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Thread: Gasoline prices zip toward $3 mark

  1. #21
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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by pendulum_jaw View Post
    While it's true they can't control the price, they can nonetheless create enough uncertainty in the market to worry investors, who inevitably pull their money out of the stocks and sink it into stable commodities like gold, silver, platinum, yes--oil. The recent demand for these commodities has been driving the price up and I would expect this to continue.
    There is always uncertainty in the stock market. Most of the time, the president's actions have relatively little impact on the daily or monthly fluctuations in the stock market. The last couple years might be the exception, when only government was able to bail out some companies...but in general, the president has very little ability to create much uncertainty in the stock market.

    And did I misunderstand you, or did you describe oil as a "stable commodity"?

    Quote Originally Posted by pendulum_jaw
    If inflation kicks in hard in the next couple of years, I wouldn't be surprised to see the current administration implementing price controls on necessities.
    I would. Almost no economist in the world would advise them to do that.
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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by Kandahar View Post
    but in general, the president has very little ability to create much uncertainty in the stock market.
    What a ridiculous statement--you won't find an economist on the planet who agrees with you.

    Quote Originally Posted by Kandahar View Post
    And did I misunderstand you, or did you describe oil as a "stable commodity"?
    Investors buy up oil stocks in uncertain economic conditions.

    Quote Originally Posted by Kandahar View Post
    I would. Almost no economist in the world would advise them to do that.
    There's ample evidence on the record that the current administration understands little about economics. Plus when politicians implement price controls, it's not for economic reasons, it's to score political points.
    ...this post brought to you by the United States government, "working hard to solve yesterday's problems as we strive to create the crises for a new tomorrow."


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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by pendulum_jaw View Post
    What a ridiculous statement--you won't find an economist on the planet who agrees with you.
    I think most economists would agree that politicians don't have much control over the stock market...at least in capitalist nations like ours. China is a different story.

    Quote Originally Posted by pendulum_jaw
    Investors buy up oil stocks in uncertain economic conditions.
    Oil stocks are not the same as oil. Exxon can be overpriced while oil is underpriced, or vice versa.

    Quote Originally Posted by pendulum_jaw
    There's ample evidence on the record that the current administration understands little about economics.


    Quote Originally Posted by pendulum_jaw
    Plus when politicians implement price controls, it's not for economic reasons, it's to score political points.
    Price controls would not even be politically popular, as they would create shortages that would hurt consumers. Gasoline shortages were arguably one of the reasons Jimmy Carter lost his reelection bid.
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    Re: Gasoline prices zip toward $3 mark

    I love when gas prices go up and those driving gas guzzlers are paying out the nose for gas. Serves you right for getting a car that has sucky gas mileage.

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    Re: Gasoline prices zip toward $3 mark

    Ahh I love this dance.

    Bush is in power
    Liberals: GRRR, Its Bush's Fault! FIX IT!
    Conservatives: Its just the market, we need to drill

    Obama is in power
    Conservatives: GRRRR, its Obama's Fault! Fix it!
    Liberals: The president isn't responsible for the price and can't fix it, don't you all trust the market

    You all should go onto "So you think you can dance", this hypocritical back and forth is highly entertaining though unfortunantly extremely sad.

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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by RightinNYC View Post
    WTF do you expect him to do?

    "Drill, baby, drill" is a long-term solution at best. Obama could open up the entire country to drilling tomorrow and it would be years before the first drop turned into gasoline.

    Gas prices are not related to nor are they the responsibility of the president.
    So why are we hesitating?
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by aps View Post
    I love when gas prices go up and those driving gas guzzlers are paying out the nose for gas. Serves you right for getting a car that has sucky gas mileage.
    Thanks, I'm driving the only thing I can afford right now.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  8. #28
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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by Zyphlin View Post
    Ahh I love this dance.

    Bush is in power
    Liberals: GRRR, Its Bush's Fault! FIX IT!
    Conservatives: Its just the market, we need to drill

    Obama is in power
    Conservatives: GRRRR, its Obama's Fault! Fix it! WRONG!!! IT WAS SARCASM
    Liberals: The president isn't responsible for the price and can't fix it, don't you all trust the market

    You all should go onto "So you think you can dance", this hypocritical back and forth is highly entertaining though unfortunantly extremely sad.
    I was always for drilling, no matter who was president.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

  9. #29
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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by ptif219 View Post
    You have proof or is it because they are doing maintenance?
    They usually run 85%. They need the reserve capacity in case of an unforeseen problem and also so the supply doesn't get too far ahead of demand. Prices would drop and so would their profits. It's funny how people forget that oil companies are for profit companies and their main goal is to maximize profits, not provide us with cheap, abundant energy.

  10. #30
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    Re: Gasoline prices zip toward $3 mark

    Quote Originally Posted by Kandahar View Post

    What do you expect him to do? Price controls? Jimmy Carter already tried that; the results were not impressive.
    Actually it was Nixon that tried wage and price controls. The results made things worse.
    http://www.econreview.com/events/wageprice1971b.htm
    Richard Nixon had imposed price controls on domestic oil, which had helped cause shortages that led to gasoline lines during the 1973 Oil Crisis. Gasoline controls were repealed, but controls on domestic US oil remained. The Jimmy Carter administration began a phased deregulation of oil prices on April 5, 1979, when the average price of crude oil was US$15.85 per barrel (42 US gallons). Over the next 12 months the price of crude oil rose to $39.50 per barrel (its all time highest real price until March 7, 2008.)[6] Deregulating domestic oil price controls allowed domestic U.S. oil output to rise sharply from the large Prudhoe Bay fields, while oil imports fell sharply. Hence, long lines appeared at gas stations, as they had six years earlier during the 1973 oil crisis.



    Nixon imposed price controls, Carter lifted them
    Last edited by Dirty Harry; 01-13-10 at 11:23 AM.

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