Sky High Gasoline

“look over there ... something shiny”

“WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.

Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.

Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets.

Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.

"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."

http://www.marketwatch.com/news/story/gas-could-fall-2-if/story.aspx?guid=%7B2673C102%2D68E0%2D41D9%2D9C9A%2D10EE2E723948%7D&dist=msr_3”

“Not so fast, yet true. Auto's are the US economy and when GM and F along with major oils can become owned by private equity rather than publically traded co's- then will the addiction resume. It is, you should know, the actions of the late stages of Fascism's formation.
last edited: 7/03/08 5:32:33 AM”

“Yes america, will be again great, when controlled by the top 3% financially. A country can't survive if people with less than 200 million $s have anything to say about running the WORLD.
last edited: 7/03/08 5:41:07 AM”

“Thanks goodness detroit was able to fight off changes in fuel-efficieny standards for so long. God knows where they'd be now were they already making more fuel-efficient vehicles.”

“Libbies are so silly.”

“I think they should find a way to harness the power from one of Chuck Norris' roundhouse kicks to solve the energy crisis.”

“Well they had better start working on the problem quick. Since that article was written oil has climbed from $135 to $145 a barrel! That oil still has to be refined. By the time you see it in your tank we could be approaching the $5 a gallon mark.”

“Billions of chinnese called me to tell Stovie; 'We are not libbies', but they also ask me how to use sun screen.

You got's game Stovie.
last edited: 7/03/08 1:26:37 PM”

“Stovie wouldn't mind paying $5 a gallon for gas.”

“Pray-in at S.F. gas station asks God to lower prices

These kooks should be mobbing and praying on the steps of the effing Senate building rather than a damn gas station.”

“They moved the UN so they're lost.”

“crude is sold on a futures basis. the gas you are burning today came from oil that was sold quite a while ago. the gas that comes from the $145/barrel crude price hasn't hit the pump yet. i predict it will hit $7/gallon before the end of the summer and perhaps as high as $8. no law on "limiting oil speculation" is going to change this. the money has already been spent...”

“We're actually seeing oil companies trying to hold down the price of gas at the moment. the instant reaction to crude price changes seems to have stopped.

Big oil is crapping themselves that these high oil prices are going to lead to some serious legislative clamps on their activities.”

“We're seeing what sowed. you dummies don't see that we caused this. we use ever one of four barrels the rest use . Get real consumers cut back. believe what you wish, but just live within your means. if noT, you can kiss humainity goodbye.”

“
Commodity Markets Transparency and Accountability Act of 2008

'To amend the Commodity Exchange Act to bring greater transparency and accountability to commodity markets, and for other purposes. '

Bill # H.R.6604

http://www3.capwiz.com/c-span/issues/bills/?billnum=H.R.6604&congress=110&size=full

”

“Politicians are using the commodities market as a cover up for their own negligence in energy policy and limits on drilling and refining in this country.

Don't let them get away with it.

When we start drilling the price will go down.”

“There is speculation that will not happen. Some say prices will drop the minute the drilling is authorized as much as $2.00 a gallon. Most say that it will take years for the price to drop and at most, it will only drop $.05 a gallon.

We should finally use this and start seeking alternative fuel sources.

Push gas up to 10 bucks a gallon and watch everyone panic.”

“Push gas up to $4 to force the opening of the Continental shelf for Dick & George, Inc.”

“Politicians are using the commodities market as a cover up for their own negligence in energy policy and limits on drilling and refining in this country.

Don't let them get away with it.

When we start drilling the price will go down.”
bacpac
2:00:37 PM
7/30/08

EIA thinks sometime after 2030......”

“Nancy Pelosi is blocking a vote on drilling. Prices will go back up.

Thanks Democrats.”

“But Reid is caving:


http://thehill.com/leading-the-news/reid-plan-splits-dems-2008-07-28.html”

“Where was the (R) majority two years back? Things were fine with the corporatist as they made huge profits without the hysteria brought on by the private equity greed monsters. ANWR would leave only Roe v Wade as the third of the trifecta; Iraq, ANWR and RvW.
last edited: 7/31/08 5:59:19 AM”

“The Republicans were spending like Democrats. They got tossed out.”

“http://money.cnn.com/2008/07/31/news/companies/exxon_profits/index.htm?cnn=yes

Exxon makes $1,550 a second in 2nd quarter.”

“GM is talking to China and Russia about buying 'Hummer', fire sale america-Yuppie-Ki- Ahhhhh!”

“Hummers suck. Give 'em to the commies.

(by 'Hummers suck', I'm referring to the vehicle)”

“Hummer is more of a Corporatist Vee-Hickle.”

“I filled up next to a hummer on US395 and ask the driver where he was going? He looked north toward the Sierra and said, 'The next station'.”

“Stations Of The Cross??”

“Maybe, he had a Cabela's tentinbag that loo ked like it would be big enough to have a church service.”

“Or perhaps he wasn't cross and had a sense of humor after all.”

“Congress left for the August holiday without addressing the energy issue. Democrats refuse to allow drilling.

Price of oil is going back up.”

“Good! Hopefully it passes $200 a barrel.”

“I didn't know John Boehner posted here.”

“haha... an ad on tt came up when i went into this thread. it says, "who's to blane for $4 gas?"

then it has a photo of: an man in arab clothing, a photo of gw bush, and a bp amoco symbol.

below it says, "vote now".

funny, but there is not a choice of "none of the above" nor an option that is a mirror or a link to your webcam.

lol.”

“Over two years ago the dems said they would put a stop to these crazy insane gas prices...$2.25 a gallon if we just give them control of congress. Two years later where are we?

Buncha do nothing kunts.”

“OMG! Gas prices are high! Everybody act nuts and talk about it all the time! Bunch'a materialistic crazies. It's GAS for goodness sake. What do you expect? As supply dimenishes, prices will go up. All 'fixes' are band-aids, even drilling. Get used to it people and move on with your lives.

It's like the Brittney Spears of topics. Trust me, even if you get a Basic Instinct shot, it's not worth it.”

“And where are you sheep concerning the other 57 industries that rake in higher profits than oil?



That's what I thought.”

““Over two years ago the dems said they would put a stop to these crazy insane gas prices...$2.25 a gallon if we just give them control of congress. Two years later where are we?

With the White(Whore) House still in the hands of oilmen, WTF do you expect?

Got VETO Power??”

“But, but, but, they said they would stand up to Bush and take him to task. And even if they won't act on it why will they not even open up the floor to discussion and debate on the issue? There is a fairly good bill called the "All of the Above" proposal which calls for increased domestic resources balanced with alternate sources. It's just collecting dust.”

“Got VETO Power?? - MarkO

”

“it's simple math. if you run the numbers for $130/barrel oil...

refiners produce about 20 gallons of gasoline from a 42 gallon barrel of oil. the rest goes to make diesel, jet fuel, heating oil, etc. if a barrel costs $130 then the raw material for 20 gallons of gasoline cost $60. $65/20 gallons = $3.25/gallon

$3.25 base cost + $.47 (average us taxes) = $3.72. Anything above this (28 cents if gas costs $4/gal) has to be split up between refining costs, distribution, marketing, and yes profits (for both the refiner and the gas station where you pump your gas).

the government takes 47 cents per gallon in taxes no matter what oil costs. there are only 28 cents per gallon left over after the raw material and taxes are paid for... you tell me who has the "windfall profits"...”

“The House and Senate have a lot of wind....

But, but, but, they said they would stand up to Bush and take him to task.

Without a veto-proof majority??

LMMF'inGDSOB'inAO!!!!”

“I'm just sorta throwing this out there ... but what's the harm in trying?”

“Because it's better to own the issue than fix the problem, which is pretty much the recent history of the Democratic party. They haven't done a damn thing but talk and throw money at (still unresolved) "problems" for years.”

“.........and they've had to deal with a recalcitrant administration that adheres more to ideology than to that which is expedient or in the common good.”

“I'm not calling anyone a liar, but I really don't remember anyone running on a "lower gas prices" platform. Can you provide any proof?

I do remember promises to end the culture of corruption that had grown within the Congress since the Repubs were swept in on their Contract on America platform.

By the way... I hear Ted Stevens is planning on staying put. Isn't he a perfect example of which party is in bed with the oil industry at the expense of the general populace?
last edited: 8/02/08 12:35:19 PM”

“Do you think Ted Stevens is too old for sex with the oil industry?”