Article Source: msnbc.com
from:msnbc.comRise in pump prices recently costing Americans $108 million more per day
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We need to get off of oil PERIOD!
Put your self a wind mill and sollar pannels on your car. or dont drive
here is an idea..........
Since we have enough reserves to last 75 years at our current consumption rate [so they say] and still have several oil fields available within our borders, why does our goverment not release those reserves for our consumption. Logical and it would drive down the price of oil [this could be the very reason it is not done], it would reduce the cost so much that a slight tax increase on gas would not hurt the american people and would bolster the economy.
Also, since all thes e oil fields are "NATURAL RESOURCES" which belong to the people not the corps[they make their money for extracting it] mandate that all oil drilled within the US must first go to US consumption, anything that exceeds that may be sold overseas.
It is ridiculous that we allow our own oil to be sold overseas and then we turn around and purchase our oil from the mideast, when we do not need to be dependent on it.
For all those who say 'get off oil dependency', it is easy to say that but what do you propose that is :
a) readily available
b) cost effective
c) as efficient
Until these conditions are met there will be a need for oil or synthetic fuel. It is easy to say we need to do something but totally different to do it. I would like to see those that support that idea stop using oil themselves and find an alternative right now. BTW, dont think because you own a Prius that you are helping the enviorment or kicking oil.....where does your electricity come from?
It just amazes me how these oil companies raise the price and justify it to our Government or anyone by one word FEAR. Come on. I recently came across something on the web not to long ago. They where showing that for every one cent increase in gas price it equaled a one BILLION dollar profit. I am not the smartest cookie, but again. We cannot raise the price of a bottle of water in the fear of a Hurrican strike. I could see if something happen. I will leave it at that.
So you are advocating for the nationalization of oil, then.
Who is in whose pockets?
Within 24-72 hrs of the price of oil rising so shall follow the price of gas. With 1-2 weeks after the price of oil falls so shall the price of gas. The price of gas in the ground ready to pump can increase, but never decrease. Sounds like fraud to me. I'm sure there is some algorithm that explains why this is just, but would still smell like $h!t and I wouldn't eat it. Why are there no protests for mass quantities of renewable energy?
In november 2010 the US imported 697 barrels of oil from Libya, that same month we imported 332,634 barrels worldwide (excluding the oil we make ourselves by the way, which is over half of what we use). Thus Libya acounts for 0.2% of Americas Imported oil. Not to mention that the rebels occupying most of Libya continue to pump oil which is still reaching various international ports.
The oil companies (particularly OPEC countries) are commiting criminal offenses. The CEO's of these companies should be arrested and put on trial for Price gouging and racketeering. Furthermore, the US and its western allies should embargo opec countries and import from nations such as Brazil, Ukraine, and Turkey (and other non opec countries). I wonder how long it would take for those terrorist Sultans in Arabia to begin feeling the pressure. If we would open more wells in America as well as do the other things, we would soon see very low prices. Its about time politicians in Washington make some decisions that are good for the American public, and pursuing the criminals that rip us off would be a decent start.
someone has to buy the ammo for the new libya war
Andrew the American====Andrew you a person after my heart. I always say use what we have and damn the rest. We are barely touching the vast natural resources we have the Government won't let us. The People that live in Alaska have been begging for years to let them open up for oil exploration and the Green Team people gets Congress to say NO. Alaska needs to income and wants the business and they are stopped in their tracks. Makes me sick to think we are in the Middle East killing and being killed over oil that we do not need.
These dummies in Washington still have to Gulf of Mexico shut down. What's the problem? If one jet feel out of the sky and killed just 11 people the Government wouldn't have shut down the fleet. The oil spill was bad but do we really need to cripple our ability to support ourselves because of one single accident. Other than that accident the safety record in the oil production in the Gulf has been great.
Obama the fool is killing this country. I know that's being said a lot but it is become more evident every single day of the week. All of those dummies that have been in Washington longer than anybody wanted are walking around this Obama Clown like he is a god are something. He is no more than a damn school teacher. If they would use the knowledge that we the people paid for we would be a lot better off. To follow this clown Obama what a disgrace to this Nation. If was right about things it might be different but he has been wrong since he got to Washington. He will always be wrong.
Chavez is an idiot. Take the oil fields away from these nut cases.
Keep Buying Citgo from that putz!
I was wondering... a quick and easy way to regulate these oil speculator's... i know off subject a little... would be to actually require delivery on purchase... this would A) make the pertransaction cost to expensive for pure speculators. They would need warehouses, trucks, pipes, etc. B) leave the oil companies that already recieve the deliveries uneffected so as not to upset gas prices or big oil. just a thought. seems like a simple, easily enforced way to end oil speculation and prevent large swings in the price of oil.
concerned criminal another way would be to reinstate the tax on stock trades that are not held for ninty days
agreed, comodoities should not be traded like stocks, it is ridiculous that they are. There are many small uncostly changes that could be made to the system that might not lower prices but prevent them from jumping extremely
They are storing the gas we don't need and charging us for it. How many more ways are we going to get screwed?
Concerned: If the White house wanted to end speculation, it would have been done years ago.
i know... but it seems so simple and logical doesn't it? I mean rather then giving huge tax breaks to corporations why not pass a free (to the government) regulation that would if not level the price of oil, would at least reduce the amplitude of the giant spikes and shifts in price... therefore saving corporations money while not screwing over the middle class? but that would make to much sense i guess
One country that has been discussed very little over the past month is Algeria. Algeria has a long history of post-colonial civil war and suppression of democratic rights. It also happens to be an even larger producer of both oil and natural gas than Libya and exports a large portion of its liquids production to the United States. It also has the sixth largest natural gas reserve base in the world. What would happen to the world's oil markets if over 2 million BOPD were withdrawn:
Here is an article discussing the role that Algeria plays in the world's oil and natural gas markets:
http://viableopposition.blogspot.com/2011/03/algeria-are-they-next-on-revolution.html
Speculation is a scam, anyhow. These prices are absurd.
It really shows what a sad state of affairs the world and especially the USA has become when the world looks for a leadership in time of crisis and the best they can come up with is Hugo Chavez...But. When our President can only apologize for his countries wrong doing instead of Standing Proud for all the good, this is what you get...
Thank you for saying that, i could not have any better.
Buisness cannot regulate anything. Oil is up 15% because a country that pumps 2% of the worlds oil is having problems? Tell the oil companies to give our people a refund or put the bastards in jail. This is fraud!
The oil companies have nothing to do with this. Huge corporations pump millions into the commodities market and drive the price up. Millions are even bought on margin accounts. To put is simple; buy at $90, push the price to $95 then dump. You walk away with $5 bucks a barrel profit at a minimum 10,000 barrel purchase. that equals $50,000 profit in one afternoon. now multiply that by several million buy ins and you get the picture. Go on-line and see how many companies are buying into the commodity market. major banks, AT&T and Microsoft are just a few of them. An added bonus is when some of these news stations put the word out that "unrest" is some middle eastern country is going on, investors rush to the commodities market and wala, the price goes up and they make billions.
As long as the White house continues to allow this type of trading in "paper oil" nothing will change. If electricity was traded in this fashion, you couldn't afford to plug a toaster in.
It is pretty much the biggest rape of the American wallet and nobody will say or do anything as long as everyone is getting their pocket lined.
I agree with your post except that I think you are incorrect about the oil companies having nothing to do with this. That simply isn't true. When oil goes up, prices immediately shoot up. Conversely, when oil goes down, prices do not seem to follow the same path. Also, one of the biggest supporters of the Libyan dictator is ExxonMobil. research it and you will see. Also, the biggest instigator of the war in Iraq was Exxonmobil. Further, these same oil companies also speculate on oil futures for their own profit by pumping those same millions into the commodities market. The whole concept of the commodities market was to take away the peaks and valleys in prices so both the companies and those who use the products from those companies would benefit. Basically what I am saying to you is not only do the oil companies get good return at the pump, they get it at the gambling table while we the public get hit. So while I would agree that speculation by financial firms does drive up the price of oil (some reports say close to 60%), the oil companies are right there at that same gambling table. So in effect they can be included in those large firms who speculate and drive up oil.
Isn't that what happened with the large banks? didn't the destruction of Glass-Steagall allow them to not only serve traditional banking functions, but to also gamble on their own behalf. Remember the CDO, SIV, Credit Default Swap and the financial crash of 2008. It was done on a large part by gambling activities on their own behalf at the banks. That was what the congress passed bill tried to reform with the financial industry.
You are also correct. The gas stations owned by big oil should not be raising the price even if it went up to $200.00 a barrel today. The oil driven up by speculation today is 2 months before it comes out of the ground. It's more or less a blame game market. Exxon (as an example) states it is global demand, refineries say it cost them more due to Exxon, the gas stations say they have no control but in reality are told to raise the price by Exxon. It is all pretty much all BS and sifting through it is nearly impossible. You also raise several other good points..
Many moons ago when I worked in a gas station, the price changed when the gas I ordered was delivered.
I also worked in a grocery store. All items were ticketed or the Garvey was used. No scanners, so each item had to be changed. The easiest way to do that was not order it unless it was needed so no one would have to re-stamp or ticket 48 cans of soup or 60 bars of soap.
There is no reason why a change in the price of crude should affect the gas being pumped into my car.
I was with you until you spelled "voila"...wala
Matt is correct however if Obama tried to end it all you would hear is that he is anti corporation and business.
Tomorrows Headline: Wait for it .... " Oil prices surge as Lybia bombs rebels "
I doubt they will spell it incorrectly.
Sorry SAM. My mistake. Good thing I don't work for the NYT.
Sam, they will if it is MSNBC.
Can't believe oil is retreating; don't see the results at the pump. This whole article is a lie.Â
Reading these comments are why most countries think Americans are stupid. They are. Someone wants oil companies to give them a refund, for what. Oil companies do not control the oil markets and they do not own the oil they pump out of the ground. The counties that allow them to be in that country own the oil and the oil company is paid for their trouble. The commodities market is just that, no difference between oil and pork bellies. If the price jumps up 15% the oil companies, gas stations, charge more immediately because they need to make money to pay for that next load of gas. Conversely, if the price then drops the stations still charge the higher price because they paid a higher price. When lower cost gas gets diluted into the mix the price comes down in time. If you owned a business and you bought sweaters at $50 would you automatically drop your price if you could buy that sweater for $40, no. Same thing with gas stations.
This is why we have no energy policy because people, including Congress, do not understand the energy business.
I personally don't see thing getting better in the middle east. They aren't chanting for democracy. If some radical muslim group gets into any of those nations you can bet the price of oil will go up again and a lot higher.
I agree with a lot of what you are saying, however to say oil companies have no control over things is total BS, they continue to raise prices over every little rumor, and then post record BILLIONS in profits?? yeah ok Im buying that..sorry even idiots in America can see we getting screwed while rich get richer because the know who to send kick-backs to..
Excellect post Frank. Now maybe some just might have a little understanding of how things work.
Gas will reach $5.00 a gallon - no doubt about that. The best way to curtail the issue is to resume drilling here, now. It takes approximately 3 years from the beginning permit process point to when the oil produced becomes gas.
This immediate action will provide jobs, which we need, increase oil royalty revenue to the federal government, which they need, and allow for a little less of our oil to come from overseas.
Alternative energy solutions are not cost efficient and if you look at the nation as a whole, we could be looking at a 20 - 30 year process before it can get to the point where it begins to make a dent in our requirements.
There is no reasonNOT to seek alternative methods nor is there reason to NOT attempt to reduce our dependency on foreign oil at the same time. Why does it have to be a one or the other solution?
How about all of us only buy gas from certain gas stations? For instance do not buy any fuel or gas from Mobil, Exxon, or Citgo but continue to purchase from others. This would not hurt you or I however if everybody did this "WE" could start a gas war. Once the gas price came back down to say $2.00 a gallon then and only then begin to purchase from the big boys again. This would work, but as always we need everybody to participate. "I can't afford this" and either can you.
i will start today! great idea
Read for an answer for the gas problem! Prices continue to rise as they are posting even larger profits. This is borderline Monopoly.
THIS IS NOT THE 'DON'T BUY' GAS FOR ONE DAY, BUT IT WILL SHOW YOU HOW WE CAN GET GAS BACK DOWN TO $1.30 PER GALLON.
This was sent by a retired Coca Cola executive. It came from one of his engineer buddies who retired from Halliburton. If you are tired of the gas prices going up AND they will continue to rise this summer, take time to read this please.
Phillip Hollsworth offered this good idea.
This makes MUCH MORE SENSE than the "don't buy gas on a certain day" campaign that was going around last April or May!
It's worth your consideration. Join the resistance!!!!
I hear we are going to hit close to $ 4.00 a gallon by next summer and it might go higher!! Want gasoline prices to come down?
We need to take some intelligent, united action.
The oil companies just laughed at that because they knew we wouldn't continue to "hurt" ourselves by refusing to buy gas .
It was more of an inconvenience to us than it was a problem for them.
BUT, whoever thought of this idea, has come up with a plan that can Really work. Please read on and join with us!
By now you're probably thinking gasoline priced at about $2.00 is super cheap. Me too! It is currently $3.08 at Arco and Costco for regular unleaded in Salem, Oregon and climbing every week.
Now that the oil companies and the OPEC nations have conditioned us to think that the cost of a gallon of gas is CHEAP at $1.50 - $1.75, we need to take aggressive action to teach them that BUYERS control the marketplace..not sellers.
With the price of gasoline going up more each day, we consumers need to take action.
The only way we are going to see the price of gas come down is if we hit someone in the pocketbook by not purchasing their gas! And, we can do that WITHOUT hurting ourselves.
How? Since we all rely on our cars, we can't just stop buying gas.
But we CAN have an impact on gas prices if we all act together to force a price war.
Here's the idea: For the rest of this year, DON'T purchase ANY gasoline from the two biggest companies (which now are one), EXXON and MOBIL.
If they are not selling any gas, they will be inclined to reduce their prices. If they reduce their prices, the other companies will have to follow suit.
But to have an impact, we need to reach literally millions of Exxon and Mobil gas buyers. It's really simple to do! Now, don't wimp out on me at this point...keep reading and I'll explain how simple it is to reach millions of people!!
I am sending this note to 30 people. If each of us send it to at least ten more (30 x 10 = 300) .... and those 300 send it to at least ten more (300 x 10 = 3,000)... and so on, by the time the message reaches the sixth group of people, we will have reached over THREE MILLION consumers .
If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted!
If it goes one level further, you guessed it...... THREE HUNDRED MILLION PEOPLE!!!
Again, all you have to do is send this to 10 people. That's all!
(If you don't understand how we can reach 300 million and all you have to do is send this to 10 people.... Well, let's face it, you just aren't a mathematician. But I am . so trust me on this one.
How long would all that take? If each of us sends this e-mail out to ten more people within one day of receipt, all 300 MILLION people could conceivably be contacted within the next 8 days!
I'll bet you didn't think you and I had that much potential, did you! Acting together we can make a difference.
If this makes sense to you, please pass this message on. I suggest that we not buy from EXXON/MOBIL UNTIL THEY LOWER THEIR PRICES TO THE $2.00 RANGE AND KEEP THEM DOWN. THIS CAN REALLY WORK. Actually what can it hurt?
One problem. When the other producers start running short on gas because everyone is purchasing from them, who will they buy the extra gas from so they can fill their orders since they only have a limited production capability?.......Exxon/Mobile. Who will charge a premium to their competitors and cause gas prices to go higher.
Here is a better idea. Carpool to work or use public transportation, buy a more fuel efficient car on your next purchase, ride you bike or walk to stores that are only close by instead of driving, plan your shopping trips to use less gas such as going once a week instead of several trip. This will also reduce pollution and reduce our dependence on foreign oil, both of which will greatly benefit us.
And in Rural Areas which recieve not inches but feet of snow at a time. What should we do? Sell our vehicles and move to cities? Your plan may work for you, but when I still have three feet of snow in my driveway a jolt or a bike will not get me to where I am going. Why isthe oil taken here going to Canada while we ship it in from overseas? Why are we sending Billions over seas when we can do it here. You want a solution? check the pocket books of our high ups! Don't piss on me and tell me its raining
Just think what would happen if we did both of these, buy only one type of gas and save it when ever and where ever we can.
Rather than avoiding a certain station, everyone needs to be smarter on their habits. Keep trading in the gas guzzlers for more efficient cars, plan trip better. Several years ago, when prices hit $4/gallon before, I read an article about how UPS plans routes for their drivers that avoid left hand turns and how much money it saved in fuel. I've implemented this myself, and though I don't see a cost savings, I see a time savings. I am more efficient in my travels - I plan better. I have a fuel efficient car & my husband & I started car pooling to work.
where i live...gas is already $3.87 and its still going up!
I put $10.02 in my tank today and the price per gallon was $3.429. I rely on driving back roads and drive slower to make it last longer. The last time I remember the price of gas, it was $3.199
For those considering trading in their gas guzzlers for more efficient cars, in order to get the most for your trade-in, and to know the best price to pay for your new car, I would recommend doing research using Kelley Blue Book.
Matt pretty much summed it up how the rich keep getting richer but until OPEC and all other oil producing nations start increasing the production nothing will change. Since the US is the major exporter of grain to the 3rd world contries everytime they don't keep prices in check the cost of a bushel of grain being exported should double. Let's see if they want to be complaint then. Wishful thinking!!!
Frank, speak for yourself regarding name calling.
Oil speculation is the culprit of greed and you know it. These high prices have nothing to do with demand or shortages. If there are too many pork bellies on the market, the price goes down and we all know that. This country is awash in oil but the price goes up by the minute. Speculative purchasing drives the price up for no reason other than to get filthy rich at the cost of anyone.
You are right however regarding your last comment, speculators are salivating as we speak with their fingers crossed.
I've watched prices jump 10 cents in a day. A 4 cent jump isn't news, it's a relief.
This is the problem, we expect it to go up! How much does your pay check jump with oil jumping. Where are the cuts in your budget coming from? Our country is tanking and there are a few businesses getting rich from it!
You think it's bad now..........wait until those lovely summer utility bills come.
Hold on folks.........we're in for a bumpy, and very pricey, ride!
Just to put things in perspective $108 million per day wouldn't come anywhere close to the daily interest on the national government debt (excluding unfunded mandates like social security and medicare). It would be about 20% to 25% of the interest of the debt level that we are told about. Our economic problems are about a lot more than energy prices.
So tell me, wasn't it predicted months ago that gas would be very high for the summer? This was all "supposedly" before the Egypt & Libya protests, so who started the uprising? I don't believe in coincidences - do you?
Goldman-Sacks were the very ones who said gas should be 100.00. With the money and influence they have. Does make you kind of wonder?
I agree, this has been the plan for quite some time now. So, is it the oil companies that are really starting all these wars? That way they can say "Because of this... the prices have to go up".
So how many other people will have to die in a "war" or even a natural disaster so the gas prices can get to the $7 mark that the oil companies want to get to?
Yes, and when they get it to $7.00 they won't be happy they will shoot for $10.00. I don't believe any of it, it is all politics, because like one of you stated, they already told us gas was going to be $5.00 a gallon before any of this uprising started. Until our government learns to stand on its own two feet and use what we have instead of exporting everything, we will never shape this economy up. There are too many politicians and not enough common sense.
Your "common sense" does not make "economic sense."
Oil companies will gouge the consumer any chance they get, and speculators are worse than Madoff!
Damn Obama and his oil buddies! Sound familiar, democrat schmucks?
What drove the price in 2008? Speculation.
What is driving the price now? Revolution.
Where is the retribution?
Maybe if we charged them $150.00 a bushell for wheat, oats etc., they would soon come down on their price of Oil. It's about time that the DEMOCRAT put some sanctions on exporting what they need from us.
Study economics. You'd find out why that is a stupid idea.
If it is true that Libya produces just 2% of our crude oil, why is the other 98% being affected?
how is it that bill clinton opened the oil reserves and brought the price down and barrak hussein cant do it now!!??
Clinton had a semblence of a brain, unfortunately, president hussein......
We need the president to release some oil reserves, people with low income as it is are not going to be able to make it to work, or anywhere else, it's hurting middle class, what do you think it's doing to low income people, it's a shame what this country has become, greed, simply greed.
I don't care who/whats causing gas prices to rise, we I stopped driving other than to work and back. That means we are not eating out, shopping, going to movies, NOTHING! The governments head turning to spectulators ruining any glimmer of improvement of our economy is criminal. If people in this country had half the balls they have in Egypt and Lybia we wouldn't be paying close to $3.00 a gallon. I'm proud of them for standing up to their governments and ashamed of us. If we had to fight the British today, we'd all be speaking with an English accent!!!!
I meant Libya. lol
I have done it too. Good ole spell checker!
Let's charge them $100 for a bushel of wheat and see how fast the price of a barrel of oil come down. There is plenty of oil in our own country. When are we going to tap into it.
woudn't bring the price down much, just make a bunch of greedy exects hungry for the easy big profits. people must change before anything else will.
we cant they wont like us no more.boohoo!
Refer to post #21.1.