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Old 02-26-2011, 01:52 PM
 
354 posts, read 285,555 times
Reputation: 316

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Quote:
Originally Posted by bchris02 View Post
Agree. Thank President Bush for deregulating the futures markets so this is possible (I am sure he has made a FORTUNE off these price increases the past half-decade). Anybody can buy oil futures and get rich or go broke off them just like a stock, and it drives up gas prices for everybody.

Meanwhile, don't be surprised to see a slew of retail and restaurant closings in the comming months here locally. People have to buy gas but they don't have to eat at that restaurant or buy that outfit.
You would think Obama would have fixed this horrible travesty considering he had two years and a friendly Congress.

It is Bush's fault I stepped in dog doo doo at the park too!
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Old 02-26-2011, 02:28 PM
 
Location: NoWhere
97 posts, read 140,577 times
Reputation: 46
$5 woo!!!
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Old 02-26-2011, 03:18 PM
 
1,664 posts, read 1,591,592 times
Reputation: 533
If you don't follow it:

  • Oil hit a high of ~$103.00/barrel this week.
  • Today it's $97.88/barrel
  • To put this price into perspective, oil was $80/barrel last September
  • Last time oil started moving into this territory, it sparked the current economic recession. (~late 2007 - early 2008)
  • Libya is only responsible for ~2% of the world's oil production, however it's the high quality stuff the USA likes to consume. The sludgy oil is sold in China/SE Asia where they are not as concerned about pollution.
  • Oil companies will soon start producing the summer blend of gasoline to reduce smog as mandated by the EPA. This gasoline cost more to make.
  • Oil prices are rising because the $ is being printed into oblivion by the Federal Reserve in order to prop up the US financial system. Oil producers want more $s to compensate.
  • All bets are off if the revolution hits the dictatorship of Saudi Arabia. March 11 could be important.
Bottom line, enjoy the low gas prices while we still have them.
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Old 02-26-2011, 03:30 PM
 
Location: Matthews, NC
14,699 posts, read 14,193,671 times
Reputation: 13833
Time to buy a SmartCar or start taking the bus, I guess.
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Old 02-26-2011, 04:01 PM
 
Location: Here or There
2,108 posts, read 927,855 times
Reputation: 781
^^ Yeah.
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Old 02-26-2011, 04:03 PM
 
8,410 posts, read 9,293,831 times
Reputation: 6468
Quote:
Originally Posted by yantosh22 View Post
If you don't follow it:

  • Oil hit a high of ~$103.00/barrel this week.
  • Today it's $97.88/barrel
  • To put this price into perspective, oil was $80/barrel last September
  • Last time oil started moving into this territory, it sparked the current economic recession. (~late 2007 - early 2008)
  • Libya is only responsible for ~2% of the world's oil production, however it's the high quality stuff the USA likes to consume. The sludgy oil is sold in China/SE Asia where they are not as concerned about pollution.
  • Oil companies will soon start producing the summer blend of gasoline to reduce smog as mandated by the EPA. This gasoline cost more to make.
  • Oil prices are rising because the $ is being printed into oblivion by the Federal Reserve in order to prop up the US financial system. Oil producers want more $s to compensate.
  • All bets are off if the revolution hits the dictatorship of Saudi Arabia. March 11 could be important.
Bottom line, enjoy the low gas prices while we still have them.
Let's see...oil prices are dropping, gas prices are going up daily. Does this sound like a natural event to anyone?

It happens because it can happen.

Quote:
Originally Posted by bs13690 View Post
Time to buy a SmartCar or start taking the bus, I guess.
You can spend several $K less on a car, and have something that's actually a car, rather than a glorified golf cart that's just asking to be punted through an intersection by a soccer-mom-driving SUV, and get similar MPG.
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Old 02-26-2011, 04:28 PM
 
690 posts, read 831,425 times
Reputation: 391
Quote:
Originally Posted by GayCharlotteGuy View Post
I am the one in the position where I am struggling with Gas & Food alone off of a 40 hour work week. David paying house bills.


Before oil sky rocketed, I used to go out buying stuff regularly (2 shirts a paycheck, Go out to eat, a Movie, an attraction IE Daniel Stowes, Carowinds, White Water Center, etc.). Now it's just Gas & Food & Saving what I do have.
You would have to drive a ton for it to make that much difference, it seems. Say gas is up $0.50/gallon. If you fill every week @ 20 gallons, it's $10/week difference....enough to change lifestyle from buying stuff regularly to not at all?
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Old 02-26-2011, 04:34 PM
 
11,772 posts, read 18,400,607 times
Reputation: 2674
Gas is up to $3.41/gallon for premium at BJ's Warehouse in Pineville.
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Old 02-26-2011, 04:43 PM
 
Location: From WNC, now in Raleigh
296 posts, read 1,641,464 times
Reputation: 299
We'd already be paying over $5/gallon if it weren't for the recession.
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Old 02-26-2011, 05:09 PM
 
473 posts, read 574,447 times
Reputation: 216
The people complaining about a $0.10 rise in gas prices are paying $150/month and cable and $1.50 for a bottle of water...I imagine our prices will be on par with Europe in the coming years. They have just retooled the domestic car makers for hybrids, and they are in a huge deficit hole...
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