Crude reached $106.95 today but has fallen back to $105 right now. Retail average of $3.50/gallon.

Oh, and there are small rumblings in the Kingdom:

http://news.yahoo.com/s/nm/20110306/...saudi_protests

http://www.dailyfinance.com/story/cr...-spr/19868003/


The Fix for High Oil Prices? Regulate the Speculators





As the crisis in Libya continues to shake world oil markets, a rising chorus of voices in Washington is calling for President Obama to release millions barrels of oil from our 727 million-barrel Strategic Petroleum Reserve (SPR), The New York Times reports. With gasoline prices up 33 cents a gallon in the last month, that's a tempting idea. The government tapped into the SPR after Hurricane Katrina in 2005 and during 1991's Persian Gulf War. In both cases, the moves took pressure off oil prices.

But is the current situation such an emergency? No way. After all, as I wrote last month on DailyFinance, Libya represents a mere 0.5% of U.S. oil imports, and Saudi Arabia is increasing its production to make up the difference. There has been no sudden increase in demand for oil, nor has there been a truly significant drop in supply. In fact, refineries -- which convert crude oil into gasoline and other chemicals -- are operating at a relatively low 88.4% of capacity, according to the U.S. Energy Information Institute.

So why are oil prices going up so much? Speculators.

Oil speculators using cheaply borrowed money to bet on rising oil prices and a falling dollar are playing on media-fueled fear to make big profits. The good news is that stopping those speculators would be easy: Regulators should demand higher margin requirements. By cutting off their easy ability to gamble with cheap debt, the regulators could push speculators out of the market and relieve consumers from pain at the pump.

The Politics of Regulation
Last time we had a huge run-up in oil prices was 2008 when oil hit $147 a barrel. When the Commodities Futures Trading Commission -- the body that's charged with keeping the trading pits honest -- investigated, it discovered that 81% of the trading volume in oil was being conducted by speculators. Put another way, businesses that actually use the oil, such as airlines, were doing just 19% of the trading. The vast majority was done by hedge funds and investment banks to make a quick buck.

The CFTC let speculators into the oil-trading market back in 1991. That's because, as I wrote on BloggingStocks in 2008, J. Aron, the trading unit that hired Goldman Sachs (GS) CEO Lloyd Blankfein, requested and got an exemption that allowed it to trade oil even though it wasn't going to take delivery. Once J. Aron got through that door, so did many others -- including Enron. Remember how that turned out?

The Dodd-Frank financial reform law requires the CFTC to do something about speculators, but they've managed to delay the implementation of so-called position limits until 2012. According to Heatingoil.com, the CFTC will be at least a year late in complying with the Dodd-Frank requirement that it limit speculators' ability to drive up oil prices.

Let Real Supply and Demand Dictate Prices
So, thanks to the CFTC's inaction, the level of speculation in oil prices is at record levels. According to Heatingoil.com, trading volume on the NYMEX from oil traders who don't take delivery -- so-called "net long positions," hit a level not seen in four years in January.

The fuel that keeps these speculators going is cheap capital -- supplied by our friends at the Federal Reserve. But again, it's easy to stop this: Simply require those speculators to use much less borrowed money when they trade.

Last month, two exchanges did just that -- but it wasn't enough. According to Bloomberg, the New York Mercantile Exchange (NYMEX) in February increased its margin requirements 20% to $6,075 per contract, and the International Exchange (ICE) increased its margin requirement 7% to $5,200.

If consumers had a say, NYMEX and ICE would double those margin requirements today, and you'd then see oil and gasoline prices drop to the levels dictated by supply and demand rather than Wall Street greed. Shutting down the speculators' ability to gamble quite so much with borrowed money would be a better answer than releasing oil from the SPR when we don't have a real supply emergency.

Gas is at $4.20 at the Shell station in town today.

It's got to be 4.20 somewhere.

I've no problem with that. I read that some are buying June at $200/barrel already.

3.55 today here in Thomasville NC

:mad: These ****ers need to be tied up naked, and let rats dine on their junk.

Death Valley


4 dollars? pfffft..

http://img832.imageshack.us/img832/7...gasstation.jpg

Holy sh*t.

What kind of ****ing 'tard needs a blind spot mirror on the driver's side?

You should not be allowed to speculate on futures for an inelastic commodity and Goldman should have never gotten a trading exemption that allowed them to speculate on it in 1991.

Somebody too lazy to swivel their neck?

LOL I have one on both. They were there when I bought the car. I'm so used to looking behind me, I've never used them. I cant trust it.

Do some people actually turn their heads to check the driver's side? I never do.

How do you see your blind spot without turning you head?

Between the regular mirror and my peripheral vision, there is no blind spot on the driver's side.

Sure there is. Not as much as the other side, but its there.

**** me.

After looking up Furnace Creek and seeing where it is, I'm guessing gas is always high there since it's in the middle of ****ing nowhere.

Funny thing though, when you go to streetview, you can see the google driver getting gas at this station.

<iframe marginheight="0" marginwidth="0" src="http://maps.google.com/maps?hl=en&q=furnace+creek+golf+course&client=firefox-a&gl=us&ie=UTF8&hq=Furnace+Creek+Golf+Course&hnear=Furnace+Creek+Golf+Course,+Death+Valley,+Californ ia+92328&ll=36.459734,-116.872629&spn=0.021538,0.038418&t=h&layer=c&cbll=36.460083,-116.865405&panoid=02DWPe0M6iklkhuEihlFcA&cbp=12,95.35,,0,36.19&source=embed&output=svembed" frameborder="0" height="350" scrolling="no" width="425"></iframe>
<small>0000FF;text-align:left">View Larger Map</small>

Just read on an Orlando forum that gas by the airport is $5.39 per gallon.

Still think it's crazy Donger? Probably going to be $200/barrel by the end of 2012.

http://www.orlandogasprices.com/

Its on there, but everyone else seem to be in line in the area.

It really surprises me that even an airport station can get away with jacking the price up 2 bucks.

Heh. Same here. Just bought a car 2 weeks ago, and it has them on both sides. Still trying to decide if I like them or not. Definitely makes it so you don't even have to turn your head, but the reflection is so small it takes getting used to.

Well, you must be a frigging salamander, then, because every car has a blind spot. Unless you have one of those giant oversized rearview mirrors (which do the same thing as the tiny blindspot mirror on the driver's door mirror).

And the idea of a blind spot mirror is simple. You're not SUPPOSED to be turning your head 90 frigging degrees to see what's behind you. The idea of driving is that you're supposed to be keeping your head facing straight and your eyes on the road, only moving them off the road to QUICKLY check your mirrors. Turning your head to look for cars in your blind spots isn't much different from texting on your phone or putting on makeup or trying to eat your Taco Bell diarrhea-inducing burrito while driving.

I love the blind spot mirror. One quick glance and I know if it's clear or not. We don't have them on the other cars because my wife hates them--why, I don't know, they only take up one tiny corner of the mirror--so with THOSE cars I have to sprain my ****ing neck trying to look behind me every time I want to merge to the left. It's a pain in the ass.

You probably need them with that battleship you just bought.

I dunno, I have never had a problem with not seeing other cars to my left. Maybe it's because I constantly (as in every few seconds) check my mirrors as I'm driving so I am always aware of what's around me, plus I always keep an eye on my mirror as I'm changing lanes.

Yes, unless things go crazy in the Kingdom. If that happens...

Airport gas stations are ALWAYS higher.

Bring it on...

I am looking forward to $6 a gallon by late summer!

I wonder how many people are going to get suckered into buying a new car with a payment book for a few miles per gallon?

Why is that? I could see a quarter per gal more, but 2 bucks?! WTF?

People returning rental cars and people going, "Oh sh*t! I don't have enough to get home!"

Just taking advantage of motivated buyers.

So its just an accepted form of price gouging.

It's taking advantage of people who didn't plan properly, yes.

AMERICA, **** YEAH!

It's no more "gouging" than a home owner in a more desirable location putting their home on the market for a higher price than a similar home in a less desirable area, IMO.

Donger, please tell the shadow government to stop this madness. Nobody wants to see $6/gal.

No.

Piss on it, if it's 6 bucks a gallon it's 6 bucks a gallon, we will either pay it or walk.....

Damn. :(

Wow. Gasoline now approaching $10/gallon in the UK.

LMAO

**** this shit. **** this thread.

:spock:

I thought this was an interesting take on it:

http://money.cnn.com/2011/03/09/news...dex.htm?hpt=C2

NEW YORK (CNNMoney) -- Hey California, stop whining about $4 gas. As gas prices have surged 13% over the last month, Mississippi is feeling the worst pain at the pump.

Sure, Californians pay some of the highest gas prices in the nation at $3.92 per gallon. But for economic reasons, the Magnolia State has it much worse, even with prices at $3.42.

http://i2.cdn.turner.com/money/2011/...income.top.jpg

Hey, the Royal family has to get their cut.

Oh, shit... http://news.yahoo.com/s/ap/20110309/...re_af/af_libya

LANOUF, Libya – Forces loyal to Moammar Gadhafi struck an oil pipeline and oil storage facility Wednesday, sending a giant yellow fireball into the sky as they pounded rebels with artillery and gunfire in at least two major cities.
Gadhafi appeared to be keeping up the momentum he has seized in recent days in his fight against rebels trying to move on the capital, Tripoli, from territory they hold in eastern Libya. State television claimed Gadhafi's forces had retaken Zawiya, the city closest to Tripoli that had fallen into opposition hands.
There was no was to immediately verify the claim. Gadhafi forces have been waging a heavy siege on the city since last week, and phone lines there have not been working for days. State TV showed a crowd of hundreds, purportedly in Zawiya's main square on Wednesday, carrying images of Gadhafi and shouting "The people want Colonel Gadhafi!"
The fall of Zawiya to anti-Gadhafi residents early on in the uprising that began Feb. 15 had illustrated the initial, blazing progress of the opposition, which has now been blunted.
In the east, an Associated Press reporter at Ras Lanouf near the front line of fighting saw an explosion from the area of the Sidr oil facility, 360 miles (580 kilometers) east of Tripoli. Three columns of thick smoke rose from the area, apparently from burning oil.
Mustafa Gheriani, an opposition spokesman, said the government artillery hit a pipeline supplying Sidr from oil fields in the desert. An oil storage depot also was hit, apparently by an airstrike, he said.
Gadhafi's successes have left Western powers struggling to come up with a plan to support the rebels without becoming ensnared in the complex and fast-moving conflict. On Wednesday, a high-ranking member of the Libyan military flew to Cairo with a message for Egyptian army officials from Gadhafi, but no further details were known.
President Barack Obama's most senior advisers were meeting Wednesday to outline what steps are realistic and possible to pressure Gadhafi to halt the violence and give up power.

That's not good, but I would say that a good chunk of the Libya premium is already in crude pricing now.

OK, time to have our own strike, Read on if you desire.
 

THIS IS NOT THE 'DON'T BUY' GAS FOR ONE DAY, BUT IT WILL SHOW YOU HOW WE CAN GET GAS BACK DOWN TO $1.30 PER GALLON.
This was sent by a retired Coca Cola executive. But it came from one of his engineer buddies who retired from Halliburton. If you are tired of the gas prices going up AND they will continue to rise this summer, take time to read this please.

Phillip Hollsworth offered this good idea.

This makes MUCH MORE SENSE than the "don't buy gas on a certain day" campaign that was going around last April or May! It's worth your consideration. Join the resistance!!!!

I hear we are going to hit close to $ 4.00 a gallon by next summer and it might go higher!! Want gasoline prices to come down? We need to take some intelligent, united action.The oil companies just laughed at that because they knew we wouldn't continue to "hurt" ourselves by refusing to buy gas. It was more of an inconvenience to us than it was a problem for them. BUT, whoever thought of this idea, has come up with a plan that can Really work. Please read on and join with us!

By now you're probably thinking gasoline priced at about $2.00 is super cheap. Me too! It is currently $3.08 at Arco and Costco for regular unleaded in Salem , Oregon and climbing every week. Now that the oil companies and the OPEC nations have conditioned us to think that the cost of a gallon of gas is CHEAP at $1.50 - $1.75, we need to take aggressive action to teach them that BUYERS control the marketplace..not sellers. With the price of gasoline going up more each day, we consumers need to take action.
The only way we are going to see the price of gas come down is if we hit someone in the pocketbook by not purchasing their gas! And, we can do that WITHOUT hurting ourselves.

How? Since we all rely on our cars, we can't just stop buying gas.
But we CAN have an impact on gas prices if we all act together to force a price war.
Here's the idea: For the rest of this year, DON'T purchase ANY gasoline from the two biggest companies (which now are one), EXXON and MOBIL.
If they are not selling any gas, they will be inclined to reduce their prices. If they reduce their prices, the other companies will have to follow suit.

But to have an impact, we need to reach literally millions of Exxon and Mobil gas buyers. It's really simple to do! Now, don't wimp out on me at this point...keep reading and I'll explain how simple it is to reach millions of people!!

I am sending this note to 30 people. If each of us send it to at least ten more (30 x 10 = 300) ... and those 300 send it to at least ten more (300 x 10 = 3,000)... and so on, by the time the message reaches the sixth group of people, we will have reached over THREE MILLION consumers .
If those three million get excited and pass this on to ten friends each, then 30 million people will have been contacted!

If it goes one level further, you guessed it..... THREE HUNDRED MILLION PEOPLE!!!

Again, all you have to do is send this to 10 people. That's all!

(If you don't understand how we can reach 300 million and all you have to do is send this to 10 people.... Well, let's face it, you just aren't a mathematician But I am . so trust me on this one.

How long would all that take? If each of us sends this e-mail out to ten more people within one day of receipt, all 300 MILLION people could conceivably be contacted within the next 8 days!
I'll bet you didn't think you and I had that much potential, did you! Acting together we can make a difference.

If this makes sense to you, please pass this message on. I suggest that we not buy from EXXON/MOBIL UNTIL THEY LOWER THEIR PRICES TO THE $2.00 RANGE AND KEEP THEM DOWN. THIS CAN REALLY WORK. PASS THIS ON WE CAN BEAT THEM!!!

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Seriously, I wish something like this could work, but people just will not get on the same page to do this.

LMAO

WE'RE GONNA BEAT THEM THIS TIME!!!!!1!11!

:facepalm:

I'm going to switch to Pepsi and put Coke out of business.

Heh while I don't have a blindspot mirror, I have something far superior. I have a Japanese passenger side mirror as my drivers side mirror. For me with the top up on the 2 seat convertible the blindspots are pretty massive. With the convex drivers side mirror the blindspots are nonexistant. Using just my 3 mirrors I have pretty much 100% coverage of my car. Personally I can't stand using regular drivers side mirrors anymore. Convex is the only way to go. What want to know is what tard thought that we shouldn't have convex drivers side mirrors too. Probably the same one who thought americans couldn't realize that objects are closer than they appear so we have to scribble it on the mirror.

This idea can go **** itself.

I am nearly empty and can't afford gas for another 2 weeks. Its going to be $5/gal by then. Its already $4/gal now.

Paid $4.20 today.

It's not really an idea.

I'm glad my company buys my vehicle AND gas.

I fail to see how $3.42/gal is worse than $4/gal

Did you read the article? The percentages are what people are spending of their income on gasoline. People in Mississippi makes less than people in California but their gasoline prices aren't hugely less, so they spend a lot more of their income filling up their vehicles compared to Californians.

I didn't read it, and I don't even make what the average Mississippian makes so for me personally that idea doesn't matter.

Have you considered moving to Mississippi?

ROFL

Yeah, that was the first thing in my head after seeing the pic of gas for 5+/gal, and hearing your statement of how gas is over 10/gal for the Brits.

Heh, while this is funny, it absolutely played a part in my wife and I moving to MO. We'd be ****ing homeless in Seattle if we still lived there. Instead we have the biggest house we've ever had, and while things are tough, we're gonna make it. It's legitimate.

Good to hear everything worked out for you.

Take no prisoners. I expect you to own that part of the state in no less than 20 months.

I usta spend two weeks per year in Vicksburg. Houses are astoundingly cheap. But it dawned on me that I could never live there. The natives just don't like me very much. Its like everybody could tell that I'm a surfer hippie lefty dude & they don't like it.

Oh. Yeah, but they have "free" health care.

Crude having a good downward day right now. Down almost 3% but still above $100. It got up to near $107 a couple of days ago.

Hey, looks like me not buying Exxon/Mobil worked! :thumb:

Dude, are you really serious? An email forwarded to you that's probably over a year old about how we can all lower gas prices by not buying gas from a certain company? Are you really serious?

fuck....

http://news.yahoo.com/s/ap/20110310/...saudi_protests

CAIRO – Saudi police have opened fire at a rally in the kingdom's east in an apparent escalation of efforts to stop planned protests.

Government officials have warned they will take strong action if activists take to the streets after increasing calls for large protests around the oil-rich kingdom to press for democratic reforms.

A witness in the eastern city of Qatif says gunfire and stun grenades were fired at several hundred protesters marching in the city streets Thursday. The witness, speaking on condition of anonymity because he feared government reprisal, said police in the area opened fire. The witness saw at least one protester injured.

Yikes.

And crude spiked from $101 to nearly $104 on just the news above.

****! Here we go.

it's supposed to be around 5 bucks by memorial day.

I said, Seriously, I wish......Did you not see the Read On If You Desire ? I didn't say it would, more like a HOPE and CHANGE thought ?

:thumb:

Wish it was that simple.