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11-12-2007, 01:48 PM | #496 | |
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11-12-2007, 01:49 PM | #497 | |
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11-12-2007, 01:55 PM | #498 | |
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11-12-2007, 01:59 PM | #499 | |
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11-14-2007, 09:17 AM | #500 |
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National retail average is now $3.10, unprecedented at this time of year.
Pump price to jump 20 cents next 2-3 weeks: government WASHINGTON (Reuters) - U.S. consumers could pay record gasoline prices for the upcoming Thanksgiving holiday with pump costs expected to climb another 20 cents over the next two to three weeks, the government's top energy forecaster warned on Monday. Guy Caruso, who heads the U.S. Energy Information Administration, said not all of the recent jump in crude oil prices has been reflected in motor fuel costs which now top $3 a gallon in many parts of the country, about 80 cents more than a year ago. "We haven't seen the full pass-through (of high oil prices) yet," Caruso told reporters at a briefing on oil market conditions held at Energy Department headquarters. "I would say what's in the pipe right now (for gasoline) is about another 20 cents." If the projected gasoline price materializes it would be the most consumers have ever paid to fill up at Thanksgiving and could break the all-time high of $3.22 a gallon set last May. The national average retail pump price has already jumped by 25 cents since mid-October, reflecting soaring crude oil costs, which for U.S. oil hit a record $98.62 a barrel last week. The price of crude accounts for about half the cost of making gasoline. So far, healthy gasoline imports from Europe and weaker driving demand for this time of the year has helped soften some of the price spike, Caruso said. Caruso said high prices are the result of strong global oil demand and tight supplies. "There's very little cushion in the market ... consumption outpacing production," he said. "We've seen steadily declining (oil) inventories." OPEC ministers are scheduled to meet in early December to review their oil policy. Karen Harbert, the assistant energy secretary for policy and international affairs, said the Bush administration has not received any messages from OPEC officials on whether the group will increase output. "We hope they will take action when it's necessary to ensure there is a much more calm and mutually beneficial (oil) marketplace," she told reporters at the same briefing. Caruso warned that if the group does not boost oil production levels, crude oil prices will stay "well above" $80 a barrel and push gasoline costs higher during next spring's busy driving season.
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11-14-2007, 11:25 AM | #501 | |
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i find it very odd that pre war price of oil was about 32 bucks.....now...it is giving 100 the old "hows ya father" whats your take on this Donger? yes i know the donger needs food but that can wait
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11-14-2007, 11:29 AM | #502 | |
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11-14-2007, 11:38 AM | #503 | |
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Wednesday November 14, 10:07 am ET By Pablo Gorondi, Associated Press Writer Oil Prices Jump As Investors Parse OPEC Chatter and Buy Back Into the Market After Declines http://news.yahoo.com/s/ap/20071114/.../oil_prices_67 *quick blurb* High oil prices were unlikely to fall significantly, International Energy Agency Executive Director Nobuo Tanaka said. "In the medium-to-long term, our energetic forecast (sees) very high prices again, I don't say $100 but our function is that the current average level of $65 ... may continue. It will not go down to $20-30," Tanaka said in Rome on the sidelines of the World Energy Congress. "The market is sending a very strong signal that we need more oil, we wish this will happen, but certainly the decision is for the producers," Tanaka added. "I'm not saying that $100 is right, but high energy price is a fact of life, and we have to live with that." which contradicts Oil Off More Than $3 on Demand Forecast Tuesday November 13, 5:35 pm ET By John Wilen, AP Business Writer Crude Futures Fall to Near $91 After IEA Cuts Demand Forecast and Iran Hands Over Documents http://biz.yahoo.com/ap/071113/oil_prices.html?.v=24 ------------------------------------ *quick summary* prices are hurting demand. ******************* if you ask me that shows theres a bubble b/c the only way prices can stay high is by trying to buy it up. so more buyers and sellers are cannibalizing each other
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11-14-2007, 11:45 AM | #504 |
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I wouldn't be surprised if the current price is reducing demand. But, the chances of a net global decrease are still very slim, IMO.
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11-14-2007, 11:53 AM | #505 |
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For the first time ever it cost me over $60 bucks to fill up my Envoy. I was alittle shocked by it.
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11-14-2007, 11:56 AM | #506 | |
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there will come a point when buyers and sellers cant cannibalize anymore b/c the false luster that made oil attractive is that it was low (compared to now!) so it could of and did go up UP UP. but lets say oil does go to 100....well to be realistic theres only so much more it can go before oil implodes b/c its price renders it worthless. as the result of the speculative bubble the price of gas is flowing to consumers.........prices will continue to rise (yes i know, im mr obvious) however. since most of this country makes less than 50k a year and the middle class is being pounded by bad government with wrong priorities....there is a price that says..i cant afford to buy gas. which either means...you quit your job and find another and taking a pay cut makes thigns worse...or you walk to work, use public transportation (if we ever get it......) or you (meaning the US/world consumers) go into a large amount of debt tryign to fund fuel for daily necessities (i.e. work) if that ladder happens then kiss the US econ goodbye as the debt will implode on us all, the dollar will be less than worthless and the economy will grind to a screeching halt faster then the crowd covering there ears ,who saw Rosanne Barr (or Arnold) sing the Star Spangled Banner. This goes perfect with mr Ben (i hate the economy) bernanke who seems to think that continious injections of low interest funds into the ECONOMY can somehow not spark inflation.
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11-14-2007, 12:00 PM | #507 | |
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we rarely drive that now and rely heavily on our infiniti (smaller car)
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11-14-2007, 12:01 PM | #508 | |
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11-14-2007, 12:03 PM | #509 | |
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I realize that high gasoline prices will hurt Americans and I've speculated (perhaps in this thread) what price will force Americans to alter their driving behavior to the point that US demand falls. I think we are very close to that now.
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11-14-2007, 12:05 PM | #510 | |
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