Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

[dmcowen674]

Oil supply is up, oil production is up, oil demand is down, prices are up? the fuck does that work?

btw, anyone with a brain knows oil supply was never down, same with oil production(at least naturally). the only time those things ever change is due to manipulation by producers.

What the fuck are you talking about?

The International Energy Agency just said the world is out of oil.

Are you saying they are lying?

 

[Capt Caveman]

It must be nice to be rich. Now you can help the oil speculators become even richer.

Jealous? I'm actually using less gas now at a lower cost. Better mpg and regular instead of premium, now.

 

[dmcowen674]

5-5-11

http://news.yahoo.com/s/ap/20110505...jb3JkaW9uX2J1c2luZXNzBHNsawNvaWxwbHVtbWV0c2E-


Oil plummets as unemployment claims rise


Oil tumbled nearly 7 percent Thursday on a sharp rise in the dollar and a jump in applications for unemployment benefits.

Industry and government surveys released this week show that Americans are buying less gas as pump prices rise. Investors are increasingly concerned about the impact of higher fuel prices on the American economy.


"Gasoline has certainly put us at a tipping point," analyst and trader Stephen Schork said. "The economy is in a precarious situation. Everyone knows that now."

The Labor Department said Thursday that the number of people applying for unemployment benefits surged last week to the highest level in eight months. A rise in claims suggests that fewer people are driving to work. That should depress gasoline demand further, analysts say.


The U.S. dollar also jumped versus other major currencies like the euro after the European Central Bank's president declined to signal that interest rates would rise again next month. Oil, which is traded in dollars, tends to fall as the greenback rises and makes crude barrels more expensive for investors holding foreign money.

http://news.yahoo.com/s/ap/20110505...jb3JkaW9uX2J1c2luZXNzBHNsawN1bmVtcGxveW1lbnQ-

Unemployment applications hit 8-month high

The Labor Department said Thursday that applications rose by 43,000 to a seasonally adjusted 474,000 last week.

"The trend is clearly upward, so that's disconcerting," said Kurt Karl, chief U.S. economist for Swiss Re. "When you get three or four weeks in a row of special factors, they're no longer so special."

Rising unemployment applications and other weak economic data this week have prompted some analysts to worry that higher fuel prices may be causing employers to slow their pace of hiring.

applications have risen sharply in recent weeks, raising concerns that high gas and food prices are cutting into consumer spending and slowing the economy. Businesses are also facing higher costs for raw materials, which reduce profit margins. They may be cutting back on hiring as a cost-saving measure.

The national average for gas was $3.99 a gallon on Thursday, according to the AAA Daily Fuel Gauge. That is 30 cents higher than a month earlier.

 

[The-Noid]

What the fuck are you talking about?

The International Energy Agency just said the world is out of oil.

Are you saying they are lying?

No you said the world is out of oil.

Your opinion really matters very little.

Just keep posting news stories that actually contradict what you are saying. Everyone knows you are a troll and admins are actually editing your posts at this point. At what point do you just get banned?

 

[Londo_Jowo]

No you said the world is out of oil.

Your opinion really matters very little.

Just keep posting news stories that actually contradict what you are saying. Everyone knows you are a troll and admins are actually editing your posts at this point. At what point do you just get banned?

Keep this up and you will end up on his ignore list.

Don't let this happen to you, post responsibly:
This message is hidden because amdhunter, blanghorst, blackangst1, Capt Caveman, doppel, Fear No Evil, guyver01, Londo_Jowo, nick1985, Patranus, spidey07 is on your ignore list.

Please note that most who are on the list have called Dave out on his bullshit. :thumbsup:

 

[desy]

The world isn't out of oil, its out of cheap oil and its coming up against production constraints.
Oil is like the apple tree, pick the fruit off the bottom first standing on the ground then you have to get ladders 'technology' out to get the rest and the stuff on the top is more effort 'energy' than its worth to get so we will never run out of apples either

 

[The-Noid]

Keep this up and you will end up on his ignore list.



Please note that most who are on the list have called Dave out on his bullshit. :thumbsup:

Sweet that is an admission of people that are right when he is wrong. I hope I end up there.

 

[Londo_Jowo]

Sweet that is an admission of people that are right when he is wrong. I hope I end up there.

He needs to change his sig to say the following:

The following people called me out on my lies and I placed them on my ignore list so I can't see them debunk every lie I post:
This message is hidden because amdhunter, blanghorst, blackangst1, Capt Caveman, doppel, Fear No Evil, guyver01, Londo_Jowo, nick1985, Patranus, spidey07 is on your ignore list

 

[IceBergSLiM]

oil down almost 10% on the week. Will we see 10% reductions at the pump?

 

[rcpratt]

oil down almost 10% on the week. Will we see 10% reductions at the pump?

What alternate universe do you live in?

 

[bfdd]

What the fuck are you talking about?

The International Energy Agency just said the world is out of oil.

Are you saying they are lying?

lol, dave please... Oil supply is up, demand is down, prices are high. It doesn't make sense and it's simply producers fucking us now. The price of the barrel didn't get anything way out of control, mostly driven up by producing countries(OPEC) and some speculation. The speculators have slowed down significantly because they realized there really isn't an oil crisis and they'd lose their ass if they kept it up. Currently PRODUCERS are fucking us for record profits. Just watch and wait.

 

[Londo_Jowo]

WTI is below $100/barrel, how far will it drop? $90/barrel or less?

 

[stag3]

oil down almost 10% on the week. Will we see 10% increase at the pump?

fixed

 

[bfdd]

WTI is below $100/barrel, how far will it drop? $90/barrel or less?

Like I said, supply is up. Speculators are backing off because they were dumbasses over the Libya shit.

 

[Engineer]

oil down almost 10% on the week. Will we see 10% reductions at the pump?

Went from 3.77 to 3.99 in Lexington today, lol.

Was $4.09 at certain stations along the Bluegrass Parkway.

It will drop but not nearly as fast as it rises...never does.

 

[Imp]

Like I said, supply is up. Speculators are backing off because they were dumbasses over the Libya shit.

Bbbbbbbbbbbbut bu bu but it'll spread all over the Middle East! To Saudi Arabia!!!

Ha, crude's below $100 now. Suncor nose-dived almost 10% the past few days.

 

[bfdd]

Bbbbbbbbbbbbut bu bu but it'll spread all over the Middle East! To Saudi Arabia!!!

Ha, crude's below $100 now. Suncor nose-dived almost 10% the past few days.

Well not just the Libya shit, the "unrest" in the ME caused speculators to drive up the price which allowed producers, oil producing nations like the OPEC nations or our large oil companies, to hide their price manipulation. Now the speculators back off because they realized the artificial inflation of oil prices wouldn't be sustainable. Just look up the profits these producers are making right now. I was saying this shit awhile ago in this thread.

 

[WhipperSnapper]

Gasoline prices shoot up like a rocket in response to higher oil prices, but float down like a feather in response to lower oil prices.

 

[bfdd]

Gasoline prices shoot up like a rocket in response to higher oil prices, but float down like a feather in response to lower oil prices.

One would think that if they rose prices based off futures, they would lower prices based off of futures. Fact is they only raise prices based off the future oil they've purchased to make up the cost difference, then slowly lower prices as they burn through the expensive oil they're holding. It makes no sense and it screws us consumers out of tons of money.

 

[desy]

Its not just oil
Lots of commodites do this I took it in HS economics for JHC sake
http://en.wikipedia.org/wiki/Sticky_(economics)
The only different is the price of copper or wheat isn't broadcast on every other street corner so you would notice fast rises and slow drops

 

[dmcowen674]

lol, dave please... Oil supply is up, demand is down, prices are high. It doesn't make sense and it's simply producers fucking us now. The price of the barrel didn't get anything way out of control, mostly driven up by producing countries(OPEC) and some speculation. The speculators have slowed down significantly because they realized there really isn't an oil crisis and they'd lose their ass if they kept it up. Currently PRODUCERS are fucking us for record profits. Just watch and wait.

So why does Government allow the International Energy Agency to lie?

Why is the clear gouging allowed?

At least the nuts in here can't claim supply and demand anymore as they did for years.

 

[bfdd]

So why does Government allow the International Energy Agency to lie?

Why is the clear gouging allowed?

At least the nuts in here can't claim supply and demand anymore as they did for years.

derpa der. IEA has nothing to do with our government. They are French.

like I said SUPPLY, especially in the USA is UP OVER DEMAND. This is a FACT.

http://online.wsj.com/article/BT-CO-20110504-715802.html

this is just one of many out there on the subject. gas prices are high, supply is in far excess of demand and even future predictions of demand here in the states.

dave I'm not trying to come off as an ass or anything. This is just an industry I have spent a few years of my life in and something I really like reading up and following about. I might not be right, but from what I am seeing around me and what I'm reading is kind of validating it.

 

[desy]

people are screwing up supply and production
The IEA is commenting on easy oil 'in the ground' running out 'supply' Global phenominom and those pendulum swings take longer to manifest themselves
Wall street is talking about 'production' or pumped crude and refined product and local market phenominom and those price cycles are a lot shorter

 

[bfdd]

people are screwing up supply and production
The IEA is commenting on easy oil 'in the ground' running out 'supply' Global phenominom and those pendulum swings take longer to manifest themselves
Wall street is talking about 'production' or pumped crude and refined product and local market phenominom and those price cycles are a lot shorter

which is the only thing that matters when we're talking about current prices. also the IEA has detractors as well. it's not like everything they say is the gospel. I personally view the 2020 as the peak oil date as laughable.

 

[desy]

Yes considering peak oil happened in 2005/2006 already

http://climate.uvic.ca/people/ewiebe/gasoline_prices.php

Here is what we pay in Canada and its a perspective from outside your market but closely linked. Now in 08 in the last surge we paid more than we pay today where you guys are at all time highs, its due to our $ has risen comparatively against yours so we aren't paying more and its parallel to the price of crude which is just one component of the price of gas.

Its why I look at QE more than speculation cause there is always spec in the system that why its called the market but the US is suffering more than the rest of the world because of other things