Wednesday, May 11, 2011

CNBC: "Prices at the Pump Likely to Keep Rising."

I believe it, I just filled up my gas tank at over $4.00 a gallon. I thought prices were supposed to be coming down. I was talking to a gas station attendant recently and was surprised when he said that no customers were complaining. "Really?" I asked. "Oh, people seem to understand," he said. Funny, they didn't when Bush was president. Perhaps the lack of negative media hype leaves people feeling less upset. Funny about that.

11 Comments:

Blogger ZorroPrimo said...

Four days ago I heard that gas was supposed to DROP about 50 cents a gallon during the summer.

I've really given up believing anything anymore.

2:31 PM, May 11, 2011  
Blogger I R A Darth Aggie said...

And yet...

Oil prices tumbled more than $6 on Wednesday as U.S. gasoline futures plunged limit down, triggering a brief halt in trade on the New York Mercantile Exchange.

Source: CNBC

2:42 PM, May 11, 2011  
Blogger TMink said...

Well, there are videos of President Obama saying that his energy policy would require $5 a gallon gasoline. So perhaps his administration is happy with the huge price increase on his watch.

Trey

2:59 PM, May 11, 2011  
Blogger Joe said...

People aren't complaining? Bullshit.

Obama could bring gas prices down tomorrow by simply allowing existing permits to go through and speeding up permits in the gulf. That would signal the markets that supply will increase in the future and will pull the rug out from beneath the speculators gambling on the opposite.

4:06 PM, May 11, 2011  
Blogger Novaseeker said...

The CME Group is trying its best to get rid of the smaller speculators in the market by upping margin requirements for oil futures.

The financial media's own "speculation" is that oil prices are going to continue to come down because "the commodities bubble has burst". That's where the predictions of 50 cent reductions by summer were coming from. That could happen, but it really depends on what happens with the USD and EUR. If the USD remains low, Oil prices will remain highish, whereas if the USD improves (perhaps due to a weakening in the EUR due to fiscal issues there), Oil will go down. That will happen regardless of what the specs in the market do. Of course, whether that's likely to happen is anyone's guess, given that, regardless of what the Eurozone's fiscal worries are, the U.S. has substantial fiscal worries of its own, which also serve to keep the value of the USD low (and oil and other commodity prices high).

4:39 PM, May 11, 2011  
Blogger DADvocate said...

No point in complaining the the clerk, the prices are far out of his/her control.

6:55 PM, May 11, 2011  
Blogger JG said...

"No point in complaining the the clerk, the prices are far out of his/her control."

--

Right.

I don't get the point. Should "someone" (i.e. the Gub'ment) step in?

2:49 AM, May 12, 2011  
Blogger TMink said...

I think the Gub'ment should step out. They are stopping the drilling and stopping the construction of more nuke plants and more refineries.

They are pushing so called electric cars which run on coal as more than 50% of the nation's electricity comes from coal.

Trey

11:06 AM, May 12, 2011  
Blogger Meredith said...

I think a lack of media hype is definitely the X Factor here. When prices rose under the Bush administration, I recall reporters seemingly rooted in front of gas stations, working to create an atmosphere of continual crisis. But under a president with a "D" after his name? Maybe a passing mention of high prices, but usually accompanied with an explanation about why it's not the government's fault or with a a hopeful blurb about how prices could start falling soon. The difference in tone is striking, and I suspect it has a profound impact on the national mood.

9:41 AM, May 14, 2011  
Blogger Comment Monster said...

Don't worry, this will toast Obama. The Republicans can nominate a salad spinner (and they probably will) and it will beat Obama.

10:02 PM, May 14, 2011  
Blogger MarkD said...

The employee on the bottom of the corporate ladder has nothing to do with prices.

I save my ire for the voting booth. The biggest component of the cost of gas, after the cost of crude, is taxes. I refuse to be manipulated by the hypocrites who caused this mashup.

I do not work for the industry. I'm just a guy who won't outsource his thinking to Washington, DC.

8:50 AM, May 16, 2011  

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