Video: Get ready for big hike in gasoline prices

Hot Air ^ | February 15, 2012 | Ed Morrissey

[C19fan]

Until now, Barack Obama has had some mildly good news on the economy, with weekly jobless claims sticking around the 350k-370K range and a boost in job creation in January. Unfortunately for Obama and all of us, the same problem that strangled the economy in 2008 and 2011 is about to hit the US again. NBC’s Today show reports on the significant price hikes coming in the price of gasoline:

[Razzz42]

That makes more cent$ dirtboy, speculators hording future contracts in case Iran conflict erupts in live fire or...somebody knows something we don’t.

Certainly the US Navy has enough firepower in the region or headed there.

A good question would be, how long would it take to accomplish the objective?

[dragnet2]

Gas demand is tanking at this price yet the price is heading towards $5/gallon?

Everyone we know is driving less...Substantially less.

The gas prices being raised are simply bull sh*t.

The reason? They can .

[C19fan]

Topolino = Fiat 500?

[RWB Patriot]

It’ll be interesting to see how dear leader and his goons will try and defend $5 gasoline, especially if his actions in regards to oil are brought up. He can ring the environut bell all he wants, but when people are having to struggle to put food on the table and get to work at the same time, the environment takes a back seat.

Of course, one would think the insanity that happened when Carter was in office would’ve demonstrated how important drilling domestically is, yet I’m willing to bet it’s gone down since then.

[dragnet2]

Could the oil markets be manipulated

Of course they are.

Like our so-called "Free Market" system...It's totally controlled and manipulated by very wealthy insiders and fatgov.

[VideoDoctor]

I'm a pretty simple-minded individual but it sure seems to me that the HIGHER the price for gasoline goes the sooner we approach the rather large and calamitous EXPLOSION of the growing credit bubble.

Am I missing something in my observation?

[thackney]

Now, how does that provide any support for the underlying claims in the Today Show story about how gas prices could spike this summer?

I can provide support to past and actually conditions. I can use my limited understanding to make some projections, but I try not to as there are far too many factors that effect the price of oil.

I won't begin to try and support the fantasies of the main stream media. The are selling headlines, not factual information.

It shows WTI going up maybe ten bucks.

I think you fall into the same trap. There are far too many factors that effect the price of oil. Try to look at historical data and use your information from ten years ago where the price would be a year later. Tell me how well that approach works as you go through each year approaching 2008.

Anyone predicting the price of oil, who has not consistently profited from past predictions, really doesn't know. They make guess, some based on pretty good reasons.

But in the past few years, we have seen drastic changes due to things like a financial bubble bursting that had next to nothing to do with oil. We see changes based upon political posturing, elections and weather.

When the story includes lots of "mights, could, possibly" you begin to understand how little can be accurately determined.

Look at the results of the people that do nothing else but these type predictions. Are the correct, year after year, even 50% of the time? Look at the uncertainty dependable sources show:

Our best bet is to pursue policies and regulations that help grow supply, that do not promote wasteful usuage without adding significant price impacts.

But we fool ourselves if we believe we can predict an insane ruler actions, like those of Imanutjob in Iran. Those will impact prices in the short run.

[thackney]

The reason? They can .

If you really believe it is that simple, why are they not already that high? Why haven't they been there for years? Why are they not double that, triple?

[Buckeye McFrog]

The danger here is that the Great Unwashed out there look at this and conclude that the Law of Supply and Demand is no longer working.

And if one of the basic tenets of Capitalism is no longer working, then Capitalism itself must no longer be working.

[ErnBatavia]

[thackney]

We cannot try to determine the price of US gasoline based on US gasoline demand, while ignoring the global supply and demand of oil.

It would be the same as trying to determine the price of US jewelry based upon US jewelry demand, while ignoring the global price of gold.

[Osage Orange]

Considering the last time I looked....the U.S. was still a net exporter of fuel. I totally agree with your post.....

[NCC-1701]

The teeth in that smile needs to be kicked as far down his throat as is possible. If $5 gas insures we will be rid of that nightmare, it will all be worth it.

Note my tagline.

[dragnet2]

If you really believe it is that simple, why are they not already that high?

You're not paying attention. Well over $3.50 for a stinking gallon of low grade gas is absurd, especially given the fact that most Americans have substantially reduced their driving for a long time now.

Let me guess, you think these prices are not manipulated by super wealthy insiders and the corrupt in D.C.?

Come on.

[NCC-1701]

BTW, that graphic would be great to put on stickers that you put on gas pumps. No other text would be needed. Just the sight of that jacka$$ smiling like that would be effective enough. People would get the message.

[thackney]

You're not paying attention. Well over $3.50 for a stinking gallon of low grade gas is absurd,

And you live in a fantasy world of yesterday.

We don't drill at 10,000 feet below sea level, reach 8 miles horizontally with drilling, use millions of gallons per well hydraulic fracturing because we just ignore the cheap easy oil of decades past.

The days of $20 barrels of oil are gone. And even if we had that easy to reach supply again, our dollar isn't worth the same amount from those years either.

[libertarian27]

IRS Mileage reimbursement is way up (since 7/2011)
**************************
Starting on January 1, 2012, the following rates apply to personal cars, minivans, trucks, SUVs, and panel trucks:

14.0 cents per mile driven in service of charitable organizations
23.0 cents per mile driven for medical or moving purposes
55.5 cents per mile for business miles driven

[okie01]

Let me guess, you think these prices are not manipulated by super wealthy insiders and the corrupt in D.C.?

Of course not, they are "manipulated" by the market.

If refiners have to pay $100/bbl for crude, finished gasoline is going to cost $3.50 at the pump whether you like it or not.

There's still plenty of oil. But it's on the other side of the Strait of Hormuz, or 10,000 ft under the sea or 10,000 ft under North Dakota, then a mile-or-two to the west. The cheap oil is (mostly) gone.

Add the 87 different summer grades that the environmentalists require while inventories of winter grades have to be maintained and, yes, you're going to have $3.50/gal (if not $4.00/gal) gasoline every Spring.

[Cowman]

this one
http://www.caranddriver.com/news/1948-fiat-topolino-500b-auto-shows

not this one
http://www.topspeed.com/cars/fiat-topolino/ke3168.html

but this one would be acceptable
http://www.youtube.com/watch?v=-hPBW1dXBHE&feature=related

[dirtboy]

We are looking at 2008 through different eyes. I strongly believe that market fundamentals were secondary to speculative pressures. I believe you disagree.

And I smell the same media groundwork now as we saw during the runup of prices then. And I really don't see where anything was done to correct speculative excesses in 2008. To the contrary, I think the speculation was allowed to occur to funnel cash into entities such as Goldman Sachs to bolster their financials.