YO, crude oil is below $95 a barrel, how come my gas isn't $2.99 a gallon petro fuckers

[DainBramaged]

you can jack my shit up but you can't help me buy food, douche bag uber-crooks.



http://www.usatoday.com/money/industries/energy/story/2012-05-14/oi-prices-5-14/54957170/1

[Initech]

1. $peculation trading, pyramid schemes are driving up gas prices.

My next vehicle is going to be either fully electric or plug in hybrid - the less gas I buy the better.

[hlthe2b]

2. Now that the tv show Dallas is returning to tv, oil could drop to the all time low depicted

back during JR's "hay day" and I doubt we'd see anything less than $3 at the pump. No speculation, indeed...

[AngryAmish]

3. I just paid 4.16 at costco

Chicago is fucked

[roguevalley]

21. 4.68 here

[Politicalboi]

4. Well it takes time

For the gas stations to get the telegraph so they can adjust their prices. But for some reason, when the price goes up it's faster to change. Hmmmmm!

[BadgerKid]

10. Browsing GasBuddy this seems true for smaller, isolated towns...not so much for major metros. n/t

[Egalitarian Thug]

11. And it never goes down all the way to where it was. Same shell game since the

OPEC games began in the early 70's. The oil companies made themselves a nice bogeyman and the sheeple bought it.

[Drunken Irishman]

5. My gas went from over $4 a gallon to $3.56 these past couple weeks...

So, it is moving down.

[justabob]

19. here too.... paid 3.48 ths morning

It took about a month to go from 3.99 to 3.50, but it seems the prices are still headed downward.

[taught_me_patience]

6. WTF is going on in California!?!?

Gas went from $4.10 to $4.40 in the last week and a half.

[Gold Metal Flake]

7. Faster than that.

Up 20 cents from last Wed to last Saturday. Boom. The local news said it was the changeover to summer blend.

[ProdigalJunkMail]

16. that is certainly part of it... n/t

[hack89]

28. Switching to summer blend. nt

[Indydem]

8. What you think it instantly become gasoline?

The gasoline in the pumps now is $110 oil from February.

When oil spikes, gas prices spike because refiners and sellers have to hedge their bets against rising prices, but when the price drops they can't just assume that a momentary drop will allow them to lower prices.

Long term, the price will go down.

[DainBramaged]

38. Do you think any of us don't know that?

I guess rants aren't allowed here anymore............


Do you think you have all of the answers?

[snooper2]

42. I do, what's the question again?

[Myrina]

9. Yep, kinda kills their argument, doesn't it?

Guess it really IS about how the oil futures/market is being played, not about 'supply/demand/cost-per-barrel'.

Oops.

[zzaapp]

12. I've often wondered

What would happen if oil and gas were EXCLUDED from the commodities exchange. No more middle men, speculators,
or riff raff. The only problem I can see is that if it happened,
it might set a dangerous precedent by opening the door to any government (Dem or Repub) allowing them to dictate to the free market.

Thoughts ?

[ProfessorGAC]

40. I'm On Board

The price volatility and the upward pressure became exacerbated when the refined product ended up on the same market, speculated upon by the same "investors", and became so commoditized that the daily price would not stabilize. So, it's being played both ends against the middle, and the consumer gets stuck in the middle.

I think making them take the refined goods off the exchange markets would pass constitutional muster because it effectively eliminated any possibility of companies competing on price. That makes it inherently anti-competitive.
GAC

[zzaapp]

41. Prof

I know, it's a very slippery slope, but like it or not, oil is the life blood of our Nation, and between the Oil companies AND the oil hustlers, we could eliminate at least one bunch of assholes from the equation.

[ProfessorGAC]

44. I'm Agreeing With You, I Think

I don't know if de-commoditizing crude would pass consitutional muster. But, i don't think it needs to on the refined goods side, because that market makes the consumer pricing anti-competitive.

So, i'm saying YEAH let's get the finished product off the same market that drives the crude. It's a double whammy.
GAC

[metalbot]

45. I don't see how you can

Aside from the Constitutional issues, it's a global commodity. The people who trade futures on US markets today would simply do them on European markets, or South American markets.

[zzaapp]

46. Hadn't thought of that......you're right. Oh well, just a thought

[ProfessorGAC]

48. Not Sure It's That Straighforward

Congress has the right to pass tarriffs and excise taxes. Product refined here would have to be sold as direct market to wholesalers and not through any market, foreign or domestic.

Not saying it's simple, just not impossible.
GAC

[zzaapp]

47. I agree, thanks Prof

[thevoiceofreason]

13. The price to follow is Nymex RBOB Gasoline Futures

Price is about $2.94 today, down from a high a month or two ago of $3.43. It just takes time.

When crude prices started up last fall, RBOB trailed by about 1-2 weeks.

[ProdigalJunkMail]

14. because $3.50 is the new floor

they ratchet it up til we slow down and then ratchet back down...but not as low as the starting point.

sP

[SoCalDem]

25. I remember when they floated the $2.00 a gallon balloon

there was a lot of grumbling, but people settled down pretty quickly... The oily-rags have $5 in their sights and they will slowly keep ratcheting it up until they hit it..

[joshcryer]

27. Yep, 5 short years ago, $1.60 for gas.

Craziness. Absolutely crazy.

[onenote]

30. I think you mean three years ago

Last edited Tue May 15, 2012, 11:09 AM - Edit history (1)

In 2007, gas was in the $3 range pretty much the entire year. The last time it was around $1.60 was after the economy crashed in early 2009. And the price of a gallon of crude at that time was around $40.

[Wellstone ruled]

15. 7-9 cent swipe fees,distrabution is controlled by Goldman.

[bigwillq]

17. It's still close to $4/gal in CT

I think I paid 3.97 the other day.

But CT has a lot of state tax in addition to the federal tax.

[lumberjack_jeff]

18. It went up 15 cents this weekend at my store. n/t

[We are Devo]

20. Hella high in SoCal..

I'm seeing $4.55 for regular.

[sabrina 1]

24. So. Cal, it went up about 20 cents over the weekend and is now

$4.35 for regular in Ventura/Ojai area.

[Maine23]

22. Still $2.99 is cheap with all the work involved.

$2.99 a gallon is cheap considering Poland spring bottled water costs half that and all they halve to do is run it out of the tap about 40 miles from me..

[SoCalDem]

26. but your car won't run on water, and you can alwasy use your own tap water

if you get tired of being skinned

[RobertEarl]

23. C A P I T A L I S T

They are hungry and the masses feed them.

Like pigs. Capitalist pigs.
I actually called someone that the other day.
It felt good.

[onenote]

29. October 2008: oil around $94, gallon of gas over three dollars

Why would you expect gas to be under three dollars?

[DainBramaged]

32. Why shouldn't I expect it? Do you enjoy paying these prices?

meh

[onenote]

34. Don't enjoy it all. But also don't pretend its a historical anomaly.

I wouldn't enjoy paying $2.99/gallon either, but you seem to be suggesting that when crude is at $94 dollars and change the price at the pump should be $2.99. Any basis for that in fact?

[DainBramaged]

35. Why, why do you care what I think? The only basis in fact is it's my rant and if you don't like it

don't respond

[spanone]

31. because the petro fuckers are gouging you for record profits

while getting tax breaks that other industries don't enjoy

[FarCenter]

33. Brent is $112.15 / barrel. The WTI price is irrelevant for most of the country.

The price of oil imports to the east, west and gulf coasts follows the Brent price, and that sets the price of refined product.

When the Seaway pipeline is reversed and the southern segment of the Keystone is completed, the glut of oil at Cushing, OK will be releived and refineries in the Midwest will no longer be making high profits from the price distortion.

[NCTraveler]

36. KandR for the term petro fuckers. nt.

[Skidmore]

37. Prices never seem to go down when commodities or fuel prices do.

Frankly, Americans never push back on that and demand it. I'll give you an example of pricing that just drives me nuts.

I can go to the grocery store and buy Mom's Best rolled oats in the one lb. box and pay $1.28 for the box. I believe that product comes out of Minnesota. Next to it on the store shelf is the same sized box of Quaker Oats produced 20 miles north of my home which sells for $2.42. Guess which one I buy. And I called Quaker one day because it was just irritating me so much. As much as I'd love to support an Iowa product, they will not get me to buy oats and we use oats daily.

[iloveObama12]

39. I Remember When Gas Was Under .90 a Gallon Here In S.C. Under Bill Clinton

But America Had To Go Out and Elect These 2 Clowns

[Hubert Flottz]

43. Because you are going to pay for the GOPers campaigns this year and last,

by way of the oil companies and their petro-chemical cousins.