Skip to comments.$5 Gas By Summer Is Seen as Iranian Situation Festers
Posted on 04/24/2006 8:41:25 AM PDT by churchillbuff
Mr. Gaines, chief executive officer of Houston-based Dune Energy and a former top institutional energy analyst, told The New York Sun that those factors could include the current shortage of gasoline inventories, a really hot summer, supply disruptions arising from troubles in Iran and Nigeria, or another serious hurricane in the Gulf, 13% of whose production is offline.
These factors, he says, also could easily produce $90 to $100 oil, as well, versus Friday's close of $75.17.
Equally significant are the implications for interest rates. The gushing oil price, says money manager Leonard Mohr of Los Angeles-based MCR Associates, re-enforces his conviction that the Fed, contrary to overwhelming Wall Street expectations, is in no position to call it quits on future interest rate increases, given the inflationary ramifications of the burgeoning price of oil.
(Excerpt) Read more at nysun.com ...
Wouldn't matter if we were.. its futures manipulation not supply shortages that have been driving gas prices through the roof for the past few years... Even if we tapped ANWAR the price would still be going up, because the markets being manipulated.
Tankers are SITTING in harbors because we have no place left to store the crude we have such oversupplies around the world, but the price keeps going up.. its a speculative manipulated bubble driving up prices for the past few years, not war in Iraq or issues with Iran.. just pure old greed by a few powerful folk.
It is all total insanity. Yet we (our government) continue to self-destruct when it comes to energy independence. Washington continues to stand there, doing nothing about it. And anyone who thinks this will not have a profound impact on key elements in our economy are living a major lie -- it already is. We continue to be OWNED by the international oil cartel.
Heaven forbid, what with the 'Rats doing everything possible to make Bush look bad, plus the Bugs and Bunny crowd doing likewise and obstructing the development of our domestic energy resources (including nuclear), rationing may be a real possibility in the near future...
I will particularly enjoy that discussion.
As an aside... just announced on the radio: the Brits are paying $8 a gallon for fuel. So we should be happy!
What a lame argument!
Please, I don't think so.
'Splain this to me... if you can.
How did Southwest Airlines manage to secure futures at half of the current price? Pretty inept 'manipulation', if you ask me.
Since 1974, Government has not done anything about a national energy policy which addressed all aspects of energy. Nothing. Carter did the most, he said turn your thermostats down at night.
Friday night I was taking a NYC cab home, my driver was a Pakistani and he was listening to the BBC which started discussing recent gas/oil prices.
He blurted out quite seriosuly that America "should just invade Saudi Arabia and take their gas". "They don't have any army and the young people all want to be American".
Nothing like prices at the pump to spur public opinion.
By the end of the summer, drivers will be screaming to drill ANWR and invade Iran already.
The Dems should be cheering. Isn't this what they have wanted?
Splain this to me:
We have so much crude right now we can't even unload it.. because we have nowhere left to store it.. not only here in the US, but also in Japan and other countries around the world.
Demand, worldwide is actually declining.
Yet the price of a bbl of crude continues to climb....
Long term contract for delivery was available long before a futures market existed in the US.... all you have going on right now is futures manipulation, just like you had tech stocks in 99.
But wait, OPEC says oil price will drop!!
I'm getting VERY frustrated at these gas prices.
Perhaps a Congressional investigation of gasoline prices should include looking into George Sorros and other oil speculators. In addition to not tapping our own supplies of oil, we haven't built a new oil refinery in 25 years, despite increasing demand for gasoline...thanks again to the tree huggers.
The good news is that none of them has even a clue on how to fix the problem. The silence is deafening...
Can you think of a single product or commodity produced here in the U.S. that is inexpensive by international standards?
For openers, GASOLINE used to be....
The demand falls off at three or close to three, and unless we experience a major supply problem, which we do not have presently, the price will remain in the three dollar range to curb demand.
This is all Shumer speak nonsense.....
"And why aren't we drilling in Alaska?"
Sorry, but Senator Maria Cantwell's Sierra club checkwriters say we aren't going to and as long as they are funding her elections, she and the rest of the dem anti-drilling obstructionists like Feinstien are going to do everything they can to keep us dependant on foriegn oil.
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