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Gas Prices Jump Nearly 25 Cents In Last 2 Weeks

"What's behind the higher prices at the pump? It's a confluence of factors, from rising crude oil prices, to production cuts and refinery closings.

"Right now, things are tight worldwide," said Ray Carbone, president of New York commodities trading firm Paramount Options. "Refineries going down, unanticipated maintenance, and higher demand ... going into driving season."

Two-thirds of the cost of one gallon of gas comes from the price of crude, which has jumped 10% in the last two months, according to the Energy Information Administration.

As the U.S. housing market experiences a resurgence, the jobs picture brightens and consumer spending expands, anticipation of higher oil demand is driving up prices. At the same time, fears have ebbed that there would be a protracted slowdown in China's economy, which would have dampened global demand for oil. "

Why gas prices have risen for 32 days straight - Feb. 17, 2013

Bingo.....that's what many are saying. Which you cannot spin it any other way. Which is what my pieces stated from the get go....but then showed why what was taking place. Yours talked about a different tangent.
 
We can see you are still in the 90s which is why you cant accept what is being stated for in this day and age......and precisely at this very moment in time. Which is energy prices are up 90% over YOUR BOY Obama time in office. Note that's 90% from last year alone.

I showed you why from historical records and you ignored it:


Why the increase in gas prices?

See the increase in world oil prices below:

173432-124931293051909-Michael-Fitzsimmons_origin.jpg


Oil Is Still the Key to U.S. Economic Future - Seeking Alpha
 
Which is why it would behoove us to increase our domestic supply via fracking....oh wait, you and Democrats are against that too.

We have increased fracking. The problem is those that bet on the price of commodities on the world market expect world demand to be greater than world supply in the near future.
 
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Did you just deliberately forget Obama's taxes as part of that scenario.....and not really as the point was that production has not gone down in the world. So there is no speculation that it would when the G8 agreed to keep their reserves open.

Taxes? We have some of the lowest gas taxes in the world! The speculators don't think world oil supplies are going to keep up with world oil demand in the near future and they are the ones that set the oil prices.
 
We have increased fracking. The problem is those that bet on the price of commodities on the world market expect world demand to be greater than world supply in the near future.

Yes, Im sure thats what you think. Commodities traders are confident the lib idiots in DC will choke off supply as much as possible in the US, squeezing prices higher.

Another factor is refining capacity, we havent built a new refinery in this country in years. Regional supply issues cause a lot of the gas price swings we experience all the time.
 
I just love how some Conservatives give the President magical powers when they criticize him.

Can someone please explain to me how Obama has control over a globally traded and priced commodity?


CNN) -- President Barack Obama and fellow leaders at the Group of Eight meeting he hosted Saturday put job creation and economic growth at the top of their to-do list.

"(They) must be our top priority. A stable growing European economy is in everybody's best interest, including the United States'," Obama told reporters after the two-day Camp David retreat in Maryland concluded.

G8 leaders -- from the United States, France, the United Kingdom, Germany, Japan, Italy, Canada and Russia -- issued a declaration detailing their commitment to ensuring adequate energy and dealing with climate change; providing food security and nutrition in Africa; promoting democratic transitions in the Middle East; and supporting political transition in Syria. They reiterated "grave concern" over Iran's nuclear program and the need to ensure an adequate oil supply.....snip~

G8 leaders tout economic growth, fiscal responsibility - CNN.com

Coping with shaky oil markets, the leaders set the stage for a united release of world oil reserves to balance any disruption in world markets when tough new sanctions are imposed on Iran's exports because of its disputed nuclear program. The leaders said they were ready to take "appropriate action" to meet any shortages.

The mere preparation to release oil reserves could help calm markets and ensure that oil prices, which have been dropping, don't climb again and anger consumers as U.S. elections approach.

G8 Summit 2012: Obama Emphasizes Growth Over Austerity To Tackle World Economic Woes.....snip~

Post 87 if ya need the links.....do you think having those G8 leaders issuing a declaration and getting a signed and public agreement with them, that in essence he has some sort of control.
 
Taxes? We have some of the lowest gas taxes in the world! The speculators don't think world oil supplies are going to keep up with world oil demand in the near future and they are the ones that set the oil prices.

President Obama has threatened to cripple America's job creators by repealing standard cost recovery tax policies employed by oil and natural gas producers. Raising oil and natural gas producers' taxes by $90 billion would force these employers to delay or scrap future projects—outcomes that can only increase the price of oil.....snip~


Yes we have some of the lowest taxes in the world and no one disputes this.....but that's not what the issue is. If we have lower taxes which is what you said but does not have to do with the taxes that were applied which you were X-staticly Cheerleading those taxes being put on the Rich.

The issue is YOUR MAN Obama repealing those recovery tax policies. As well as all his new regulations and that issue about Iran. Which like was stated the speculators already knew that the G8 would keep their reserves open so that they would cover the difference from Iran.
 
I showed you why from historical records and you ignored it:

I didn't ignore it.....it was you that used this chart to say this.

Why the increase in gas prices?

See the increase in world oil prices below:


173432-124931293051909-Michael-Fitzsimmons_origin.jpg



Which this chart doesn't show the current reality with Iran nor why prices have gone up 51 cents in the last two month. Nor does it mention anything about Regulations implemented by the Obama Administration.
 
It appears your own red font has blinded you to historic fact:

Btw the Font is Burgandy, not red.....and your Historic Facts doesn't include the last set of Sanctions on Iran nor the more current ones that Obama placed on them. Nor those taxes he and his team imposed.
 
Hell of a deal!!!

"NEW YORK (CNN/Money) � Gasoline prices in the United States, which have recently hit record highs, are actually much lower than in many countries. Drivers in some European cities, like Amsterdam and Oslo, are paying nearly 3 times more than those in the U.S.

The main factor in price disparities between countries is government policy, according to AirInc, a company that tracks the cost of living in various places around the world. Many European nations tax gasoline heavily, with taxes making up as much as 75 percent of the cost of a gallon of gasoline, said a spokesperson for AirInc.

In a few Latin America and Middle-East nations, such as Venezuela and Saudi Arabia, oil is produced by a government-owned company and local gasoline prices are kept low as a benefit to the nation's citizens, he said."

CNN/Money: Global gas prices


Here is where you came in talking about a Hell of a Deal......Notice what you deflected with concerning whether our gas prices were lower than other countries. Yet no one in this thread said anywhere. That our prices were higher than other countries. But your Link does validate that Right now Under Team Obama we have hit Record highs.

Also you say NICE deal.....Right? Yet the cost will continue to rise, then Triple A says this.....

The timing couldn’t be worse, either, as a spokesperson for AAA pointed out:

This is the most expensive we’ve seen gasoline in the dead of winter,” which is ususally a time of relatively low consumption, said John Townsend, a spokesman for AAA Mid-Atlantic. Noting that the increase comes just as the payroll tax cut has expired, Townsend said that “this is a double whammy for many consumers, especially on the East Coast, because many people there use home heating oil. . . . People got that shock to the system and now a shock at the gas pumps.”

Tuesday marked the 33rd consecutive day of rising gas prices across the U.S, according to a spokesman from the American Automobile Association, marking the longest run of fuel-cost increases since 2011.

Worse yet, increasing fuel prices are expected to impact the cost of other goods and services, hitting consumers with a second punch.


Nice deal didn't you say.....maybe for you. But not for the Middle class and the Poor, as well as the rest of us in the Country.
rolleyes.png


Best part about it all.....here is the Director from one of your own Sources.

Yes — The administration has done little to reduce oil prices

DANIEL SIMMONS, Director of State Affairs at the Institute for Energy Research.....snip~
 
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With the interest rates so low, I'm just going to take out a mortgage to fund my gas purchases.
 
Yes, Im sure thats what you think. Commodities traders are confident the lib idiots in DC will choke off supply as much as possible in the US, squeezing prices higher.

Another factor is refining capacity, we havent built a new refinery in this country in years. Regional supply issues cause a lot of the gas price swings we experience all the time.

Right, commodities traders probably have no knowledge of world oil prices through history:


Why the increase in gas prices?

See the increase in world oil prices below:

173432-124931293051909-Michael-Fitzsimmons_origin.jpg


Oil Is Still the Key to U.S. Economic Future - Seeking Alpha
 
Right, commodities traders probably have no knowledge of world oil prices through history:

So you admit now, that they knew of the G8 and all agreeing to keep their reserves open. :roll:
 
I didn't ignore it.....it was you that used this chart to say this.

Why the increase in gas prices?

See the increase in world oil prices below:


173432-124931293051909-Michael-Fitzsimmons_origin.jpg



Which this chart doesn't show the current reality with Iran nor why prices have gone up 51 cents in the last two month. Nor does it mention anything about Regulations implemented by the Obama Administration.


To the great majority of the world, what the chart shows is the increase in world oil prices since 1998, that only had a significant dip during the great recession, and now that world economies are recovering, the oil prices have resumed the upward direction they have been in since 1998.
 
Btw the Font is Burgandy, not red.....and your Historic Facts doesn't include the last set of Sanctions on Iran nor the more current ones that Obama placed on them. Nor those taxes he and his team imposed.

Despite your red font, you've yet to prove that sanctions on Iran hold a match to the expected increase in world oil demand.
 
Most likely reason is seasonal maintenance for US refineries.

In the last year or so, it seems that pump prices are inelastic when compared to crude prices.

Increasing demand in China specifically, and probably India are also factors.

We can also thank the Saudis and OPEC for not increasing output.
 
Despite your red font, you've yet to prove that sanctions on Iran hold a match to the expected increase in world oil demand.

To late I already stated that that there wasn't any drop in oil production.....internationally that is. So you misread into it to go into talking point about the future demand of oil. Which again no one even disputes such.
facepalm.gif


But the speculation for traders was put at ease since the CNN report of 2012, after the G8 stated there would be no shortages for that global economy and to keep gas prices down. Which happens to pertain to what is taking place now and the reasons why the gas is so high.

Moreover you forgot about what triple A said about that east Coast refinery which is contributing to why gas prices are as high as they are now under Obama.

See Obama just like any other man that was President can do something to affect the price.....it starts with the Regulations. Doesn't matter which party. The next President can do it, the one after too. Oh and the macro says burgundy not red. So your wrong there too.
rolleyes.png
 
Most likely reason is seasonal maintenance for US refineries.

In the last year or so, it seems that pump prices are inelastic when compared to crude prices.

Increasing demand in China specifically, and probably India are also factors.

We can also thank the Saudis and OPEC for not increasing output.

That's part of it for sure and triple AAA validated that point as evidenced.....

According to South Jersey AAA spokesman Rich Bradley, the most recent spike in gas prices stems partly from a refinery closure in Saint Croix resulting in one million barrels of crude oil sitting idle, combined with slowdowns at 25 percent of U.S. refineries for scheduled maintenance work.

Gas companies are also switching over from a winter blend to a summer blend, so there’s just not a lot of fuel out there, which is driving up cost,” said Bradley. “Also, there’s still the remnants of the disruption caused by (Superstorm) Sandy — that’s going to be less and less each day, but it’s still a factor.”.....snip~
 
To late I already stated that that there wasn't any drop in oil production.....internationally that is. So you misread into it to go into talking point about the future demand of oil. Which again no one even disputes such.
facepalm.gif


But the speculation for traders was put at ease since the CNN report of 2012, after the G8 stated there would be no shortages for that global economy and to keep gas prices down. Which happens to pertain to what is taking place now and the reasons why the gas is so high.

Moreover you forgot about what triple A said about that east Coast refinery which is contributing to why gas prices are as high as they are now under Obama.

See Obama just like any other man that was President can do something to affect the price.....it starts with the Regulations. Doesn't matter which party. The next President can do it, the one after too. Oh and the macro says burgundy not red. So your wrong there too.
rolleyes.png



Just continue to ignore world demand if that makes your spin work.
 


See Obama just like any other man that was President can do something to affect the price.....it starts with the Regulations. Doesn't matter which party. The next President can do it, the one after too. Oh and the macro says burgundy not red. So your wrong there too.
rolleyes.png


The POTUS office does not have the power, nor should get involved directly.

There are too many domestic and international variables that are uncontrollable.
 
The POTUS office does not have the power, nor should get involved directly.

There are too many domestic and international variables that are uncontrollable.

I disagree. He can use the bully pulpit, while he is in the cat bird's chair.
 
The POTUS office does not have the power, nor should get involved directly.

There are too many domestic and international variables that are uncontrollable.

Obama Can Control Some Factors That Affect Oil Prices.....

There are countless factors that affect oil prices, and some of them fall outside the president's immediate control, but to argue that an American president has zero ability to impact domestic gasoline prices is simply false. As most people know, the price of gasoline is largely determined by the price of oil. The recent increase in oil prices, and the subsequent increase in gasoline prices, is largely due to a potential disruption in the supply of Iranian oil—there has been no actual decline in international oil production. 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.

Under the Obama administration, consumers have seen a real increase in energy prices. The price of gasoline has increased by more than 90 percent. Last year, the average American household spent over 8 percent of its income on gasoline, the largest portion in three decades. Still, the president opposes oil and gas development here at home: Billions of barrels of oil contained in Alaska, America's West, and our Outer Continental Shelf are off-limits.

In the face of criticism, the president is quick to trumpet increased domestic oil production going on today. True, the U.S. is producing more of the energy we consume, but these trends stem from increased development of oil and natural gas on private and state lands—production on federal lands is declining.

Far from facilitating domestic production, President Obama has threatened to cripple America's job creators by repealing standard cost recovery tax policies employed by oil and natural gas producers. Raising oil and natural gas producers' taxes by $90 billion would force these employers to delay or scrap future projects—outcomes that can only increase the price of oil.

Christopher Prandoni serves as a Federal Affairs Manager of Americans for Tax Reform and handles energy policy for the organization.

Obama Can Control Some Factors That Affect Oil Prices | Debate Club | US News Opinion

Yes — The administration has done little to reduce oil prices

DANIEL SIMMONS, Director of State Affairs at the Institute for Energy Research.....snip~


Post 95......there are some things he can do. Also getting that agreement from the G8 is major factor.
 
Just continue to ignore world demand if that makes your spin work.

Yeah, when you figure out that demand here has gone down.....then you might catch on.



Plus ya can tell ya pals at the Underground I said thanks for the same sources.
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