Posted on 09/14/2008 8:23:31 AM PDT by DGHoodini
The price of Crude Oil was $99.57 as of 11:15AM EDT today!
And on a Sunday, no less. :oD
Futures speculators herding to cash in. There is no oil shortage. Never was, never will be. The world is awash in oil. You read it here first.
The dems will claim it is because they drove all the speculators out of the market.
Checking back, I noticed that it had actually gone down even further, earlier, to $99.41...Rack up one big psychological barrier as breached.
Gasoline went up 40 cents a gallon yesterday on Long Island.
and less than ten years ago oil hit less than ten dollars a barrel...
One might assume the strong prospect of a pro-US-oil production President in the White House is having its effect on greedy OPEC. This, combined, with very strong American voter sentiment to begin greatly expanded sourcing of domestic petroleum and the building of nuclear electric power plants....yes, OPEC, you should start worrying. You desert rats are going to have to sell your Mercedes limos some day.....and go back to riding camels...
Speculators actually prevent shortages. If speculators hadn’t driven up the price we very likely would have had shortages.
Gasoline went up 40 cents a gallon yesterday on Long Island.
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Obscene, isn’t it? Just another gift from the oil industry. They love it when hurricanes and storms give them an “excuse” to close down refineries....
RBOB Gasoline down 8 cents today too.
When oil was $140, the price of gas was just around $4 in my neck of the woods. NOT including the recent Ike-spike, when oil is now $100, gas was $3.45 (and only at one place - the two other gas stations at the same intersection were priced at $3.59 and $3.65).
Hmmm. Let’s do some math.
100/140 = 71%
3.45/4.00 = 86%
Well, isn’t that peculiar?
Now gas stations are purposefully jacking the price up in the wake of Ike when there is still plenty of room to go down from the barrel price drop.
This last hurricane in the gulf should tell someone that we need to drill off of all our coasts. Closing down 20% of our oil and gas production is unacceptable in this day and age. I would also like to see where the oil and gas in the gulf is going.
I have a picture in my mind of the top oil people, all sitting around a table, watching the Weather Channel. They each write down one name from the list of 3 approaching hurrincanes. They then draw a name out of a hat. "Ike it is! We'll start jacking the prices up when Ike hits Cuba. Thanks for playing, and have fun spending all that extra money!"
Here in Toronto, we’re paying the equivalent of $5.21 a gallon. They say it’s because of Hurricane Ike. I say it’s because a kid dropped his ice cream cone in the park.
I live in Shoreham, about 2 miles from the 5 billion dollar nuclear power plant which was decommissioned before ever generating one watt of commercial electricity. Taxpayers here will be paying for that boondoggle for years to come yet.
Gas was 3.59 friday. Saturday it was 3.99 at the same station. They actually posted signs on each pump begging consumers not to vandalize the pumps or abuse the cashiers. They posted the name and contact information of the distributor and requested that all complaints be taken right to them.
That's only because of the price gougers.
Maybe you haven’t heard about this hurricane thing. But it has idled 20% of US refinery production. That means there is less gasoline available for about the same demand as a week ago. That means prices have to go up so that people can actually buy it if they need it, unless the government gets involved. Then there will be shortages. On Fox and Friends, I believe, they said that Tennessee was about out of gas.
It’s call “supply and demand”. Look it up.
Even back then the oil companies needed twenty dollars per barrel to make any kind of a profit.
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