F... gas prices

Simple supply and demand. Some of the largest countries in the world are becoming industrialized. With the rise of demand from India and China there's no doubt prices will go up. I love how people love to preach free market and capitalism -- then bitch when oil companies charge more for gas. They should be doing what nets them the highest profit. Who here has stopped driving? I haven't. It will take a much high price to get me to quit as well.

It's time to start finding renewable energy sources. Not bitch about gas prices.

India China are taking up alot more gas. Also gas prospect buying hurts as well. Simply put, people buy up oil which drives the price up, wait alil while, then sell back the oil at the higher rate. Read an article a few years ago where a european rich guy bought a ton of oil then rented out big cargo boats and kept the barrels of oil at the dock, waited for the prices to rise then sold back the oil at a profit.

To your point about capitalism, if the prices of gas get insane then capitalism should kick in and companies will realize there is a huge high return market for alt fuel vehicles. IMO capitalism at its basic core just means if a market/company is out of whack another person/company/market will find a way to do it for cheaper.

As the gas prices go higher = people developing alt fuel vehicles increases.

One day OPEC and these oil rich countries will be hanging by a financial noose b/c they got too greedy and forced us to turn to alt fuel sources. Cant wait for the day and its coming, id give it 20 years. Not that oil will never be used, its used in everything from shoes to soap, etc.

Welcome to the era of 'extreme energy' - CNN.com (http://www.cnn.com/2011/TECH/innovation/04/19/oil.sands.extreme.energy/index.html?iref=allsearch)

Video - Breaking News Videos from CNN.com (http://www.cnn.com/video/#/video/bestoftv/2011/04/18/exp.nr.talkback.gasideas.cnn?iref=allsearch)

Video - Breaking News Videos from CNN.com (http://www.cnn.com/video/#/video/bestoftv/2011/04/18/exp.ym.xyz.gas.prices.cnn?iref=allsearch)

POLITICAL HOT TOPICS: Monday, April 18, 2011 – CNN Political Ticker - CNN.com Blogs (http://politicalticker.blogs.cnn.com/2011/04/18/political-hot-topics-monday-april-18-2011/?iref=allsearch)

Yup, CNN is clearly ignoring the issue

You can't possibly admit it's getting the same attention or vitriolic ranting and raving.

[/URL][url]http://www.mrc.org/bmi/articles/2011/Networks_Link_Bush_to_Skyrocketing_Gas_Prices__Tim es_More_Than_Obama.html (http://newsbusters.org/blogs/julia-seymour/2011/03/01/networks-link-bush-skyrocketing-gas-prices-15-times-more-obama)


Networks Link Bush to 'Skyrocketing' Gas Prices 15 Times More Than Obama

As gas prices rose in 2008, network reporters mentioned President Bush in 15 times as many stories than they brought up President Obama in a similar period in 2011.
Bush drew gallons of coverage in 2008. Comparing a 20-day span of rising gas prices in 2008 to 24 days of rising prices in February 2011, the Business & Media Institute found the networks did more than 2 ½ times as many stories during the Bush years versus Obama.
Unrest in the Mideast has hit American consumers hard, driving up gas prices that had already been above $3-a-gallon since Dec. 23. The national average for gasoline hit $3.36 on Feb. 28, the highest ever for the month of February (http://www.washingtonpost.com/wp-dyn/content/article/2011/02/28/AR2011022801758.html) according to The Associated Press. But the amount of network news coverage of rising gas prices did not reflect it.
All three broadcast networks together averaged just one story about rising gas prices per day. In contrast, when gas prices rose similarly in 2008, the networks averaged more than one story, per network, per day.
It took 24 days, from Feb. 1, to Feb. 24 for the national average for unleaded gasoline to climb from $3.101 to 3.228. The last comparable period of "eye-popping" gas prices: the 20 days between Feb. 21, 2008, and March 11, 2008, when the national average climbed from $3.086 to $3.227.
Some 2008 reports including the March 6, 2008, "Early Show" exaggerated the already rising prices by emphasizing extremely high prices. That morning CBS showed viewers a California gas pump that was charging $5.19-a-gallon for regular unleaded before mentioning the national average for that day, which was $2.02 lower. Some 2011 reports have reversed that trend by downplaying the impact of currently high gas prices on consumers by using words like "inching" to describe rising prices, or calling U.S. prices "a bargain compared to Europe."
The Business & Media Institute examined all the broadcast network news reports mentioning gas prices during each of those time periods and found ABC, CBS and NBC aired more than 2 ½ times more stories (63 stories to 24) in 2008 than they did in 2011.
But it was more than just the amount of coverage that showed the media's willingness to spin gas prices one way under Bush, and another way under Obama. In 2008, network reporters mentioned "Bush," the "president" or "government" in gas price reports 15 times more often than in 2011 under President Obama (15 stories to 1). A number of stories portrayed Bush as out-of-the-loop when he was asked about the possibility of $4-a-gallon gas and hadn't yet heard that prediction.
In contrast to the 15 reports referencing the Bush administration when gas prices were "through the roof," the only 2011 story to mention the president was NBC "Nightly News" on Feb. 24. Tom Costello's report on the impact of surging gas prices quoted President Obama who was "optimistic."
Obama said, "We actually think that we'll be able to ride out the Libya situation and it will stabilize." Costello didn't question the president's statement or mention any of the administration's policies that will constrict the supply of oil and gasoline and could further increase the price of gasoline for consumers.

Networks Fail to Mention Obama's Anti-Oil Actions
President Obama is the most anti-oil president in years and has taken specific steps to limit domestic oil production including a moratorium on deepwater drilling (http://www.nytimes.com/2010/10/13/us/13drill.html?_r=1) in May 2010 after the BP spill and the recent imposition of new regulations on the industry. Yet, the networks refused to notice in the recent gas prices stories BMI analyzed, just as they did (http://www.mrc.org/bmi/articles/2010/Gas_Prices_Back_Above__Networks_Dont_Question_Obam a_Policies.html) in December 2010.
Not a single one of 2011 stories about rising gas prices BMI examined brought up any of Obama's anti-oil policies despite the impact they could have on supply and prices.
Obama's drilling ban was overturned by a federal court judge in June, but his administration continued to enforce it. On Feb. 3, Bloomberg reported that the administration "acted in contempt (http://www.businessweek.com/news/2011-02-03/u-s-in-contempt-over-gulf-drill-ban-judge-rules.html)" of court by doing so.
U.S. District Judge Martin Feldman ruled on June 22, 2010, that the ban was "overly broad," according to Bloomberg. The following month Interior Secretary Ken Salazar put a second moratorium into effect, but voluntarily lifted it in October.
Some industry insiders claim there is still an "informal moratorium" on offshore drilling. "President Obama claims to have lifted the Gulf moratorium, yet not a single deepwater permit has been issued in nine months," Jim Adams, the Offshore Marine Service Association's president, said in a press release quoted by Bloomberg.
Adams said the consequences have been thousands of lost jobs and higher prices for gasoline and heating oil. At least one company, Seahawk drilling, has filed for bankruptcy blaming Obama administration policies (http://blogs.forbes.com/richardlevick/2011/02/23/a-decisive-moment-for-the-energy-industry-political-agendas-roil-murky-waters-four-months-after-gulf-drilling-ban-lifted/).
The Heritage Foundation wrote on Jan. 11, 2011, that only two new deepwater permits have been issues since the end of the Obama moratorium, "down 88 percent from the historical average (http://blog.heritage.org/?p=49835)." Heritage also said shallow-water permits are down 11 percent. The Obama administration has also cancelled four pending lease sales in Alaska and reinforced existing offshore drilling bans, which prevent exploration in 85 percent of coastal waters.
"The lack of exploration and production means fewer jobs for out-of-work Americans and less money flowing into federal coffers," Heritage concluded.
Action on at least several of those permits may be forthcoming now that Feldman has ordered Salazar to decide on five permit applications (http://www.investors.com/NewsAndAnalysis/Article/563751/201102181908/Deep-Water-Permit-OKs-On-Horizon.aspx) from Ensco within 30 days.
Investor's Business Daily argued in a recent editorial that the Obama administration is intentionally allowing prices to spike in order to make green energy more desirable.
On the issue of rising prices, IBD editorialized: "It's not just Mideast turmoil that has brought us to this point. It's also a deliberate program of restricting domestic energy to make so-called green energy more attractive and necessary, keeping an Obama campaign promise that energy prices would 'necessarily skyrocket' on his energy agenda (http://www.investors.com/NewsAndAnalysis/Article/564290/201102251830/Does-Obama-Want-8-Gasoline-.htm)."

What High Gas Prices Mean for the U.S. Economy?
Moratoriums and permit delays have already costs jobs and threatened businesses and "soaring" gas prices could damage the fragile U.S. economy even more. Some analysts have predicted $5-a-gallon gasoline which would be "devastating," but "serious" consequences could result even if prices only reach the $3.75-a-gallon range.
AP reported that some businesses (http://www.washingtonpost.com/wp-dyn/content/article/2011/02/28/AR2011022801758.html) are already taking the hit for extra fuel costs because they don't think the economy is strong enough to pass it on in the form of higher prices.
In that same report, AP quoted Oil Price Information Service's chief oil analyst Tom Kloza. "[He] believes that the normal seasonal rise in prices has been pulled ahead by events in the Middle East, but he still expects prices to rise further. He predicts prices will reach $3.50 to $3.75 per gallon, barring more chaos in the Middle East," AP said.
Kloza said that would have "very serious consequences for the economy."
AP also reported that, "Over a year, analysts estimate, oil at $100 a barrel would reduce U.S. economic growth by 0.2 or 0.3 of a percentage point. Rather than grow an estimated 3.7 percent this year, the economy would expand 3.4 percent or 3.5 percent. That would likely mean less hiring and higher unemployment."
According to John Challenger, chief executive officer of global outplacement firm Challenger, Gray & Christmas, rising fuel prices be the "biggest obstacle yet" to job growth. Challenger said in a release, "Companies will be reluctant to pass along their higher fuel costs to consumers. So, the more companies are required to spend on fuel, the less they have to spend on expansion and hiring."
Higher prices, such as the $5-a-gallon prediction would be even worse for the economy. University of Maryland economist Peter Morici told BMI: "$5-a-gallon would be devastating if it's in 2011, if it's in 2014 it might not be devastating. But right now, if we went to that by July it would kill the recovery. It is unlikely that we will get to $5-a-gallon because it would kill the recovery before that point and then prices would go down."

Welcome to the era of 'extreme energy' - CNN.com (http://www.cnn.com/2011/TECH/innovation/04/19/oil.sands.extreme.energy/index.html?iref=allsearch)

Video - Breaking News Videos from CNN.com (http://www.cnn.com/video/#/video/bestoftv/2011/04/18/exp.nr.talkback.gasideas.cnn?iref=allsearch)

Video - Breaking News Videos from CNN.com (http://www.cnn.com/video/#/video/bestoftv/2011/04/18/exp.ym.xyz.gas.prices.cnn?iref=allsearch)

POLITICAL HOT TOPICS: Monday, April 18, 2011 – CNN Political Ticker - CNN.com Blogs (http://politicalticker.blogs.cnn.com/2011/04/18/political-hot-topics-monday-april-18-2011/?iref=allsearch)

Yup, CNN is clearly ignoring the issue


I was not trying to make a political statement about it. I just go to the home page each morning and it really is not in my face like it was last time it was so high. That is all I was saying.

People are simply more numb to gas prices now then they were 3 years ago. Plus we have bigger fish to fry these days, back before the market went belly up in late 2008 $4 gas was an easy target. These days, not so much.

People are simply more numb to gas prices now then they were 3 years ago. Plus we have bigger fish to fry these days, back before the market went belly up in late 2008 $4 gas was an easy target. These days, not so much.

So in your opinion how much higher will it go before the market starts to crash again? I was talking to my manager today, and he thinks gas will reach 6.00 a gallon before the government intervenes or their is a collapse again...

$6/gallon isn't going to cause an economic collapse. I think prices would have to climb a lot higher than that to have a big impact or for the gov't to step in.

.....I love how people love to preach free market and capitalism -- then bitch when oil companies charge more for gas.....

It's time to start finding renewable energy sources. Not bitch about gas prices.I agree we should be working on renewable energy, but the side of the free market being squeezed for the U.S. is the supply side. If the Obama Admin would allow the development of our existing supplies in Alaska, offshore, etc. we could keep our prices reasonable, while at the same time squeezing the economies of folks who we aren't getting Christmas cards from (Venezula, Middle East, etc.). But the Obama Admin and congressional Dems wants higher gas prices to force more "alternative energy" and "public transportation" projects which are as of right now, not cost efective.

Shell Cancels 2011 Arctic Drilling Plans - NYTimes.com (http://www.nytimes.com/gwire/2011/02/03/03greenwire-shell-cancels-2011-arctic-drilling-plans-18881.html)

U.S. in Contempt Over Gulf Drill Ban, Judge Rules - Bloomberg (http://www.bloomberg.com/news/2011-02-03/u-s-administration-in-contempt-over-gulf-drill-ban-judge-rules.html)

Obama Will Make You Pay Higher Gas Prices | The Foundry: Conservative Policy News. (http://blog.heritage.org/2010/12/29/morning-bell-obama-wants-you-to-pay-more-at-the-pump/)

Offshore Ban and Rising Gas Prices | The Foundry: Conservative Policy News. (http://blog.heritage.org/2011/01/03/obamas-offshore-ban-already-cutting-domestic-energy-supply/)

You can't possibly admit it's getting the same attention or vitriolic ranting and raving.

Networks Link Bush to 'Skyrocketing' Gas Prices 15 Times More Than Obama (http://www.mrc.org/bmi/articles/2011/Networks_Link_Bush_to_Skyrocketing_Gas_Prices__Tim es_More_Than_Obama.html)


Networks Link Bush to 'Skyrocketing' Gas Prices 15 Times More Than Obama




WOW, REDICULOUS...

Ive been really busy and havent watched any tv for a week until last night (just watched my boy Glenn Beck, though). I just don’t understand how news channels can just flat out ignore things or take opinion or biases on events. Maybe theres been other big things going on; Japan clean up, severe weather? Maybe it isnt as big of a story the second time around within a few year period?

Either way its times like these I love my 4 cyl 5 speed Honda accord. I get around 31-33 on the highway and average about 28 total in that sucker. Also whats scary is it’s not even summer and you have to think gas prices are gonna continue to go up. Every year I talk about how im going to buy an oil price etf before summer. This year I finally did around late January/early feb so im slightly hedged.

I honestly think a sustained 6 dollar mark will have a drastic impact on our economy. Most people I know are cutting back and/or changing their driving habbits. This time around people are more prepared or more ready for it, but after a couple months of paying 4 dollars and IF prices continue to rise to 6 or so people are going to be hurting big time.

Either way I guarantee you new networks wont be ignoring headlines of 6 dollar gas, even 5 dollars might be psychological barrier when news stations starting focusing on Pain at the Pump 2011

I agree we should be working on renewable energy, but the side of the free market being squeezed for the U.S. is the supply side. If the Obama Admin would allow the development of our existing supplies in Alaska, offshore, etc. we could keep our prices reasonable, while at the same time squeezing the economies of folks who we aren't getting Christmas cards from (Venezula, Middle East, etc.). But the Obama Admin and congressional Dems wants higher gas prices to force more "alternative energy" and "public transportation" projects which are as of right now, not cost efective.

Shell Cancels 2011 Arctic Drilling Plans - NYTimes.com (http://www.nytimes.com/gwire/2011/02/03/03greenwire-shell-cancels-2011-arctic-drilling-plans-18881.html)

U.S. in Contempt Over Gulf Drill Ban, Judge Rules - Bloomberg (http://www.bloomberg.com/news/2011-02-03/u-s-administration-in-contempt-over-gulf-drill-ban-judge-rules.html)

Obama Will Make You Pay Higher Gas Prices | The Foundry: Conservative Policy News. (http://blog.heritage.org/2010/12/29/morning-bell-obama-wants-you-to-pay-more-at-the-pump/)

Offshore Ban and Rising Gas Prices | The Foundry: Conservative Policy News. (http://blog.heritage.org/2011/01/03/obamas-offshore-ban-already-cutting-domestic-energy-supply/)


You forgot this link:

YouTube - Barack Obama Admits: Energy Prices Will Skyrocket Under Cap And Trade

Simple supply and demand. Some of the largest countries in the world are becoming industrialized. With the rise of demand from India and China there's no doubt prices will go up. I love how people love to preach free market and capitalism -- then bitch when oil companies charge more for gas. They should be doing what nets them the highest profit. Who here has stopped driving? I haven't. It will take a much high price to get me to quit as well.

It's time to start finding renewable energy sources. Not bitch about gas prices.


But its not so simple. So 2005 was hurricane Katrina and that was primarily a true simple supply and demand problem (plenty of oil, not so many refineries to make gas). 2008 was primarily a oil and commodities speculation problem as is today. There are plenty of barrels of oil out there to indicate much lower prices, its just that there are also a lot of speculators out there for a whole lot of reasons (Middle East unrest, Japan, Obama energy policies, current monetary policy, summer driving and gas blends, hurricane season approaching, Emerging Market growth, global warming, Gulf drilling restrictions, refinery building restrictions, shrinking oil reserves, ect).

Its not like there are only 1000 hotdogs for sale at a baseball game with 50,000 people and the venders are bidding the price up. Theres plenty of hotdogs for this baseball game, its just concern about next seasons baseball game that’s driving the price up for today’s matchup. Plus its not even the fans in attendance or venders that are driving up the price of hotdogs, its people watching the game at home biding on contacts that outnumber the number of hotdogs 10,000 to 1.

Derivatives anrt so cut and dry as a baseball game hotdog (no almost-pun intended!) and are really hard to understand especially in depth but most scholars think that they add to market efficiencies. I wonder if people biding on contracts that have no underlying physical holding creates the opposite effect, especially when it comes to things that can affect people lives like food and oil.