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rulemylife -> RE: $4-$5 gallon gas on the way/Gas prices up 28 cents in 10 days! (3/7/2011 8:44:35 PM)
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quote:
ORIGINAL: willbeurdaddy
quote:
ORIGINAL: EternalHoH
You could speed up drilling all you want, you could open up all undrilled area to drilling, and you could embrace all those green fads you want, and NONE OF IT solves 90% of the problem overnight as RETURNING previously-existing regulations to the futures market does.
What good does drilling more, drilling faster do when the incremental output from that is manipulated in the futures markets too?
Its never has been about the actual supply of oil. Its has always been about INVESTOR demand driven by a crisis trigger, not refinery demand
September 22, 2008 was the day of the record $25 spike in oil prices in a 24 hr period. It was the first trading day (monday) after Bernanke & Paulson ran to congress saying they needed $800 billion or we wouldnt have an economy the following week. But its good to know that if we had been doing that extra drilling all along, it would have resulted in only a $24.50 record price increase instead.
YOU are da man with da plan!
Such nonsense.
Do you know what happened to oil and gas prices when Bush lifted a mortartorium on drilling? They dropped immediately.
SPECULATION CANNOT MATERIALLY IMPACT THE PRICE OF DELIVERED OIL. PERIOD.
Willbeur, I know you like to pretend you are a financial genius but once again you prove yourself totally clueless.
U.S. gas prices about much more than oil
Gas prices rise when oil prices rise, and fall when oil prices fall — except when they don't. What you pay at your gas station depends on an array of factors, from what happens on an exchange in New York to what the competition is charging.
This can rankle drivers, especially these days. Gas reached a national average of $3.51 a gallon on Monday. That's up 14 cents, or 4 percent, over the past week. The week before, the average rose 20 cents, the steepest increase since September 2008.
A year ago, the price was $2.75. The average is the highest it's ever been this time of year, and analysts expect it to climb higher in the coming weeks.
Unlike an iPhone or a pair of jeans or a Big Mac, oil and gas are commodities, and their prices can change every second at the New York Mercantile Exchange and other trading hubs. Those far-off changes affect the cost of the next day's commute.
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