The price of gasoline

[Pat Carry]

Who in the world is jacking up the price of gasoline of late? Just in the past 8 days it has gone up here in northern Illinois 40 cents a gallon!! I just dont see how that is possible.

[eagle21]

Who in the world is jacking up the price of gasoline of late? Just in the past 8 days it has gone up here in northern Illinois 40 cents a gallon!! I just dont see how that is possible.

Supposedly it is because of the threat of Iran to "close" the Straits of Hormuz. The price for a barrel of oil jumped up two dollars overnight.

But, I think some oil executive just needed to make a payment on their new Christmas Ferrari or Lambo, because that is just as good an explanation as any.

JMC

[Obergrafeter]

Still less than $3 gallon here.

[cooper9411]

Around $3.50 a gallon here in Ohio. Everytime you turn around there is another excuse as to why gas goes up.

[b29flteng]

It's called free market capitalism.

I think it works quite well.

[cooper9411]

The government has no problem sticking their nose where it don't belong and regulating other things, but can't do anything about gas prices!

[Planebeach]

Well here in Norway its $8.20 for a US gallon

[cooper9411]

Well here in Norway its $8.20 for a US gallon

I guess I'd be doing a lot of walking or bike riding if I was there!

Last edited by cooper9411 on Sat Dec 31, 2011 8:04 pm, edited 1 time in total.

[pjpahs]

I believe that the way the markets operate that even if the U.S.A. produced all the oil it needs, without imports, that the price at the pump would be basically the same. Country Mark is a small refiner in southern Indiana that refines approx. 27,000 barrels per day. It's crude comes from domestic wells in the Illinois basin and is 100% american. The pump price is about the same as the others. If you should happen to find gold on your property you wouldn't sell it at a discount just because you got it cheaply from your backyard, you would sell it at market price. It p---es me off too about the way the gas price jumps for no reason , but what yah gonna do. I bought a Hybrid at 47mpg a small SUV that doubles my pick-up mileage. The truck now plows snow and hauls supplies and a dead deer when I'm lucky.

[Enemy Ace]

commodity speculators in the oil/ gas markets influence the spot price that the oil companies charge based on the price of delivery contracts. Has little to nothing to do with reality but instead on the very short term perception of reality by traders and the need for market volatility in order to create trading opportunities.
a good example of wild speculation being passed off as "wonderful capitalism" mr. b29 engneer. Nothing like having the life blood of the economy controlled by a bunch of 20 something kids in the trading pits.

[RyanShort1]

I thought I heard that it was because the ethanol subsidy was ending...

Ryan

[bgp429]

I thought I heard that it was because the ethanol subsidy was ending...

Ryan

Haven't heard that but hope your correct. The ethanol farse has increased the cost of nearly everything we eat or drink.

Prediction is the national average price this summer will be well over $4.

[Stanley Pickle]

Expect the price of gas to go way over $4 per gallon by summer. The turmoil in the middle east, our dependence on their oil and buying oil futures on the commodiites market will drive the price WAY UP. If things escaluate in the middle east between Isreal and Iran it's possible there will be gas rationing and $6 per gallon prices.

The people that are preventing America from becoming independent of middle east oil should all be investigated and incarcerated for high crimes and treason. It's unthinkable that 40 years after the oil embargo of 1973 we are still depending on Middle East oil.

[davidbray]

I thought I heard that it was because the ethanol subsidy was ending...

Ryan

Haven't heard that but hope your correct. The ethanol farse has increased the cost of nearly everything we eat or drink.

Prediction is the national average price this summer will be well over $4.

Seriously dude? Ethanol costs you nothing in food prices. Food prices are higher now because oil prices are going up. It has nothing to do with ethanol, farmers, or subsidies. By the time food gets to the shelves, it has been transported using fuel no less than probably 7 times. This is only counting field onwards. If you want to blame someone for your expensive corn flakes, blame OPEC.

Don't screw with the farm kid's knowledge on ethanol, and don't believe everything you read/hear on the news.

[Pat Carry]

Expect the price of gas to go way over $4 per gallon by summer. The turmoil in the middle east, our dependence on their oil and buying oil futures on the commodiites market will drive the price WAY UP. If things escaluate in the middle east between Isreal and Iran it's possible there will be gas rationing and $6 per gallon prices.

The people that are preventing America from becoming independent of middle east oil should all be investigated and incarcerated for high crimes and treason. It's unthinkable that 40 years after the oil embargo of 1973 we are still depending on Middle East oil.

Love your user name! Welcome to the WIX