Big Oil delivers a large present to GOP

[Hamilton Reef]

Big Oil delivers a large present to GOP

http://www.lsj.com/apps/pbcs.dll/article?AID=/20061001/OPINION02/610010545/1087/opinion

Published October 1, 2006 From Lansing State Journal

Ladies and gentlemen, we are witnessing one of the most flagrant examples of a corporate attempt to influence an election in U.S. history. More specifically, the oil industry is hoping to play us for suckers.

Many of you have probably wondered why, after two years of outrageously high gasoline prices, suddenly, two months before the election, gas prices drop by nearly a dollar a gallon. There is no good explanation for this in terms of "market fundamentals", as I'll explain below.

But here's some useful background information:

Throughout the summer, things were going from bad to worse for the Republicans. By early August, polls were showing a double-digit lead for Democrats in the generic "party preference for Congress" polls, and experts were predicting the Democrats would take over control of the U.S. House of Representatives.

The surveys also slowed that the two primary reasons for voter dissatisfaction with Republicans were Iraq and high gasoline prices.

You may also recall that in early August British Petroleum announced it was going to partially close its Alaska oil pipeline for repairs, and the experts predicted this would further increase gasoline prices from their nearly $3 a gallon level.

Well, BP proceeded with the pipeline repairs (still ongoing), yet, for some strange reason, gas prices went down - and have continued to plunge.

The U.S. Energy Information Administration reports that we've just seen the "second longest uninterrupted decline" in gasoline prices in the 25 years they've been monitoring the market. What a coincidence, eh?

Actually, this huge price drop is most curious, since the EIA also reports that gasoline inventory supplies have risen only modestly. Moreover, it is noteworthy that diesel fuel and other petroleum product prices have seen no such massive decline ... just gasoline ... the most important and visible product for voters.

Why would oil companies want to dramatically lower gasoline prices just before an election?

First, this election is widely seen as a referendum on the Bush administration, the most oil-friendly presidency in U.S. history. According to a Sept. 21 LSJ article, President Bush's approval ratings are closely correlated to gasoline prices. Moreover, this Republican-dominated Congress has passed tens of billions of dollars in tax breaks for the oil industry ... tax breaks Democrats have threatened to repeal.

Let's face it, the oil industry desperately wants to keep the Republicans in power.

After enjoying record profits under this crowd, it's time for the oil industry to return the favor. Boy, are they delivering.

Hold on to your wallet, however, because by December you can be sure that gasoline prices will be soaring again. Indeed, the Wall Street Journal just quoted an industry analyst saying that oil was "merely taking a rest", and could hit $80 to $100 a barrel in the next 12 months. He concluded:

"Nothing fundamentally has changed with the arguments for much-higher oil and gas prices."

The only question is: Will the voters be fooled?

[contrary2ordinary]

If that's the case, it's the best kept secret in the world. The big oil companies in the United States and OPEC get together to manipulate oil prices to keep Bush in office. Seems kind of hard to belive considering that some members of OPEC hate bush almost as much as Nancy Pelosi does. And even if that was the case there would have to be at least one stock holder or member of a board of director crying foul over the loss of profits. Sounds more like a Dan Brown mystery than anything else.

[Ranger Ray]

Yea I say we dump the oil grubbing republicans and vote for the movie going democrats. Just think if we get the democrats in with Danny Glover and Harry Belefonte, we get cheap Cuban cigars and cheap Venezuelan oil. Viva la Chavez.

http://ape-evolution.freeonlinegames.com/images/8756.jpg
Pay attention you are driving me bananas!

[Bwana]

Yea I say we dump the oil grubbing republicans and vote for the movie going democrats. Just think if we get the democrats in with Danny Glover and Harry Belefonte, we get cheap Cuban cigars and cheap Venezuelan oil. Viva la Chavez.


http://ape-evolution.freeonlinegames.com/images/8756.jpg
Pay attention you are driving me bananas!



I thought you put away the 7MM Donkey Slayer? What happened to the kinder-gentler Ranger Ray?

[homerdog]

So Chavez calling Bush the devil was just a ploy to take everyones mind off that fact the Chavez was out helping to lower oil prices the world over just so the Republicans can win an election?

[Bwana]

So Chavez calling Bush the devil was just a ploy to take everyones mind off that fact the Chavez was out helping to lower oil prices the world over just so the Republicans can win an election?

That's nothing. You've got to hand it to King George and the Devil Cheney. I mean really, the way they had Iran and Hezbollah assist the Republicans by settleing down and agreeing to a Cease-fire were masterful.....I would bet you that Halliburtan is involved in this too! :evil: :rolleyes:

[Sib]

Average gasoline chart from 3/2004 to 9/2006:
http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_chart.gif

Light crude chart from late 1997 to present:
http://www.michigan-sportsman.com/photopost/data/539/COM.GIF

We're paying about the same for gasoline (about $2.00 - $2.29) as we did when oil was priced at well under $40 a barrel in June 2004 and again at $50 a barrel in Feb - May of 2005. Currently light crude is ranging between $60 -$65 a barrel.

What do you think would have happened if Hugo gave his resent rant in NY but did it this past June, a time when any negative news from oil supplying countries was spiking prices? Funny he gave his rant and oil didn't change much.

[contrary2ordinary]

That's nothing. You've got to hand it to King George and the Devil Cheney. I mean really, the way they had Iran and Hezbollah assist the Republicans by settleing down and agreeing to a Cease-fire were masterful.....I would bet you that Halliburtan is involved in this too! :evil: :rolleyes:

Shhh you're supposed to leak that to the New York Times. Not M-S.

[Pinefarm]

Only one problem with the theory of the opinion article. The US doesn't control the WORLD oil market anymore.

[Hi Ho Silver_Joe]

Market fundmentials...

This reporter should remain silent until she has a clue what she's talking about!

King George also arranged for there to be no hurricanes.

http://www.bloomberg.com/apps/news?pid=20602099&sid=aQ3wCZiW5H.U&refer=energy

And mild weather

http://www.bloomberg.com/apps/news?pid=20602099&sid=aAbwjB33Kt4s&refer=energy

He's even cutting worldwide demand for oil.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aX9oItwLmJcs&refer=worldwide



and he arranged for Merrill Lynch & Co. analysts to down grade the oil sector

http://www.bloomberg.com/apps/news?pid=20601084&sid=aRDcCUAOxdqc&refer=stocks

Wow!!! he's even having an affect in Japan

http://www.bloomberg.com/apps/news?pid=20601084&sid=anHThBy7zItw&refer=stocks

And London!

http://rds.yahoo.com/S=53720272/K=crude+oil/v=2/SID=e/l=NSR/R=2/;_ylt=A9htfMBjniJFcP8AUQjQtDMD;_ylu=X3oDMTBjdmNoOT VjBHBvcwMyBHNlYwNzcg--/SIG=145620p01/EXP=1159983075/*-http%3A//www.marketwatch.com/enf/rss.asp?guid=%7B37AB3C1B-8432-48E6-9A8D-2451B4AF6530%7D&dist=rss&siteid=mktw&rss=1

Now the trutch comes out. He's black mailing merrill lynche

http://www.bloomberg.com/apps/news?pid=20601109&sid=a_17Uu0NazR0&refer=exclusive

[Ranger Ray]

I thought you put away the 7MM Donkey Slayer? What happened to the kinder-gentler Ranger Ray?
Well Bwana being the finance man you are I would have figured you would have caught the fine print in that particular post. I will repost it for you.

I reserve the right to at anytime revert back to a jackass. ;)

[Jackster1]

In the recent past we've had the price go up on rumors there MIGHT be a hurricane, because of the change gas configurations for different seasons (is winter passing us by this year?) and because some refineries went down.
Don't you find it the least bit odd that BP has huge problems with their pipelines and the price of oil went DOWN? News like that at any other time during the past year would have sent prices surging.

So we have a busted pipeline, a seasonal mixture change and prices go down. :confused: You folks are clutching at straws. The ONLY way I'll buy the prices being so low have nothing to do with the November elections is if they stay down after the elections.

Anyone taking bets? :lol:

[Hi Ho Silver_Joe]

In the recent past we've had the price go up on rumors there MIGHT be a hurricane, because of the change gas configurations for different seasons (is winter passing us by this year?) and because some refineries went down.
Don't you find it the least bit odd that BP has huge problems with their pipelines and the price of oil went DOWN? News like that at any other time during the past year would have sent prices surging.

So we have a busted pipeline, a seasonal mixture change and prices go down. :confused: You folks are clutching at straws. The ONLY way I'll buy the prices being so low have nothing to do with the November elections is if they stay down after the elections.

Anyone taking bets? :lol:

Of course Bush made the hurricanes go away this year. He payed off the Japanese so they wouldn't make any hurricanes this year so the gas prices would drop. I though everyone knew that. Here's a link.

http://www.grandinite.com/2005/09/23/***-idaho-weatherman-claims-hurricanes-are-man-made/

Sorry, the link is broke. Here's the article.

***: Idaho Weatherman Claims Hurricanes are Man-made
It’s on FOXNews, so you know it has to be true.

FOX

Global warming? Act of God? Nope, says one Idaho weatherman — Hurricane Katrina was part of a man-made plot against America.

Scott Stevens, a meteorologist who for nine years has been forecasting the weather on KPVI-TV (search) in Pocatello, says the Yakuza — the Japanese mafia — is using a Russian-made electromagnetic generator to launch terrific storms against the U.S. mainland.

The devastation of New Orleans was in revenge for the U.S. atomic bombing of Hiroshima, Stevens explains on his Web site. He says it will soon be used again against another major American city.

“A battle in the skies is waged daily. Some battles are won and others lost. We yet know not which,” Stevens writes on the front page of his site. “For years this massive global project has been under way, but only now is it making it to the forefront of the consciousness of those with curious minds.”

Rumors have long circulated of a secret Soviet weather weapon, but Stevens told the Idaho Falls Post Register he became convinced it existed after noticing strange patterns in a Montana cold front in 2004.

“I just got sick to my stomach because these clouds were unnatural and that meant they had [the machine] on all the time,” Stevens told the newspaper. “I was left trying to forecast the intent of some organization, rather than the weather of this planet.”

Nor is it a coincidence that both Katrina and Ivan — the huge hurricane that hit Florida a year ago — are Russian names, Stevens says.

At least one other scientist, however, thinks it’s all a bunch of hooey.

“I have been doing hurricane research for the better part of 20 years now, and there was nothing unusual to me about any of the satellite imagery of Katrina,” Robert S. Young, an associate professor of geology at Western Carolina University (search) in Cullowhee, N.C., told the newspaper. “It’s laughable to think it could have been man-made.”

Other hurricane experts explain that the spate of severe North Atlantic storms in recent years is part of a natural 25- to 30-year cycle. There was a wave of damaging hurricanes between 1935 and 1965, then a lull before the number of bad storms increased again around 1995.

The U.S. government has apparently tried to influence hurricanes, but its Project Stormfury, which from 1962 to 1983 sought to weaken cyclones by seeding the storms’ eyewalls with silver iodide, was a failure.

Stevens is unperturbed by those who scoff at his findings.

“I fully expect one more ‘event’ this year to impact the United States,” he writes. “My gut feeling is that it will be an earthquake/volcanic event with intensity of at least 7.5 in magnitude resulting in insured losses to exceed $25 billion.”

His bosses at KPVI-TV don’t mind his views, as long as he keeps them off the air.

“He doesn’t talk about it on his weathercast,” General Manager Bill Fouch told the newspaper. “He’s very knowledgeable about weather, and he’s very popular.”

An interesting blurb from the guy’s website:

“I’m not looking forward to this trip,” Bush said as he toured Alabama and Mississippi and headed for Louisiana. “It’s as if the entire Gulf Coast were obliterated by the worst kind of weapon you can imagine,” he said.

Oooooo. Creeepy.

This entry was posted on Friday, September 23rd, 2005 at 10:04 AM and filed under Whatevs.
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[contrary2ordinary]

Of course Bush made the hurricanes go away this year. He payed off the Japanese so they wouldn't make any hurricanes this year so the gas prices would drop. I though everyone knew that. Here's a link.

http://www.grandinite.com/2005/09/23/***-idaho-weatherman-claims-hurricanes-are-man-made/

Sorry, the link is broke. Here's the article.

***: Idaho Weatherman Claims Hurricanes are Man-made
It’s on FOXNews, so you know it has to be true.

FOX

Global warming? Act of God? Nope, says one Idaho weatherman — Hurricane Katrina was part of a man-made plot against America.

Scott Stevens, a meteorologist who for nine years has been forecasting the weather on KPVI-TV (search) in Pocatello, says the Yakuza — the Japanese mafia — is using a Russian-made electromagnetic generator to launch terrific storms against the U.S. mainland.

The devastation of New Orleans was in revenge for the U.S. atomic bombing of Hiroshima, Stevens explains on his Web site. He says it will soon be used again against another major American city.

“A battle in the skies is waged daily. Some battles are won and others lost. We yet know not which,” Stevens writes on the front page of his site. “For years this massive global project has been under way, but only now is it making it to the forefront of the consciousness of those with curious minds.”

Rumors have long circulated of a secret Soviet weather weapon, but Stevens told the Idaho Falls Post Register he became convinced it existed after noticing strange patterns in a Montana cold front in 2004.

“I just got sick to my stomach because these clouds were unnatural and that meant they had [the machine] on all the time,” Stevens told the newspaper. “I was left trying to forecast the intent of some organization, rather than the weather of this planet.”

Nor is it a coincidence that both Katrina and Ivan — the huge hurricane that hit Florida a year ago — are Russian names, Stevens says.

At least one other scientist, however, thinks it’s all a bunch of hooey.

“I have been doing hurricane research for the better part of 20 years now, and there was nothing unusual to me about any of the satellite imagery of Katrina,” Robert S. Young, an associate professor of geology at Western Carolina University (search) in Cullowhee, N.C., told the newspaper. “It’s laughable to think it could have been man-made.”

Other hurricane experts explain that the spate of severe North Atlantic storms in recent years is part of a natural 25- to 30-year cycle. There was a wave of damaging hurricanes between 1935 and 1965, then a lull before the number of bad storms increased again around 1995.

The U.S. government has apparently tried to influence hurricanes, but its Project Stormfury, which from 1962 to 1983 sought to weaken cyclones by seeding the storms’ eyewalls with silver iodide, was a failure.

Stevens is unperturbed by those who scoff at his findings.

“I fully expect one more ‘event’ this year to impact the United States,” he writes. “My gut feeling is that it will be an earthquake/volcanic event with intensity of at least 7.5 in magnitude resulting in insured losses to exceed $25 billion.”

His bosses at KPVI-TV don’t mind his views, as long as he keeps them off the air.

“He doesn’t talk about it on his weathercast,” General Manager Bill Fouch told the newspaper. “He’s very knowledgeable about weather, and he’s very popular.”

An interesting blurb from the guy’s website:

“I’m not looking forward to this trip,” Bush said as he toured Alabama and Mississippi and headed for Louisiana. “It’s as if the entire Gulf Coast were obliterated by the worst kind of weapon you can imagine,” he said.

Oooooo. Creeepy.

This entry was posted on Friday, September 23rd, 2005 at 10:04 AM and filed under Whatevs.
Follow comments here with the RSS 2.0 (XML) feed. Post a comment or leave a trackback.

Everyone knows Fox news is anti-weather.

[FieldWalker]

Thank goodness my vehicle runs on "happy thoughts"

Does anyone have a link regarding the "tax break for the oil companies"? I've tried to google it... and I've only come up with extremist on both sides.

[Spanky]

I would be willing to bet a weeks wage, that by Thanksgiving, the price of gasoline will be back around 240-260 a gallon. I would also wager that by the end of Oct it will be below 2 bucks.

Any takers!;)

[Kevin]

I would be willing to bet a weeks wage, that by Thanksgiving, the price of gasoline will be back around 240-260 a gallon. I would also wager that by the end of Oct it will be below 2 bucks.

Any takers!;)
Don't know what you make in a week Spanky, I am sure a lot more than me. But I will take your bet, modified to something I can afford and what we can verify. Let's just make it closer to my weeks wage:
I bet you $50 that regular gas can be found in the SE MI area at 2.39 or less at Thanksgiving of 2006.
You in? :)

By the way Hammy Reef, great thread. LOL

[Bwana]

Well Bwana being the finance man you are I would have figured you would have caught the fine print in that particular post. I will repost it for you.

I reserve the right to at anytime revert back to a jackass. ;)

My bad Ray...my bad. ;)

[Gaffle]

None of the Bush followers find the gas prices odd? I mean, I'm not a real conspiracy theory kind of guy, but you have to admit that this drop in price is quite weird, and unexpected. I know that OPEC controls the crude, but who controls the gas? OPEC sets the crude price, which therefore sets the gas prices, but ultimately the gas prices are set buy the companies that refine the oil, correct? Someone tell me if I am wrong, I am trying to figure this system out in a brief sort of way. So couldn't a company change the price of gas and take a slight loss compared to the price of a barrel of crude?

Conspiracy theory or not, no Bush people think the price drop is strange?

[Tracker83]

None of the Bush followers find the gas prices odd? I mean, I'm not a real conspiracy theory kind of guy, but you have to admit that this drop in price is quite weird, and unexpected. I know that OPEC controls the crude, but who controls the gas? OPEC sets the crude price, which therefore sets the gas prices, but ultimately the gas prices are set buy the companies that refine the oil, correct? Someone tell me if I am wrong, I am trying to figure this system out in a brief sort of way. So couldn't a company change the price of gas and take a slight loss compared to the price of a barrel of crude?

Conspiracy theory or not, no Bush people think the price drop is strange?Gasoline is a traded commodity at the New York Mercantile Exchange (NYMEX), therefore the traders are what sets the price of gasoline. Traders purchased large numbers of gasoline contracts early in the spring on speculation that increased demand, lowered supply, and the threat of hurricanes would increase the value of those contracts. When demand remained level, supplies increased, and hurricanes never materialized many of those traders realized the contracts they were holding were over-valued, and many began to sell. The result was a major sell-off.

Gasoline prices have actually been very predictable this year. If you take the futures price on the NYMEX (NYMEX:HU) and add approximately 65 cents you will see the price at the pump. Currently the November contract for HU is 1.47. Add .63 and you are at 2.10. The .63 accounts for fed tax, state tax, state sales tax, station mark-up, and delivery charges. All year the gasoline prices have followed this pattern exactly. As you can see the price of gas isn't directly related to the price of crude (even though the traders watch the price of crude closely). Now, if gasoline drops at a faster rate then crude then that will effect the profitability of the oil companies.

[Tracker83]

FYI: I had a math professor in college that also found the behavior of gasoline prices quite strange. He set out to see if he could mathematically model gasoline prices, and he found out that he could with a very simple formula. He has since created a website that explains his formula, explains in further detail how gas prices work, and gives weekly updates as to whether or not current gas prices are following the formula. www.thegasgame.com

[leakywaders]

I tried to bring up the site and it didn't work. Any suggestions?

[Tracker83]

Hmmm. I just tried it and it worked (using the above link). Maybe try again?

[kingfisher 11]

Anybody want to check to see if the decrease was more in line with the timing of the big oil find off the gulf coast? If this shows the fall in prices align with that. It is more of a future supply projection that the stock investors see. Causes stock to drop and makes much more sense to educated people then the Bush hating conspiracy believers.

Oh well, what do I know. Just got back from Wyoming where things are booming and there was not so many doom and gloom liberals. Building going crazy even in CO.

[Gaffle]

Just got back from Wyoming where things are booming and there was not so many doom and gloom liberals. Building going crazy even in CO.

Have fun moving out west then. Our problems here won't be fixed for quite some time. As someone else has stated, Michigan is high taxation and unionization. We need some serious players in Michigans government to change that, and we happen to be full of the LAME political players.

DeVos sure isn't strong enough to get the job done...

[Swamp Ghost]

http://www.factsonfuel.org/images/image001.jpg

When you adjust for inflation - keeping the buying power of the dollar constant over time - you see that current prices remain well below historical highs.

http://www.omninerd.com/2006/09/15/articles/59

http://frontier.cincinnati.com/blogs/borgman/uploaded_images/borgman%20thurs%205.11.06%20copy-716652.gif

[Hi Ho Silver_Joe]

http://www.factsonfuel.org/images/image001.jpg

When you adjust for inflation - keeping the buying power of the dollar constant over time - you see that current prices remain well below historical highs.



Save your breath Swampy... I've been saying that for a long time... No one is listening.

[Chris_Davis]

So we have a busted pipeline, a seasonal mixture change and prices go down. :confused: You folks are clutching at straws. The ONLY way I'll buy the prices being so low have nothing to do with the November elections is if they stay down after the elections.

Was the decline in gas prices in 1998 a democrat conspiracy? Why didn't the Republicans lower the gas prices in 2004?

Why do you think switching to winter gas won't lead to lower prices? Summer gas takes regular gas (winter gas) and adds oxygen. It reduces the amount of carbon monixide which reduces smog. When we switch to winter gas we switch back to non-reformulated gasoline, which is cheaper to produce, because smog isn't much of a problem in the winter.

The BP pipeline problem took 400,000 barrels of oil a day offline. But 200,000 are back online, ahead of schedule. Add to that another 220,000 barrels delivered by OPEC and we have more oil than we started.


http://www.oilonline.com/news/headlines/internet/20060925.BP_Alask.22285.asp
http://www.oilonline.com/news/headlines/internet/20060911.OPEC_cru.22137.asp

[Bwana]

Save your breath Swampy... I've been saying that for a long time... No one is listening.

I read an article relatively recently that indicated that Oil prices, when adjusted for inflation, peaked in 1890. The last time Oil actually hit an inflation adjusted high, John D. was still running the show. :lol:

[Kevin]

Don't know what you make in a week Spanky, I am sure a lot more than me. But I will take your bet, modified to something I can afford and what we can verify. Let's just make it closer to my weeks wage:
I bet you $50 that regular gas can be found in the SE MI area at 2.39 or less at Thanksgiving of 2006.
You in? :)

By the way Hammy Reef, great thread. LOL
So how is that conspiracy theory working out?
I filled up at $2.09 yesterday.
Guess there was no vindictive payback from among GWB's oil cronies for the elections going south.
Phew, I was really concerned. :lol:

[Ranger Ray]

So how is that conspiracy theory working out?
I filled up at $2.09 yesterday.
Guess there was no vindictive payback from among GWB's oil cronies for the elections going south.
Phew, I was really concerned. :lol:
I was thinking about bringing this one back up. ;) :lol:

[Steve]

Yeah I guess Big Oil is giving the Democratic winners a welcome present. Couldn't be that it's the market that controls the price.

[bigcountrysg]

I can not believe that the Presidential election that is coming is going to influence the oil prices that much. Being that President Bush can not be reelected. He has served his two terms by federal law no one can serve more then two consectutive terms as President of the United States. This law being enacted after President Theodore Roosevelt was elected three times as President and passed away during his third term.

[Kevin]

C'mon bigc, that is a put-on right? Teddy the Rough Rider died during his third term :)
And Andrew Baines Johnson enacted Civil Rights legislation on the 1960's...
And Samuel L Jackson acted in a movie about the indian wars before becoming president
LOL

[bigcountrysg]

I stand corrected after a little research it was Franklin D Roosevelt that was in office three terms and died in his third term in office. Which made congress enact the 22nd amendment of the Constitution. I am sorry for the bad info.

[Kevin]

Just joshing with you big. No offense intended.

[bigcountrysg]

No offense taken, but your post made me think I was wrong about something so I had to research it and come to find out that it was not Teddy Roosevelt but it was Franklin D Roosesevelt. Now that we got that all straightened out.

[Tracker83]

The ONLY way I'll buy the prices being so low have nothing to do with the November elections is if they stay down after the elections.
I would be willing to bet a weeks wage, that by Thanksgiving, the price of gasoline will be back around 240-260 a gallon. I would also wager that by the end of Oct it will be below 2 bucks.At the end of October (before elections) the national average was $2.215
National average last week (Thanksgiving week) was $2.232/gal.

[bigcountrysg]

I ain't really concerned about gas prices anyways considering my truck runs on diesel. When I bought my truck in 2002 diesel was still under 2 bucks now diesel is more then gas whats up with this.

[TimT]

I don't have a link, but it seems to me the average price of diesel (for the 20 years I would have noticed) has been higher than regular unleaded. In 2002 it was winter blend refinery problems (exuse number 346,543) for why unleaded was high.

[Steve]

I saw a gas station selling unleaded for $2.02 yesterday! Come on folks it's market driven and it's a wild speculative market, that's all there is to it.

[Tracker83]

Interesting how the conspiracy theorists have been silent on this issue since the election. Too busy eating crow, I guess.

[Jackster1]

Yup! Now that were used to over $2.00 a gallon life is peachy. Didn't seem that very long ago that it going over $2.00 caused quite the ruckus.
Down here we're paying about $2.29 a gallon. The trend went up after the election without a doubt. Just a month or two ago the per barrel price was quite low yet it didn't show at the pumps. It must be nice to have a stack of excuses 1/2" thick as to why it's okay to be raked over the coals when buying gas.
I imagine once the new Congress gets voted in a lot of you die-hards will be pointing fingers no matter what gas prices are. :rolleyes:

[Hi Ho Silver_Joe]

The ONLY way I'll buy the prices being so low have nothing to do with the November elections is if they stay down after the elections.

Anyone taking bets? :lol:

I payed $2.07 this morning. So according to your post you must now buy the fact that the lower prices had nothing to do with the elections.
Now you're putting a new spin on things. You should have gone into politics.
either that or you've been sniffing that carp too long. :lol:

[Jackster1]

Throw in all the spin you like, gas is still over $2.00.
As I said, if it goes much beyond that, especially after the new Congress is voted in, who will you blame?
One thing I know for sure, unless you're all flip-floppers you certainly can't blame politicians! :D

[Hi Ho Silver_Joe]

You said "the prices being so low" (referring to pre-election) Now you're saying "Still above $2.00 a gallon"

That my friend is SPIN... Pure and simple.

[Chris_Davis]

Down here we're paying about $2.29 a gallon. The trend went up after the election without a doubt. Just a month or two ago the per barrel price was quite low yet it didn't show at the pumps. It must be nice to have a stack of excuses 1/2" thick as to why it's okay to be raked over the coals when buying gas.

The trend started weeks before the election.

I imagine once the new Congress gets voted in a lot of you die-hards will be pointing fingers no matter what gas prices are. :rolleyes:

Yeah, if the new Congress raises the tax on oil and/or gas. Otherwise, I believe we're smart enough to realize it's a market driven commodity and not at the whim of politically motivated conspiracy theories.

[Jackster1]

The trend started weeks before the election.
Not really.
http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24


Yeah, if the new Congress raises the tax on oil and/or gas. Otherwise, I believe we're smart enough to realize it's a market driven commodity and not at the whim of politically motivated conspiracy theories.
That we'll just have to wait and see. I don't expect the new gub'ment to get a pass from those who always had excuses in the past for any bone-headed moves their favorite politico's made.

[Sib]

I think fuel prices are some place in between market driven and totally manipulated. Couldn't help and notice that when comparing GR with the national average that the GR line in the graph is much more volatile (as Was Detroit). Additionally, the idea of fuel being a strictly market diven doesn't hold up when oil is falling and gas spikes on Friday, or Nov. 12th and stays higher until after Thanksgiving when at the same time price of oil is going down.

It might be market driven, but there's plenty of room to manipulate the price and gouge...let's see what happens to fuel prices on Wed. Dec. 20th, the weekend before Christmas.

[Chris_Davis]

Not really.
http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

It might be market driven, but there's plenty of room to manipulate the price and gouge...let's see what happens to fuel prices on Wed. Dec. 20th, the weekend before Christmas.

I expect to see the price go up as the demand goes up, it's a market thing.

Additionally, the idea of fuel being a strictly market diven doesn't hold up when oil is falling and gas spikes on Friday, or Nov. 12th and stays higher until after Thanksgiving when at the same time price of oil is going down.

Oil and gas are seperate markets, several seperate markets. The oil market has an effect on the gas market but so do other things like increased demand, refining, govt standards, etc. A savvy consumer, able to recognize high demand times, should be able to make the market work for them.

[Sib]

I expect to see the price go up as the demand goes up, it's a market thing.

Doesn't work that way within well organized industries, every Easter ham sales spike, yet you'll also find some of the cheapest prices per pound at this time. Why because the trend is predictable and producers plan for the demand, which is no different than fuel trends, except the gas industry uses it to squeeze the consumer.

Plasma or LCD TVs, the highest demand ever for these products has been in the last 4 weeks, yet prices are also the cheapest in history. All these items are supposed to be free market items, but apparently gas companies are unable to predict the driving trend of a Christmas weekend and are unable to do what nearly all producers of retail products are able to do.

The real difference between fuel, hams and TVs is that you can live without hams and TVs, but gas is something we are captive to and that is what accounts for the pricing fluctuations and price gouging. If Ham producers gouged for Ham at Easter and Turkey producers gouged at Thanksgiving, consumers would just choose a different meat product and the losses by these producers would effect the yearly bottom line, with stockholders demanding blood. There is no substitute for gasoline, the captive market allows them to set a higher price through a predictable trend.

[Chris_Davis]

The supply of Plasma TVs is also the highest it's ever been. Same with hams around easter and turkeys around Thanksgiving. If we were slaughtering our maximum capacity of pigs every single day of the year we would see a spike in their cost at Easter.