Posted on 08/15/2005 6:06:24 AM PDT by BulletBobCo
CNN) -- Gas prices surged 20 cents over the past three weeks to an all-time high of $2.50 per gallon of self-serve regular, according to a national survey.
The price surge "does smash the all-time record high for the third time this year," Trilby Lundberg, publisher of the Lundberg Survey, said Sunday.
"Crude oil has caused this jump at the pump," she said of the survey, taken August 12 at about 7,000 gas stations in every state.
"And even at the current record-breaking pump prices, gasoline demand, while not galloping, is still growing."
Oil prices rose to record highs of $67 a barrel Friday, amid concerns that demand was straining the world's capacity to pump and refine crude oil. (Full story)
Lundberg noted that if the crude oil supply remains undisrupted, "the gasoline price surge itself will probably be ending soon, if it has not already."
"Our demand for gasoline is always highest for June, July and August," she said of the summer months, when families typically take vacations. She said gasoline demand is expected to taper off after August.
(SNIP)
Though a record in absolute terms, the price is still well shy of a record, if adjusted for inflation. The peak price would have been set during the Iranian revolution in March 1981, when a gallon of gas cost about $3 in today's dollars, Lundberg said.
(Excerpt) Read more at cnn.com ...
>>>Why do those of us who choose not 40 miles from our work, need to support those that do?>>>
What, do you have a knee jerk reaction to the word GOVERNMENT or something? At what time did I ask you or anyone else to support me? I am asking for government intervention in something that I believe could be a crisis. I understand conservatives are for LESS government, but not NO government. That is exactly what they are there for, to help the nation run smoothly along. If it were true NO government, it would be anarchy. If it were true capitilism with oil, then tell the government to get the hell out of altogether. Since they won't, they have a responsibility.
Seems you have gotten a snag on a talking point (of 'supporting me because I live 40 miles from work) and your brain just can't get past that to actually do some logical thinking. So I am done with attempting to jump start the needle that is stuck.
So you are arguing that demand for oil and natural gas is up 300% since 2003?
Jesus said FOAD before he wept, I'll have you know.
I don't remember doing anything like that.
However, you might want to contemplate that the demand has led to the price. If no one would pay it, it wouldn't trade as high as it currently is.
Taxes are a separate issue. But even including them, people are still willing to pay the price which includes them.
Demand has enabled the profiteering that is taking place.
>>>I've really lost my taste for reading political forums because there is so much juvenile 'neener neener' type posturing going on. >>>
Me too. This was a great place around election, but it has gotten as ugly as DU around here since then. Especially with the haughty, arrogant attitude that seems to prevail. Even downright meanness.
What are you retarded?
85 posted on 08/15/2005 8:28:30 AM AKDT by sandbar
All financial transactions are essentially speculation.
BTW, the term you use is hopelessly loaded, not to mention, inaccurate.
prof·it·eer ( P ) Pronunciation Key (prf-tîr) n. One who makes excessive profits on goods in short supply.
The term "excessive" is your opinion and oil is not in short supply.
Not to mention, price determines supply.
There is inadequate supply of gasoline at 1 cent per gallon. However, the supply of gasoline at $10,000 per teaspoon is inexhaustible in practical terms.
You have injected your liberalism into it. That is the twist.
Do you truly think public companies should sell their commodities below market price? And how long would the board of directors last at such a company? How would you react if you owned stock, perhaps a significant part of retirement, in that company?
>>>Especially with the haughty, arrogant attitude that seems to prevail. Even downright meanness.
What are you retarded?
85 posted on 08/15/2005 8:28:30 AM AKDT by sandbar>>>
First of all, I was speaking to Sirloin, not you.
Second, given that after three posts, you STILL haven't comprehended that I am not asking you to support me in any way whatsoever, I do call into question if you are, in fact retarded. Not being mean, just wondering. Inquiring minds want to know.
But what if they are manipulating the market to raise the price beyond where it should be? This rapid raise is speculation at its worst and there is a brewing backlash.
See # 213
First of all, I was speaking to Sirloin, not you.
Are you actually claiming posts on a public forum are private?
What the hell is going on? I have a 40 mile commute, one way. At what point does the government step in and help out?
So what do you mean by help out if you are not asking for a hand out?
Any single company cannot manipulate a market the size of the world oil market, with the possible exception of Aramco. But if you think Shell or Exxon should sell at below market prices, I do not think you understand a free market.
How would that work?
This rapid raise is speculation at its worst and there is a brewing backlash.
Speculation is a good thing.
There is no logical basis for the rise in prices we hhave seen. And yes no one single company can but several can. And I think are. That is price fixing and it is illegal.
Say that when an dem is in the whitehouse in 2009. Its the economy stupid part 2.
It is called supply and demand. It is more than speculation because the price is being paid by the consumers, not just some energy options being manipulated by traders. Look at the price of steel or Natural Gas for the past couple years; they have had a greater run up than oil. Just curious, did you worry when the price ran the other way in 1998 and small oil companies and supporting companies were going out of business?
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