Gas price spike

Just more of Bush taking care of his oil buddies........hey wait a minute that's not it!!

The only reason that I can think of is because I needed gas.

A sure sign that summer is on the way. That and GW and Cheney...LOL

I think it is part of the 'change you can believe in' plan.

quote:

Originally posted by BettyAnn:
I think it is part of the 'change you can believe in' plan.

then why did it happen when bush was in office?

Because, much to your surprise, gas prices are not really affected by who is in office, unless they stick a bunch of taxes on the industry. World demands and instability in the Middle East play a much more important role. However, when GW was in office, he was constantly blamed for the issue. Now, when Herr Obama is in charge, it appears that he is just as guilty....LOL

quote:

Originally posted by teyates:
Because, much to your surprise, gas prices are not really affected by who is in office, unless they stick a bunch of taxes on the industry. World demands and instability in the Middle East play a much more important role. However, when GW was in office, he was constantly blamed for the issue. Now, when Herr Obama is in charge, it appears that he is just as guilty....LOL

so gas prices are now and always have been controlled by speculation from the middle east!
holy crap!

Isn't it ironic that US geological teams discovered the huge Mid-East oil fields....that US crews drilled for and struck the oil....and US designers and manufacturers supplied (and continue to do so) the equipment necessary to pump the oil out of the ground....that the Saudis rely upon the US manufacturers for parts to continue to pump the oil out....and that the Saudis 'have more $$$ than God'....and THIS is what we get? Current price of oil per barrel: $84.

Very few rich people will ever make it to heaven, so do not wish to be rich!

quote:

Originally posted by willie:

quote:

Originally posted by teyates:
Because, much to your surprise, gas prices are not really affected by who is in office, unless they stick a bunch of taxes on the industry. World demands and instability in the Middle East play a much more important role. However, when GW was in office, he was constantly blamed for the issue. Now, when Herr Obama is in charge, it appears that he is just as guilty....LOL

so gas prices are now and always have been controlled by speculation from the middle east!
holy crap!

Nope not a big surprise. But a little over 18 months ago, liberalists and Democrats were on this very board accusing Cheney and GW of manipulating oil prices to padden their bank accounts.
Now, anyone who halfway pays attention to the world market can tell you that about the only ways that the POTUS can affect the price of gasoline at the pump is to either 1) decrease the excise taxes on oil 2) decrease the governmental demands and regulations put on the refinery by the US government 3) stimulate the building of new refineries and 4) increase our access to our own oil and gas reserves in the US territories.
Most of those have been fisticuffed by environmentalists groups, and we all know that we are never going to see a decrease in excise taxes on fuel.
My gut tells me that Obama's plan to increase access to our own oil reserves this week, will be met with more stringent rules and regulations elsewhere, lest he have to answer to his leftists regime. Any indication by Isreal to attack Iran will more than likely double the cost of oil in the market, something which will benefit Iran, which is one reason they love to rattle their sabers.
As the markets in China continue to grow (and India as well) more and more demands for oil will be made, causing the prices to increase even more. Add to that, the usual spring and summer blends retrofit that has to be made at our limited number of refineries and you have the making of $3-4 a gallon gas, which in this economy, right at the peak of planting season, is going to trickle back thru the market and cause even more increase in the prices of goods.
Welcome to Economics 101. First rule, it ain't all George and Dick's fault.

quote:

so gas prices are now and always have been controlled by speculation from the middle east!
holy crap!

If you have a retirement fund, you might have been diddled with your own money.

quote:

If you're wondering why driving to work has gotten so expensive, you might want to peruse your pension fund's investments. That's because speculation by institutional investors pouring money into the commodities market may be largely to blame for spiking oil prices, according to testimony on May 20 before the Senate Committee on Homeland Security & Governmental Affairs.

http://www.businessweek.com/bw...b20080520_524455.htm

Its jeep weather, and since my jeep gets about 12 MPG, of course the price of gas is going up!

There have been countless congressional and senatorial hearings on gasoline prices and they always include the top two culprits:

1. our refineries are running at or beyond the capacity they were designed for

2. crude oil producers have no incentive to compete on price since they own their own distribution channels (gas stations)

We refuse to do anything about either one and are shocked when prices go up so fast and fall so slow.