[timzerofive]

It's odd how this worked out for the energy companies... They raise the price, so the government says, hey, let's "...[ease] environmental rules and [urge] Congress to roll back tax incentives to energy companies." So not only does the energy company gets to charge more, they also gets to pay less. Also, "Despite today's drop in oil and gas prices, many industry observers said that the president's action would not have any significant, lasting impact." I'm not seeing how this action is working out for the consumers. Then a few more months down the line, they'll probably raise price again because they have to send even more fuel to the Strategic Petroleum Reserve due to this HAULT in conservation right now. I just don't know. They're playing us like dumbasses.
Read whole article here...

CLICK

[ScBlacksunshine]

Originally Posted by timzerofive

It's odd how this worked out for the energy companies... They raise the price, so the government says, hey, let's "...[ease] environmental rules and [urge] Congress to roll back tax incentives to energy companies." So not only does the energy company gets to charge more, they also gets to pay less. Also, "Despite today's drop in oil and gas prices, many industry observers said that the president's action would not have any significant, lasting impact." I'm not seeing how this action is working out for the consumers. Then a few more months down the line, they'll probably raise price again because they have to send even more fuel to the Strategic Petroleum Reserve due to this HAULT in conservation right now. I just don't know.
Read whole article here...

CLICK

People always fail to ask the right question when gas prices goes up or oil cost more then $70 a barrel. The government is just trying to find a scapegoat to blame (in this case, the oil company). I mean the real problem in this crisis contribute to several important factors which no one in our government cares to address. This current oil/gas crisis can be attribute by so many factors and most of them are not coming from oil companies. Not saying they do not profit from the current oil situation, but the way how our government is approaching the issue is completely wrong. They honestly think windfall tax/price probe is going to help alleviate high gas prices? One thing they should be looking at is our weak dollar vs foreign currency (burden by the war in Iraq, rising national debt), that plays a big part in the raising cost of oil. Combine that with political instability, oil getting harder to harvest, enthanol refinement, raising global demand by developing nation and American's obession in driving gas guzzling SUV. All of these are the real culprits of insane gas prices. But of course, our good'ol Dubyee aren't smart enough to see that and instead his adminstration insist on putting bandage fixes on a life threating wound. I mean, you want to fix oil crisis, how about fixing our own economy by resolving this mess in Iraq and strengthing our dollar and lighten our national debt, then at least we would have something to bargain with. Of course, no one likes to pay the expensive gas prices, that's why it's the right time to invest in energy stock, at least that'll help you even out the field a little bit.

[BMW F22]

I saw this on the news last night and was a lil confused. I was like "wait so the government could control gas prices? howcome they let it soar so high before they stepped in?" I dont know. Anyone here watches 24?? I think it's totally based on our government.

[donger274]

people want lower taxes but want to keep social security money,

same goes for
complains about gas prices and traffic but no one cares to carpool..

im 17 and pay my way through gas without parents and yes i would want lower gas prices but i dont complain to a problem we as a whole can solve.



actually i complain about alot of stuff but just not gas, wierd...

[Oz]

Excuses Excuses

[deutschmann59]

Originally Posted by ScBlacksunshine

People always fail to ask the right question when gas prices goes up or oil cost more then $70 a barrel. The government is just trying to find a scapegoat to blame (in this case, the oil company). I mean the real problem in this crisis contribute to several important factors which no one in our government cares to address. This current oil/gas crisis can be attribute by so many factors and most of them are not coming from oil companies. Not saying they do not profit from the current oil situation, but the way how our government is approaching the issue is completely wrong. They honestly think windfall tax/price probe is going to help alleviate high gas prices? One thing they should be looking at is our weak dollar vs foreign currency (burden by the war in Iraq, rising national debt), that plays a big part in the raising cost of oil. Combine that with political instability, oil getting harder to harvest, enthanol refinement, raising global demand by developing nation and American's obession in driving gas guzzling SUV. All of these are the real culprits of insane gas prices. But of course, our good'ol Dubyee aren't smart enough to see that and instead his adminstration insist on putting bandage fixes on a life threating wound. I mean, you want to fix oil crisis, how about fixing our own economy by resolving this mess in Iraq and strengthing our dollar and lighten our national debt, then at least we would have something to bargain with. Of course, no one likes to pay the expensive gas prices, that's why it's the right time to invest in energy stock, at least that'll help you even out the field a little bit.

They were actually talking about this on CNBC earlier this afternoon.

[nostrum09]

Originally Posted by ScBlacksunshine

People always fail to ask the right question when gas prices goes up or oil cost more then $70 a barrel. The government is just trying to find a scapegoat to blame (in this case, the oil company). I mean the real problem in this crisis contribute to several important factors which no one in our government cares to address. This current oil/gas crisis can be attribute by so many factors and most of them are not coming from oil companies. Not saying they do not profit from the current oil situation, but the way how our government is approaching the issue is completely wrong. They honestly think windfall tax/price probe is going to help alleviate high gas prices? One thing they should be looking at is our weak dollar vs foreign currency (burden by the war in Iraq, rising national debt), that plays a big part in the raising cost of oil. Combine that with political instability, oil getting harder to harvest, enthanol refinement, raising global demand by developing nation and American's obession in driving gas guzzling SUV. All of these are the real culprits of insane gas prices. But of course, our good'ol Dubyee aren't smart enough to see that and instead his adminstration insist on putting bandage fixes on a life threating wound. I mean, you want to fix oil crisis, how about fixing our own economy by resolving this mess in Iraq and strengthing our dollar and lighten our national debt, then at least we would have something to bargain with. Of course, no one likes to pay the expensive gas prices, that's why it's the right time to invest in energy stock, at least that'll help you even out the field a little bit.

Totally agree. Those who think the government can just step in and "lower" gas prices forget that supply and demand is the controlling factor in this issue.

I keep on reading about forward contracts on wholesale gas being priced in the low $2.00 range. I'm familiar with the market for items like options, but not familiar with commodities. Anyone know how gasoline futures work and what they really represent?

[vladinecko]

people need to realize oil is a finite natural resource. even though there is still lots of it left, big majority of it is in countries politically so unstable that even a bee flying by could set off a civil war or worse.

instead of trying to solve this impossible predicament, all the money should be focused on R&D of alternative energy sources. the government talks about the issue a lot, but that's where it ends. as long as they're making shitloads of money off of oil companies, they will never take the whole thing seriously.

the bottom line is, as long as there is oil in the world, market manipulation will occur because it's just too damn advantageous for both politicians and middle-eastern princes and magnates. once we run out completely, there will be chaos for a few years when the government will finally dump a lot of money into researching cleaner, renewable energy sources.

[deutschmann59]

I dunno guys, I don't know if this is true but I've heard talk of a gasoline shortage this summer? Anyone else hear this? Apparently they're making some kind of switch in the refining process and it's going to do something as far as supply goes. Anyone know more about this? It could be all BS but that's what I heard...

[nostrum09]

Originally Posted by sharp1183

I dunno guys, I don't know if this is true but I've heard talk of a gasoline shortage this summer? Anyone else hear this? Apparently they're making some kind of switch in the refining process and it's going to do something as far as supply goes. Anyone know more about this? It could be all BS but that's what I heard...

The switch is to replace MTBE (an additive which has been shown to seep into groundwater and cause pollution) with ethanol. The issue with supply disruption is that ethanol is corrosive so it can't be effectively piped to locations. Instead, it needs to be trucked via tankers to refineries, and that's causing shortages of tankers. Since ethanol is primarily produced in the middle US states, the states to be most effected are those on the coasts (though some states, like NY, have been preparing for the switch for a while now).

That's the story, at least. I'm not an insider, so I can't vouch, but it certainly makes sense.

Fuel shortages seem to be caused more by panicky consumers who create runs on fuel stations, so it may be a very localized issue, if an issue at all.

[mrbelk]

Originally Posted by vladinecko

people need to realize oil is a finite natural resource. even though there is still lots of it left, big majority of it is in countries politically so unstable that even a bee flying by could set off a civil war or worse.

instead of trying to solve this impossible predicament, all the money should be focused on R&D of alternative energy sources. the government talks about the issue a lot, but that's where it ends. as long as they're making shitloads of money off of oil companies, they will never take the whole thing seriously.

the bottom line is, as long as there is oil in the world, market manipulation will occur because it's just too damn advantageous for both politicians and middle-eastern princes and magnates. once we run out completely, there will be chaos for a few years when the government will finally dump a lot of money into researching cleaner, renewable energy sources.

There is enough oil trapped in Oil Shale under Colorado, Utah, and Wyoming in the "Green River Formation" to allow the US to be completely "petroleum independent" for 100 years. There is a larger amount of recoverable oil in the Oil Sands of Alberta. Now that conventionally extracted oil looks like it will be trading above about $40/barrel probably for the foreseeable future, these sources are becoming more viable. That would certainly give everyone time to get to the holy grail, hydrogen power.

-MrB

[Squawks]

MrB - there's enough oil on this planet to last us 10,000 years.

What you fail to realize, however, is the cost and/or time needed to extract certain oil populations.

The problem, from an economic standpoint, is not supply. But production and demand. In fact, the world continues to develop sophisticated drills and drilling rigs each day - why would they, if supply was an issue? The world's thirst for crude has been exponentially growing while production creeps at a slow pace. With the common supply-demand principle, crude oil in effect reflects a high price from high demand.

[nostrum09]

I found this article on CNN while browsing and eating lunch...

http://www.cnn.com/2006/US/04/25/lif...eut/index.html

It seems that in California, some people are purposely running out of gas so they can get 1 free gallon from trucks that operate as part of a public system.

Amazingly short-sighted if you ask me. The free gallon saves them probably $3 or so, but yet the value of the time spent waiting certainly has to be more than $3. Not to mention whatever potential damage there is in sucking in the particles that have settled to the bottom into your engine.

[gdnyc]

Thats why we need to hurry up and conquer the Middle East. Unlimited supply! Just Kidding!
In NYC, they have been using the 90/10 mix since last summer from what I can remember. The speculators (commodity traders) are driving the price up. I am sure there is plenty of supply out there. All the rich people are making the money.
Like someone mentioned earlier, buy some energy company stocks to hedge the rise in gas prices.

[txusa03]

gas price relief my a&&. There is no such thing...

You don't want to buy energy stock right now, it is too high to buy...

[mrbelk]

Originally Posted by Squawks

MrB - there's enough oil on this planet to last us 10,000 years.

What you fail to realize, however, is the cost and/or time needed to extract certain oil populations.

The problem, from an economic standpoint, is not supply. But production and demand. In fact, the world continues to develop sophisticated drills and drilling rigs each day - why would they, if supply was an issue? The world's thirst for crude has been exponentially growing while production creeps at a slow pace. With the common supply-demand principle, crude oil in effect reflects a high price from high demand.

Don't forget the added costs brought on by rampant speculative oil trading on the various commodities exchanges.

Maybe I didn't explain it clearly enough; but I did say that now that crude is trading at a very high level, it's becoming more economically practical for oil exploration and recovery to occur in some of these less-than-easy-to-extract formations, like the Green River Formation and the Alberta Oil Sands. Years ago, with oil trading at $19/barrel, it just didn't make any financial sense to try to recover the oil that's trapped in the rock.

If we truly want to become more independent, and we have the proven reserves within fairly easy grasp, doesn't it make sense to tap into it?

I'm not a petroleum engineer; I don't play one on TV; and I didn't stay at a Holiday Inn Express last night, so I am certainly no expert on this. This is just what I've read and hear in various sources.

-MrB

[ScBlacksunshine]

Originally Posted by Squawks

MrB - there's enough oil on this planet to last us 10,000 years.

Just curious, where did you get this data from?

[timzerofive]

I'm a AAA premier member and gets 1 free 200 mile towing and 6 free 30 mile towing, I'm about to call them to tow me home so I can save gas money.