US gasoline prices headed higher, government warns »
Posted By STONERS 1 year, 8 months ago in Business & FinanceU.S. drivers will pay much more for gasoline this spring and summer than they did last year because of more expensive crude oil, even though supplies are plentiful and motor fuel demand is lower, the government's top energy forecasting agency said on Wednesday.
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STONERS1 year, 8 months ago
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"The federal Energy Information Administration's next monthly energy forecast on March 11 is expected to revise up its prior estimate that gasoline would peak at around $3.40 a gallon this spring."
"The agency said crude oil prices may fall gradually through 2008, but not enough to give consumers much savings at the pump."
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STONERS1 year, 8 months ago
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"Taking both gasoline market conditions and crude oil prices into account, it is still likely that we will see gasoline prices peaking at a higher level this spring and summer than we did in 2007," the EIA said in its weekly review of the oil market."
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rdy2rckComment removed: Hard Banned13 Replies
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Charlson1 year, 8 months ago
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Not at all happy about this. Food, gas and about everything else going higher and higher. All any of us can do is tighten the belt tighter and tighter. It's looking like the economy is going to be more of an issue than Iraq. Except Iraq is one of the reasons for these higher prices.
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Charlson1 year, 8 months ago
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That's the solution, destroy the environment so there won't be any resources in the future. People like you think in terms of immediate gratification and think only about your comforts and needs. Great American you are. Greedy, rotten and unempathetic to anyone else but yourself.
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Eagle_Eye1 year, 8 months ago
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walden31 year, 8 months ago
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An economic argument can be made for nationalization of certain services and products especially in areas that lead to natural monopolies or oligopoly i.e. high barriers to entry and few competitors.
Please hear me out.
It costs a lot and takes a lot to get into the oil business. Those are two reasons that there are so few players, why they don't have to compete with one another and why there is relatively little drive to innovate.
Now if oil was nationalized you'd have one leader in the industry. It could be run as a non-profit. There would not be a need for different companies to each have infrastructure so there would be savings on property, plant and equipment. Additionally, there would be savings based on economies of scale. And whatever would be given to the owners as earnings could be reinvested in technology or used to lower price.
Lastly, oil is national security and as such maybe the government should control it.
Oil is perfect for nationalization.
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slate1 year, 8 months ago
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LOL yeah lets make those two things non profit,,, the gas would dry up and all the Drs that had been saving your lives will go into some other field where they can use their education to make a profit.
If you want everything for 'free' (which there is no such thing) maybe Cuba or China are a few of your choices. Double E I luvs ya but I think you are so far off base on this one. Governments only steal money to 'give' it to others they don't ever ever earn it or make a product for profit; unless you consider collecting taxes a 'product'.
History has taught us that once it's all FREE then your free will is gone and the government has the power to tell you what you do, when you can do it, what to think and say.
The same people that give you free services and or goods will also decide if you are 'worthy' to live, surely you don't want that EE?
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slate1 year, 8 months ago
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Though Capitalism is far from perfect, it beats the hell out of Communism/Socialism,,,, think about the millions of skulls that have always piled up in every country that went that route to create the 'perfect' society, where everything is free and think if that is something that though 'free' sounds good, do you really want that? It is my honest opinion that this too will pass as it has in the past, the thought of the potential damage going the socialist/communist route is far too great a price to pay over the ups and downs of Capitalism.
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Commodore11 year, 8 months ago
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I'm skeptical. It seems like every year for the past few years they come up w/something like this but it never really pans out or prices just don't go high enough to attract any more attention. I remember when they said a few years ago how prices of heating oil and gas were going to sky rocket and how everyone involved in finance agreed. But it never panned out did it? I think someone is hitting the panic button too early.
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donald511 year, 8 months ago
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Commodore, you are right in that every year the Bush Adminstration gives us excuses why the price will rise... and every year Mobil Exxon sets new record profits, more than any other single business last year! This is why Dumya took all his crony advisors direct from big business to have this "oneness" to take advantage of the average consumer!
And the real atrocity is that Dumya lets it happen with no effort to cut big oil profits.. to the greater demise of most Americans! Oh yah, he said once he'd go after scalping local distributors... and then didn't even do that!
Remember Ted Stevens(R-AK), the bridges to nowhere man, telling the Exxon CEO he didn't even have to tell Congress the truth! Repugs and the Commodore are terrorists!
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simonsez1 year, 8 months ago
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"The agency said crude oil prices may fall gradually through 2008, but not enough to give consumers much savings at the pump."
Key word is "may". It won't happen. High prices are here to stay because 70% of the supply is controlled by sovereign nations using it as a strategic asset.
You can complain about hummers and SUV's, but reductions in mpg's are trumped by expanding markets all over the world.
We will never see cheap gas again and if it a problem for you, you better make the adjustments you need to make.
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walden31 year, 8 months ago
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Do you shut your lights off when your not in the room?
"You can complain about hummers and SUV's, but..."
Then come on at least recognize that a 10% increase in MPG across the board would have an enormous impact. Jeesh, if everyone combined errands and checked tire pressure it would make a difference. Lots of little things add up into big things.
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HomeGManComment removed: Retracted by user
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Origin1 year, 8 months ago
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simonsez1 year, 8 months ago
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Exxon sells nearly a billion dollars of product per DAY worldwide. That is nearly 120 billion in a three month quarter, 350 billion per year.
Their profit is 10 cents on the dollar, not an unfair amount. They are not gauging you, but if that makes you feel better, then continue to believe that.
Fuel may be one of the best values you can find in the marketplace today. Virtually everything else you buy has gone up considerably more.
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donald511 year, 8 months ago
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Dem presidents have demanded investigations for such in the past! No reason not to expect it in the future. Its not like we'll elect another Nixon or Dumya in the near future!
Not like the corrupt Bush DOJ that has stonewalled every case of reported contractor fraud and abuse out of Iraq and Afghanistan, and refused to even look into the gang rape of KBR female employees in the green zone. immunity to American mercenaries! Well, when you release prosecutors for going after Repugs too, then real justice is dead at the Bush DOJ. We can only improve regardless of whom is elected after Dumya!
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markmawn21 year, 8 months ago
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IcCaRus1 year, 8 months ago
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canadianrancher571 year, 8 months ago
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Up here in Canada a country that is a net exporter of oil we have it no better or maybe even worse. Regular gas today is $1.13 per litre, I think that there is 3.96 litres to an American gallon so that put our gas at $4.47 right now and thats with a dollar that is equal.
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TheRealizer1 year, 8 months ago
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It cost me $886.90 to fill my long haul truck last night, and the trucking industry can't continue to absorb the fuel costs.
The price of fuel IS going to affect everyone who buys anything out of a store. Keep in mind the farmer is also affected, he must buy fuel to till, to plant, to harvest, any way you look at it things are getting more expensive.
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IcCaRus1 year, 8 months ago
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Realizer-
"absorb"? youre kidding right? the cost of everything is up! wanna know why? because EVERYTHING we buy gets to the store on a truck. rising fuel costs ARE already being passed on to consumers.
and just so ya know, i drive for a living too, i FEEL your pain because I pay my fuel costs, not my employer.
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canadianrancher571 year, 8 months ago
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TheRealizer- I think that you guys in the trucking industry are just like us farmers we are in a race to the bottom, For a trucker to compete he must be cheap and everytime fuel goes up it makes it harder plus trucks and maitenance keeps rising. These fuel costs are going to hurt everyone regardless whether they conserve or not.
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Tango571 year, 8 months ago
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I just paid 3.24 for a gallon of gas, but not to worry, George said we are not in a recession. Albeit, Greenspan advised the global markets yesterday to drop the american dollar. Here we go....buckle up...it's going to be a rough ride. I recommend buying stock in Exon..
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Tango571 year, 8 months ago
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B1lancer, the problem isn't diminished output, it's demand here in the US. The more you use the less you pay. Demand is in China now. (where the jobs went, remember?) thanks to a defunked NAFTA plan. They say the demand increased here, but after crunching the numbers, our demand has dropped by 20%. The Saudi's have openly stated they would pump more oil if the demand was there, and it's not. So now look at the refinery output, that's the bottle neck..and no US company is building any, wonder why? Take a look at oil profits and you'll find your answer.
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IcCaRus1 year, 8 months ago
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markmawn21 year, 8 months ago
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No we would have just burned through the ANWAR fuel already, and looked at each other and said "that was quick, can we attack Canada now?"
Actually, it would be more profitable to sell than to use domestically, so we probably wouldn't see it anyway.
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IcCaRus1 year, 8 months ago
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you drank the KoolAid, didnt ya?
dont you get it? corporate america is the greediest ****** ever to blemish the face of the earth! if anwar were open wed STILL be paying what we are now! why? because we have to have it, no matter what they charge. they know that, and so will keep raising prices until doomsday....
"thank the dumnmycrats" that just shows your total lack of a clue as to whats going on. democrats are NOT the ones who de-regulate every business they can. democrats are not the ones who turn a blind eye while corporate america rapes the people. most of the blame lies with greedy CEOs who want 7 or 8 figure bonuses, or greedy stockholders who think nothing should stand in the way of profit, even when americaNS are dying because they cant afford heating oil, and the criminals named Bush and Cheney are accomplices.
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texangelwings1 year, 8 months ago
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Just two weeks ago, gasoline in a town 25 miles away, was $2.73 per gallon, while ten miles in another direction, gasoline was $3.09 a gallon.
The high prices of gasoline is the reason why one of my neighbors and I take turns driving to town.
"US gasoline heads higher" and so does the profits of the oil industry and their stockholders.
Thanks STONERS!
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nikkibabe1 year, 8 months ago
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Today, the culprit in White House said at a press conference that he has never heard of high price for gasoline to come soon. He also said there is no recession in the country.
John McCain standing behind his A## smiled showing his dentures are in good shape!!!!!...
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TheRealizer1 year, 8 months ago
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Two standing there, neither one with a clue what goes on out in the country. Both were raised not ever having to face the realities of earning a living in the private sector. One of them seemed surprised that the high cost of crude caused the high price of gas.
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Amazing11 year, 8 months ago
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It will soon be time to pay the piper. There have been riots in Italy over the price of pasta, in India about the price of rice, in Mexico over the cost of tortillas. It will soon be here. Buy gold, ammo and seeds. It's gonna be rough out there.
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Lincoln851 year, 8 months ago
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I think that time has already started with America, there is a war on ideologies, some think we should open the borders, talk to dictators, have socialized medicine, and redistribution of wealth. If you look at the history of the regimes that have done that in the past with those philosophies, it has only resulted in massive devistation.
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bizexpertComment removed: Hard Banned
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bcarter011 year, 8 months ago
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This is simple rebate the gas price is paying for the rebate
they are giving us part of the money that we are being over
priced for gas and that way they wont have to spend money that is going for whatever and this happens every time they need quick money including the war but not limited to
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Ratskii1 year, 8 months ago
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There will be ups and downs in gas prices going forward. No matter what else happens the overall trend will be up. Ask your candidate, no matter which of the three you support, what are they going to do to make America less dependent on non-renewable resources.
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PellerOpin1 year, 8 months ago
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WOW, What a shame!
Speaking of this article, If you would like save more of your dollar, I recently came across a site called BIZLOPEDIA.COM. it is an online shopping search engine that provides that best online shopping sites as well as exclusive deals and savings directly to users on all shopping needs!
Check it out & save big!
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pigibank1 year, 8 months ago
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I listened to bush on NPR yesterday and he was obviously lying when he acted like he didn't know about the almost $4 per gallon gasoline. THe kicker was later in the interview when another journalist asked him something (I forget the topic) and his answer was something to the effect that he hasn't had time because he was working on gas prices. I guess since he was annointed once by the supream court and elected once by the american people, he thinks he can tell us anything and we'll believe it! It's really bad when the President of the United States thinks that the american people are so stupid. Well, on second thought, maybe we're as stupid as he is for putting him in office for a second term.
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