Skip to comments.Gas Prices Expected To Soar 60 Cents: How That Impacts Your Budget
Posted on 02/06/2012 5:32:26 PM PST by Libloather
Gas Prices Expected To Soar 60 Cents: How That Impacts Your Budget
By: Diane Lee | News Channel 7
Updated: February 06, 2012 - 4:32 PM
GREENVILLE, S.C. - For 16 years John and Clare Coulis have driven the 1200 mile journey to Ontario and back every May. When they started, gas was under a dollar.
"I think I want to occupy BP," he said with a laugh.
In all seriousness, it is slated to get worse. Analysts predict prices will sour 60 cents from now until May.
The main reasons: Oil refiners have cut back on production because of waning demand.
And Iran is threatening to limit oil export because of sanctions
So what does the spike mean to you?
The average driver uses 50 gallons of gas per month (15,000 a year... 1250 a month/25mpg = 50 gallons). Multiply that times 60 cents and that's 30 dollars more you'll have to pay out.
(Excerpt) Read more at 2.wspa.com ...
In an election year? Nah...gas will explode after January 20, 2013. Until them, it will be just be a pain.
I’m at 3.70 now in PA (still breathing, but barely)...4.30 flatlines me once all the perishable and disposable items are re-priced to reflect shipping costs...
Please God, give us $6 per gallon gas by election day.
Fuel was the USA’s top export product in 2011.
The old media will blame the Republicans in the House.
I hope gas goes to $6/gallon this summer. It’s our only chance to be rid of Obama.
What is really sad about this is that the morons in this country will probably cause Barry the Kenyan Guy’s poll numbers to soar to 60% approval as a thank you to Barry for doing it.
Gas prices may well rise by 60 cents. But no one knows that, nor can they predict it.
Won’t matter. Democrat president means it’s Republicans fault. Republican president would mean republican president’s fault.
“How That Impacts Your Budget”
Well, I guess if one is not having to drive to work anymore because one has lost their job....
Please God, give us $6 per gallon gas by election day.
Don’t say that. The idiots will believe it’s the republicans fault. Four years ago I could agree with you. No longer.
The absolute ignorance of most Americans is terrifying.
What exactly would be the causal connection between refiners cutting back production because they can’t find a market for what they’re producing and retail prices going up? I can conceive of producers or refiners manipulating prices, but there’d have to be a continuing demand or there’d be no sales to be manipulated. If they’re just making less as a result of less demand, it seems like it’d be hard to hold them responsible for an increase in price.
“The last time usage fell that low was the week of September 21, 2001! And you know what that week was! Prior to that you have to go back to 1996 to have a time period truly consistently below 8,000. We have done it two out of the last three weeks”.
That data tells a much different(and believable) story than Baraq’s Labor Dept.
HA! Yeah, the price will sour. Soar too, I think was meant.
Funny too, we're sitting on oceans of oil and gasoline all over this nation - and no one is able to simply pump it out of the ground. In Los Angeles alone, oil and gasoline estimated in the hundreds of millions of gallons - available from already drilled wells, capped off years ago, is being denied to Americans by liberal Democrat policies.
No, they’ll blame the George W. Bush because he lives in Texas and therefore owns all of the oil in the world. They played that card ad nauseum while he was in office, and many Americans sadly bought it (and still do to this day). We really have some very stupid people in this country.
Which is an altogether misleading factoid.
The primary reason for a surge in fuel exports is the reduction of refining capacity in the Northeast.
How could that be, you ask?
Gulf Coast refineries continued to produce full-bore (the most efficient mode of operation for a refinery), but there output could not be shipped to the Northeast because a.) there was insufficient pipeline capacity and b.)sending it via ship is not economically feasible (shipments between U.S. ports must be U.S. flagged and fully unionized, thus prohibitively expensive).
Accordingly, the excess product is exported to the Caribbean and the Northeast is being served by compensating imports (mostly from Nigeria).
The rest of our fuel exports are composed of a.) finished product to Mexico, a condition of contracts for the purchase of Mexican crude, b.) finished product to Canada, a condition of contracts for the purchase of Canadian crude and c.) fuel oil and aviation gas sold to international shipping and airlines (which counts as an export).
In other words, under the current market conditions, the most efficient way to operate is to export from the Gulf Coast and import into the Northeast. If the economy were healthy, there would be virtually no exports.
You're right, that's why we need a Repub candidate like Newt Gingrich who seems to have the only real balls to rail out against 0dumb0shit and call him for what he is.... a socialist who is bound & determined to destroy our country, uless he is soundly defeated as well as the demoRAT party socialist legislators.
Watch them plummet to 2.25 by September. Same ruse, different year.
Prices will probably soar and if .60 is all it is thats enough, but if things get hot in Iran and the straights, all bets are off.
But if speculation over Iran settle, you can bet oblunder will gather the MSM goons to carry his speech primetime to rail against the high prices then magically do something to make them fall back down and be seen again as the saviour right before election time.
Mark these words!
Until Congress (DEM Senate) passes a budget & finalizes energy & tax policy, how can I even make a budget to be impacted?!?
Mortgage payment $X (at least that is a fixed number...for now)
Mortgage tax deductions ???
Medical expenses ??? (ditto tax deductions)
Revenue available from capital gains ???
Taxes: ??? (see above)
Electricity ??? (”rates to necessarily soar—closing coal plants...or not?)
Car insurance $Y (another (sort of) constant, at least until renewal time.)
Groceries ??? (Fed policies & changes in corporate & trucking/shipping/fuel taxes, deductions, exclusions, etc; not to mention imports, farming controls, etc., etc., etc.)
And so on, throughout a household budget.
Thank the Good Lord that I don’t have to worry about a business budget & taxes.
No ship-to-ship transfers via a Cayman Islands "petroleum laundering" anchorage?
AMEN to that! It would be worth it for that one and only reason.