$3.37 Gas & $3.58 Diesel - Thrilled.

[ashdump]

I haven't read through every page of this thread, but what I've seen some seem to get it, some don't.

It's not "big oil" that's the problem. It's a lot of things (mostly government caused). The taxes on gasoline/diesel are obscene, that adds nearly a dollar in some cases into the price/gal. We do not have enough refinery capacity. We need to build more refineries. We can have all the world's oil at our disposal, but withouth enough refinement capacity, it makes it more expensive to distill. The EPA is a huge problem when it comes to oil exploration, production and refinement. Waaaaay too many regulations and restrictions. Also, a certain idiot will not allow any new production in the GOM.

We've basically hog tied ourselves with regulation and restriction. That alone makes prices higher than they should/could be. Add all of the craziness in the ME right now, all of the sudden, we've got a huge problem. Wait until refiners have to switch over to the stupid EPA mandated "summer blend". Prices will jump even higher.

Also, the devaluation (thanks again, government) of the dollar causes speculators to dash to the commodities markets creating bubbles in the grain, precious metals and oil markets. This is what happens when we print more money, it's worth less, so investors seek shelter in commodities.

I'm not going to get into politics specifically, but votes have consequences. We are reaping what we have sown. We need to remember this next election.

 

[StevenL]

I suspect the recent uptick in prices have more to do with speculators than the oil companies themselves.

While there is has always been speculation in oil the problem right now is Libya's supply drop. Because demand for oil products is inelastic such supply issues cause a large impact on prices. And Libya's oil is sweet crude which is more valuable because it's easier and cheaper to refine. To complicate things further there is concern about Saudi Arabia's ability to increase supply and potential political instability in other oil producing countries -- this is where speculation could come into play.

 

[JB4310]

I am so loose now, I don't feel it anymore.:ashamed:

It took me awhile to get it I didn't really mean it literally :laughing:

JB.

 

[TripleR]

While there is has always been speculation in oil the problem right now is Libya's supply drop. Because demand for oil products is inelastic such supply issues cause a large impact on prices. And Libya's oil is sweet crude which is more valuable because it's easier and cheaper to refine. To complicate things further there is concern about Saudi Arabia's ability to increase supply and potential political instability in other oil producing countries -- this is where speculation could come into play.

My father in law was "in the business" so to speak and had a bulk distributorship until he retired. Prices spike on the possibility there will be a drop in production. The prices started up this time before there was any effect on oil supplies. Supply ad demand do have an impact certainly, but do not account for all or sometimes even most of it.

I know people who have made a lot of money speculating on petroleum with no real outlay of their own money. A friend of mine made $17,000 in one day. I don't know enough to make any money at it, but a lot do.

 

[ashdump]

If the high price of fuel isn't enough, I got my paycheck today and had a nice little deduction. Illinois income tax went from 3% to 5%, which is a 67% increase. OUCH.

We gotta make sure that ****cago "machine" is being fed, Dave!

 

[AKfish]

My father in law was "in the business" so to speak and had a bulk distributorship until he retired. Prices spike on the possibility there will be a drop in production. The prices started up this time before there was any effect on oil supplies. Supply ad demand do have an impact certainly, but do not account for all or sometimes even most of it.

I know people who have made a lot of money speculating on petroleum with no real outlay of their own money. A friend of mine made $17,000 in one day. I don't know enough to make any money at it, but a lot do.

Yep... just read a very informative article about the current oil price spike. Speculators (Hedge funds and Investment banks) are responsible for 81% of the transactions on the Commodity markets.

The businesses (Airlines, Oil Refiners) that actually buy and sell and use oil account for only 19% of all the buying-selling.

U.S. oil supply inventories are higher now than at any time since 2004. The nation's oil refiners are currently operating at 88% of capacity and U.S. consumption of gasoline is below 2007 levels. Libya accounts for only 0.5% of total U.S. consumption. And Saudia Arabia has ramped up production to make up for the loss of Libyan production.

No crude shortage... no demand growth... no production shortfall...

Friggin' WALL STREET!!!

AKfish

 

[niemeyjt]

Friggin' WALL STREET!!!

AKfish

Not just Wall St - Sharks off the British coast: Oil tankers refuse to unload until prices rise... keeping your fuel costs soaring | Mail Online

That was 18 months ago - they may well have unloaded now prices have reached GRP1.42 a litre here - that is $8.82 a US Gallon for diesel.

And to top it all, our government is going to add another 4p a litre tax on April 1st - yes, that works out at an extra 24 cents a US Gallon equivalent in tax.

J

 

[bironacad]

Half the people wouldn't be able to drive this car and the other half wouldn't want to.

Ya right, I have wanted a mid size SUV diesel but just try and find one. I drove a mid size Ford in Scotland that was diesel and loved it, we need to educate people to the advantages of diesel and stick shifts. My daughters learned to drive stick in a pickup truck, go figure.:thumbsup:

 

[harddock]

$3.37 gas, $3.79 diesel (3/5/2011) in MA just over the border in CT diesel is $3.99

 

[JB4310]

just over the border in CT diesel is $3.99

Yup that's what I saw today, but they had the .9, so 3.99.9, why not call it 4

JB