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

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mizzou

Diamond Member
Jan 2, 2008
9,734
54
91
Still 3.85 here. Pretty soon oil will be $90 and gas will have inched up to $4 for no reason.

Oil is unsustainable at $90 and over in this economy, traders apparantly havent figured that out yet afer being burned multiple times

Every increase ever since the aab spring has been purely speculative. No major hurricanes, no major supply disrupions outside of libya, no increase in world consumption as previously reported, no tigt market

I think if we head to $90 territory permenantly, it will literally cut the corporate earnings increase down and we will see us back in recession. Oil will go back down, maybe it will correct tself for real this time.
 

Thump553

Lifer
Jun 2, 2000
12,726
2,501
126
Why do you think oil is unsustainable at $90? There is a large growing demand for oil in both China and India (especially China, with it's industrialization and rapidly increasing car ownership).

Oil prices can and will fluctuate, but it is a nostaglic fool who expects oil prices to plummet again. Esp. with the US ramping up consumption of SUVs and performance cars.

My personal opinion is that oil will continue to climb in the near term. If there is a Eurozone collapse, China bubble burst or US economy collapse then things will change.
 

mizzou

Diamond Member
Jan 2, 2008
9,734
54
91
Why do you think oil is unsustainable at $90? There is a large growing demand for oil in both China and India (especially China, with it's industrialization and rapidly increasing car ownership).

Oil prices can and will fluctuate, but it is a nostaglic fool who expects oil prices to plummet again. Esp. with the US ramping up consumption of SUVs and performance cars.

My personal opinion is that oil will continue to climb in the near term. If there is a Eurozone collapse, China bubble burst or US economy collapse then things will change.

I think i sort of side with the saudi posiion that $80 is a comfortable zone for us crude to ensure a healthy supply demand cycle
 

Engineer

Elite Member
Oct 9, 1999
39,234
701
126
Why do you think oil is unsustainable at $90? There is a large growing demand for oil in both China and India (especially China, with it's industrialization and rapidly increasing car ownership).

Oil prices can and will fluctuate, but it is a nostaglic fool who expects oil prices to plummet again. Esp. with the US ramping up consumption of SUVs and performance cars.

My personal opinion is that oil will continue to climb in the near term. If there is a Eurozone collapse, China bubble burst or US economy collapse then things will change.

Oil consumption in the US is down 6% from it's high and is down to 2005-2006 levels. I agree it will take a collapse to bring prices down now though.

I'm bracing for a gas pump hike around the holidays as oil has climbed up so high again. Actually surprising that it's not already spiked up.

Currently $3.25 to $3.35 here in Lexington.
 

Engineer

Elite Member
Oct 9, 1999
39,234
701
126
Gas went from $3.25 to $3.47 at several stations yesterday. We will see if it spreads to the rest today.
 

Doppel

Lifer
Feb 5, 2011
13,306
3
0



c'mon mods... why is he allowed to post blatantly false info without proof??
And also make up threads begging for sympathy that turn out to be totally made up. I really have no idea why he's still allowed to post. He is the forum's clearest troll.
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
Gas up another 12 cents last night

Looks like will be back to $5 by Thanksgiving at this rate

11-4-2011

http://finance.yahoo.com/news/Oil-a...2.html?x=0&sec=topStories&pos=1&asset=&ccode=

Oil above $94 amid signs of US economy improving


Crude has jumped about 25 percent from $75 on Oct. 4 amid growing investor optimism that the U.S. economy will avoid a recession.

On Thursday, the Labor Department reported that the number of people who applied for unemployment benefits dipped slightly last week to the lowest level in five weeks. And the Commerce Department said factory orders had the biggest jump in six months in September.


"The general global economic outlook inched away from the edge of collapse," energy trader and consultant The Schork Group said in a report.
 

Londo_Jowo

Lifer
Jan 31, 2010
17,303
158
106
londojowo.hypermart.net
Another article on Chicago gas prices.

Good luck finding any stations in the city under $4.

8-29-2011

http://chicago.cbslocal.com/2011/08/29/chicagoans-labor-under-higher-gas-prices-unlike-much-of-u-s/

Chicagoans Labor Under Higher Gas Prices


Oil prices are down, but gas prices in Chicago are still going up. The average price for gasoline in Chicago is $3.96 per gallon, according to the Triple A. Yet the national average is $3.61.


Gas prices in Chicago are higher than they were a week ago. That stings.


What gives in Chicago?


“I really thought prices were on their way back down. In the rest of the country, they were starting to break,” says market analyst Phil Flynn, a FOX Business Network contributor. “And here in Chicago we lost a couple of refineries.”


Flynn says that hurts when only a few make the Chicago summer blend.

Then add Hurricane Irene to the mix. Flynn says the hurricane shut down one of the biggest import terminals for oil and gas, causing a price hike.


Prices have been holding steady or have dropped several cents in the past few weeks where I live. Prices range from $2.99 to $3.19/gal.

http://www.houstongasprices.com/Shell_Gas_Stations/Sugar_Land/113096/index.aspx
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
11-4-2011

http://finance.yahoo.com/news/Oil-R...1tb24-?x=0&sec=topStories&pos=4&asset=&ccode=

Oil Rises to Three-Month High After Greece Cancels Referendum


Oil rose its highest in three months in New York as signs that Europe will reach an agreement with Greece on a rescue plan

Futures rose as much as 0.9 percent and are poised for a fifth weekly gain, the longest rising streak since April 2009.

Oil is approaching its 200-day moving average, which is at $94.84 a barrel today, according to data compiled by Bloomberg.
 

Born2bwire

Diamond Member
Oct 28, 2005
9,840
6
71
It's the Drive for Five!!!

What number is this one? The forty seven hundredth soon to be unfulfilled announcment?
 

dmcowen674

No Lifer
Oct 13, 1999
54,894
47
91
www.alienbabeltech.com
Originally Posted by dmcowen674
Closing on on $5 in Chicago again, 15 cent jump yesterday, now up to $4.30

Just under $4 in the suburbs and climbing fast



The last time it supposedly hit $5 you stated the price was $4.50ish and called that $5.

When paying $4.89 for regular I would say that's close enough to $5

You may not but that is my opinion.

Looks like it will go past $5 shortly so suck it.
 
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