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Oil hits a high some in U.S. see $4 gas by spring »

Posted by: not2needy 1 year, 10 months ago

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Gasoline prices, which for months lagged the big run-up in the price of oil, are suddenly rising quickly, with some experts fearing they could hit $4 a gallon by spring. Diesel is hitting new records daily and oil closed at an all-time high on Tuesday of $100.88 a barrel.

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not2needy

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I am a Christian, Wife, Mother of one son, Liberal, and retired social worker. I enjoy my computer, gardening, reading, cooking and ...

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not2needy
Feb. 29, 2008, 12:31 p.m.
FTA:
The increases could not come at a worse time for the economy. With growth slowing, high energy prices that were once easily absorbed by consumers are now more likely to act as a drag on household budgets, leaving people with less money to spend elsewhere. These costs could exacerbate the nation's economic woes, piling a fresh energy shock on top of the turmoil in credit and housing.
I guess 11 billion isn't enough of a profit for Exxon, and they are definitely making hay while the sun shines, taking full advantage of our govt allowing them to walk all over us.
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Will1313
Feb. 29, 2008, 1:46 p.m.
The administration had paid back their backers.... probably more than ever imagined.. Bush / Cheney will certainly be in the OILMAN'S HALL OF FAME....
Invasion of Iran would be the real topper.. disrupt oil flow to the entire world....
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texangelwings
Feb. 29, 2008, 1:58 p.m.
While the profits are raked in by people who already have more money than anyone would need, to be comfortable and healthy, these trolls are charging us more!
The rising prices is one reason why I sold my pickup truck last year, I miss my pickup truck..:( My pacifica gets 21 mpg and is almost paid off. I need to start looking for a car that gets better gas mileage! I like the mini-cooper, but don't know about the gas mileage.
The gasoline pumps here are now supplying a mix of gasoline and ethanol. The prices are not any cheaper with the ethanol added to the gasoline!
Good article, thanks not2needy!
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mozzer
Feb. 29, 2008, 3:02 p.m.
Looks like I'll be taking the bus to work again.
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nikkibabe
Feb. 29, 2008, 8:03 p.m.
Congratulations neo conservatives and Iraq invasion hawks.
Your crooks ruling DC created this fiasco by invading and occupying Iraq and stopping the flow of cheap oil Sadam was pumping under the "oil for food" program.
Saudis are happy (Bush business partners), Exxon Mobil is happy (Bush & Cheney oil lobby).
How much did these perpetrators bank roll?
May be John McCain can answer that question. He cannot just stand behind Bush & Cheney and smile showing that his dentures are in good shape!!!!!!!!!!!!!!!!!!!!!!!
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jaern
March 1, 2008, 7:06 a.m.
Wasn't it funny how Bush had to hear about $4/gal gas from a reporter? I'm glad he didn't reply with "Sweet!"
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Xaos
Feb. 29, 2008, 10:16 p.m.
Please pardon me for repeating a group of 3 posting but I wanted to share just a few of the facts about high energy prices. This is stuff that everyone probably already knows but hey, I feel this info needs shared.
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Xaos
Feb. 29, 2008, 10:17 p.m.
Lets look at a few of the facts about high Energy prices;
U.S. Crude oil inventories are running near all time highs
Gasoline inventories are at 16-year highs
Demand is dropping due to a slowing economy
As of the fall of 2007 a glut existed in the natural gas market
Natural gas usage has been relatively flat over the last few decades
Prices in all energy markets are at record highs
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Xaos
Feb. 29, 2008, 10:17 p.m.
Ok, now a few more facts;
In late 2000 The Commodity Futures Modernization Act was signed into law (this bill was sponsored by then Senator Phil Gramm, who received extensive contributions from Enron) This act contained loopholes that could be used to manipulate the Commodity Futures Market.
In the last 7 years energy prices have increased by over 6 times
President Bush after taking office ordered that the Strategic Petroleum Reserve be brought to full capacity, in early 2007 he ordered that the capacity of the Strategic Petroleum Reserve be expanded.
Over the past 7 years the major U.S. Oil companies have broke profit records several times
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Xaos
Feb. 29, 2008, 10:17 p.m.
And some interesting stuff;
U.S. oil infrastructure has suffered at least 2 to 3 major incidents per year over the last several years (refineries blowing up, pipeline failures, etc) despite making record profits.
A large investment bank selling off their energy holdings sparked the sell-of responsible for the large drop in oil and gasoline prices in the fall of 2006.
Ethanol projects are going bust or folding before they ever get started due to high corn prices.
Senator Phil Gramm is John McCain's economic advisor.
Just a few tidbits to let everyone look at and think about, you can draw your own conclusions.
As far as my sources go I can provide them for any one who ask though it may take me some time to list them all.
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fireman26
March 1, 2008, 9:01 a.m.
PEOPLE
we are being screwed by big oil congress tried to
pass a bill but big oil blocked most of it should oil
be a commodity? something that controls so much of are economy be traded by a few? and exxons/mobile profits were alot higher then 10billion its more like 40billion for the year when is enough- enough unless we the people do something its going to get worst
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Cityslicker
March 1, 2008, 10:10 a.m.
Oh man you took the story away from STONERS .
Gasoline is high and going to get higher , NO WAY , it's still a quarter ($.25) in Venezuela .
Talk all we want it solves nothing , even getting more fuel efficient cars will not help , if everyone drove cars that got 100 miles to the gallon , Oil Companies would raise the price to compensate for it . Lose , lose for us and win , win , for Big Oil .
Remember when Diesels enjoyed a price savings , the Environmentalist saw to it that ended , lobbing for cleaner Diesel Fuel which raised the price .
Three main groups to point fingers at , Environmentalist (who really work for Big Oil) , Commodity Traders , and of course Big Oil Companies .
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NYlizardqueen
March 1, 2008, 11:13 a.m.
Why doesn't anyone in GVT step up to plate and help us? Why is it that we owe all this money to China, and we cannot have help here with oil? You notice no other country helps us out, yet the US GVT helps everyone else. Seriously what do the Elite care about us for? If he gets a profit off of EXXON/MOBILE, he wouldn't help a US citizen out, instead make his pocket wider with the greens, then my q to all of you Repubs out there is, why did you vote for him? Stop voting for Rich Repubs who want to ruin our economy system.
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ghengisghan
March 1, 2008, 12:39 p.m.
WHATS THE PROBLEM? You liberals and treehuggers have for YEARS said we need to be paying 6 bucks a gallon like the EU countries...Oh yeah, thats right you meant "rich" people!Just like helping people, you help them with other peoples money.
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zgirl1974
March 4, 2008, 7:02 a.m.
No one thought gas would hit $1 a gallon let alone $4.00. It's the cost of us depending on foreign oil...the u.s. alone consumes more oil than anyone else on earth!