Posted on 03/12/2008 1:19:03 PM PDT by maquiladora
NEW YORK (AP) — Gasoline and oil prices extended their record-setting streaks Wednesday, with gas at the pump reaching a new high of nearly $3.25 and crude surpassing $110 for the first time.
The national average price of a gallon of regular gas rose by 1.9 cents overnight to $3.246 a gallon, a new record, according to AAA and the Oil Price Information Service. Pump prices are following crude's recent surge, and could rise as high as $3.75 a gallon this spring, analysts say.
Meanwhile, light, sweet crude for April delivery rose $1.17 to settle at $109.92 a barrel on the New York Mercantile Exchange after earlier rising to a new trading record of $110.20.
(Excerpt) Read more at ap.google.com ...
In other news, bears sh*t in the woods.
This ain’t news. The weather gets warm, oil goes up. Weather gets cold, oil goes up.
Oil goes up every time a Saudi prince takes a dump so why is this news?
And an entire new Generation learns why anti-trust laws broke up Standard Oil 100 years ago... no difference today except instead of one company doing it, its hedge fund traders colluding....
Gotta love it.
Gasoline stocks are at the highest level since 1993.
Strictly a speculators market now. Commodities are being used as an asset class like stocks. Supply and demand is taking a back seat.
That’s right, all those quarterly record-breaking profits. And those profits keep getting higher. As in the false and superficial CA energy crisis, we’re going to find later that there isn’t an oil crisis because the oil commodities are being shot up by a bunch of oil traders and oil companies. Yeah, gouge the consumers and screw up the economy.
If you really were as up on this as you think, then you would know that it is mainly due to a weaker U.S. Dollar.
The World supply is quite stable. It’s commodities trading run amok; More buying than are selling. But you knew that.....right?
Liberals/democrats/socialists have stopped most coal power plants, refineries, etc. from being built. If they had allowed these plants to be built then electricity, heating oil (Oil) and energy would be cheaper which would in turn make everything less expensive. Trucks, trains,machines, factories run on fuel or energy.
So Democrats have caused the $110 oil and $4 per gallon gas.
The U.S. has 600 years of cheap coal. But Democrats won’t let companies use the coal or drill for oil. And then democrats blame the oil companies for what Democrats caused, an energy crises.
There is no global warming . That is a hoax. From 2007 to 2008 the earth cooled almost 1 degree Celsius. Notice the cold winter.
Even if there were global warming Coal nor carbon dioxide don’t cause global warming but the Sun does.
Liberals just want to make everything more expensive and destroy capitalism or cripple capitalism so much that liberals can then say “See how expensive capitalism makes things so now we need to nationalize everything” .They did it to the Healthcare industry. Then the massive starvation of the populations begins.
Next time the price per barrel goes down and at the pump it is reflected over night with lower numbers, let me know...fat chance that will happen.
Pelosi, Bush, McCain, Obama, Clinton, are all loser's. Give me one candidate who will take this on and they get my vote. Otherwise, supreme court justices can rule over the courts as America's citizens search for affordable ways to raise their families.
What a disgrace, no patriots, and no leaders. And each of them could care less. Hmmm, could America drill for it's own oil? Damn straight. But big oil loves a profit where they have to do nothing more than they must. And politicians are anti American when it comes to our financial security. Confidence ratings? Change that to The Disdain ratings, that will shoot to an all time high.
Ben Ben just keeps pulling on his pud and printing more money whistling "Pop Goes the Weasel"!!
“Strictly a speculators market now. Commodities are being used as an asset class like stocks. Supply and demand is taking a back seat.”
I figure no politicians talk about that now because the Dem elites are locked into the financial houses and the Repubs into the oil cos.
Unfortunately, electing Republicans didn't solve the problem.
Liberals/Democrats in Congress and elsewhere have repeatedly investigated the oil companies and gas stations for colluding,price fixing or gouging and they have found nothing.
Exxon made 10% profit on sales. That is not excessive . Now Hillary Clinton wants to take those profits that Exxon would used to drill for more oil and do research on how to extract oil.
You sound like a liberal or are a conservative brainwashed by the liberal media.
Your attacks on private businesses are like the unfair anti-capitalistic attacks of Democrats. This kind of anti- private business rhetoric doesn’t belong on a conservative site but is just Marxist propaganda.
You hit the nail on the head. We have NO leaders in Washington; they’d rather snipe at each other while the MSM cheers them on.
If McCain were a real leader (and if he really wants to be POTUS) he’d come up with a coherent energy policy that featured:
1. Nuclear power for as much electricity generation as possible
2. Tax breaks for investment in coal gasification & hyrdrogenation, and for oil shale development
3. Permit new refinery construction
4. Open up ANWAR and off shore drilling
And, when the enviro whackos come out of the woodwork, immediately brand them as taking prosperity away from all Americans. Blast them for wanting to take away your home, your car, your children’s college education, and your job.
Anyone investing in coal to oil? Now is the time.
Thanks for the summation.
This is why oil should not be traded in the markets. That practice should end.
snip...They alternately attribute price changes to the crisis in the Middle East, to winter, to unrest in Nigeria and to exploding demand in China. "None of this is new," says Fadel Gheit. "There hasn't been peace in the Middle East since Biblical days. And the conflict in Nigeria has also been going on for 40 years." Not to mention the recurring return of winter.
"Gheit has been in the business for 30 years. He worked at Mobil Oil and JP Morgan before moving to Oppenheimer. He remembers oil prices of $9 a barrel. In the hearings before the US Congress, he served as a star witness of sorts, attesting to the madness of the speculators. "The traders use every excuse in the book to drive up prices," he says, "it's pure hysteria."
On some mornings, when he arrives at his office in Manhattan, London traders have driven up prices by $4 a barrel overnight, perhaps because a pipeline burst somewhere in the world. "I have a degree in engineering," says Gheit. "This isn't heart surgery. It's a plumber's job, child's play." The damaged pipeline was probably repaired even before Gheit found out about it -- but after the traders made their profits.
The question is, how long can these galloping prices continue without doing permanent damage to the US and world economies? Rising prices for gasoline, heating oil and airline tickets will increase inflationary pressures and stifle demand in the short to medium term.
"In the end it's a straw that breaks the camel's back," says Gheit, a native Egyptian. Or it's like a weightlifter hefting weights, he says, until someone places a pencil on top and he crashes to the ground.
"This is a bubble," he insists, "and it will burst"
Of all the nonsense on this thread already, that one tops everything.
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