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The Magic Cafe Forum Index » » Not very magical, still... » » Gas Prices. A Pain in the Gas!!! (0 Likes) Printer Friendly Version

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balducci
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This report, page 2, tells you the price of gasoline or petrol at various countries:

http://www.theaa.com/onlinenews/allabout......2008.pdf

http://www.theaa.com/motoring_advice/fuel/

The story at this link tells you how much of the price of gas is tax at various countries in Europe:

http://www.telegraph.co.uk/news/newstopi......ope.html

Put it all together, and you should have your answer.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
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balducci
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$50 of free gas. Woo-hoo. Lucky Nevadans or Nevadians or whatever they're called.

http://globeinvestor.com/servlet/story/R......GIStory/
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
Decomposed
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$152 a barrel before end of next week............$200 before 31 Dec, heard it here first.
inidyls
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Decomposed
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Great video and so true but Congress will not touch it. It will be $8 before you know it and then perhaps there will be an uprising in the USA that will capture congress attention.


Also, the entire world needs to come together during this crisis.

PS: I just mowed the grass. I could almost fill up my Nissan tank on what I put/spend in the lawn mower gas can now.
kregg
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Two weeks after the President asked congress to lift the restrictions on offshore drilling the energy traders have responded by selling off their shares. Remember, I wrote that now is not the time to buy? Smile $119 per barrel, local regular is now below $3.70 per gallon. Just think how low it would go if the group with the lowest job approval rating did something.
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LobowolfXXX
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Demand is way down...Americans are driving something like 9% fewer miles.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley.

"...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us."
kregg
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Quote:
On 2008-08-05 11:41, LobowolfXXX wrote:
Demand is way down...Americans are driving something like 9% fewer miles.


Where can I find that report? 1.8% was the highest figure I read.
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Doug Higley
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Wait Kregg...I'LL post here and my stalker Balducci will come in and tell us everything we need to know.
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LobowolfXXX
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I'd heard the story on the radio while driving, and from the little bit of internet looking around I've done since reading your post, looks like I mis-heard it. It was a couple of weeks ago, so I can't say for sure, but my best guess is that what I'd heard was actually that we'd driving 9 billion (and change) fewer miles in May, '08 than in May, '07. My bad.
"Torture doesn't work" lol
Guess they forgot to tell Bill Buckley.

"...as we reason and love, we are able to hope. And hope enables us to resist those things that would enslave us."
EsnRedshirt
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Quote:
On 2008-08-05 11:12, kregg wrote:
Two weeks after the President asked congress to lift the restrictions on offshore drilling the energy traders have responded by selling off their shares. Remember, I wrote that now is not the time to buy? Smile $119 per barrel, local regular is now below $3.70 per gallon. Just think how low it would go if the group with the lowest job approval rating did something.

Hey Kregg? Um, nobody actually started drilling more, yet. Price is down because demand is- everyone started changing their driving habits to offset the cost of fuel. (I'm still paying $4.23 a gallon, though.)

I maintain that drilling's a red herring. The oil companies are sitting on millions of acres of land, some of it just outside of ANWAR. They've also been posting record profits. Again. (And they're buying back their own stock like mad so they don't have to claim those profits.) If you were in their business, would you want to increase supply and tank your prices? They don't actually want to drill; they just want all the land they can grab while they've still got a president that views them favorably.

By the way- don't let yourself be confused about the difference between the oil crisis and the energy crisis. We don't use oil to generate the majority of the power on our electrical grid.

-Erik
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* = Take any advice from this person with a grain of salt.
kregg
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Quote:
On 2008-08-05 16:12, EsnRedshirt wrote:
Hey Kregg? Um, nobody actually started drilling more, yet.


Oil is a "futures" market, speculators try to sell high. A change in policy is enough to make them scurry. If more oil is added to the system, we will need more refinement capacity. Now, to make up for our consumption demands we are buying gasoline from other nations. These conglomerates and despots drop their prices in an effort to keep us from changing public policy; an effort to keep prices artificially inflated.
However, with 75% of the US population calling for energy independence it's likely that we will finally take charge of our markets and resource developments to prevent this sort of thing from reoccurring.
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balducci
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Quote:
On 2008-08-06 12:07, kregg wrote:

Oil is a "futures" market, speculators try to sell high. A change in policy is enough to make them scurry.

First of all, let me say that a futures market is not used solely for speculation. It is also used for hedging, which is the antithesis of speculation (at least in the context of this discussion).

You are correct that speculators would try to sell high, but you are quite mistaken if you believe speculation is driving the oil market.

The only people who believe that are "arm-chair" economists and "arm-chair" oil analysts. This is not just my opinion.

As I've said before, T Boone Pickens and the EIA have thrown cold water on the speculation idea (review my earlier posts).

More recently, at the end of July the federal task force set up to investigate the role of speculators in the oil market said that it had found no evidence that those investors are systematically pushing up the cost of energy.

Rather, it said that the rise in oil prices over the last five years was largely due to fundamental factors like rapidly rising consumption and sluggish growth in energy supplies worldwide.

It also threw cold water on the oil speculators blame game by noting:

"if speculative activity has pushed oil prices above the levels consistent with physical supply and demand, increases in inventories should emerge as higher prices reduce consumption and investment in productive capacity is encouraged. Although this process may take time to unfold, inventories of crude oil and petroleum products, according to available data, have declined significantly over the past year. The view that financial investors have pushed prices above fundamental values is also difficult to square with the fact that prices for other commodities that do not trade on established futures markets (such as coal, steel, and onions) have risen sharply as well."

http://www.cftc.gov/stellent/groups/publ......0708.pdf
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
Vandy Grift
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Quote:
On 2008-08-06 12:33, balducci wrote:
The only people who believe that are "arm-chair" economists and "arm-chair" oil analysts. This is not just my opinion.



That may be true. But it hasn't stopped the House of Representatives for passing legislation "directing the Commodity Futures Trading Commission to use all its authority, including the agency's emergency powers, to "curb immediately" the role of excessive speculation in energy futures markets".

As well as introducing legislation that would increase the money, or margin, that speculators would have to put up to trade oil futures at the New York Mercantile Exchange to 25 percent of the value of the underlying commodity. Currently, the margin on oil futures is about 7 percent.

But that's only cause the Dems can't decide if it's big oil or big speculation is the evil force at work. In other words, it's a bunch of crap and a waste of the Houses time. But I guess Nancy Pelosi fans like dog and pony shows and anything that hurts, or appears to be an attempt to hurt business, over real ideas.

"Today, we are putting oil speculators on notice." What an idiot.
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EsnRedshirt
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Quote:
On 2008-08-06 12:07, kregg wrote:
Quote:
On 2008-08-05 16:12, EsnRedshirt wrote:
Hey Kregg? Um, nobody actually started drilling more, yet.


Oil is a "futures" market, speculators try to sell high. A change in policy is enough to make them scurry. If more oil is added to the system, we will need more refinement capacity. Now, to make up for our consumption demands we are buying gasoline from other nations. These conglomerates and despots drop their prices in an effort to keep us from changing public policy; an effort to keep prices artificially inflated.
However, with 75% of the US population calling for energy independence it's likely that we will finally take charge of our markets and resource developments to prevent this sort of thing from reoccurring.

Actually, I heard a bit more on this today on the radio. Turns out that in June, OPEC announced they'd increase output from 8 million barrels to 8.9 million barrels, but it would take a few weeks for the additional supply to reach the markets. So a few weeks passed- then the president made his request to congress to lift restrictions on offshore drilling, just as the additional oil hit the markets.

One source is here (check the last two paragraphs): http://www.bloomberg.com/apps/news?pid=2......er=india

So, my mistake- fall in price is not just from decreased demand; there is additional supply on the market.

Oh, Vandy- to answer the question as to whether it's "big oil" or "big speculation"- it's both. And reform which addresses either or both will help bring down prices.

As for actual energy policy reform, there is a bill in the Senate- S.3268 Stop Excessive Energy Speculation Act of 2008. Status- currently being filibustered. Seems there's a lot of energy bills bei......recently, such as S. 3335, H.R. 6049, S. 3186, and S. 3044.

I think if I go any further, it'll violate the no politics rule. But, if you're interested, remember the first rule of good investigation: "Follow the Money." Head over to http://www.opensecrets.org and take a look at which energy companies are giving how much to whom...
Self-proclaimed Jack-of-all-trades and google expert*.

* = Take any advice from this person with a grain of salt.
kregg
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An excerpt from article on the downward trend of barrel prices: "If the trend continues into September at anything like the same rate of descent, most of the inflationary spike of the past 12 months will miraculously have been sliced away. This is a dramatic reversal, and it is worth trying to work out why it is happening and what it means.
Just possibly, it means that what investors refer to in shorthand as the great "oil up" story has finally revealed itself not as the fundamental reflection of scarce supply that its adherents liked to claim, but as a simple, speculative bubble that was always going to burst."

Source: http://www.telegraph.co.uk/opinion/main.......0801.xml

The last paragraph will do little to ease the inflationary pressure on consumer goods. As we've seen in the past (those of us who lived through the 1970's) once the prices have gone up, most business' won't lower prices down to pre-inflationary prices unless competition motivates them to do so.
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balducci
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Oil is up like crazy today.

http://www.breitbart.com/article.php?id=......rticle=1

Oil prices are spiking more than $25 a barrel as rising anxiety over the U.S. government's proposed bailout of the financial system batters the dollar and sends investors scrambling for safe-haven assets.

Investors worried Monday that the mammoth $700 billion rescue proposal will dramatically ramp up U.S. borrowing, an inflationary move that sent the dollar sharply lower versus its rivals.

Light, sweet crude for October delivery was up $25.45 to $130.00 on the New York Mercantile Exchange.
Make America Great Again! - Trump in 2020 ... "We're a capitalistic society. I go into business, I don't make it, I go bankrupt. They're not going to bail me out. I've been on welfare and food stamps. Did anyone help me? No." - Craig T. Nelson, actor.
kregg
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Since Hurricane Ike hit we've had difficulty keeping gas stations full in the sprawling South East, especially in metro the metro areas. Add that to the ridiculous "drill" bill concocted by the 9% gang on Capitol Hill, not to mention the goofs who are trying to load up the bailout bill & presto ...
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