Gas prices about to skyrocket (again)

And you commented on it, so I was replying to you.

Don't post about something and then when your post was shown to be a failure (*)(*)(*)(*)(*) about it.

 

Nonsense. You obviously have no clue how proven reserves are calculated. We're not anywhere close to running out of oil. Just the usual mis-information to cover for the fact that we're being screwed at the pump.

 

neither the republicans or the democrats are going to do anything about oil speculation, because it is in the United States' material interest to have higher oil prices.

Oil is bought and sold in dollars. Demand for oil = demand for dollars.

 

Oh yeah, the "good ole days".


January 2009

Job loss: Worst in 34 years
Employers slashed 598,000 more jobs in January [2009] as unemployment rate climbed to 7.6%.

NEW YORK (CNNMoney.com) -- Employers slashed another 598,000 jobs off of U.S. payrolls in January, taking the unemployment rate up to 7.6%, according to the latest government reading on the nation's battered labor market.

The latest job loss is the worst since December 1974, and brings job losses to 1.8 million in just the last three months, or half of the 3.6 million jobs that have been lost since the beginning of 2008.

http://money.cnn.com/2009/02/06/news/economy/jobs_january/index.htm

Market players were also disappointed by reports that U.S. home prices fell 8.7% year-over-year in November, U.S. housing starts fell 15.5% in December, and weekly initial jobless claims rose 62,000 to 589,000.
http://www.businessweek.com/investor/content/jan2009/pi20090122_192905.htm

On Wednesday, the 30-stock Dow Jones industrial average finished with a loss of 248.42 points, or 2.94%, to 8,200.

http://www.businessweek.com/investor/content/jan2009/pi20090114_103250.htm

598,000 Jobs Shed In Brutal January
Unemployment Hits 7.6% as Downturn Picks Up Steam

The need for progress on those fronts seemed more important than ever yesterday, as the Labor Department announced that conditions worsened more than expected last month. The nation's employers shed 598,000 jobs, the most since 1974, driving the unemployment rate to 7.6 percent from 7.2 percent. If the jobless rate keeps rising at the pace it has for the past two months, it will hit double digits in summer and reach its highest rate since the Great Depression by the fall.

http://www.washingtonpost.com/wp-dyn/content/article/2009/02/06/AR2009020601156.html

GROSS DOMESTIC PRODUCT: FOURTH QUARTER 2008 (PRELIMINARY)
Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 6.2 [later revised to 7.0] percent in the fourth quarter of 2008, (that is, from the third quarter to the fourth quarter), according to preliminary estimates released by the Bureau of Economic Analysis.

http://www.bea.gov/newsreleases/national/gdp/2009/pdf/gdp408p.pdf[/QUOTE]

Continued Unemployment Claims at Record High
In the week ending Jan. 24, the advance figure for seasonally adjusted initial claims was 588,000, an increase of 3,000 from the previous week's revised figure of 585,000.

http://www.calculatedriskblog.com/2009/01/continued-unemployment-claims-at-record.html

So you want to go back to those good old days again for lower gas prices?

Pass.

 

Yea buddy, we fell a long way. Due to Obama and the Democrats asinine economic policies were still only a few inches off of rock bottom.

 

Continued Unemployment Claims at Record High
In the week ending Jan. 24, the advance figure for seasonally adjusted initial claims was 588,000, an increase of 3,000 from the previous week's revised figure of 585,000.

http://www.calculatedriskblog.com/2009/01/continued-unemployment-claims-at-record.html

So you want to go back to those good old days again for lower gas prices?

Pass.[/QUOTE]

Hey Brainiac, Obama would jerk off if he had 7.6% unemployment now.

 

Youre being screwed at the pump because gas prices are linked to the federal reserve.

Every time they print money to pay our bills, gas gets more expensive.

Oh, and Taxes... The government loves to tax gasoline...

 

That's a big part of it. But how is it that oil is priced in dollars. Wouldn't it make more sense for oil producers to demand payment in a more stable currency.

 

What ever...

You can buy your own gold with dollars too.

 

You can buy gold with Canadian dollars, but not oil. We must first convent them into US dollars.

 

Let me cut you off...

Linky, to FACTS.

 

Sitting right there in your chart genius.

 

Their actions can have an impact on gas prices. Or was it some grand coincidence that after Bush pulled the moratorium from off-shore drilling that gas prices plummeted?

 

Despite the deregulation, prices plummeted when he pulled the off-shore drilling moratorium. The only thing that has changed since then is Obama re-instating the off-shore moratorium.

I'd say that is cause and effect for why Obama can take some of the blame for this.

 

Unfortunately reality says otherwise.

 

Won't need to. The new President will get prices lower and fix the economy that Obama was hired to fix.

 

lol there is no offshore moratorium

The Obama administration extended nearly 1,400 deep-water oil and gas drilling leases to compensate for delays caused by last year’s Gulf spill and the subsequent moratorium on some offshore exploration.

The Interior Department’s Bureau of Safety and Environmental Enforcement is announcing today that it has concluded the process of vetting requests for extra time, after rejecting just 2.3 percent of the applications.

Ultimately, according to the safety bureau, companies asked the government to grant extensions of up to one year for 1,413 offshore leases. Federal regulators approved 1,381 of those requests.

http://fuelfix.com/blog/2011/10/31/obama-administration-extends-nearly-1400-offshore-leases/

 

U.S. in Contempt Over Gulf Drill Ban, Judge Rules

It's dated Feb 3, 2012.

 

Yes indeed, gas prices are going to be going up. This has nothing to do with Obama and everything to do with a little thing called supply and demand. With the growth going on in places like China and India and the rest of the developing world, global demand for oil is constantly rising, even if demand in the US falls a bit. And having hit peak oil, the amount of crude being produced is not going to increase, and is going to start decreasing in the not too distant future.

And no, peak oil has nothing to do with government regulations or permits or pipelines or anything else. It's about the physical reality of the state of the existing oil reserves. We've already tapped the large, easy to get to reserves. From now on it will be harder and harder to find less and less oil. And there is absolutely nothing that anyone can do about it. Just like how US domestic oil production peaked in 1970 and is now about half of what it was then.

There is one and only one solution to this problem - find an alternative to oil. Impossible you say? Science fiction daydreaming you say? It's been done. Brazil developed an ethanol industry decades ago that makes their car fleet virtually independent of imported oil. And in any case, even the most pie in the sky alternate energy schemes are a heck of a lot more realistic then some drilling technology that can make oil reserves appear out of thin air.

So let the free market take care of it you say? Let private industry develop the technology. Sure, it'll do that. When gas prices become so absurd that it's profitable to do the research. $10 a gallon should probably do it. And given our head in the sand attitude, that's probably not too far away.

But there is an alternative to this. There is a market based approach, designed by conservative Republicans, which has the government only set up incentives to develop alternatives and then step back and let the market work. It's called cap and trade. And you lot screamed bloody murder at the mere idea of it. So who's fault is it that nothing is being done about gas prices? Look in the mirror.

I'm getting rather tired of listening to people whine about problems that they themselves caused.

 

Those are extensions on existing wells in the Gulf of Mexico. The same wells that have always been opened even when Bush raised the moratorium. Look at the charts at the bottom of this page:

http://naturalresources.house.gov/News/DocumentSingle.aspx?DocumentID=231015

It clearly shows where drilling was when Obama took office and where it stands today. The House passed HR 1234 last year to force Obama to open back up drilling, but once again Harry Reid stands in the way of progress and refuses to bring it to the floor of the Senate.

All Obama has done is allow those shallow water wells to continue pumping.

He needs to take off his ridiculous Pacific/Atlantic/Alaska moratoriums on drilling.

 

Why?

10Char

 

How do you explain that the number of rigs is up significantly from last year then?

 

Because the extension allows them to drill on existing sites they already had leases for. It is no secret that there are a finite number of rigs available world-wide.

When he held up drilling after the Deep Water Horizon spill, those rigs went elsewhere. Once he allowed them back into the Western Gulf, they have slowly returned. There is no new drilling. Just drilling on established re-extended sites.

We need to stop with the games. Drill both Ocean coasts and Alaska. Otherwise, the speculators will continue to screw prices up to whatever levels they want.

 

For crying out loud - drilling moratoriums don't matter, because the difference they make in the amount of oil produced in the world market is trivial. No amount of drilling is going to change the fundamental dynamics here.