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Old 02-26-2011, 12:52 PM
 
325 posts, read 232,785 times
Reputation: 299
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, 01:28 PM
 
Location: NoWhere
95 posts, read 126,844 times
Reputation: 46
$5 woo!!!
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Old 02-26-2011, 02:18 PM
 
1,664 posts, read 1,397,201 times
Reputation: 530
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, 02:30 PM
 
Location: Matthews, NC
14,632 posts, read 12,674,938 times
Reputation: 13657
Time to buy a SmartCar or start taking the bus, I guess.
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Old 02-26-2011, 03:01 PM
 
Location: Here or There
1,833 posts, read 750,392 times
Reputation: 659
^^ Yeah.
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Old 02-26-2011, 03:03 PM
 
8,417 posts, read 7,420,482 times
Reputation: 6384
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, 03:28 PM
 
656 posts, read 759,042 times
Reputation: 367
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, 03:34 PM
 
11,760 posts, read 17,318,833 times
Reputation: 2639
Gas is up to $3.41/gallon for premium at BJ's Warehouse in Pineville.
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Old 02-26-2011, 03:43 PM
 
Location: From WNC, now in Raleigh
296 posts, read 1,554,885 times
Reputation: 296
We'd already be paying over $5/gallon if it weren't for the recession.
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Old 02-26-2011, 04:09 PM
 
465 posts, read 529,066 times
Reputation: 204
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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