sprinter Posted February 27, 2008 Share Posted February 27, 2008 http://www.iht.com/articles/2008/02/27/business/26gasweb.php Oil hits a high; some in U.S. see $4 gas by spring By Jad Mouawad Published: February 27, 2008 Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel. The increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing. "The effect of high oil prices today could be the difference between having a recession and not having a recession," said Kenneth Rogoff, a Harvard University economist. Quote Link to comment Share on other sites More sharing options...
Pioneer Posted February 27, 2008 Share Posted February 27, 2008 Watch and see what happens to the price of oil if/when the Fed lowers interest rates again. $4.00 is coming sooner than summer, me thinks. Quote Link to comment Share on other sites More sharing options...
zoomerjrt Posted February 27, 2008 Share Posted February 27, 2008 Watch and see what happens to the price of oil if/when the Fed lowers interest rates again. $4.00 is coming sooner than summer, me thinks. Jee remember Bush's big speach about how we'd get lower fuel prices from Iraq, hmmm wonder what happened? Quote Link to comment Share on other sites More sharing options...
kenp77 Posted February 28, 2008 Share Posted February 28, 2008 I am on the west coast and today reg UL $3.47 diesel $3.79 and it is going up every 3rd day for the last 2 weeks, we are in a recession and I hate to think what it will mean to auto makers?? Quote Link to comment Share on other sites More sharing options...
Imawhosure Posted February 28, 2008 Share Posted February 28, 2008 (edited) Who cares?!?!?!?!?! We need to support Kyoto, stop trying to drill in Alaska or in the gulf, and tax ourselves for carbon credits. You can't have it both ways, can you? Save the whales, or save your economy and yourselves. Guess it's your choice. Edited February 28, 2008 by Imawhosure Quote Link to comment Share on other sites More sharing options...
armadamaster Posted February 28, 2008 Share Posted February 28, 2008 Who cares?!?!?!?!?! We need to support Kyoto, stop trying to drill in Alaska or in the gulf, and tax ourselves for carbon credits. You can't have it both ways, can you? Save the whales, or save your economy and yourselves. Guess it's your choice. Pfft...they can GRIND the f&*king whales AND the polar bears into oil for all I care if it knocks the mess back down anywhere close to "normal" prices of UNDER $2 bucks a gallon. Quote Link to comment Share on other sites More sharing options...
Sterling Axle Member Posted February 28, 2008 Share Posted February 28, 2008 (edited) Jee remember Bush's big speach about how we'd get lower fuel prices from Iraq, hmmm wonder what happened? What about all the idiots and their "NO WAR FOR OIL" signs? What ever happened to that? They must be busy now helping Al Gore promote a new book on Global Warming. Yeah, if this is Global Warming (Current Temperature: 1.6 °F / -16.9 °C) I'd hate to see what a Rough Cold winter like we use to get back in the 70s we I was a kid is like. @ Al Gore Edited February 28, 2008 by Sterling Axle Member Quote Link to comment Share on other sites More sharing options...
NoMoVisteon Posted February 28, 2008 Share Posted February 28, 2008 Watch and see what happens to the price of oil if/when the Fed lowers interest rates again. $4.00 is coming sooner than summer, me thinks. Much as I hate to see it happening, Pioneer, I also believe what you said may very well happen. If our economy is now in a recession, as some economists seem to think, just wait till $4.00 gal gas kicks in. Not only are you going to see the auto industry get kicked in the nuts once again, you'll see how many more people get wiped out financially, be it business or at the personal level. Bet this will make Al Gore and the rest of the environmental wackos and tree huggers from HollyWeird and the Wrong Coast very happy.... :kissass: :kissass: :fan: :fan: And oh yeah, before I forget, all the rich lobbyists, business bigshots and other politicians will be lining their pockets once again, at our expense :banmolest: :banmolest: Quote Link to comment Share on other sites More sharing options...
Footballfan Posted February 28, 2008 Share Posted February 28, 2008 Jee remember Bush's big speach about how we'd get lower fuel prices from Iraq, hmmm wonder what happened? Well that was before George Bush's oil buddies determined that $50 billion in profits a year are not enough. Quote Link to comment Share on other sites More sharing options...
NoMoVisteon Posted February 28, 2008 Share Posted February 28, 2008 Jee remember Bush's big speach about how we'd get lower fuel prices from Iraq, hmmm wonder what happened? Good question, Zoom. But you really didn't think that the "Bushits"would give you a straight answer did you? Of course not!! Now that the U.S has secured Iraq, in a very basic sense, not completely, but just for being there in force like we are, yes, Iraq is slowly, but surely getting their oil wells back up and running again. And who do you think is getting the oil? From what I read not long ago somewhere, the bigger majority of it is going to Europe. Not surprising in a sense. Here's why: All during the Cold War, who do you think put up the biggest share for the defense of Western Europe in terms of manpower and resources? WE DID! And who do you think is putting in the biggest share for the re-building of Iraq, not to mention hunting down insurgents, terrorists, and other shitheads? WE ARE!!! And who do you think is once again is getting to enjoy the spoils for something they didn't have to pay a big price for at the moment? Why, Western Europe, of course!!! And you wonder why Europe and the rest of the world laughs at this shit....... :poke: :bowdown: :devil2: Quote Link to comment Share on other sites More sharing options...
01FOCI Posted February 28, 2008 Share Posted February 28, 2008 Who cares?!?!?!?!?! We need to support Kyoto, stop trying to drill in Alaska or in the gulf, and tax ourselves for carbon credits. You can't have it both ways, can you? Save the whales, or save your economy and yourselves. Guess it's your choice. I am soooo TOTALY saving the wales, I mean duh, like, OH my GOD Becky lets save the Wales. Seriously! Vote Obama!!! Oh I'm feeling weak at just the name of Obama... i just fainted. Kyoto Kyoto Kyoto it will save us all! Quote Link to comment Share on other sites More sharing options...
Footballfan Posted February 28, 2008 Share Posted February 28, 2008 There are several factors at work here. Unlike the early 1980s, the price has nothing to do with supply- there is more than enough oil to go around. Sure there is more demand because of China taking our jobs, but not enough to justify a quadripling of prices in six years. One of the main reasons oil prices quadrupled in the last four years, and doubled in the last year is the effect that George Bush's war has had on the dollar. A government cannot continue to print money and lower interest rates on that money without the value of that money falling. Our dollar is at its lowest point in history. If were were to turn back the clock and not have spend the $2 Trillion for this waste of a war, our dollar probably would be about 50 percent higher, and we would be paying no more than $2.25 a gallon for gas. Another factor is the role of the speculators on this market. They are investing their money in oil futures instead of stocks and bonds. These speculators are hoping for a catastrophe in the Middle East or elsewhere so the price of oil goes up to $200 a barrell. What is going to happen with these speculators? They are sparking the very recession that will lead to the loss of their investment. You will see a day where these idiots will wake up and realize that there is not a shortage, and a $40 dollar or more one-day drop in the price of a barrel of oil may occur because of panic selling. There are ways that the govenrment could help this matter. Lowering the national speed limit to 60 would send oil prices down 25 percent overnight. Also, releasing some of the billions of barrels of oils in the strategic oil reserves would be another; but we all know these things will not happen with an oil man as president. Quote Link to comment Share on other sites More sharing options...
01FOCI Posted February 28, 2008 Share Posted February 28, 2008 There are several factors at work here. Unlike the early 1980s, the price has nothing to do with supply- there is more than enough oil to go around. Sure there is more demand because of China taking our jobs, but not enough to justify a quadripling of prices in six years. One of the main reasons oil prices quadrupled in the last four years, and doubled in the last year is the effect that George Bush's war has had on the dollar. A government cannot continue to print money and lower interest rates on that money without the value of that money falling. Our dollar is at its lowest point in history. If were were to turn back the clock and not have spend the $2 Trillion for this waste of a war, our dollar probably would be about 50 percent higher, and we would be paying no more than $2.25 a gallon for gas. Another factor is the role of the speculators on this market. They are investing their money in oil futures instead of stocks and bonds. These speculators are hoping for a catastrophe in the Middle East or elsewhere so the price of oil goes up to $200 a barrell. What is going to happen with these speculators? They are sparking the very recession that will lead to the loss of their investment. You will see a day where these idiots will wake up and realize that there is not a shortage, and a $40 dollar or more one-day drop in the price of a barrel of oil may occur because of panic selling. There are ways that the govenrment could help this matter. Lowering the national speed limit to 60 would send oil prices down 25 percent overnight. Also, releasing some of the billions of barrels of oils in the strategic oil reserves would be another; but we all know these things will not happen with an oil man as president. Umm ya no... OPEC will NOT allow another mid 90's oil crash when we all got to pay 99 cents for super, thats why despite our economic slow down they are tightening supply. When Clinton released the "billions" of gallons of oil it did basically nothing to lower the price, a few cents IIRC. The continued decline of the dollar is however having a huge impact, thats why we need to produce more here at home. Quote Link to comment Share on other sites More sharing options...
fmccap Posted February 28, 2008 Share Posted February 28, 2008 Watch and see what happens to the price of oil if/when the Fed lowers interest rates again. $4.00 is coming sooner than summer, me thinks. Dollar hits new low as Fed signals rate cut Interesting Moment: Is where Bernanke explains to Dr. Paul, that he understands that the congressmen would like to see a gold standard, but that’s something for to congress to decide. Ron Paul: Bernanke Deliberately Destroying Dollar Paul highlighted the fact that the M3 money supply was rising at a rate of 16 per cent and that this was the real rate of inflation. "History is against you," Paul told Bernanke, "History is on the side of hard money - if you look at stable prices you have to look at the only historic sound money that’s lasted more than a few years - fiat money always ends, gold is the only thing where you get stable prices," he added, pointing out that despite the price of oil’s rapid ascent, it had remained flat when compared to the price of gold. Asked how he could defend a policy of deliberately depreciating the dollar, Bernanke stumbled through his response and was basically forced to agree with Paul’s point. Quote Link to comment Share on other sites More sharing options...
Furious1Auto Posted February 28, 2008 Share Posted February 28, 2008 The increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing.This guys in denile, it is already happening. What does he mean it could? Quote Link to comment Share on other sites More sharing options...
wtf Posted February 28, 2008 Share Posted February 28, 2008 There are several factors at work here. Unlike the early 1980s, the price has nothing to do with supply- there is more than enough oil to go around. Sure there is more demand because of China taking our jobs, but not enough to justify a quadripling of prices in six years. One of the main reasons oil prices quadrupled in the last four years, and doubled in the last year is the effect that George Bush's war has had on the dollar. A government cannot continue to print money and lower interest rates on that money without the value of that money falling. Our dollar is at its lowest point in history. If were were to turn back the clock and not have spend the $2 Trillion for this waste of a war, our dollar probably would be about 50 percent higher, and we would be paying no more than $2.25 a gallon for gas. Another factor is the role of the speculators on this market. They are investing their money in oil futures instead of stocks and bonds. These speculators are hoping for a catastrophe in the Middle East or elsewhere so the price of oil goes up to $200 a barrell. What is going to happen with these speculators? They are sparking the very recession that will lead to the loss of their investment. You will see a day where these idiots will wake up and realize that there is not a shortage, and a $40 dollar or more one-day drop in the price of a barrel of oil may occur because of panic selling. There are ways that the govenrment could help this matter. Lowering the national speed limit to 60 would send oil prices down 25 percent overnight. Also, releasing some of the billions of barrels of oils in the strategic oil reserves would be another; but we all know these things will not happen with an oil man as president. Excellent post! People do not fully understand the impact a weak dollar has had on our economy. Quote Link to comment Share on other sites More sharing options...
Bored of Pisteon Posted February 28, 2008 Share Posted February 28, 2008 There are several factors at work here. Unlike the early 1980s, the price has nothing to do with supply- there is more than enough oil to go around. Sure there is more demand because of China taking our jobs, but not enough to justify a quadripling of prices in six years. One of the main reasons oil prices quadrupled in the last four years, and doubled in the last year is the effect that George Bush's war has had on the dollar. A government cannot continue to print money and lower interest rates on that money without the value of that money falling. Our dollar is at its lowest point in history. If were were to turn back the clock and not have spend the $2 Trillion for this waste of a war, our dollar probably would be about 50 percent higher, and we would be paying no more than $2.25 a gallon for gas. Another factor is the role of the speculators on this market. They are investing their money in oil futures instead of stocks and bonds. These speculators are hoping for a catastrophe in the Middle East or elsewhere so the price of oil goes up to $200 a barrell. What is going to happen with these speculators? They are sparking the very recession that will lead to the loss of their investment. You will see a day where these idiots will wake up and realize that there is not a shortage, and a $40 dollar or more one-day drop in the price of a barrel of oil may occur because of panic selling. There are ways that the govenrment could help this matter. Lowering the national speed limit to 60 would send oil prices down 25 percent overnight. Also, releasing some of the billions of barrels of oils in the strategic oil reserves would be another; but we all know these things will not happen with an oil man as president. What continues to amaze me is these Toyota and Honda driving foreign car liberal scumbags that continue to go 90 MPH in their "fuel efficient" cars. My god are these people that fucking dumb? I mean if I was going that fast on the freeway wouldn't you use more gas too? Same goes for these assholes in their pick-up trucks and SUV's, Hummers etc... WHAT'S YOUR FUCKING HURRY? Quote Link to comment Share on other sites More sharing options...
Bored of Pisteon Posted February 28, 2008 Share Posted February 28, 2008 Much as I hate to see it happening, Pioneer, I also believe what you said may very well happen. If our economy is now in a recession, as some economists seem to think, just wait till $4.00 gal gas kicks in. Not only are you going to see the auto industry get kicked in the nuts once again, you'll see how many more people get wiped out financially, be it business or at the personal level. Bet this will make Al Gore and the rest of the environmental wackos and tree huggers from HollyWeird and the Wrong Coast very happy.... :kissass: :kissass: :fan: :fan: And oh yeah, before I forget, all the rich lobbyists, business bigshots and other politicians will be lining their pockets once again, at our expense :banmolest: :banmolest: Speaking of Al Gore... Quote Link to comment Share on other sites More sharing options...
gunnut69 Posted February 28, 2008 Share Posted February 28, 2008 There are several factors at work here. Unlike the early 1980s, the price has nothing to do with supply- there is more than enough oil to go around. Sure there is more demand because of China taking our jobs, but not enough to justify a quadripling of prices in six years. One of the main reasons oil prices quadrupled in the last four years, and doubled in the last year is the effect that George Bush's war has had on the dollar. A government cannot continue to print money and lower interest rates on that money without the value of that money falling. Our dollar is at its lowest point in history. If were were to turn back the clock and not have spend the $2 Trillion for this waste of a war, our dollar probably would be about 50 percent higher, and we would be paying no more than $2.25 a gallon for gas. Another factor is the role of the speculators on this market. They are investing their money in oil futures instead of stocks and bonds. These speculators are hoping for a catastrophe in the Middle East or elsewhere so the price of oil goes up to $200 a barrell. What is going to happen with these speculators? They are sparking the very recession that will lead to the loss of their investment. You will see a day where these idiots will wake up and realize that there is not a shortage, and a $40 dollar or more one-day drop in the price of a barrel of oil may occur because of panic selling. There are ways that the govenrment could help this matter. Lowering the national speed limit to 60 would send oil prices down 25 percent overnight. Also, releasing some of the billions of barrels of oils in the strategic oil reserves would be another; but we all know these things will not happen with an oil man as president. well i agreed with most of what you said til i read your last paragraph.since there is no oil shortage,never has been,the speed limit change wouldnt affect prices at all. that theory relies on an existing shortage,which you state correctly doesnt exist.it would change demand a little bit,but supply already exceeds demand,and you see what we have.its a dumb idea anyway imho. the strategic reserve isnt meant to serve as a price control,in effect a hedge against oil prices.its meant to be kept available in case of a national emergency,and it should be. Quote Link to comment Share on other sites More sharing options...
NLPRacing Posted February 28, 2008 Share Posted February 28, 2008 Here's another reminder: "When Bush Took Office, Gas Was $1.46 A Gallon" January 2009 can't come quick enough... Quote Link to comment Share on other sites More sharing options...
Footballfan Posted February 29, 2008 Share Posted February 29, 2008 well i agreed with most of what you said til i read your last paragraph.since there is no oil shortage,never has been,the speed limit change wouldnt affect prices at all. that theory relies on an existing shortage,which you state correctly doesnt exist.it would change demand a little bit,but supply already exceeds demand,and you see what we have.its a dumb idea anyway imho. the strategic reserve isnt meant to serve as a price control,in effect a hedge against oil prices.its meant to be kept available in case of a national emergency,and it should be. I don't know if lowering the speed limit it is "a dumb idea," but at least it would get enough people to do something about this problem. Anything that would hamper the oil company's profits will likely raise a red flag and they will likely make moves to stop this gouging. Furthermore, if the signal was sent that less oil would be being used, these speculators will dump their holdings and cause a pullback on prices. Just as the psychological factors of "geopolitical concerns" drive up the prices, so too would the psychological factors of a lower speed limit and the perceived consequences of lower energy use. Right now, they are trying to take tax breaks away from the oil companies. Granted the oil companies do not need a break with $50billion profits, but they would use it as an excuse to charge even more for the price of gasoline. Quote Link to comment Share on other sites More sharing options...
Footballfan Posted February 29, 2008 Share Posted February 29, 2008 What continues to amaze me is these Toyota and Honda driving foreign car liberal scumbags that continue to go 90 MPH in their "fuel efficient" cars. My god are these people that fucking dumb? I mean if I was going that fast on the freeway wouldn't you use more gas too? Same goes for these assholes in their pick-up trucks and SUV's, Hummers etc... WHAT'S YOUR FUCKING HURRY? No doubt. I would like to see how many of these tree huggers that drive their Toyota Peeuses at 90 MPH would walk away after a rollover accident. Quote Link to comment Share on other sites More sharing options...
Footballfan Posted February 29, 2008 Share Posted February 29, 2008 Excellent post! People do not fully understand the impact a weak dollar has had on our economy. Thanks! And the Fed lowering interest rates to get more people to borrow is not helping. The government has to do what corporations have had to do: cut back. There needs to be a constitutaional ammendment to outlaw deficit spending. Quote Link to comment Share on other sites More sharing options...
Trimdingman Posted February 29, 2008 Share Posted February 29, 2008 Watch and see what happens to the price of oil if/when the Fed lowers interest rates again. $4.00 is coming sooner than summer, me thinks. In Ontario, it is over a dollar a litre. Four litres equals a gallon US. Quote Link to comment Share on other sites More sharing options...
dark270 Posted February 29, 2008 Share Posted February 29, 2008 In Ontario, it is over a dollar a litre. Four litres equals a gallon US. more dumb ding bat math actually....... 1 US gallon = 3.7854118 litres Quote Link to comment Share on other sites More sharing options...
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