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GAS PRICES
Topic Started: Feb 16 2012, 07:22 PM (7,977 Views)
Mason
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Parts unknown
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How 'bout them Gas Prices under Owebama?

How 'bout those DEM states that keep upping the Gas Tax?

Wonder if she's Happy? But, we know who she's going to vote for..

http://www.youtube.com/watch?v=Bg98BvqUvCc&feature=youtube_gdata_player





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Edited by Mason, Feb 16 2012, 07:22 PM.
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kbp

I suspect she may have avoided that mortgage payment by way of foreclosure, and I wonder if she even needs gas now.
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Baldo
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Average Gas Price in San Francisco

$4.00/gallon

Gas Prices around the country

http://www.gasbuddy.com/


Well well Marxist always do bring one thing -- Scarcities!

I wonder what Peggy Joseph, the woman in the video, thinks now
Edited by Baldo, Feb 16 2012, 07:33 PM.
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retiredLEO
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Read "Amertopia" by Mark Levin, that is what is coming
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LTC8K6
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Assistant to The Devil Himself
Iran has apparently halted oil sales to Britain & France.
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Kerri P.
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http://www.wral.com/business/story/10749891/
Gas prices are highest ever for this time of year
Posted: 10:02 a.m. yesterday
Updated: 4:22 p.m. yesterday

NEW YORK — Gasoline prices have never been higher this time of the year.

At $3.53 a gallon, prices are already up 25 cents since Jan. 1. And experts say they could reach a record $4.25 a gallon by late April.

"You're going to see a lot more staycations this year," says Michael Lynch, president of Strategic Energy & Economic Research. "When the price gets anywhere near $4, you really see people react."

Already, W. Howard Coudle, a retired machinist from Crestwood, Mo., has seen his monthly gasoline bill rise to $80 from about $60 in December. The closest service station is selling regular for $3.39 per gallon, the highest he's ever seen.

"I guess we're going to have to drive less, consolidate all our errands into one trip," Coudle says. "It's just oppressive."

The surge in gas prices follows an increase in the price of oil.

snip....
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Baldo
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I have been trying to understand why if demand is down the price is up?

This is one explanation

Rising Gas Prices: Not Demand Driven
The national average for gas prices is above $3.50. Yet demand in the U.S. is at its lowest point since 1997. So what's driving this run-up?

Gas prices are off to a fast start in 2012. The national average for a gallon of regular gasoline is up more than 8 percent since the end of 2011, rising from $3.25 per gallon to $3.52, according to new data released by the U.S. Energy Information Administration.

While gas prices tend to rise through the first half of the year, this is the earliest the average price per gallon has breached the $3.50 mark. If this pace continues, the national average should hit $4 a gallon by May, if not sooner. The last time the average price did so in the U.S. was summer 2008, when the price of oil hit $140 a barrel. Last year gas prices approached $4, hitting an average of $3.98 in April, before falling.

Higher gas prices could pose a serious threat to the fledgling economic recovery, which has shown signs of strength recently. Typically, $4 a gallon tends to be the point at which the price of gas starts to eat into economic growth.

"Anytime the economy spends 4 to 5 percent of GDP on oil, then you're getting close to stall speed,"says Jason Stevens, an equity analyst at Morningstar. "We saw this last year when Libya and Japan blew up, and prices went through the roof. Demand pulled back a bit, but growth certainly slowed."...snipped

....Kloza believes much of the increase is due to speculative money that's flowed into gasoline futures contracts since the beginning of the year, mostly from hedge funds and large money managers. "We've seen about $11 billion of speculative money come in on the long side of gas futures," he says. "Each of the last three weeks we've seen a record net long position being taken."

Refineries have also been getting squeezed by higher crude prices over the past several months, forcing some of them to shut down rather than operate at a loss, says Stevens. "The price that refineries have been paying for crude was roughly flat, while the price they were getting for gasoline was lower than what they needed to make their crack spread," he says. A crack spread refers to oil refineries’ profit margins and is roughly the difference between what they pay for crude oil, and what they make by "cracking" crude into petroleum products such as refined gasoline. As the U.S. refining capacity has decreased, prices have begun to rise.

But prices aren't high everywhere. For example, the average price of gas in Wyoming is $2.90 right now, nearly a dollar cheaper than the average price in California. That's largely due to the relatively cheap amount of crude that’s coming into the upper Midwest from Canada. "There is more diversity between crude prices now than I've ever seen in my career," says Kloza. "It's extraordinary."

http://www.businessweek.com/finance/rising-gas-prices-not-demand-driven-02142012.html


So it is supply & demand, but on a broader scale into the future. Weird huh? The belief is that in the future there will be a scarcity. Probably a good bet with the Obama Administration in charge and the Middle East having been "saved,." It all comes down to the price of crude, something the Obama Administration hasn't wanted to be lower, so they can push Green Energy.

"....the average price of gas in Wyoming is $2.90 right now, nearly a dollar cheaper than the average price in California. That's largely due to the relatively cheap amount of crude that's coming into the upper Midwest from Canada..."

I guess that Keystone pipeline would be good for the USA after-all.
Edited by Baldo, Feb 19 2012, 09:01 PM.
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Baldo
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Bummer - I guess that bowing didn't help

Posted Image

Saudi Arabia Cuts Oil Output, Export: Industry Report

The world's top oil exporter, Saudi Arabia, appears to have cut both its oil production and export in December, according to the latest update by the Joint Organizations Data Initiative (JODI), an official source of oil production, consumption and export data....snipped

http://www.cnbc.com/id/46445698
Edited by Baldo, Feb 19 2012, 09:50 PM.
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kbp

The oil market is open to too many that can make it unstable. The supply is there to meet demand ...when those who have it supply it!
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Baldo
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kbp
Feb 19 2012, 10:10 PM
The oil market is open to too many that can make it unstable. The supply is there to meet demand ...when those who have it supply it!
The Commodity Futures Trading Commission (CFTC) was established during the 1970s oil crises to head off speculation that artificially drove up the price of oil.

http://www.cftc.gov/index.htm

I really don't know much about it or what kind of job they are doing.
Edited by Baldo, Feb 19 2012, 10:48 PM.
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Kerri P.
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http://news.yahoo.com/china-rebukes-iran-france-uk-oil-ban-092046075.html
China rebukes Iran for France, UK oil ban
Reuters – 5 hrs ago

BEIJING (Reuters) - China rebuked Iran on Monday for stopping oil sales to British and French companies at the weekend, calling for renewed efforts at dialogue over an escalating stand-off over Tehran's controversial nuclear program.

China has repeatedly called for talks over Tehran's efforts to enrich its own uranium, which Western countries suspect is aimed at obtaining nuclear weapons. Iran has said the enrichment is for power generation.

"We have consistently upheld dialogue and negotiation as the way to resolve disputes between countries, and do not approve of exerting pressure or using confrontation to resolve issues," Chinese Foreign Ministry spokesman Hong Lei said when asked about Iran's ban on oil sales to British and French firms.

China "hopes all sides can get back onto the correct path of dialogue as soon as possible," Hong told a daily news briefing.

China is one of the largest users of Iranian oil, buying around 20 percent of total exports.

snip....
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LTC8K6
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Operating a refinery is apparently slowly becoming untenable...it's a shame that it's happening to a traditional American refiner like Sunoco. The Marcus Hook refinery has been in operation since 1902....

It has apparently become pretty much impossible to upgrade and retrofit due to regulations...

http://www.myfoxphilly.com/dpp/news/local_news/sunoco-to-close-or-sell-philly-refineries-090611

http://www.nbcphiladelphia.com/news/politics/Pa-Lawmakers-Rally-Support-for-Refineries-139393083.html
Edited by LTC8K6, Feb 20 2012, 10:23 AM.
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kbp

LTC8K6
Feb 20 2012, 10:21 AM
Operating a refinery is apparently slowly becoming untenable...it's a shame that it's happening to a traditional American refiner like Sunoco. The Marcus Hook refinery has been in operation since 1902....

It has apparently become pretty much impossible to upgrade and retrofit due to regulations...

http://www.myfoxphilly.com/dpp/news/local_news/sunoco-to-close-or-sell-philly-refineries-090611

http://www.nbcphiladelphia.com/news/politics/Pa-Lawmakers-Rally-Support-for-Refineries-139393083.html
from first link
 
...Analysts say the volatile nature of the refining business helped convince Marathon Oil Corp. and ConocoPhillips to spin off their refineries earlier this year.

Sunoco says the decision to get out of refining will cost the company up to $2.7 billion in the third quarter.

The company said it will close its refineries if it can’t find a buyer in 12 months.



BIG ...BIG ...BIG

Sorry this is OT for the thread, but this article is a PERFECT example of where the EPA is taking us ...closing us down and/or driving prices out of range ...which actually leaves the poorest among us in worse shape, but I guess we can just give 'em food stamps to make up for it!

The industries targetted by the EPA are always focused on the largest producers that may be responsible for some fraction of one percent of a partical the MAY harm us ...or may not often, unless you consume it in a larger dose than possible.

The 3 most commonly mentioned industries recently cited as targets are refineries(!), power plants, and cement plants which, by chance, are said to be big producers of CO2 ...how convenient to go after them for everything else possible now!

Anyway, I'm aware of HOW the EPA is addressing a specific player within one of those industries, through both firsthand and seconhand knowledge of what takes place.

In one specific business location, the testing required by the EPA utilized cannisters for the samples for the labs to review. which are captured by filters with those cannisters. Those samples should be collected at various intervals (days apart) and testing completed within 30 days.

More than a year later, as various cannisters are stored UNtested and this private business has spents tens of thousands of dollars extra to work with the EPA on this issue, they await an interpretation of a single word within the EPA's own testing guidelines before the BILLION DOLLAR+ plant can finally be opened for business!

As the cannisters were changed for testing, the person doing it unhooked it, hooked the replacement so as to not damage the equipment by leaving the line open too long and then capped the cannistered removed for testing.

The EPA rep on site has tried to disqualify the cannisters for testing because he believes the word "IMMEDIATE", where the guidelines explain when you must cap the cannister, means maybe up to 10 seconds, the time allowed if you capped it BEFORE putting the next cannister in line to prevent damage to the equipment.

The company claims the READER has the variance if the guidelines are not clear since the EPA wrote them, but the EPA says NO. The company hired an expert to help the EPA understand what the process was, who happens to be the man who retired from the EPA after 30+ years who had written the guidelines in question. He says it means minutes in this case.

Months later, the BILLION DOLLAR+ plant is still awaiting the EPA's decision, while they say they are trying to figure out if that man meant 10 seconds or 40-60 seconds when he wrote "immediate".
Edited by kbp, Feb 20 2012, 12:05 PM.
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LTC8K6
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http://michellemalkin.com/2012/02/20/perino-media-bush-gas-prices/

Dana Perino: Media Blamed Bush for High Gas Prices But Gives Obama a Pass
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Baldo
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I has witnessed it happen in California and it is happening now under Obama. The Greenies go wild and chase industry out.

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