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Thread: Gas prices are highest ever for this time of year

  1. #161
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    My only point was that US oil comps do not control the flow of oil so Karl's conspiracy theory is BS. I wish OPEC would over produce but they would be cutting their own throats so why would they but this is exactly why we need to produce as much domestic oil as possible so they don't have us over a barrel, an oil barrel to be precise.
    Your own post notes why it isn't OPEC's fault for the increasing prices. They are meeting demand. Oil companies are actually producing more than is needed. Yes, argueing it's a problem with the producers (outside of Iran) is wrong.

    IMO we could be producing more and the markets would still be acting the same. Yes though, in the big picture we need to produce more oil, while importing and using less.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by 1Perry View Post
    Your own post notes why it isn't OPEC's fault for the increasing prices. They are meeting demand. Oil companies are actually producing more than is needed. Yes, argueing it's a problem with the producers (outside of Iran) is wrong.

    IMO we could be producing more and the markets would still be acting the same. Yes though, in the big picture we need to produce more oil, while importing and using less.
    It is speculation that drives up oil cost and what the speculators see is the US continuing to be at the mercy of OPEC. They see a USA that will not drill it's own oil so they see nothing but more demand as our economy improves with no corresponding extra supply so they bid up the commodity. Some would say this is why oil speculation is bad but I would say what is bad is what they are responding too, namely our ridiculous anti drilling policy that obama has created. The alternative is price controls but Jimmy tried that and it was a mess.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    It is speculation that drives up oil cost and what the speculators see is the US continuing to be at the mercy of OPEC. They see a USA that will not drill it's own oil so they see nothing but more demand as our economy improves with no corresponding extra supply so they bid up the commodity.

    Some would say this is why oil speculation is bad but I would say what is bad is what they are responding too, namely our ridiculous anti drilling policy that obama has created. The alternative is price controls but Jimmy tried that and it was a mess.
    US domestic production is higher than it has been in 40 years... and Saudi Arabia has increased supply in every geopolitical crisis..

    So what are you talking about?

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    It is speculation that drives up oil cost and what the speculators see is the US continuing to be at the mercy of OPEC. They see a USA that will not drill it's own oil so they see nothing but more demand as our economy improves with no corresponding extra supply so they bid up the commodity. Some would say this is why oil speculation is bad but I would say what is bad is what they are responding too, namely our ridiculous anti drilling policy that obama has created. The alternative is price controls but Jimmy tried that and it was a mess.
    The alternate isn't price controls. Higher margins. A tax on trades. Removing the speculative money. I get the arguement about how we can't do the last one or the markets wouldn't operate but I never get an answer as to how it was able to operate before we opened the markets up to everyone.

    And as has been pointed out, once again just above, the needs are being met.
    Last edited by 1Perry; 02-23-12 at 09:21 AM.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sharon View Post
    US domestic production is higher than it has been in 40 years... and Saudi Arabia has increased supply in every geopolitical crisis..

    So what are you talking about?
    Speculators speculate on what they see coming in the future not on policies of the past that give us more oil now. When Bush opened the US spigots oil prices plummeted not because there was instantly more oil but because they saw more oil in the future. Now they are responding to Obams policies which mean less oil in the future, that's what I am talking about.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    Speculators speculate on what they see coming in the future not on policies of the past that give us more oil now. When Bush opened the US spigots oil prices plummeted not because there was instantly more oil but because they saw more oil in the future. Now they are responding to Obams policies which mean less oil in the future, that's what I am talking about.
    When did Bush open the spigots?

    Obama passed 60 new deepwater drilling permits in the Gulf of Mexico last year.

    Here's a basic for you.... When the price of oil is high oil companies invest in exploration, drilling and refinery capacity... When the price goes down.. all that stops.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by 1Perry View Post
    The alternate isn't price controls. Higher margins. A tax on trades. Removing the speculative money. I get the arguement about how we can't do the last one or the markets wouldn't operate but I never get an answer as to how it was able to operate before we opened the markets up to everyone.

    And as has been pointed out, once again just above, the needs are being met.
    You know it's a complex subject and I don't have the answer. I wish we could remove speculation from the oil market but it is how our economy works, everything from oil to soy beans is on the market. After a while it's to deep in the weeds for me but I am open to suggestions.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    Speculators speculate on what they see coming in the future not on policies of the past that give us more oil now. When Bush opened the US spigots oil prices plummeted not because there was instantly more oil but because they saw more oil in the future. Now they are responding to Obams policies which mean less oil in the future, that's what I am talking about.
    When Bush opened the spigots prices plummeted? Do you have a link to this? We were filling the reserves as the prices were rising.

    The recession caused oil to plummet.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sawyerloggingon View Post
    You know it's a complex subject and I don't have the answer. I wish we could remove speculation from the oil market but it is how our economy works, everything from oil to soy beans is on the market. After a while it's to deep in the weeds for me but I am open to suggestions.
    It isn't how our economy works. It's how Wall Street works. I've said this over and over. Wall Street does not equate the economy or we would all be employed today.

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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by sharon View Post
    When did Bush open the spigots?

    Obama passed 60 new deepwater drilling permits in the Gulf of Mexico last year.

    Here's a basic for you.... When the price of oil is high oil companies invest in exploration, drilling and refinery capacity... When the price goes down.. all that stops.
    I don't know where you got that number, all I can find is obama is finally letting some of the rigs he shut down in the gulf reopen. Maybe you are confusing the number of exploration permits obama has handed out in a smoke and mirrors attempt to show he isn't anti oil so he can get reelected. The truth is he has shut down huge areas to actually drilling since he came to power.

    Archived-Articles: Obama Nixes Safe Drilling

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