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Gas prices... Options
drew34
Posted: Tuesday, May 3, 2011 8:40:55 PM
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Joined: 7/25/2009
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Location: United States
Question: Will gas prices go up or down now that Bin Laden is dead? I think they're going to go up, still. How would you fix this oil/gas price mess? Pray
jmacann
Posted: Tuesday, May 3, 2011 10:21:19 PM
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Joined: 2/20/2011
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Location: Spain
Is there any reasonable answer to that question?

As whimsical as it can be -and at this stage, scarcely bearing any credibility.

I think Miller is only too right. Good choice, BTW, drew34 -very nice. Cheers
Geeman
Posted: Tuesday, May 3, 2011 10:47:51 PM

Rank: Advanced Member

Joined: 10/2/2009
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Location: Whittier, California, United States
drew34 wrote:
Question: Will gas prices go up or down now that Bin Laden is dead? I think they're going to go up, still. How would you fix this oil/gas price mess? Pray

If I could answer any of those questions I'd probably be off making myself insanely rich instead of posting this link to the decline of gold prices since OBL's death:

http://af.reuters.com/article/metalsNews/idAFL3E7G205I20110502

The relevant text:

Gold prices fell on Monday on reports Osama bin Laden was dead and his body has been recovered by U.S. authorities, dipping around $5, and retreating from an early record high.

Spot gold prices fell to $1,540.39 an ounce after earlier touching an all-time high of $1,575.79. Before the reports emerged gold stood above $1,546.
silver
Posted: Tuesday, May 3, 2011 11:22:21 PM
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Joined: 4/26/2011
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Location: United States
drew34 wrote:
Question: Will gas prices go up or down now that Bin Laden is dead? I think they're going to go up, still. How would you fix this oil/gas price mess? Pray


Gas prices will continue to rise, but not necessarily because of BL. Experts have said we can expect upwards of $4.50 per gallon by summer. Congress, in many states, are eyeing adding extra taxes onto already outrageously priced gas to add "painless" income to the states' coffers; so I agree with you.
HWNN1961
Posted: Wednesday, May 4, 2011 12:00:24 AM
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Joined: 2/13/2010
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There is no money in real estate, the government has lost some of it's good faith saving the institutions on Wall Street, the rating Agencies, and the Banks (you remember, too big to fail?)...

So, where has money gone to?

That's right! Commodities.

Guess what? When the world doesn't end, short term gas prices will fall. Greedy speculators will lose their shirts.

And.

I'll laugh.
kitten
Posted: Wednesday, May 4, 2011 7:28:42 AM
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Joined: 12/28/2009
Posts: 2,463
Neurons: 7,420
Location: the city by the bay
The price for gas has been going up and will continue to do so as we in the United States will observe, Memorial Day, soon.

And gas prices always go up for the summer tavel months.

peace out, >^,,^<
Ray41
Posted: Wednesday, May 4, 2011 8:43:24 AM

Rank: Advanced Member

Joined: 9/9/2010
Posts: 1,937
Neurons: 45,980
Location: Orange, New South Wales, Australia
Oil prices are based on $US a barrel. Even with our $AU being nearly 10% higher than the $US [oil 'should' be cheaper on comparison] we are paying $6.64 a gallon for 92 octane.
The Federal Govt taxes the base price and then the State Govts add on 10% GST to the retail price, so it's a double taxation,Brick wall
The price is always quick to rise if crude goes up, but, it takes ages to come down if crude drops.
If we were only 85 cents on the $US, as we were a year or so ago, we would be paying over $7 a gallon.
Seems to be universal, as every holiday/long weekend period here, the price 'always' goes upBrick wall
Klaas V
Posted: Wednesday, May 4, 2011 10:39:05 AM

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That is less than 80 Eurocents per liter. Here it's yet more than the double of it. Go figure. What are Americans complaining about?
RuthP
Posted: Wednesday, May 4, 2011 11:13:45 AM

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Joined: 6/2/2009
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Location: Drain, Oregon, United States
ClubFavolosa wrote:
That is less than 80 Eurocents per liter. Here it's yet more than the double of it. Go figure. What are Americans complaining about?

YES! Thank you for doing the work of figuring this out.

When I first met my in-laws in Hungary (very early '90s) They were already paying the equivalent of about $4/gallon (we were, I believe hovering around $1, $1.20/gal. The currency was exchanging at 60 to 100/1 (in favor of the U.S.)

The difference is, the rest of the world has taxed gasoline (hence the high prices) to subsidize infrastructure, including mass transit and more recently clean-energy sources. In the U.S., all we are subsidizing is oil-company profits.

While I would agree to subsidies in limited places (small farms, e.g.), for the rest of us (including me) suck it up!
richsap
Posted: Wednesday, May 4, 2011 12:46:51 PM
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Joined: 7/16/2010
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As long as oil is traded on the commodities/futures markets the price will keep going up.

Removal of oil from the commodities/futures markets would remove speculation out of the equation and return the system to a simple supply vs. demand issue.

The system is exploited by traders who use any and all excuses to raise the price of oil based upon speculation. "Oh, the big wedding in England drew large crowds, therefore a lot of people had to travel, which means there are 100 less barrels of oil in the supply chain than a week ago, so we better hedge our bets and buy oil futures..." And away it goes. In any game there are winners and losers... in the stock market for every time a stock increases in value there must be a relative decrease somewhere else. But oil is not something the average person can do without in these times, so the winner is the speculator and the loser is the consumer.

What would you say if water were put on the commodities market and you found yourself paying $10 or more per gallon? What if your ability to live were directly related to the price of water which was in turn manipulated by speculative trading? You would be livid, correct? It stands to reason, despite oil's finite supply, at the moment there is plenty above ground for all. So why the high prices? Greed, pure and simple. Greed by a relatively small group of people (investors/speculators) controlling a large group of people (consumers) powerless to intervene.

Or are we?
Susie
Posted: Wednesday, May 4, 2011 1:01:08 PM
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I am in the Chicagoland area of Illionis in the US. Our prices our the highest in the nation. Since oil is a traded commodity it will fluctuate as the markets do. This will keep us questioning where the prices will go next. But... the excuse for the fluctuating prices is so different all the time I have no idea what to think about it anymore. It should be a wake up though to the US that we need to reduce or need/consumption of oil. It will be difficult, but it can be done. Once we do this, the price will mean less to us and maybe then it will actually go down- MAYBE.Think
Truthseeker
Posted: Wednesday, May 4, 2011 2:14:29 PM
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Joined: 6/10/2010
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Neurons: 820
[quote=Susie]I am in the Chicagoland area of Illionis in the US. Our prices our the highest in the nation. Since oil is a traded commodity it will fluctuate as the markets do. This will keep us questioning where the prices will go next. But... the excuse for the fluctuating prices is so different all the time I have no idea what to think about it anymore. It should be a wake up though to the US that we need to reduce or need/consumption of oil. It will be difficult, but it can be done. Once we do this, the price will mean less to us and maybe then it will actually go down- MAYBE.Think [/quo

Price will go down when supply goes up. All we have to do is become petroleum independent. The left loves to blame 'big oil' for the problem. What about big OPEC? THEY control the price. If we increase supply, their price will drop like a stone.

Remember not to long ago, when Bush removed the off shore ban? Gas went to 1.39 a gallon where I live. And we never put ONE extra hole in the ground. Imagine what would happen if we were REALLY SERIOUS about drilling.
jmacann
Posted: Thursday, May 5, 2011 12:18:03 AM
Rank: Advanced Member

Joined: 2/20/2011
Posts: 1,296
Neurons: 3,887
Location: Spain
kitten wrote:
The price for gas has been going up and will continue to do so as we in the United States will observe, Memorial Day, soon.

And gas prices always go up for the summer tavel months.

peace out, >^,,^<

---
You are quite right -too bad, as these should respond to dissimilar impulses. If it stops being whimsical, we are in for an unexpected change for the worse -I guess.

Absolutely so -and almost a pattern now.
memphis jailer
Posted: Thursday, May 5, 2011 7:55:13 PM
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Joined: 6/30/2010
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Location: United States
i like several people's takes on the market .... and as far as price going down .... not only will it go down if supply increases, but also demand .... if we (in memphis) had a train system similar to chicago or japan .... i'd definitely use that
Wanderer
Posted: Thursday, June 9, 2011 10:42:06 AM

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Joined: 7/6/2010
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We pay big taxes on gas as well and that has nothing to do with anyone but congress. I am not saying I mind paying taxes but I expect my money to be spent well. This isn't not a new crisis but one that should have been addressed in the 70's. Even Will Rogers said that Americans would be the first people ever to drive themselves to the poor house and it seems we have lots of company. I agree with memphis jailer the fact that we need better transportation. We pay our taxes but get no representation for the money! And now it is forty years too late. The only energy and transportation plan they seem to have is that we suck until it is completely gone and let someone else deal with it. It isn't a Republican or Democrat problem because they have collectively allowed this to happen.
pedro
Posted: Thursday, June 9, 2011 11:16:12 AM
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Joined: 5/21/2009
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Be thankful you're not paying UK prices for your petrol
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