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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 grip View Post
    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.
    Currently China is buying more oil from Saudi Arabia than Iran.. but the situation is certainly tricky and dangerous.

    Iran could easily produce 6 million bpd.. if they could get rid of their government and attract some investors.

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

    Quote Originally Posted by sharon View Post
    Currently China is buying more oil from Saudi Arabia than Iran.. but the situation is certainly tricky and dangerous.

    Iran could easily produce 6 million bpd.. if they could get rid of their government and attract some investors.
    So could Iraq ... or Venezuela.

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

    Quote Originally Posted by AdamT View Post
    So could Iraq ... or Venezuela.
    I don't follow VZ closely.. but I remember when Iran was producing 5 million bpd.. and Iraq could be producing 8 million pbd.

    Their legacy from the days of British meddling.. have made them evolve very differently than Saudi Arabia.

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

    Quote Originally Posted by AdamT View Post
    So could Iraq ... or Venezuela.
    According to Chavez VZ has the largest oil reserves in the world. Bet Exxon would love to get their wells back from Petroleos de Venezuela?
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by grip View Post
    According to Chavez VZ has the largest oil reserves in the world. Bet Exxon would love to get their wells back from Petroleos de Venezuela?
    Exxon was accustomed to screwing VZ since way back when they were called Esso...

    Think about it.. VZ has been producing oil since the 1920s and they haven't benefited very much.. One US approved ex military dictator after another.. until Chavez..

    And Chavez is a populatist dunce.

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

    Quote Originally Posted by grip View Post
    According to Chavez VZ has the largest oil reserves in the world. Bet Exxon would love to get their wells back from Petroleos de Venezuela?
    From what I've seen they have enormous reserves, and are producing at a very slow rate relative to the size of their reserves -- slowest rate in the world, in fact. But it's heavy oil, which is harder to extract than light oil as you typically find in the ME.

    On top of that, Venezuela has tar sands reserves that are about equal to Canada's, and their tar sands are apparently of higher quality.

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

    Oil prices rose while demand fell. Speculators are at work.

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

    Quote Originally Posted by RDS View Post
    Oil prices rose while demand fell. Speculators are at work.
    Its fear driven.

    If Iran is bombed the ppb may climb to $180 in a matter of hours.

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

    You know folks, with all the debates going on about the price of oil/gas, I'm seeing a lot of mixed messages. Can anyone provide just the straight poop on how oil and gas is priced?

    It seems that the prime movers are Supply and Demand, and Speculators, right? So if the US produces more domestic oil, that domestic oil will not necessarily be cheaper because oil price follows the Intl market price, right? But sometimes some countries get oil for more or less, and that seems contradictory, yes? And how can the president be or not be responsible for the price of gas?

    And then the price of gas is obviously influenced by the price of oil, but does that (gas) follow Intl pricing? I don't think it does. The price of gas follows the regular rules of Supply and Demand I would think because I can get different gas prices from different stations in the same town. Correct?

    I'm not trying to be a wiseass, I'm asking sincerely.
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    Re: Gas prices are highest ever for this time of year

    Quote Originally Posted by EagleAye View Post
    You know folks, with all the debates going on about the price of oil/gas, I'm seeing a lot of mixed messages. Can anyone provide just the straight poop on how oil and gas is priced?

    It seems that the prime movers are Supply and Demand, and Speculators, right? So if the US produces more domestic oil, that domestic oil will not necessarily be cheaper because oil price follows the Intl market price, right? But sometimes some countries get oil for more or less, and that seems contradictory, yes? And how can the president be or not be responsible for the price of gas?

    And then the price of gas is obviously influenced by the price of oil, but does that (gas) follow Intl pricing? I don't think it does. The price of gas follows the regular rules of Supply and Demand I would think because I can get different gas prices from different stations in the same town. Correct?

    I'm not trying to be a wiseass, I'm asking sincerely.
    Right now with US demand down, US refineries are manipulating US supply of gasoline by exporting the fuel produced. The exporting has reached record levels over the past year. Toss in the fire at one of the CA refineries and speculation over war with Iran on top of the tight US fuel supplies and you have record fuel prices for this time of year.

    I know it doesn't answer all of your questions.....

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