Posted on 03/01/2012 11:55:47 AM PST by NormsRevenge
NEW YORK (AP) — Pump prices kept marching toward $4 a gallon Thursday and signs of a stronger U.S. economy helped push the price of benchmark oil past $108 per barrel.
Retail gasoline prices haven't fallen in 35 days, rising Thursday to a national average of $3.74 per gallon. Over the five weeks prices have increased 37 cents per gallon or 11 percent. Prices are being driven by the price of oil. They have never been so high at this time of the year.
Wholesale gasoline futures rose nearly 2 percent to $3.32 per gallon, suggesting that retail prices will keep rising in the coming days. Typically gasoline prices rise in spring as demand rises and refiners begin to make expensive summer blends of gasoline required to meet clean air laws.
The price of West Texas Intermediate, the U.S. oil used as a benchmark, rose $1.22 to $108.28 a barrel in New York. Brent crude, which is imported by many U.S. refiners to make gasoline, rose $2.58 to $125.24 a barrel in London.
Oil prices have risen 9 percent this year because global demand is high and supplies have been disrupted in South Sudan, Syria and elsewhere. There also is concern that tensions with Iran over its nuclear program could lead to further supply problems.
The U.S. economy is growing even though high oil prices are taking spending money from consumers and make shipping and travel more expensive.
(Excerpt) Read more at news.yahoo.com ...
Obama demands Congress end oil, gas subsidies
Julie Pace - AP
http://news.yahoo.com/obama-demands-congress-end-oil-gas-subsidies-192533827.html
MANCHESTER, N.H. (AP) — President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government “giveaway.” Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices.
“Let’s put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people,” Obama said.
Obama has repeatedly called for an end to about $4 billion in annual tax breaks and subsidies for oil and gas companies, government support that Obama has said is unwarranted at a time of burgeoning profits and rising domestic production.
“It’s outrageous. It’s inexcusable. I’m asking Congress: eliminate this oil industry giveaway right away,” he said.
President Barack Obama holds up a chart as he speaks about his blueprint for an economy built to last with a focus on American energy, Thursday, March 1, 2012, at Nashua Community College, in Nashua, N.H. (AP Photo/Susan Walsh)
Inflation: Not as low as you think
http://www.cbsnews.com/8301-505144_162-57387655/inflation-not-as-low-as-you-think/
“Forget the modest 3.1 percent rise in the Consumer Price Index, the government's widely used measure of inflation. Everyday prices are up some 8 percent over the past year, according to the American Institute for Economic Research.”
Obama says $6.00 a gallon gas is what America needs to get us on alternative energy.
What energy would that be?
Obama is trying to destroy us.
By the time fall gets here, $5 gas is gonna look like the good old days.
And here is another nice explanation of why inflation is worse than you hear, as is GDP growth:
http://www.youtube.com/watch?v=zPkTItOXuN0
—$4.00 per gallon gas and the Dow continues to boom higher and higher.—
Gee. That sounds almost like too many dollars chasing too few commodities. ;-)
I wonder how gold and silver are doing...
Amazing what a bad economy will do for oil demand.
Awww how cute! They managed to ‘blame’ the higher oil prices because the US Economy is ‘getting stronger’ (which is total BS).
The media STILL disgusts me.
““It’s outrageous. It’s inexcusable. I’m asking Congress: eliminate this oil industry giveaway right away,” he said.”
BHO. The 2012 version of Captain Louis Renault.
Since Obama believes that a strong economy means getting us down to 3rd word statues in private, his is not lying.
They had the road in front of my office closed today at lunch so the big dope could go by on the way to this appearance.
I wonder if anyone asked him what he was going to do about $4.00/gallon HEATING OIL ?
(most people outside of the cities here in NH heating their homes with either oil of propane)
My last fillup of my oil tank was $583.00.
Price of gold: $108/ounce
Price of oil/bbl: $1717
(prices as of today from the WSJ)
1 ounce of gold buys 15.87 bbls of oil in 2012.
In 1940, 1 ounce of gold bought 16.2 bbls of oil.
Given the increase in cost attributable to regulation, ethanol, etc., I’d say the oil companies have done an amazing job keeping the cost of oil stable over time.
The ONLY REASON why oil, gold, and gas are going up is because of INFLATION due to all the easy money floating around the planet right now.
It’s going up again, because Europe just launched QE3 over there. The REAL inflation rate, or EPI (Everyday Price Index) is over 8 percent.
You are right, the media are f’ing liars. However, the American people are likely as stupid as everyone thinks they are.
What energy would that be?]
Algae dude, like Pond Scum, like keeping your tires inflated properly, not to mention that massive new discovery sources, “Wind Power” and Solar Power.
Obama knows this, because he sees all 3 forms on the Golf course every day!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.