Skip to comments.Santelli: $4 Gas, $150 Oil Coming This Summer
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."
(Excerpt) Read more at newsbusters.org ...
I’d be willing to endure that if it would implode the Obama Regime once and for all
So why is getting off foreign oil such a problem? Oil companies own the legislature?
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.
It’s Cheney and Haliburton I tell you!!
I doubt that Soros wants US competition when he sells this oil--not having our own sources of oil might hurt Soros' bottom line.
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.
Exactly. Along with 0bama's recent talk about "considering possible sites" for domestic offshore drilling. It's all part of the plan.
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...”
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.
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.
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.
anyone else remember the endless “Pain at the Pump” stories when gas his $1.99 under Bush?
What kind of car is that?
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.
Let’s get heating oil up to $5 by next winter...
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. :)
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
To be followed by BO’s food shortages.
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.
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.
There will be a double-dip apparent to all soon if this comes to pass. Price of MANY things is affected by oil price.
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.
“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?
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”.
gasoline will still be cheaper than other forms of energy.
You can’t believe how inefficient solar and wind are!
I think he’s dead-bang right on this!
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.
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.
That’s not a surprise at all. It’s almost $3 a gallon already.
You’re welcome. :) Gotta keep them thar smart credentials on the up’n’up for the trolls. :)
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.
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.