Gas prices surge toward $4, threaten economic recovery Goldman Sachs to speculators: Take the money

[sasha031]

and run:
Gas prices continued to gallop toward $4 a gallon early this week, both in the area and across the state, as prices in Minocqua and Rhinelander hit $3.99 on Tuesday, even as prices for crude oil eased, at least temporarily.

Across the nation, according to GasBuddy.com on Wednesday morning, the national average price for a gallon of regular gasoline stood at $3.79; in Wisconsin, the average was $3.87. Four states, including Illinois, have seen prices already surpass $4.

Crude oil prices moved downward Tuesday from $113 a barrel - the highest price since September 2008 - to $106, a drop of more than 3.5 percent since Monday. However, according to Reuters, prices were edging upward again Wednesday morning.

Whatever the temporary movement, the long-term price outlook is not rosy for either crude oil or gasoline. Both industry analysts and government officials talked this week about a coming "sticker shock" and the inevitably of $4 a gallon gas; many predicted prices above $4 a gallon this summer; a few ventured to predict $5 a gallon by late summer.
http://www.lakelandtimes.com/main.asp?SectionID=9&SubSectionID=9&ArticleID=13035

[xchrom]

1. recommend

[MindPilot]

2. "Surge toward..." What are they talking about?!

I've been paying over $4 for two weeks.

[pipi_k]

4. Just saw it at over $4 per gallon here too the other day n/t

[BeFree]

3. Somebody is getting rich

And most people are getting poorer.

Capitalism at it's peak. Out of balance. It will fall over again as it did in 2008.

It's the same oil that has been in the ground for a million years. And suddenly it's price is twice what it should be? Can you say: "I'm being screwed"?

[SoCalDem]

5. Commodities brokers should have to prove they can take possession of their "bets"

All they do now is just ramp up the prices as they "sell" & buy from each other, knowing that they never have to touch or store one gallon of that oil they play with via computer all day long..

[Edweird]

6. I just saw $4.15 in Palm Beach county (Okeechobee Blvd W/O I-95)

But I also bought gas for $3.79 a little south
of there - so prices are varying wildly.

[kestrel91316]

7. Gas prices are surging toward $5 here, for the record.

[sharesunited]

8. Our Dept. of Energy could be selling short like crazy using the SPR, and break the back of this.

Then cover their sales at lower prices and never need to release one drop of oil.

Why don't they do it?

It makes me think that higher fossil fuel prices are deliberate public policy of the U.S. government-- part of the strategy to make renewables more competitive.