about taxing you for how many miles you drive your car too. This is double taxation as gas tax is supposed to be for road repair. Out here in California I am paying $4.15 and this is going to get really bad in summer. Had enough Government yet ?
Here in Australia the price of gas is in Litres at the moment about A$1.48
Oil, from which gasoline is made, is a finite resource. And ever since the late 1970s, we've been past the peak of oil production. From now on, the costs to produce useable oil can only go up, and the costs for gasoline can only go up.
The #1 thing anyone can do to reduce their gas costs and save the supply that the Earth has now is to use less of it. Plain and simple.
A couple of questions.
What is the price of LPG in your country, and does the government subsidize conversion?
First, Brimancandy, I am sorry to hear about your brother. I hope his chemo is working and he is going to be ok. You are a wonderful brother for doing that for/with him!
Gas stations can charge anything they dang well please for gas. That's why it always goes up right before holidays. And there's not a darned thing we consumers can do about it except
a) boycott (ha ha -- we are rather dependent on our gas guzzling SUVs and trucks, aren't we?)
b) buy cars that get better gas mileage
Not sure if this will help you, but I've used my credit card rewards points and bought gas cards. It's not even remotely close to $1 for $1, but it's "invisible" money that isn't coming out of my pocket today....
Unless you are paying off your credit cards to zero each month fuel rewards are a scam. The interest on your credit card makes up the difference for what you might be saving buying gas cards. You are probably paying around the same amount for gas or more. We had fuel rewards of 5 cents on the gallon when you use your store credit card, and at 18% interest those 5 cents add up to eventually paying more.
No matter how high prices go up, people will still line up to fill their tanks. It's just what we do. The oil companies will continue to charge higher rates as long as people are willing to pay for it.
And remember, we have a ruler, I mean, "President" who is on record saying that he has no problem with five or six dollar a gallon gas.
So if you are expecting the government to come riding in and save the day, you're in for a long wait...
Ed Schultz: Wall St. Manipulation To Blame For High Gas Prices http://dlvr.it/MV3Mp
I suggest you write to the Party of Big Oil/Big Money/No Regulating: the Republibaggers. Tell them to stop pandering to Koch and friends.
Is that it?!!!? $3.89!!!
In my local petrol station (northern England) the cost is currently around £1.35 per litre or £6.20 a gallon.
This is $10.07!!!
I'll bet that is really stimulating your green economy! Lol!
Yup, it is. And it shows a significant reduction in road congestion too.
It's an ongoing debate; on balance, yes probably.
Oh? So doubling the price of gas should double the green economy too!
No, this isn't how these things work. It depends on how you define "green economy" of course; If you define it as making everything "greener" than previously, then yes it does.
If you define it as purely zero carbon energy production as I suspect you mean, then no it doesn't because high fuel prices and green energy aren't mutually correspondent to one another.
If you were to compare the US (where the gas price is low) to the UK, for instance, you'd find that cars have MPG's more than double that of those in the USA. The USA has a bit of a love affair with the car it seems, the figures tend to put petrol usage at 150% higher than the usage of a typical citizen of the UK. This still leaves the american further out of pocket, actually!
The UK government will now offer £5000 towards buying a new car if it's electric, this will give the equivalent of around 100mpg.
But, unlike your country superwags. We don't have the luxury of taking trains, subways, busses, and cabs anywhere we want to go like some countries in europe. Those are mostly confined to the cities, and only the major ones. The least expensive way to travel long distance is still by car. Flying, busses, or trains, are expensive and you have to book those things in advance, not to mention drive to a major city that offers those types of transportation. You can't just jump on any time you want.
We don't have the instant access to public transportation like people in Europe do. There are no daily passenger trains. It's either bus or plane.
And it is very expensive. If gas was $10.00 a gallon here, america would go broke, as the minimum wage here is $7.95, so for every hour a majority of people in this country are working they would have to work an hour and half just to pay for one gallon of gas. They would never have enough money to live on.
That's why more and more people are not looking for work, because they can't afford to put gas in their cars to get there. And, our wonderful government and senators could care less, and think people here should work for even less money. And, they want to strip away our unions, so they can make us work for even less.
I have to drive my brother 10 hours back and forth to the hospital. If gas was $10.00 a gallon. I wouldn't be taking him. So, he would probably end up dying, because some asshole oil company, and it's shareholders can keep getting rich. It really pisses me off. Especially when our soldiers are dying for these bastards. Not worth it.
I wish it was $3.89 a gallon - those were the good old days!
The price of gas will probably hit $5.00 before the end of the year.
They'll blame this, and they'll blame that.
But the truth is that Ben Bernanke and his pals at the Federal Reserve have kept interest rates around 0% for well over 2 years, and have quintupled the money supply in under two decades.
Prices HAVE to go up.
When gas hit $4 in 08 it was reported by Matt Tiabi in Rolling Stone that a barrel of oil was traded 27 times from coming out of the ground until it hit the refinery. So all of those hands in the cookie jar do what? They don't add value that's for sure.This whole business thing is B.S. World markets excuse BS. Worthless dollar, definitely part of the equation . This is why wall street is a parasite.All of these people trading paper,one day it's worth $125 the next it's worth $130 because some putz want's what you have. What a noble way of making a living. They are getting away with it ,but at what price to the rest of us? They call it business. I think we are getting the business
"There is now a growing official consensus the world faces serious oil supply shortages beginning in the 2011-2015 time frame and continuing."
Links to many of these official warnings (and links to links of more) at the source.
By the way, the US Energy Information Administration predicts that drilling in ANWR will lower the price of gas about 1 penny per gallon and reduce our dependence on foreign oil in 2025 from about 70% to about 66%. Who needs wilderness when you can get benefits like that!
That might be true if you ASSUME oil is a finite resource. There is evidence to digest it is a sustainable resource.
We've been over this before, dear.
Abiotic oil is at best controversial and at worst complete hogwash. The "evidence" consists mainly of one oil field (Eugene Island - the one mentioned in your article) that briefly appeared to be refilling, but is now declining again, and a few more found in unexpected places, but all have alternate explanations that fit easily within the biotic theory.
"The problem is Obama WANTS the prices to go higher to save us from carbon dioxide and to create the "green" economy. That is why he's imposed a moritorium on drilling in the gulf and shut down half the rigs there.
In addition Obama's monetary policy is to continue to print money to stimulate the economy. This is starting to show up as high inflation in food and commodities like oil.
I suggest you write to your reps and Obama to tell them how their policies are hurting you".
What a crock of Sh** that is.
Lol! Calm down! Light another spliff and chant oooo bama!
The reason Obama stopped the drilling in the gulf is because of the Oil disaster, which spilled billions of gallons of oil as far as the coast of florida, and threatened to kill wildlife, and contaminate beaches and drinking water for people living along the coast of the United States.
And, destroy the economy of local communities.
They say there was so much oil coming out of the broken rig, how can anyone believe that we are running out? There is no oil shortage. What is short is where people are allowing oil companies to drill, and oil companies not wanting to pay to drill on privately owned land. Which is why they try to find a way to drill sideways under privately owned land, and hope that the owners of that land never discover what they are doing.
They want to drill in the gulf, because nobody can claim it as property, and they can drill there all they want. That's why they got out of Texas, was because land owners were asking too much for drilling rights, when they were turning Texas land owners into millionaires, and the cost of land skyrocketed. That's what that is all about.
Don't blame Obama, this has been going on for decades.
Since I last post this gas is up to $4.17 here in Michigan. I figure out it will cost me $50.00 to fill up for one trip to The VA, with a round trip of $100.00 which only leaves me $50.00 of the money I get for travel pay. If gas goes up any higher, I will be left with nothing.
I feel very sorry for people who are working for minimum wage. They will almost be spending their entire paychecks just to get back and forth to work, while the employers continue to cut their hours to make up for the money they are spending on gas to keep their businesses running.
The last time gas was over $4.00 I knew a bunch of people who quit their jobs and went on welfare, because all the money from their checks went to buy gas, and nothing else. Very sad.
Well we are over 5 bucks a gallon in Australia, but the government has nothing to do with it. Our prices are fixed in Singapore, like many others.
The government here claims that they have nothing to do with the price of Oil, yet they send 4 billion dollars a year of tax payer dollars in oil subsidy to big oil companies. They could regulate the price like Carter did, but they won't, because too many of them also own stock in big oil. Imagine that.
Perhaps you should study a little more economics rather than merely regurgitate the party line. "Big oil", "price controls", "price gouging", "wind fall profits", all reflect no economic principles but instead reflect a political distortion. Wipe the goo off your glasses and read a book or two on economic principles and price.
So. If I were president, and decided to pass a bill to ban oil products from being traded on the stock market. What would your economics principals and price get out of that? What do you think would happen, besides big oil and stock holders wetting their pants? I also want to split the oil companies into 1,000 different corporations and make them compete against each other. Bidding starts in five minutes. Oh, did I also mention that I want to end the oil subsidy immediately? The goverment can have huge effects on the oil industry, there are many ways that we just don't know about.
What you write is usually filled with so many flawed assumptions that any further comment is a waste of effort. It is just a further demonstration that liberals can not understand.
By the way, where I live gasoline is the highest price it has ever been, even adjusted for inflation. Thanks, Barry.
If you work and buy mutual funds you are probably one of the hated big oil owners.
Anytime the government fixes prices we get less of that commodity. If we deregulate an industry we get more. Less government involvement nearly always leads to the supply equaling the demand. Of course, you mileage may vary.
like in Austrailia, Our Goverment has nothing to do with it either, it is controled by players in the comodities market and wholesalers, who buy in block amounts, and speculate on when to release it, and at what price.
Massive pools of monies and power brokers playing games with it at the expense of people.
One side blames Green, the other blames Unrest and war, neither side hearing or being told the truth I suspect.
Here in nashville, it is 3.99 on sale; 4.73 for High test, Medium Grades about 4.47 and low grade about 3:89 - 4:27 depending on which station you stop at.
the average I do see around central US is about 48.00 - 54.00 per 10 gallons, depending state taxes, and cost per gallon. Not good
Wow! That is expensive! We are trying not to hog gas. The bigger kids get a bus to school and back, the younger 3 are at the same school.
That still leaves many trips to and from one school, 6 trips to ballet at different times on one night as well as using the car for shopping trips, driving to friends and family etc.
We have to run a large vehicle to carry 7.
The people mover we have is only 2.5 litres, so it is light on petrol. Despite all of that, I am burning $20 a day at today's prices.
oh well aussie we at 4.17 lol we catching up with you!
Damn...big oil heard that I got that raise and raised their prices. just me luck.
I drive 100 miles round trip to and from work every day, and drive a SUV...Gas is still low in Texas, compared to other places (I filled up for $3.69 per gallon today...but am dying losing $165.00 each week for gas so I can get to work...
Now that I think about it... between Gas and Daycare...I have to pay almost $400 a week just to be able to work (how sad is that???)
If we want lower prices we have to make some reasonable decisions. Lots of nuclear power would lower the price of oil-based products. Lots more coal plants would lower the cost of oil-based products. Drilling for oil in the US and offshore would lower the price of oil-based products.
Asking the boy president to lift his jack-boot off the neck of the oil companies would lower the cost of oil-based products. Standing by a long-time ally in Egypt could have kept the price from rising. Not starting a war in Libya and then backing off could have kept the price of oil lower.
Even not spending 1.6 trillion dollars we do not have and borrowing/printing money would have kept the oil price lower.
But I am a liberal sycophant. I blame George Bush.
Why should more nuclear power mean lower oil prices?
They don't compete, if they did why should more nuclear power not result in higher oil prices as the oil companies fought to maintain profits?
You make the mistake of believing that the price of oil is purely market lead whereas in reality it is highly manipulated and bears little on market forces.
They don't compete directly. The do complement each other. One for mostly fixed energy needs with the other for mobile needs. But there are some overlaps.
How do you believe that works John?
We disagree. Oils is exactly like any other commodity. The more players in the market the closer it comes to the ideal model. So let's open up all of he US plus our continental shelf and any other place and drill, baby drill.
Yes, oil is exactly like every other commodity, open to speculation and distortion by, well, speculators.
Think of it, the amount of oil doesn't vary but the price does, and then new fields are discovered, but that doesn't bring the price down does it?
There is supply. And demand. President Obama, had seen to it that our supply is restricted. But our demand continues to grow. Combined with his policy to weaken the dollar so that a dollar buys less and guess what happens? The price of oil goes up.
The US dollar being close to worthless is a big problem. A big hand to the UN-Federal Reserve
The price of gasoline will never be 2 dollars a gallon again. You can kiss that dream goodbye. Our only hope is that the price stops going up so quickly, so that the dollar can begin to inflate bringing the relative cost of a gallon back down to earth.
Gasoline was less than two dollars a gallon before the 2008 election. Not so long ago. The price of gasoline is complex and ruthlessly distorted by foolish politicians. Dollar inflation is the primary cause of high prices. Shortages in production due to political policies add to the travails of inflation.
"Dollar inflation" has relatively little to do with the cost of gas as of this moment. If you did a little research into the current state of inflation you will find that we are actually in a period referred to as "stagflation". The cost of products that are not gasoline have risen in relatively small amounts. I also understand the factors that influence gasoline prices very well, and while politics does play a very large factor the fact remains it is primarily influenced by foreign oil producing countries being able to name their price. We are paying around 4 dollars per gallon, in comparison to other countries that still pay more than twice that amount. People are going to have to adjust because prices will not hit 2 dollars a gallon ever again.
Seems that there is significant inflation in the cost of energy and food for the most recent figure - March. That will not account for the daily increase in gasoline prices for April, as of yet.
Why do you think OPEC has a disproportional influence on global oil prices? Could it be an insufficient supply produced by non-OPEC nations, like the USA?
The last major drop in gasoline prices was participated by an announcement that the Gulf drilling moratorium would end. The future expected price of oil influenced by increased production of American oil and increased political and therefore price stability in the oil market compelled a drop in price.
To compel a lower oil price the United States government needs only to remove all barriers to domestic production. That action alone will compel a price drop in anticipation of that future production in a stable nation and stable, relatively speaking, economy.
Stagflation is more than likely although deflation in key economic sectors such as real estate continue apace and will take years to resolve because the federal government lacks the will to stop interfering in the free market.
Most other countries pay significantly higher gasoline prices because their governments are even more interventionist.
4 dollar a gallon for gasoline is a bargain cuz thats only half what its worth. cheers
Funny. The price for a barrel of oil went down to $97.00 and the price of a gallon of gas went up to $4.19. I wonder how many gallons of gas can be made out of one of those $97.00 barrels of oil. I'm guessing the percentage must be staggering.
I am predicting AU$1.70 PER LITRE before Christmas in 2011 in Australia (it has hit as high as $1.56 already). To compare, that would make it almost over US$11.50 per Gallon.
You know what - I think I would have to agree. I have stopped using my car alot, and the other week I went to buy petrol. I was shocked! It had gone up 20c since the last time I visited a petrol station!
Wow!! Where I am from in sunny Wales its about £1.50 per litre!! thats about $2!!!!
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