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

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

    Quote Originally Posted by sawyerloggingon View Post
    Had a minute and found this

    Some people argue that allowing more domestic offshore drilling would have little impact on oil prices. It is true that oil is a global commodity; however, after President Bush lifted the executive moratorium on July 14, 2008, and after Speaker Nancy Pelosi announced on September 23, 2008 that Congress would allow the congressional moratorium to expire, there were immediate price decreases. This is illustrated by the chart below:

    Attachment 67122888


    Economic theory predicts that the potential for greater future oil production should lead to price relief. It is true that lifting the moratorium could not immediately increase oil production from the affected areas, but other oil producers with excess capacity, such as Organization of Petroleum Exporting Countries (OPEC) nations, would have an incentive to produce more in the present once they believe that future U.S. output will be higher. This example from 2008 is one example of oil price relief because of potential future oil production.


    Institute for Energy Research | Why Are Gas Prices So High?
    There's that pesky correlation/causation problem.

    What else happened in late September of 2008?

    9/23: Government officials say that the Federal Bureau of Investigation is looking into possible fraud for mortgage financing companies Fannie Mae and Freddie Mac, Lehman Brothers, and insurer American International Group. (AP via CNNMoney)

    9/24: President of the United States George W. Bush addresses the nation on prime time television to discuss the subprime crisis and the Paulson plan. He warns that the United States faces a "long and painful recession" if the package is not passed. Senator John McCain, the Republican Party nominee in the presidential election, postpones campaigning and seeks deferral of a presidential debate so that he can return to Washington D.C. to discuss the subprime mortgage crisis and the Paulson Plan. President Bush invites Senator McCain, Senator Barack Obama the Democratic Party and leaders of the United States Congress to a meeting at the White House tomorrow to discuss the crisis.

    9/25: Senior members of the United States Congress agree on a legislative deal to bailout the U.S. financial system from lingering effects of the subprime mortgage crisis. Jobless claims in the United States rise to a seven year high while orders for durable goods fall to their lowest level in 18 months, underscoring the weakness of the United States economy. Home sales in the United States during August 2008 fall to a 17-year low.

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

    I don't understand why everyone acts confused about the sudden jump in oil/gas prices, when every major News outlet has a story about it being caused by ME unrest?

    The Looming Threat to Gas Prices: Strait of Hormuz Explained | Daily Ticker - Yahoo! Finance
    Einstein, "science without religion is lame, religion without science is blind."

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

    Quote Originally Posted by sawyerloggingon View Post
    [...] I have to get ready for work now, I am still TRYING too retire, no luck yet.
    Bad news -- the Republicans want you to keep working... Mitt Romney needs a tax cut

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

    Quote Originally Posted by grip View Post
    I don't understand why everyone acts confused about the sudden jump in oil/gas prices, when every major News outlet has a story about it being caused by ME unrest?

    The Looming Threat to Gas Prices: Strait of Hormuz Explained | Daily Ticker - Yahoo! Finance
    Hahaha.. give that man prize......

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

    Quote Originally Posted by sharon View Post
    Hahaha.. give that man prize......
    Thanks.

    I read several of the big News sites every morning and one of the main stories is how the Iran oil cuts to Europe, and ME unrest has markets changing prices. It's not Presidential policies, demand and supply that are directly impacting the sudden change.
    Einstein, "science without religion is lame, religion without science is blind."

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

    Quote Originally Posted by grip View Post
    I don't understand why everyone acts confused about the sudden jump in oil/gas prices, when every major News outlet has a story about it being caused by ME unrest?

    The Looming Threat to Gas Prices: Strait of Hormuz Explained | Daily Ticker - Yahoo! Finance
    I figured as much. I thought about this as a possibility.


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    This issue has been plowed more times than Paris Hilton.
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by grip View Post
    Thanks.

    I read several of the big News sites every morning and one of the main stories is how the Iran oil cuts to Europe, and ME unrest has markets changing prices. It's not Presidential policies, demand and supply that are directly impacting the sudden change.
    The bigger fear is that Iran might retaliate by bombing Jubail, Dhahran, Ras Tanura and Abqaiq.. That would be far more devastating for a much longer time than closing the Straits of hormuz.

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

    Quote Originally Posted by sharon View Post
    The bigger fear is that Iran might retaliate by bombing Jubail, Dhahran, Ras Tanura and Abqaiq.. That would be far more devastating for a much longer time than closing the Straits of hormuz.
    Yea that's the fear that Iran will use oil as a weapon. And our economy can ill afford that sort of problem right now.

    More articles on the situation.

    Gas Prices Rise Again: Average Price Now $3.59 - ABC News

    Record sterling oil price sparks fears - FT.com
    Last edited by grip; 02-23-12 at 03:08 PM.
    Einstein, "science without religion is lame, religion without science is blind."

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

    Quote Originally Posted by grip View Post
    Yea that's the fear that Iran will use oil as a weapon. And our economy can ill afford that sort of problem right now.

    More articles on the situation.

    Gas Prices Rise Again: Average Price Now $3.59 - ABC News

    Record sterling oil price sparks fears - FT.com
    You know, grip... Iran only produces 3.5 million bpd.. and half of that it for domestic consumption.

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

    Quote Originally Posted by sharon View Post
    You know, grip... Iran only produces 3.5 million bpd.. and half of that it for domestic consumption.
    I agree with you I don't think Iran is producing enough to have a major impact on the literal consumption rate, though any threat of loss freaks investors. I believe the fear is that they can have an impact on delivery of other supplies in the area and generate some support. Russia, China, Europe, etc are competing for the same resources we are in relation to current and more so future usage.
    Einstein, "science without religion is lame, religion without science is blind."

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