Gas Prices at it again..

Easto · Post by **Easto** » Mon Jan 09, 2012 9:11 am

I was doing some calculations the other day and between the cost of our weekly gas (Auto) bill when prices are high and prices are low can be as high as $25 per week. That's $25 that we're not using to see a movie, buy something for the house, go out to dinner, buy a new jacket... and they wonder wy the economy is depressed.

JawZ · Post by **JawZ** » Mon Jan 09, 2012 12:57 pm

Warm winter and rising prices? Supply and demand....yeah right.

blebs · Post by **blebs** » Tue Jan 10, 2012 7:23 am

Just speculation on what might happen if Iran carries out it's threat to close the straight. You know the U.S. isn't going to let that happen. Ever get the feeling WWIII is just around the corner?

Sava700 · Post by **Sava700** » Fri Jan 20, 2012 10:20 am

Yep..here we go! On our way to $4/gallon for nothing really..even one refinery closing shouldn't cause that much of an issue..but this enforces the call for more refineries to be built and built today not tomorrow!!

Get ready to pay $4 or more at the pump this spring: Analysts say gas prices could hit a record high.

Fred Rozell, retail pricing director at Oil Price Information Service, says he expects the national average for a gallon of regular unleaded gasoline to reach $4 to $4.25 per gallon for regular gasoline when the market peaks, sometime in between April and early May.

Patrick DeHaan, senior petroleum analyst for GasBuddy.com, projects the national average could hit between $3.75 and $4.15 at some point in May.

Both predictions indicate that consumers could pay record high prices within the next few months. The all-time high for the national average, according to AAA, stands at $4.11, reached in the summer of 2008.

DeHaan also points out gas prices are likely to be higher in major cities. He expects Chicagoans to pay between $4.60 and 4.95 per gallon, and Los Angeles residents to see prices in the mid-to-upper $4 range.

"Bigger cities will always have higher prices due to higher gas taxes and the cost of doing business," DeHaan said.

The closing of a major refinery in St. Croix is also expected to increase gas prices for consumers on the East Coast, analysts say.

"It's hard to say how much impact the refinery shutdown will have, but it will crimp supply and that's likely to increase prices," Rozell said. That could mean an extra 10 cents a gallon for people on the East Coast, he said.

Despite the possibility of record high gas prices this spring, Rozell says things could be worse. "Over the last 10 years, we have tended to see a 75% increase in prices from the winter low to the spring peak. This year, we are only forecasting about a 40% rise because of bearish economic news."

http://www.cnn.com/2012/01/19/travel/sp ... hpt=hp_bn7

24giovanni · Post by **24giovanni** » Sun Feb 12, 2012 6:54 pm

Sava, Just watching NBC nightly news and they said to expect gas prices by May to be $4.35 in Boston, SF $4.79, LA $4.85 and the highest of all Chi at $4.95. This is ridiculous.

Sava700 · Post by **Sava700** » Mon Feb 13, 2012 9:07 am

24giovanni wrote:Sava, Just watching NBC nightly news and they said to expect gas prices by May to be $4.35 in Boston, SF $4.79, LA $4.85 and the highest of all Chi at $4.95. This is ridiculous.

sad isn't it... people will start backing off spending again and here we go back into a recession or even worse. I don't think the Govt understands the need to control investors on the markets with this nonsense speculation crap that is pushing prices. All talk and no disruption of supply is no excuse in the rise like this or staying at current levels. Prices should at this point be no higher than 2.20/gallon average.

Sava700 · Post by **Sava700** » Tue Feb 14, 2012 5:57 pm

http://caffertyfile.blogs.cnn.com/2012/ ... ?hpt=hp_t3

Americans' pain at the gas pump could mean pain on election night for President Obama come November.

The national average for regular unleaded gasoline is now $3.52 a gallon, according to the Energy Department. That's up more than 4 cents a gallon from a week ago, and experts are predicting that this summer, gas prices could go higher. Much higher. Think record highs.

Gasoline could top $4 a gallon by June, and in some places it could be near $5. Big cities like Chicago and San Francisco could be especially hard hit.

According to AAA, the all-time high U.S. average was $4.11 a gallon in the summer of 2008. We could easily hit a new record as summer driving season kicks into high gear and Obama gears up for the fall campaign.

Consider that when Obama took office in January of 2009, the average cost for a gallon of gas was $1.79. Gas prices have almost doubled since he took office, and they're headed higher.

There are several reasons for the jump in gasoline prices - including the possibility of war in the Middle East. There's also the closing of refineries, along with the increased demand for gasoline as summer travel season approaches. Plus the government requires a switch from cheaper winter gas formulations to more expensive summer ones.

But all those reasons aside, whether it's fair or not - the American motoring public has always tended to blame the guy in the White House for high gas prices.

Sava700 · Post by **Sava700** » Thu Feb 16, 2012 1:50 pm

Doesn't look good at all....

On Thursday morning, Washington lawmakers were pleased to announce a deal to extend a cut in payroll taxes paid by most Americans.

The compromise was reached ahead of the tax cut's March 1 expiration date, and will keep the tax rate at 4.2% from its usual 6.2% for another year. So for a family earning $50,000 a year, that would translate to a savings of about $1,000 a year or roughly $80 a month.

But don't expect that extra money to be plowed back into the economy.

Too often the tax cut is presented as a way to give the nation's fragile economy an extra boost (it's one of the key planks in President Obama's jobs program announced last September). After all, the thinking goes, about 70% of the U.S. economy is based on consumer spending. Workers who take home more of their pay will likely spend it on everything from restaurant outings to movie tickets. And because the pay bump goes largely unnoticed, workers would likely spend much, if not all of it, rather than save it.

But because the tax cut only extends cuts that workers' previously enjoyed, it isn't expected to generate much additional spending. It's not to say the tax cut is unnecessary, but we should see it as more of a cushion for the economy than a stimulus for it.

And there's a dark cloud on the horizon that could erase any benefit from the payroll tax cut extension: Rising gas prices.

Since the end of 2011, the national average for a gallon of regular gasoline is up more than 8% to $3.52, according to data released on Monday by the U.S. Energy Information Administration. Gas prices tend to increase during the first half of the year, but this is the earliest the average price per gallon has surpassed the $3.50 mark. Prices at the pump could break $4 later this year – typically the point where fuel costs start eroding economic growth, says IHS Global Insight economist Chris Christopher.

Last year gas prices approached $4, hitting an average of $3.98 in April before falling. And it was around that time when some economists noticed fuel prices were eating away at consumers.

Though prices haven't reached the $4 mark, consumers are nevertheless feeling the pressures from a higher bill at the pump. In his daily newsletter on Wednesday, Gluskin Sheff chief economist David Rosenberg pointed that one of the big drivers of relatively strong retail sales in January were escalating prices on food and fuel. Gasoline sales rose 1.4%, the steepest increase since last March. Grocery bills also rose 1.3%, the largest jump since August 2010.

"Strip out these two areas, sales barely rose at all last month – by less than 0.1% versus an average advance of 0.5% over the prior three months, and the weakest showing since last May."

Given expectations of rising prices, it's hard not to wonder if Washington policymakers should expand the tax cut further, or perhaps even focus on deeper cuts for lower-income households, which some economists say are more likely to spend their extra cash instead of saving it.

For months, there's been much drama over the tax cut. Earlier this week, Republicans gave up their long-held stance that the reduction had to be paid for with spending cuts elsewhere. Though Democrats probably feel they've won and Republicans think they no longer look like the bad guys to the middle class, particularly amid an election year, it remains to be seen who else might come out as winners.

http://finance.fortune.cnn.com/2012/02/ ... ?hpt=hp_t3

blebs · Post by **blebs** » Fri Feb 17, 2012 10:39 am

103.15 a barrel right now. Gas is sure to hit $4+ by summer.

Sava700 · Post by **Sava700** » Fri Feb 17, 2012 10:53 am

blebs wrote:103.15 a barrel right now. Gas is sure to hit $4+ by summer.

I just don't think our Govt along with others have any idea what is going to happen here as in the negative trickle down effects this will cause. Last time we spiked this high we went into a recession. Companies will cut employee's to save money, that money shifted to energy costs...surprised we haven't heard about the truckers protesting again as their fuel is already pushing that $4/gallon mark.

blebs · Post by **blebs** » Sat Feb 18, 2012 7:18 am

I think the truckers have given up. They either buy or go out of business, which after all, is the goal of all this insanity. Put everyone out of work and make them Government dependent.

$104.39 a barrel this morning.

Sava700 · Post by **Sava700** » Mon Feb 20, 2012 10:32 am

Prices may hit $5/gallon this summer!!!!!! WTF!! No way could our economy deal with that OR anyone else for that matter! Only thing driving it is future speculation..and its BS!

Oil prices rose Monday after Iran cut exports to Britain and France, raising worries that higher gas prices may follow suit.

Iran's oil ministry said Sunday that it would stop exporting oil to French and British companies. The announcement came just days after Iran threatened to cut supplies to some European Union countries in retaliation for sanctions put in place by the EU and United States.

U.S. crude for April delivery jumped about 2% to $105.28 per barrel. Brent crude, Europe's benchmark, rose about 0.5% to $120.37 per barrel.

Prices for Brent haven't been above $120 for more than a year, and that could prove worrisome for U.S. drivers since many U.S. refineries use imported oil to produce gas, especially on the East Coast.

Prices are already up nearly 9% from the start of the year. According to motorist group AAA, the national average price of $3.56 a gallon marks the 13th consecutive increase.

Gas prices may hit $5

The price of unleaded gasoline in the U.S. will likely hit a nationwide average of $4 by this summer, said Dan Dicker, oil trader and author of "Oil's Endless Bid." The last time prices topped $4 was 2008 and Dicker said there's a one in three chance that gas could reach $5 a gallon.

If gas prices do head to those lofty levels, that could put a crimp in the economic recovery as consumers will likely cut down on spending if they have to pay more to fill up their cars

http://money.cnn.com/2012/02/20/markets ... ?hpt=hp_t3

Sava700 · Post by **Sava700** » Mon Feb 20, 2012 4:09 pm

http://www.cbsnews.com/8301-505266_162- ... ?tag=stack

If someone attacks Iran we could see $10-$15/gallon gas!!!

blebs · Post by **blebs** » Wed Feb 22, 2012 10:15 am

Sava700 wrote:http://www.cbsnews.com/8301-505266_162- ... ?tag=stack

If someone attacks Iran we could see $10-$15/gallon gas!!!

You mean when Israel attacks Iran. Maybe tomorrow, maybe today. It's all a crock of crap. I'm sick and tired of speculators "fears" raising prices. I think they better start fearing the wrath of the people of the U.S. instead of fearing oil supply shortages.

I know if I were Israel, I'd tell the U.S. government to shove it, then ask them if they remember the Cuban missle crisis and Bay of Pigs incidents.

minir · Post by **minir** » Fri Feb 24, 2012 5:47 am

blebs wrote:You mean when Israel attacks Iran. Maybe tomorrow, maybe today. It's all a crock of crap. I'm sick and tired of speculators "fears" raising prices. I think they better start fearing the wrath of the people of the U.S. instead of fearing oil supply shortages.

I know if I were Israel, I'd tell the U.S. government to shove it, then ask them if they remember the Cuban missle crisis and Bay of Pigs incidents.

---

Hi blebs

Just paid $4.928/gal US Price or $125.9 Cnd. per Liter & that was prior to Iran cutting off the UK & France, so watch it go up again. Our government just loves it as they tax each liter. They moan like they are pissed and make noises about doing something about it but they do nothing and salivate in the extra revenue it brings.

Its one big con game & We lose.

---

minir

minir · Post by **minir** » Fri Feb 24, 2012 6:02 am

minir wrote:---

Hi blebs

Just paid $4.928/gal US Price or $125.9 Cnd. per Liter & that was prior to Iran cutting off the UK & France, so watch it go up again. Our government just loves it as they tax each liter. They moan like they are pissed and make noises about doing something about it but they do nothing and salivate in the extra revenue it brings.

Its one big con game & We lose.

---

minir

My Bad...Should read $4.78 gal Not $4.928

blebs · Post by **blebs** » Sun Feb 26, 2012 5:39 am

minir wrote:---

Hi blebs

Just paid $4.928/gal US Price or $125.9 Cnd. per Liter & that was prior to Iran cutting off the UK & France, so watch it go up again. Our government just loves it as they tax each liter. They moan like they are pissed and make noises about doing something about it but they do nothing and salivate in the extra revenue it brings.

Its one big con game & We lose.

---

minir

I hear ya. It's the same down here. Last time they pulled this crap, I watched them brag about how they made over 100% profits on their oil investments. No never mind that your killing your fellow countrymen in the process. Just do what you must to fill your pockets with money that you'll never friggin use anyhow.

Leatherneck · Post by **Leatherneck** » Sun Feb 26, 2012 7:06 am

$109.620003 a barrel. Surefire way to be ousted out of the Oval Office and while I don't care for Obama, it's a measuring stick we've screwed ourselves with.

Sava700 · Post by **Sava700** » Sun Feb 26, 2012 6:36 pm

Leatherneck wrote:$109.620003 a barrel. Surefire way to be ousted out of the Oval Office and while I don't care for Obama, it's a measuring stick we've screwed ourselves with.

Sava700 · Post by **Sava700** » Mon Feb 27, 2012 8:44 am

Gas prices climb for 20th day

Gas prices continued their march toward $4 on Monday, rising for the 20th day in a row.

The nationwide average rose to $3.70 a gallon, up one cent from a day earlier, according to the motorist group AAA.

Only a month ago, the nationwide average was $3.41 a gallon.

Average prices for regular gasoline are more than $4 a gallon in California, Alaska and Hawaii. Gas prices are just shy of the $4 mark in New York, Connecticut, and Washington, D.C., according to AAA. The lowest average gas prices are in Wyoming and Colorado, where a gallon is going for less than $3.20.

Gas prices have been rising on the back of soaring oil prices, which have surged 10% over the past month amid fears that tensions with Iran will lead to an all-out war that causes a disruption in oil supplies.

http://money.cnn.com/2012/02/27/markets ... ?hpt=hp_c3

Sava700 · Post by **Sava700** » Mon Feb 27, 2012 12:26 pm

(MoneyWatch)

The S&P 500 is up 24 percent from the Oct. 3 lows and closed at its highest level since June 2008; the Dow Jones Industrial Average briefly pierced the 13,000 mark last week; and the NASDAQ closed at its highest level since Dec. 11, 2000. (Not a typo, that's 2000!) With all of this good news, you would think the mood would be better, but in fact, there is a strange whiff of anxiety in the air.

The problem is oil, again. A general pick-up in the economy, rising demand from China and India, and anxiety over Iran have conspired to boost crude from $75 per barrel in October to $109.77 on Friday, just $5 shy of last year's high point of over $114 per barrel.

Crude's ascent is translating into higher prices at the pumps, at a time when American consumers were finally crawling out of their recession-induced stupors. AAA says the average price for a gallon of regular gas is $3.67. Given the lag between oil and gas prices, many expect that number to rise close to $4 in the coming weeks, which is seen as the level that curtails consumer spending and sentiment.

If the price increase is temporary and tensions with Iran settle down, there could be a retreat, but if prices remain elevated, you'll start to hear this scary and oft-quoted statistic: All but one of the 11 post-war recessions were associated with an increase in oil.

Oil is not the only worry, of course. It wouldn't be a "Week Ahead" without a mention of Greece. After finally receiving approval from the troika (the European Union, the European Central Bank and the International Monetary Fund) on the second $172 billion bailout package, Greece must now persuade the owners of 206 billion euros worth of debt to swap their bonds for new, less lucrative ones. In doing so, bondholders may be forced to accept a 75 percent cut in the value of their holdings, which as one wise investor described as "25 percent more than they're probably worth!"

http://www.cbsnews.com/8301-505123_162- ... ?tag=stack

Leatherneck · Post by **Leatherneck** » Mon Feb 27, 2012 3:33 pm

Recent news suggest that we are more likely to see $3 a gallon rather than $5 barring a serious problem in the Middle East. As more aging refineries are shuttled there will be a glut of crude say some experts.

Whatever happens, the speculation seems criminal at times.

Sava700 · Post by **Sava700** » Mon Feb 27, 2012 9:27 pm

Leatherneck wrote:Recent news suggest that we are more likely to see $3 a gallon rather than $5 barring a serious problem in the Middle East. As more aging refineries are shuttled there will be a glut of crude say some experts.

Whatever happens, the speculation seems criminal at times.

You mean $4/gallon....and if we lose even just one refinery for even a day prices shot thru the roof..we haven't built a new refinery in 40 years which is criminal if you ask me as the oil companies don't want to build another but instead keep inflating prices of oil to pad their pockets.

Roody · Post by **Roody** » Tue Feb 28, 2012 1:59 pm

http://www.cnn.com/2012/02/28/opinion/o ... ?hpt=hp_c1

Mark · Post by **Mark** » Tue Feb 28, 2012 7:12 pm

Roody wrote:http://www.cnn.com/2012/02/28/opinion/o ... ?hpt=hp_c1

that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all

Sava700 · Post by **Sava700** » Tue Feb 28, 2012 10:12 pm

Mark wrote:that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all

Yep read that article today and its BS.... didn't take note that the difference in price goes to Free University education for many countries there, pays for free health care, pays for all sorts of things which takes a massive load off of other taxes that we already pay as US citizens which balances it out so if prices are going up on gas our taxes are NOT going down!!! Anything over $3/gallon average is going to hurt the economy and something needed to be done yesterday!!

Roody · Post by **Roody** » Wed Feb 29, 2012 8:12 am

Mark wrote:that writer is an idiot, talking like America should act like Brittan, there is a reason we started this country after all

Consider it a curve ball to get people thinking.

Roody · Post by **Roody** » Wed Feb 29, 2012 3:42 pm

On a more serious note give this a read.

http://www.cnn.com/2012/02/29/opinion/p ... ?hpt=hp_t3

blebs · Post by **blebs** » Thu Mar 01, 2012 2:48 am

Leatherneck wrote: Whatever happens, the speculation seems criminal at times.

Seems criminal? It is. No one is going to do a damn thing about it though.

Sava700 · Post by **Sava700** » Sun Mar 04, 2012 2:47 pm

The nationwide average for gasoline prices rose for the 26th straight day Sunday, topping the $3.76-a-gallon mark, according to the motorist group AAA.

The average price of regular unleaded gasoline climbed 0.7 cent in the latest 24-hour period. The price of gas is up from $3.47 a month ago and $3.69 a week ago. Last year at this time, gas was $3.49 a gallon.

The average price is 35 cents, or about 8.5%, lower than the record high of $4.114 set on July 17, 2008.

Average prices for regular gasoline top $4 a gallon in California, Alaska and Hawaii. At $4.38 a gallon, Hawaii ranks as the nation's high. Prices are within a nickel of the $4 mark in Connecticut, New York and Oregon, according to AAA.

Wyoming became the last state to reach the $3.20 mark, but still has the nation's lowest gas prices, about 3 cents a gallon lower than Colorado.

http://money.cnn.com/2012/03/04/markets ... ?hpt=hp_t3