Gas now costs just a shade less than what it did when oil was $147/barrel on the NYMEX back in 2008.
Oil closed on Friday at $105.88.
Something’s very wrong here. We’re being fleeced.
And since that time WTI, which was trading at premium at that time, now trades at a discounted price to similar quality oils not bottlednecked at Cushing like WTI.
So in summer 2008, that WTI price which folks like to quote was actually higher than the average price refineries were paying for light sweet crude. Now it is lower than most refineries are paying for light sweet crude.
If you look at average refinery acquisition cost, you see a different picture.
Guess what, Americas largest export. FUEL! Others are will to pay more for fuel so its exported.
“Something’s very wrong here. We’re being fleeced.”
YES, WE ARE, by Obama’s monetary policy, that has pumped so much liquidity (Printed Dollars) in to the markets in the last few months, that it has SIGNIFICANTLY DEVALUED THE DOLLAR, vs other currencies, especially oil-based ones, like the Canadian Dollar.
$1 Canadian now equals $1.001 US Dollars.
In 2008, it was around $.80 US Dollars.
We get around 24% of ALL of our oil from Canada.
But hey, as long as the Ponzi Scheme lasts past the Novenber election, it’s all good. Right?