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Thread: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

  1. #171
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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by rocket88 View Post
    It costs more in Hawaii because of the added cost of getting the gas out to Hawaii. There are cars on every island (except Niihau) but not refineries! You've got to put it on a boat and take it out there. It costs more in California because of increased demand. Should Obama jump in an demand that the oil companies send more gas to California? Maybe he should just nationalize oil so that he can regulate it...somehow I don't think you're wanting that to happen.
    Niihau I believe has a few cars as the private owners brought them over. There is currently 1 operating civilian refinery (I find it hard to believe the military does not have their own) as the second one shut down and is retooling to be a distribution system.

    Second, most of the fuel that Hawaii uses comes Asia (Vietnam in particular), not from the West Coast. It's a reason why despite WTI drops, the cost of fuel is still high as its priced usually in Brent.

    But you are right in that the easiest way to reduce oil prices is to nationalize.

    America's #1 export last year was refined oil products.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by Bonzai View Post
    So you go with the theory that it's seasonal and weather related.............Hardly a reason to push the panic button and have a firesale of oil leases, which something tells me would only benefit a handful of companies and in no way, shape, or form the American consumer...............
    There is no reason to push a panic button nor was there any saying there was such a need. As CNN reported with the G8 they all issued a declaration and agreed to keep their oil reserves open so that no shortages would be affected by the Iranian sanctions.

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by MMC View Post
    There is no reason to push a panic button nor was there any saying there was such a need. As CNN reported with the G8 they all issued a declaration and agreed to keep their oil reserves open so that no shortages would be affected by the Iranian sanctions.
    So, unless you're a stockholder in some oil company, why would you go on with the silly notion that more oil drilling would benefit anyone in any way except those companies doing the drilling ?..........I mean, come on, we're all probably adults here................

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    MMC, and Bonzai

    You do realize that oil prices are more impacted by future events rather than current ones no? For instance, terrorists bomb a Saudi oil platform. That oil would take months to get to market after shipping and refining, but oil prices spike now for oil sitting in the gas station you just pulled up to. The attack on an Armaco platform has no impact upon the actual cost of existing oil. But it does affect prices now. Bonzai is right that the US and other nations are sitting on large inventories. But the Iranian situation doesn't look like it will be getting resolved any time soon and the increasing demand from India and China is driving future prices up. Seems to me that those affect prices well more then anything right now.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by Bonzai View Post
    So, unless you're a stockholder in some oil company, why would you go on with the silly notion that more oil drilling would benefit anyone in any way except those companies doing the drilling ?..........I mean, come on, we're all probably adults here................
    Conversely, allowing America's oil and natural gas producers to explore our vast oil reserves would absolutely quell concerns about future oil production, increase international spare capacity, and bring down the price of gasoline.....


    Did you miss that part on the speculators? Most adults I know.....didn't!

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by obvious Child View Post
    MMC, and Bonzai

    You do realize that oil prices are more impacted by future events rather than current ones no? For instance, terrorists bomb a Saudi oil platform. That oil would take months to get to market after shipping and refining, but oil prices spike now for oil sitting in the gas station you just pulled up to. The attack on an Armaco platform has no impact upon the actual cost of existing oil. But it does affect prices now. Bonzai is right that the US and other nations are sitting on large inventories. But the Iranian situation doesn't look like it will be getting resolved any time soon and the increasing demand from India and China is driving future prices up. Seems to me that those affect prices well more then anything right now.
    Yeah, I think that's why I had up the piece with CNN and how Policy affects such.

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    I would surmise that since Iran has been under some kind of oil "sanctions" since the late 70's that Iranian oil, after 40+ years of said sanctions, while important to some nations, is no longer playing such a pivotal role in the world........................

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by MMC View Post
    Yeah, I think that's why I had up the piece with CNN and how Policy affects such.
    Well, the only real policy that is seriously impacting world oil is Iranian Sanctions. We have removed a huge amount of daily production being pumped into the global market. Sure some countries are still getting Iranian oil, but it's not properly priced in. You can't realistically blame Obama for high gas prices and want to prevent Iran from getting nukes at the same time. Obama could lower gas prices immensely by just calling off Iranian sanctions. Sure India and China demand is there along with seasonal changes, but that is the 800 lb Gorilla.

    Finding additional oil reserves in the US won't change oil prices like the immediate end of Iranian oil sanctions. Furthermore, remember that large amounts of US hydrocarbons are only extractable under high prices. So as prices decline, those deposits start to leave the equation as they aren't worth getting.

    Well, there is ONE thing Obama could do that would help oil prices materially: Assassinate Chavez. Venezuela has the largest proven oil reserves on the planet. Replacing him with a weak candidate who loses an election, gets replaced with the opposition who then undoes the nationalization Chavez did and foreign investment piles back in and production ramps up. Venezuelan production is cratering under Chavez for obvious reasons.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by Bonzai View Post
    I would surmise that since Iran has been under some kind of oil "sanctions" since the late 70's that Iranian oil, after 40+ years of said sanctions, while important to some nations, is no longer playing such a pivotal role in the world........................
    Sorta of. Iran has been under relatively weak US sanctions for trade. Europe still did a lot of export/imports with them and the US had firms bypass the laws (sometimes illegally) and do work. Halliburton got caught operating in Iran through a subsidiary. The legality is in question there.

    These new sanctions are different though. Essentially it prevents Iran from accessing the global banking system. Meaning they cannot essentially get paid for oil. And as oil is the vast majority of exports and revenue for the Iranian government, it's hugely different. Before, Iran could sell oil to pretty much anyone who didn't partake in the US sanctions, which was pretty much everyone but the US. So the global markets priced it in. It's possible that if the US 5th Fleet bought oil from Bahrainian refineries, it was burning Iranian fuel as Bahrain was one of the major refinery places for Iran. On that note, Iran has a funny economy where they export most of their oil in crude and then have to import refined oil.
    "If your opponent is of choleric temperament, seek to irritate him." - Sun Tzu

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    Re: Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

    Quote Originally Posted by obvious Child View Post
    Well, the only real policy that is seriously impacting world oil is Iranian Sanctions. We have removed a huge amount of daily production being pumped into the global market. Sure some countries are still getting Iranian oil, but it's not properly priced in. You can't realistically blame Obama for high gas prices and want to prevent Iran from getting nukes at the same time. Obama could lower gas prices immensely by just calling off Iranian sanctions. Sure India and China demand is there along with seasonal changes, but that is the 800 lb Gorilla.

    Finding additional oil reserves in the US won't change oil prices like the immediate end of Iranian oil sanctions. Furthermore, remember that large amounts of US hydrocarbons are only extractable under high prices. So as prices decline, those deposits start to leave the equation as they aren't worth getting.

    Well, there is ONE thing Obama could do that would help oil prices materially: Assassinate Chavez. Venezuela has the largest proven oil reserves on the planet. Replacing him with a weak candidate who loses an election, gets replaced with the opposition who then undoes the nationalization Chavez did and foreign investment piles back in and production ramps up. Venezuelan production is cratering under Chavez for obvious reasons.
    The problem with Venezuela, if you ever been there, isn't Caesar Chavez, "Yankee" capitalists, or socialism, it's the Venezuelan people...............They're idiots....................

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