F... gas prices

and why we are on the subject, is finding oil in Alaska a sure thing? because if it is, its about time to make that move. im for protecting whats beautiful, and right about America. but this very quickly could become a national crisis, if something isn't done. oil is driving up the price of everything. i really feel for the truckers

I don't that is entirely correct. The U.S. government has a great deal of influence over middle eastern countries and, by extension, OPEC. For example, many middle eastern countries rely on the U.S. to supply their militaries with arms. Guess who gets to approve or reject the sale of those weapons? The United States Congress. Moreover, if the U.S. ever manages to create a semi-stable security environment in Iraq, the U.S. could pressure the Iraqis to flip the bird to OPEC and start pumping out boatloads of oil. Obviously our influence over OPEC's member countries wasn't great enough to convince them to up their oil quotas, but I think it's inaccurate to say that we don't have any negotiating power.

OK point taken, change it from "none" to "very little".

and why we are on the subject, is finding oil in Alaska a sure thing? because if it is, its about time to make that move. im for protecting whats beautiful, and right about America. but this very quickly could become a national crisis, if something isn't done. oil is driving up the price of everything. i really feel for the truckers

Further embarassment...

It's a well-known fact that Alaska is home to a huge oil reserve, one that would nearly double our supply of domestic oil if we tapped into it.

Further embarassment...

It's a well-known fact that Alaska is home to a huge oil reserve, one that would nearly double our supply of domestic oil if we tapped into it.
quit being a dick. i ask a question, because i didnt know. sorry for being so mis- informed

I doubt that increased demand is soley to blame for oil quadrupling in price. I think speculation is driving the increase as well. Hedge fund managers are now into oil big time. Even individuals are getting in for the ride. A friend of mine justified it by saying he had to recoup the losses he was experiencing at the pump. Money chases money. As more and more people are seeing the possibility of making money in commodities rather than stocks and bonds, the price only increases. Imagine if a bunch of moneyed investors suddenly all decided that baseball cards were a sure thing. Their sudden entry into the market would necessarily force the price of a Clemente rookie card through the roof. The question is, is this a permanent thing or at some point will gravity have it's affect. We need a crash badly. As quickly as the money went in, it will run for the exits if the price falls fast enough.

I think there are a few simple steps that could be taken to at least discourage new money from forcing up the price any further. The Democrats may serve useful here as their penchant for regulation would surely be helpful. Maria Cantwell of Washington is making this a pet issue. She's kind of a butter face but she has nice hair and seems relatively bright. It would be worth a try at any rate.

Just recently read an article on the "oil bubble" comparing it to the "housing bubble". While there is speculation driving the price, there is an underlying increased demand from developing countries (particurlarly, as Schneed has repeatedly pointed out, India and China). Thus, while there may be some easing in the future as the market cools down, it is unlikely to "burst".

IMO, it appears to be a confluence of events and market forces that is making a resource, that had been vastly underpriced, reach its market price. It will probably overshoot and then ease back (my guess it ends up around 4.50). Prior to this latest spike, how many people (other than those who drove for a living) actually budgeted their weekly gas expenses? Doesn't that suggest to you that it may have been a bit underpriced?

The price now is beginning effect people and changing their habits - to me, that is an indication that it is reaching a price close to its free market level.

[BTW - Just to indicate how the gas prices are affecting us - now, b/c of our driving needs for commutes and such, we have actually added "gas" as a separate line item in our budget where previously it was part of discretionary spending.]

Expensive gas is here, more expensive gas in the future as that is the result of supply and demand.

quit being a dick. i ask a question, because i didnt know. sorry for being so mis- informed

Dude I was just attacking the post, not you. Now you're calling names.

You called my first post the stupidest thing posted on this site. There was no problem with that.

Maybe I should PM the mods and whine about it to have you warned.

schneed, i didnt mean to attack you personally. but we definitely look at this differently. you think its fine for gas to be $5.00- $6.00, or whatever, a gallon so the companies can maintain record profits. we disagree on that. we disagree on how they go about it. we definitely disagree on the governments place in this problem. you see this as capitalism at is finest. i see this as raping the American public. the government can control anything it wants to. why not oil? because of the Saudis influence with the American government. and yes, i understand who O.P.E.C is. and i also understand the military's involvement in the middle east. the little bit of stability they have comes from an American influence/ presence. we Americans are always more then willing to aid any country that asks. how about someone scratching our backs every once in a while?

The bolded part seems to say something along the lines of "we just disagree."

That's great, but you still haven't posted one single argument that holds any water.

Can I ask you something? Why is it wrong for companies like Exxon to make boatloads of money?

Further embarassment...

It's a well-known fact that Alaska is home to a huge oil reserve, one that would nearly double our supply of domestic oil if we tapped into it.

The estimates are that there are between 5-16 billion barrels in ANWR

Arctic National Wildlife Refuge, 1002 Area, Petroleum Assessment, 1998, Including Economic Analysis (http://pubs.usgs.gov/fs/fs-0028-01/fs-0028-01.htm) (it's an old survey, 1996 so with newer methods more recoverable oil may exist).

By using this resource in a measured way, the US could reduce its dependence on foreign oil by 5-10% for the next 12-15 years.

Overnight the price of gas at my local station went from $3.76 to $3.85

WTF!

Yesterday, gas prices rose .10 while I was at work. I feel like I should top off every morning (I have 70 mile round trip commute) b/c the longer I wait to fill up, the more the prices go up.