The way to fix the gas prices is to make the speculators take physical delivery of the commodities that they are buying. Imagine a rich Wall St fat cat trying to find a place to put 500,000 bbls of oil. HMMMMM that may make a difference.

Not remotely. I think you're underestimating the people who are REALLY in power in this country. On the surface it may look like America is slowly shitting the bed, but that's not the case. We're bleeding the ME dry of oil slowly, while keeping our own RICH oil reserves untapped. At some point the US is going to be the next Saudi Arabia, and not just for coal. We have more untapped nat. gas, coal and oil than anywhere.

 

I hear a lot of people whine about "China's going to take over". Remember the early 90's? Japan was taking over then. What's happening now? Oh right, there economy fell directly into the crapper for a solid decade when they refused to fix their banking system. China isn't taking anything over. Yes they're becoming a world power, but WE own them now. They rely on the US for commerce, and with their currency pegged to the dollar they HAVE TO buy US Treasuries. To the uneducated this would seem like they "own" the US, but it's exactly the opposite. If, for one second, the capital markets got wind that China was dumping their treasuries, their investment would drop in value precipitously. They'd lose half their principle in minutes.

 

In short, the US still runs this planet, and will for a while. Who else is there? Europe? LOL, they're proof that socialism is a complete failure. China is our lapdog and Russia relies on selling AK's to terrorists and artifically pumping up their oil production through water injection. Good luck with that long term plan guys.

 

 

Add to the fact their is NOTHING China could do if we decided to default on our loans from them.

Not that it would be wise for us to do so, but they couldn't do a damn thing.

Today, the same station was $3.25.9!!

 

This is getting ridiculous.

Gas on the Atlantic City Expressway near AC is still $3.10 till 12:01am Monday morning.

Gas on the Atlantic City Expressway near AC is still $3.10 till 12:01am Monday morning.

 

 

might be wrong but looked to be more than that this morning.. wasn't paying a ton of attention but I thought it said $3.2X.. but last night it was like $3.08-$3.10 or something like that.. and it was PACKED... they were refilling the tanks when I passed by there around 09:30 this morning..

might be wrong but looked to be more than that this morning.. wasn't paying a ton of attention but I thought it said $3.2X.. but last night it was like $3.08-$3.10 or something like that.. and it was PACKED... they were refilling the tanks when I passed by there around 09:30 this morning..

 

The parkway gas stations can only change the price once a week I believe so whatever it was, its the same.

Just came back in from errands. Same station - $3.29.9

That's 4 cents in 3 days.

 

I heard on the news this morning that demand is rising because people are topping off their tanks every chance they get as a hedge against the price going up the next day.

Just came back in from errands. Same station - $3.29.9

That's 4 cents in 3 days.

 

I heard on the news this morning that demand is rising because people are topping off their tanks every chance they get as a hedge against the price going up the next day.

 

I've been getting gas more frequently than normal. The new Sunoco in New Foundland on 23 is 15 cents cheaper than the other three nearby and it's backing up traffic onto the highway as people are trying to save a few bucks.

 

And just wait, the March 11 and March 20 Saudi Days of Rage are yet to come. If the balloon goes up in Saudi, $220/bbl $8gal gas here we come.

 

This is and will continue to be the elephant in the living room on the stock market. The market topped Feb 18. Oil is going to spike the market down in a big way and gas prices will continue to rise. This week may be particularly brutal in the market. I'm going safe with my 401k. No sense riding the turmoil.

 

Even if nothing happens in Saudi, as Libyan oil comes off the market, we're looking at $5 gas before we see $2.50 again, if ever.

Diesel is $3.93 at the Pilot truckstop, Route 78, exit 7.

 

JEEZ!

$3.23 @ BJ's in Linden.

Even if nothing happens in Saudi, as Libyan oil comes off the market, we're looking at $5 gas before we see $2.50 again, if ever.

 

That's the type of paranoia that runs the average investor's trigger finger, there's no fundamental reason for it. This will pass, oil will be back down below $90/bbl in a few months. All this is going to do is overheat the market and bring about a faster pullback.

That's the type of paranoia that runs the average investor's trigger finger, there's no fundamental reason for it. This will pass, oil will be back down below $90/bbl in a few months. All this is going to do is overheat the market and bring about a faster pullback.

 

We have an energy hostile administration in Washington and the Middle East is being overrun by Islamists. That's pretty fundamental. Oil will go back down but it's got a long climb upwards first. Not sure why you would believe this to be a blip. It's a systemic problem that will ultimately correct but if you think this is going to happen by June, send some of that happy weed my direction.

Also, even though the reduction in supply is artificial, the increase in demand is real, as emerging economies fight for the same resources on the open market.

We have an energy hostile administration in Washington and the Middle East is being overrun by Islamists. That's pretty fundamental. Oil will go back down but it's got a long climb upwards first. Not sure why you would believe this to be a blip. It's a systemic problem that will ultimately correct but if you think this is going to happen by June, send some of that happy weed my direction.

 

You have to think above the paranoia of the moment, and understand that at the point where oil prices start to affect capital markets negatively, the powers that be will step in. We may have somewhat of an "energy hostile" administration in Washington, but the people who footed the bill to get them in there won't let the situation get out of hand.

That's the type of paranoia that runs the average investor's trigger finger, there's no fundamental reason for it. This will pass, oil will be back down below $90/bbl in a few months. All this is going to do is overheat the market and bring about a faster pullback.

 

 

Agreed!

You have to think above the paranoia of the moment, and understand that at the point where oil prices start to affect capital markets negatively, the powers that be will step in. We may have somewhat of an "energy hostile" administration in Washington, but the people who footed the bill to get them in there won't let the situation get out of hand.

 

Oil is affecting the capital markets. They're making a boatload of money on it and will until it gets to a point that Goldman or one of the other vampires desires to short it to the bottom. As long as there are disruptions such as Libya or the potential happenings in Saudi, oil is going to continue to rise. Add in our "Green" president who's interior secretary is refusing permit leases, we're going to bring about an artificial oil peak which is not speculation or fear driven.

Keyword: Negatively.

 

Once oil starts to get much above $100/bbl, you see demand destruction, this is bad for the end products. The President knows there is no alternative to oil right now, he's not an idiot. Remember what happened with bioethanol? That was awesome. Let's convert half the farms in the planet to corn, and make a bunch of stuff we have zero use for, that corrodes gas tanks. Worldwide food shortage ensues, important people get slapped behind closed doors, ahh good stuff.

 

On the subject of leases, are you aware of the amount of time it takes to process oil? From the time it's pulled out of the ground we're talking years. Oil leases will do nothing to ease this situation, there is not a supply problem, there is a supplier problem.

Keyword: Negatively.

 

Once oil starts to get much above $100/bbl, you see demand destruction, this is bad for the end products. The President knows there is no alternative to oil right now, he's not an idiot. Remember what happened with bioethanol? That was awesome. Let's convert half the farms in the planet to corn, and make a bunch of stuff we have zero use for, that corrodes gas tanks. Worldwide food shortage ensues, important people get slapped behind closed doors, ahh good stuff.

 

On the subject of leases, are you aware of the amount of time it takes to process oil? From the time it's pulled out of the ground we're talking years. Oil leases will do nothing to ease this situation, there is not a supply problem, there is a supplier problem.

 

 

There are rigs sitting IDLE right now, not exploratory rigs - full blown oil producing rigs that are sitting there with their thumbs up their collective ashes. Right now, there's a complete moratorium on drilling in the Gulf, lifting that would go a long way. Approve drilling in ANWR on top of that and you will see the oil speculation market go through the toilet.

There are rigs sitting IDLE right now, not exploratory rigs - full blown oil producing rigs that are sitting there with their thumbs up their collective ashes. Right now, there's a complete moratorium on drilling in the Gulf, lifting that would go a long way. Approve drilling in ANWR on top of that and you will see the oil speculation market go through the toilet.

 

Which will happen when the greenies stop crying about dead seagulls. And that will happen the second it costs more than $20 to fill up their Priuses.

Keyword: Negatively.

 

Once oil starts to get much above $100/bbl, you see demand destruction, this is bad for the end products. The President knows there is no alternative to oil right now, he's not an idiot. Remember what happened with bioethanol? That was awesome. Let's convert half the farms in the planet to corn, and make a bunch of stuff we have zero use for, that corrodes gas tanks. Worldwide food shortage ensues, important people get slapped behind closed doors, ahh good stuff.

 

On the subject of leases, are you aware of the amount of time it takes to process oil? From the time it's pulled out of the ground we're talking years. Oil leases will do nothing to ease this situation, there is not a supply problem, there is a supplier problem.

 

Two things. Captain zero has stated he wants high gasoline prices so behind closed doors you're going to see some glad handing and that's that.

 

As for time to production, yes, I get it. I used to work in the oil field and I still have family that actively does. Had ANWAR been tapped when this discussion took place 2 years ago or 8 years ago when it first came up we'd be seeing that oil on the market today.

 

As an aside, my cousin worked for Haliburton on sand truck as part of a Fracking crew....in 1980. When I hear about all this nonsense about how fracking is going to ruin all the ground water, I have to laugh. Where I grew up, oil wells were everywhere and every damn one of them was fracked. Fracking is nothing new.

There are rigs sitting IDLE right now, not exploratory rigs - full blown oil producing rigs that are sitting there with their thumbs up their collective ashes. Right now, there's a complete moratorium on drilling in the Gulf, lifting that would go a long way. Approve drilling in ANWR on top of that and you will see the oil speculation market go through the toilet.

 

Where are your numbers to support this?

 

The Deepwater Horizon sat on the 2nd largest oil deposit in the world and was said to be able to produce up to 500,000 bbls/day and the entire drilling in Gulf of Mexico produced a maximum of 1.7 million bbls/day of oil, technologically-available oil production in the ANWR has most recently (in 2008) been estimated at up to 700,000 bbls/day. Global oil consumption was last measured (in 2006) at 85,000,000 bbls/day. Sounds like the Gulf and ANWR are no more than a fart in a whirl-wind in terms of oil production.

 

Moreover, any increase in production that the Gulf of Mexico or ANWR would create could more than easily be offset by OPEC to preserve their profit and their desired price point/production level (according to a 2008 study released to Congress).

 

Unless, of course, you're advocating nationalizing the Gulf of Mexico and ANWR oil production, so that oil never hits the world market and the US doesn't have to buy that oil at the world market rate. Even so, the US consumes over 20,000,000 bbls/day, so the 2.4 million possible bbls/day produced between the Gulf and ANWR would help only marginally. Oh, and any ANWR exploration and drilling wouldn't show production until after 2017. So, oil prices aren't going anywhere soon if ANWR is opened.

 

So, I don't think the problem is greenies, the long-term problem is OPEC and our dependency on their oil. I'm not claiming to have a good, single solution to that problem, but I don't believe the problem is environmentalists at this point.

Either way, we need to start drilling. Another rig in the gulf announced yesterday that they are heading to Africa. By the time we start drilling again, there wont be any rigs left in the gulf to drill. There are absolutely HUGE oil and natural gas deposits in the gulf, they just aren't allowing us to get to it. Look up the Desdin Dome aka the nipple. That is one of the largest natural gas deposits in the world sitting in our own back yards. If they allowed us to drill and produce in our own back yards we could be self sufficient with our oil. Also once a well is drilled, it takes about 2 months to "complete" the well which includes tapping into a nearby pipeline. So total start to finish drilling to production on a well is about 4-6 months.

We have an energy hostile administration in Washington and the Middle East is being overrun by Islamists. That's pretty fundamental. Oil will go back down but it's got a long climb upwards first. Not sure why you would believe this to be a blip. It's a systemic problem that will ultimately correct but if you think this is going to happen by June, send some of that happy weed my direction.

 

The administration might be hostile to the business of energy, but they have to keep populace happy. They can only push so far. The main reason you are going to see fighting about releasing oil reserves is because we ALREADY WERE due to structural problems in some of the storage cave. They don't want to let more go given the political unrest in the mid-east. As for the revolutions, one thing is for sure, unless you are going for total anarchy, after the fact someone will want to make a buck to keep the new order running. Since they aren't out laying waste to their oil producing infrastructure as a whole, I suspect they will still want that money form someone. It's a global market, and regardless of who they sell to, it affects prices for everyone.

 

Beyond that, oil is trading at $100-105. We hit $140+ for oil previously when $140 was worth more compared to other currencies that buy oil. We got gas prices pretty close to what we are already at. RBOB is overvalued due to speculation. Last year it was too, and that collapsed due to the consumer being frugal. I don't suspect that is going to change much this year. IF the summer is even remotely hot, and travel is still down, money will flock to natural gas and coal by the warm months, and some schmuck will be sitting holding RBOB futures they over paid for come june or july. AS for that being known by June? Probably. Memorial day weekend is the big kickoff of summer travel season. If the numbers are bad, and the stations didn't sell as much gasoline as they ordered, the speculators start running.

^

Yep.

FYI - Buy your gas on the Parkway or Turnpike. It was still $3.25 last night when I bought it

 

I think they roll over to new prices on Fridays so if you're hitting one of those roads, gas up!

Where are your numbers to support this? etc. snip

 

 

From the same place that we get numbers like Google's stock price. Once a hint of movement in the MARKET occurs whether the market actually PRODUCES any oil at all is irrelevant. My sources tell me that actually there is little to no disruption in the ACTUAL oil getting to market regardless of Libya and Egypt. The cost of oil has risen simply because of SPECU-F****-LATION.

 

Hope that's clear for you.

FYI - Buy your gas on the Parkway or Turnpike. It was still $3.25 last night when I bought it

 

I think they roll over to new prices on Fridays so if you're hitting one of those roads, gas up!

 

I would also say that tomorrow is a good day to buy gas in the event some there are some shenanigans in Saudi Arabia. It probably won't happen, but if a cleric sneezes over there the a guy at your local store will immediately raise the price of gas by 10 cents.

but if a cleric sneezes over there the a guy at your local store will immediately raise the price of gas by 10 cents.

 

God help us all if a cleric farts.

Either way, we need to start drilling. Another rig in the gulf announced yesterday that they are heading to Africa. By the time we start drilling again, there wont be any rigs left in the gulf to drill. There are absolutely HUGE oil and natural gas deposits in the gulf, they just aren't allowing us to get to it. Look up the Desdin Dome aka the nipple. That is one of the largest natural gas deposits in the world sitting in our own back yards. If they allowed us to drill and produce in our own back yards we could be self sufficient with our oil. Also once a well is drilled, it takes about 2 months to "complete" the well which includes tapping into a nearby pipeline. So total start to finish drilling to production on a well is about 4-6 months.

If I remember correctly, you work on an oil rig, yes? Can you please explain to me WHY we can't drill "in our own back yards"?

 

Seriously not trying to be a smart-a**, I know nothing about this.

If I remember correctly, you work on an oil rig, yes? Can you please explain to me WHY we can't drill "in our own back yards"?

 

Seriously not trying to be a smart-a**, I know nothing about this.

 

Federal Govt has not approved a single permit to drill in the Gulf since the Deep Water Horizon tragedy, and is not expected to approve any permits until sometime in the Summer.