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Obama's arguement was that he took office during a recession. As such, fewer people were driving to work and therefore demand was down, driving down prices. Fair arguement.
Explain then, why today, with even fewer people working, prices have doubled?
Last edited by Toyman at Jewel Lake; 10-17-2012 at 10:44 AM..
Obama's arguement was that he took office during a recession. As such, fewer people were driving to work and therefore demand was down, driving down prices. Fair arguement. Explain then, why today, with even fewer people working, prices have doubled?
I caught that, and I swear I even heard some in the crowd chuckle and gasp, everybody knows less people are working now then they were then.
Obama says gas prices were lower when he took office BECAUSE we were getting ready to go through a recession? Is the man insane or a liar? Gas prices didn't DROP to those levels...they had RISEN to that price...and then, after Obama took office, they went to almost $4.00 per gallon.
He's got to go.
I caught that in the debate last nite, posted this comment...
Quote:
Originally Posted by tofurkey
Uh-unh.... da Bomba dint say that.... gas was cheap cause the economy was crashing. That was a fool thing to say...
If that were the case then gas should have been about ten bucks a gallon during the Clinton years.
Don't you "free market" people believe that oil companies should be able to sell their products wherever they get the greatest return? Well, that's what is happening now. The oil companies can make MORE MONEY selling to other countries.
Obama's arguement was that he took office during a recession. As such, fewer people were driving to work and therefore demand was down, driving down prices. Fair arguement. Explain then, why today, with even fewer people working, prices have doubled?
Speculators have been driving up prices ever since Clinton, and other exchanges across the world, turned the oil futures market into an "investment". About 70 bucks is the bottom because Saudi Arabia says it is and that is the point where investment in development is profitable. We are at 88 or so right now (WTI), because of middle east sabre rattling and, of course, speculation. It ain't going back to two bucks unless there is a huge drop in demand - aka another global recession.
BTW, gasoline futures are very much out of line with crude at the moment because of refinery issues. Look for a pretty big drop in prices through the end of the year as these issues slowly resolve (barring more trouble in the middle east of course).
Don't you "free market" people believe that oil companies should be able to sell their products wherever they get the greatest return? Well, that's what is happening now. The oil companies can make MORE MONEY selling to other countries.
So are you saying Obama based his comment on the U.S. being a gas exporter in 2008? Or the economy was crashing?
Speculators have been driving up prices ever since Clinton, and other exchanges across the world, turned the oil futures market into an "investment". About 70 bucks is the bottom because Saudi Arabia says it is and that is the point where investment in development is profitable. We are at 88 or so right now (WTI), because of middle east sabre rattling and, of course, speculation. It ain't going back to two bucks unless there is a huge drop in demand - aka another global recession.
BTW, gasoline futures are very much out of line with crude at the moment because of refinery issues. Look for a pretty big drop in prices through the end of the year as these issues slowly resolve (barring more trouble in the middle east of course).
You seem pretty informed, and I haven't done the research. US gas prices have doubled during the course of the recession....is this also true in the rest of the world?
You seem pretty informed, and I haven't done the research. US gas prices have doubled during the course of the recession....is this also true in the rest of the world?
Well, I am informed enough that I did not blame Bush when prices were north of $4 in 2008, nor do I blame or credit Obama for prices. Presidents can't influence prices no matter what Newt Gingrich promised. US inventories are at record levels and prices are not being driven by supply factors, but by technical issues and speculation over the middle east problems.
I doubt that they have gone up as much percentage-wise simply because taxes in most of the rest of the world often dwarf the cost of the commodity. Gasoline is global to a large extent, though and if demand in any place rises and pushes up prices sufficiently supply will shift to that area. So we are all paying more or less the same except where governments subsidize the cost or increase it with taxes. Brent crude is quite a bit higher than WTI at the moment and this will have some impact on holding down prices in the US, especially in places like the south central states where WTI futures dominate the prices. In the east, Brent prices have more impact as more gasoline is imported from Europe there.
I was just looking at an article that says prices in much of the country will be near 3.00 by election day due to improving refinery issues, seasonal shifts to winter fuels, large inventories, and ample production. Let's hope so. I was looking at Gas Buddy and we are $3.55 at SamsClub today which is down about 20 cents from a couple weeks ago.
Last edited by Ponderosa; 10-17-2012 at 11:36 AM..
BTW, gasoline futures are very much out of line with crude at the moment because of refinery issues. Look for a pretty big drop in prices through the end of the year as these issues slowly resolve (barring more trouble in the middle east of course).
"Refinery issues" is bogus BS. There will be no drop in prices. Oil companies are going to drive the other states prices up until they are just a little cheaper than California -- which is pretty much status quo for how these things work.
We have enough refineries to process gas for other countries yet we don't have enough refineries to produce gas for our own country? How stupid do Republicans think we are??!!
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