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Santelli: $4 Gas, $150 Oil Coming This Summer
NewsBusters ^ | April 5, 2010 | Jeff Poor

Posted on 04/05/2010 2:14:05 PM PDT by Rufus2007

With summer driving season upon us, it's important to note that there's a traditional jump in gas prices. But will this seasonal adjustment benefit commodities, specifically oil and make the price of gasoline even higher? That could happen if those forms of energy lure investment from what seems to be an over-valued equities market, brought on by what some claim is cheap money.

On her April 5 program, "Closing Bell" host Maria Bartiromo asked CNBC's CME Group floor reporter Rick Santelli if a move higher in commodities was due to inflation. However, according to Santelli, it's not inflation but a move by investors out of a potentially over-valued equities market that will cause a rise in commodities.

"Well, you know, I don't like to link the two together," Santelli said. "I mean, many times you know, it is core [minus] food and energy. So I think throw all that away. I think the better question is, is that when people are afraid to put their money to work in treasuries, because rates may be going higher, maybe afraid that we are a little long in the tooth in the sugar-buzz rally of equities - boy, commodities is the place to be. Most of the good dollar trades probably already out there."

...more (w/video)...

(Excerpt) Read more at newsbusters.org ...


TOPICS: Business/Economy; Front Page News; Government; News/Current Events
KEYWORDS: democrats; drillheredrillnow; economy; energy; gasprices; inflation; obama; oil; ricksantelli
The non-inflationary hurt put on consumers by low interest rates...
1 posted on 04/05/2010 2:14:05 PM PDT by Rufus2007
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To: Rufus2007
Mr Tea Party strikes again. We'll see if he is right a second time or not.
2 posted on 04/05/2010 2:16:14 PM PDT by SmokingJoe
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To: Rufus2007

I’d be willing to endure that if it would implode the Obama Regime once and for all


3 posted on 04/05/2010 2:17:00 PM PDT by Buckeye McFrog
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To: Rufus2007

So why is getting off foreign oil such a problem? Oil companies own the legislature?


4 posted on 04/05/2010 2:19:23 PM PDT by ex-snook ("Above all things, truth beareth away the victory.")
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To: Buckeye McFrog

Nope. The basis for C&T is being laid, high prices will help “green” power making it more cost effective and the EPA will dominate our lives.

It’ll somehow turn to out to be Dubya’s fault.


5 posted on 04/05/2010 2:20:28 PM PDT by swarthyguy (Join ACFANS - Alleged Conservatives For A Nanny State. www.acfans.com (Ha!)
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To: Rufus2007

It’s Cheney and Haliburton I tell you!!


6 posted on 04/05/2010 2:21:47 PM PDT by Obadiah (ObamaCare = VA hospitals for everyone)
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To: ex-snook
George Soros is using $2-10Billion of US TAXPAYER DOLLARS to drill for oil off the coast of Brazil. We're not getting the oil. I don't know what we get out of this deal. But we're financing it.

I doubt that Soros wants US competition when he sells this oil--not having our own sources of oil might hurt Soros' bottom line.

7 posted on 04/05/2010 2:24:27 PM PDT by Mamzelle (Employers--lay off Obama voters first)
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To: Rufus2007
$4 is an optimistic estimate. Already at $3.57 in California. I give it a month before it is at $4.00 and predict close to $6.00 by summer.
8 posted on 04/05/2010 2:25:10 PM PDT by gunsequalfreedom
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To: Rufus2007

Part of brocko’s motivation for saying, “Hey, I’ve got an idea; let’s drill”, was to go for the same effect “W” got when he lifted the moratorium when oil hit $147 and gas was $4.25 at the pump: the short-covering caused a price avalanche that brought oil down to $28 and unleaded down to $1.09. It ain’t gonna work. Anybody who is shrewd enough to be trading oil futures knows that brocko has no intention of drilling anywhere, anytime soon.
His other motive, of course, was to be able to say, disingenuously, that he is a centrist, and Republicans should vote with his idiotic global climate change fiasco.
He now has such a track record as a blowhard liar that none of his JUST WORDS... JUST SPEECHES... BS is resonating with anyone any more.


9 posted on 04/05/2010 2:26:37 PM PDT by Migraine (Diversity is great... ...until it happens to YOU.)
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To: swarthyguy
The basis for C&T is being laid...

Exactly. Along with 0bama's recent talk about "considering possible sites" for domestic offshore drilling. It's all part of the plan.

10 posted on 04/05/2010 2:28:27 PM PDT by Bloody Sam Roberts (An armed man is a citizen. An unarmed man is a subject.)
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To: gunsequalfreedom
I've been hearing $5, so if gas “only” goes to $4 I guess Obama will claim if it wasn't for his policies it would be worse.

And of course it's only a matter of time before any rise in gas prices will be reported by the MSM as “Gas Prices Unexpectedly rise...”

11 posted on 04/05/2010 2:28:32 PM PDT by qam1 (There's been a huge party. All plates and the bottles are empty, all that's left is the bill to pay)
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To: qam1

Gas prices unexpectedly rise, just like the Arizona weather casters are always shocked when it gets over 110 for more than a week. This same stuff happens every summer.


12 posted on 04/05/2010 2:30:21 PM PDT by HungarianGypsy
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To: Buckeye McFrog; All
I’d be willing to endure that if it would implode the Obama Regime once and for all...

I swear this is true. About 7 months ago, as prices started CREEPING up, I saw a local "news" reporter stand in front of a gas station, talk about the RISING gas prices, and say, "This is good news for the economy, because it shows increased demand--and that means consumers are starting to spend again..."

I wanted to throw an ashtray through my big screen tv....this from the same "journalists" who ripped Bush everytime the average weekly price went up a penny.

The LameStream Media is on their knees for Hussein: national and local.

13 posted on 04/05/2010 2:37:33 PM PDT by Recovering_Democrat
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To: Rufus2007

The only one I trust on CNBC is Santelli. The rest are the official political mouthpiece of their NBC bosses and their opinions are worthless.


14 posted on 04/05/2010 2:48:29 PM PDT by Proud_USA_Republican ("The problem with socialism is that you eventually run out of other people's money.")
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To: Rufus2007

15 posted on 04/05/2010 2:55:01 PM PDT by traumer
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To: Rufus2007
A 65'-69' Corvair Converted to run on Propane is sounding better every day. No anti-freeze and a cheaper fuel. Synthetic oil and HEI might make it run even better.
16 posted on 04/05/2010 2:56:27 PM PDT by taildragger (Palin/Mulally 2012)
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To: Rufus2007

anyone else remember the endless “Pain at the Pump” stories when gas his $1.99 under Bush?


17 posted on 04/05/2010 3:05:14 PM PDT by MNDude (The Republican Congress Economy--1995-2007)
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To: traumer

What kind of car is that?


18 posted on 04/05/2010 3:07:29 PM PDT by tbw2 (Freeper sci-fi - "Humanity's Edge" - on amazon.com)
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To: Rufus2007

I am in agreement that Obama laid the seeds for high inflation in all commodities, including oil, when he passed the stimulus package and now the healthcare package.

With regard to oil my concern is that high oil prices give Obama a rationale for a Windfall Profits Tax and a Cap and Trade Tax.

Both of these taxes on top of healthcare taxes are the death knell for USA capitalism.

Now, more than ever, we need to stop Obama in the Senate.


19 posted on 04/05/2010 3:10:36 PM PDT by Presbyterian Reporter
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To: taildragger
I'll be doing as much travel on my motorcycles as possible. The 4x4 vehicles will be run just enough to keep them operational until needed for foul weather or grocery shopping.
20 posted on 04/05/2010 3:13:31 PM PDT by Myrddin
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To: Rufus2007

Let’s get heating oil up to $5 by next winter...


21 posted on 04/05/2010 3:14:23 PM PDT by who knows what evil? (G-d saved more animals than people on the ark...www.siameserescue.org.)
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To: Rufus2007

Last time I left all my shares that were in Vanguard Energy alone and watched them go up and then back down. This time I might sell some when it reaches a certain point. Oh and I hope my Halliburton & KBR stocks finally go back over their Fall of 2009 levels. AND Finally I hope IF it does go up like y’all are saying that the dummies waiting for Barack to fill up their gas tank heads explode. :)


22 posted on 04/05/2010 3:28:53 PM PDT by Qwackertoo (Make it stop, please.)
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To: Recovering_Democrat

I heard them say that on Fox today, I think on the Jane Skinner and whatshisname hour and they were interviewing someone from the Fox Business Channel and that high gas prices were “good” news . . . . . for now. LOL


23 posted on 04/05/2010 3:31:08 PM PDT by Qwackertoo (Make it stop, please.)
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To: SmokingJoe

To be followed by BO’s food shortages.


24 posted on 04/05/2010 3:37:19 PM PDT by Always Independent
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To: Always Independent

The Obamatrons have to pull something prior to the November elections in order to remain in dictatorial power, an election which shall bring about their defeat, (if held) due to the expensive, repressive realities of Obamacare, in addition to a very exasperated voting public paying excessive energy & food prices.


25 posted on 04/05/2010 3:51:59 PM PDT by M. Espinola (Freedom is never "free")
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To: Qwackertoo

yeah, well, my respect for hot head Shepard Smith and Jane “My hubby is the NFL Commish who rips Rush Limbaugh” Skinner isn’t very high anyway.

They’re both liberal moles in a usually “Fair And Balanced” network.


26 posted on 04/05/2010 3:54:59 PM PDT by Recovering_Democrat
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To: Rufus2007

There will be a double-dip apparent to all soon if this comes to pass. Price of MANY things is affected by oil price.


27 posted on 04/05/2010 4:19:01 PM PDT by PghBaldy (Like the Ft Hood Killer, James Earl Ray was just stressed when he killed MLK Jr.)
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To: Rufus2007
Let's forget about the recently passed Obama health care for the moment.

This scary rise in gas prices is a more serious crisis right now than the national health care problem.

I say saint Obama should apply some of his health care magic to help lower the cost of gas at the pump immediately.

For instance, if gas prices keep rising out of control, nobody will be able to visit his doctor under the recently passed ObamaCare, because he won't be able to afford to drive his car to the doctor's office when gas is $4 or $5 or $6 a gallon.

28 posted on 04/05/2010 4:20:35 PM PDT by john mirse
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To: Recovering_Democrat

“I wanted to throw an ashtray through my big screen tv....this from the same “journalists” who ripped Bush everytime the average weekly price went up a penny.

The LameStream Media is on their knees for Hussein: national and local.”
++++++++++++++++

Sickening, aint it?


29 posted on 04/05/2010 4:33:38 PM PDT by SeattleBruce (God, Family, Church, Country - Keep on Tea Partiers - party like it's 1773 & pray 2 Chronicles 7:14!)
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To: Migraine

Erm... you wanna adjust your argument here a bit ? Short covering doesn’t cause a “price avalanche downward”. Short covering is *buying*, and that usually doesn’t lower the price.

I’d go along with “massive shorting by the hedge funds” and “rotation out of commodities”.


30 posted on 04/05/2010 4:38:04 PM PDT by farlander (Sic Semper Tyrannis)
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To: swarthyguy

gasoline will still be cheaper than other forms of energy.
You can’t believe how inefficient solar and wind are!


31 posted on 04/05/2010 4:50:58 PM PDT by upcountryhorseman (An old fashioned conservative)
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To: SmokingJoe

I think he’s dead-bang right on this!


32 posted on 04/05/2010 4:51:58 PM PDT by upcountryhorseman (An old fashioned conservative)
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To: SeattleBruce; All

Yes, Bruce, it is sickening to see so-called journalists in every locale be so liberal.

I believe we conservatives need to start holding ALL so-called “news” people accountable for their lousy reporting.

As a matter of fact, I think the local people would be more apt to listen—not the reporters themselves, but certainly their bosses—if a lot of us contacted them about the bias.


33 posted on 04/05/2010 5:02:41 PM PDT by Recovering_Democrat
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To: farlander
Erm... you wanna adjust your argument here a bit ? Short covering doesn’t cause a “price avalanche downward”. Short covering is *buying*, and that usually doesn’t lower the price.

Erm... I am so sorry. My intent was to imply covering of longs by going short; unfortunately I took a shortcut, though, and short=circuited my own "argument". Thanks for the polite pedantry, though.

34 posted on 04/05/2010 5:42:31 PM PDT by Migraine (Diversity is great... ...until it happens to YOU.)
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To: Rufus2007

That’s not a surprise at all. It’s almost $3 a gallon already.


35 posted on 04/05/2010 5:48:02 PM PDT by metmom (Welfare was never meant to be a career choice.)
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To: Migraine

You’re welcome. :) Gotta keep them thar smart credentials on the up’n’up for the trolls. :)


36 posted on 04/06/2010 5:39:29 AM PDT by farlander (Sic Semper Tyrannis)
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To: upcountryhorseman

One estimate I read in the Economist said wind and solar need 4 times the capacity needed to generate the desired flow.

Then there are transmission issues, and the vast amounts of land needed for any such “solutions” to be feasible.

But since nukes and oil are so unfashionable now, the only way to go green is to have gas at 5 bucks a gallon.


37 posted on 04/06/2010 11:36:11 AM PDT by swarthyguy (Join ACFANS - Alleged Conservatives For A Nanny State. www.acfans.com (Ha!)
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To: who knows what evil?

Also watch the price of diesel fuel. Heating oil and diesel are very close cousins. Also, everything that is delivered to the grocery store, lumber yard you name is delivered by diesel trucks.


38 posted on 04/06/2010 11:44:00 AM PDT by Texas resident (Outlaw fisherman)
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To: AdmSmith; Berosus; bigheadfred; Convert from ECUSA; dervish; Ernest_at_the_Beach; Fred Nerks; ...

39 posted on 04/07/2010 5:41:11 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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40 posted on 04/07/2010 5:43:23 PM PDT by SunkenCiv ("Fools learn from experience. I prefer to learn from the experience of others." -- Otto von Bismarck)
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