Oil has been dropping by a few dollars now several days in a row. But just yesterday the majority of the gas stations around here jumped from 4.13 to
4.25 a gallon. What's their excuse this time? Some dog peed on the tracks at the Whiting Refinery again?
I had business up in Wisconsin this afternoon so I filled up there for 4.06.
This is past ridiculous, it's idiotical. The Republicants aren't doing anything. The Dimocraps, as usual, are all talk and no action, or back into their usual ASNG mode (All Show, No Go), with the Republicants learning about the ASNG mode. We ought to fire the bloody lot of them.
The old green back, She ain't what she used to be, Ain't what she used to be, Ain't what she used to be, The old green back, She ain't what she used to be, And crude goes up and up
ALGIERS, Algeria (AP) - The weak U.S. dollar, market speculation and the subprime crisis are the causes for the spiraling price of oil, OPEC's current president said Saturday. He notes that OPEC controls only 40 percent of world oil production, and says the high prices do not reflect market conditions but rather other factors linked to the weakening dollar, market speculation and the U.S. subprime mortgage market turmoil.
But this guy has a different story, the prepackaged one designed for "folks" who need a reason that's easy to digest:
DOHA, Qatar (AP) - U.S. Treasury Secretary Henry Paulson says there is "no quick fix" to high oil prices because it is an issue of supply and demand. "I don't see a lot of short-term answers" on high oil prices, he told reporters Sunday during a visit to the tiny Gulf nation of Qatar. There is "no quick fix."
Same day, two different stories.
Meanwhile:
The price of crude oil today is not made according to any traditional relation of supply to demand. It's controlled by an elaborate financial market system as well as by the four major Anglo-American oil companies. As much as 60% of today's crude oil price is pure speculation driven by large trader banks and hedge funds. It has nothing to do with the convenient myths of Peak Oil. It has to do with control of oil and its price.
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...and finally, it's about time this happened:
"In Washington, meanwhile, the Commodity Futures Trading Commission revealed that it is six months into a wide-ranging investigation of U.S. oil markets, with a focus on possible price manipulation. The CFTC also announced a handful of initiatives designed to increase transparency of the energy futures markets. Disclosure of the investigation may have contributed to oil's declines, analysts said.
The reason given for the decline in the cost per barrel is that demand is falling, esp in the US. I heard on NBC last week that not nearly as many people drove over Memorial Day weekend as anticipated, and it really threw a wrench into the works.
The Indy 500 ran as usual, but they haven't used gasoline for decades. They were using Methanol, but with the push for Ethanol use they have been using that fuel for at least two years.
WOW! We haven't had those kinds of increases here. They sneak the price up. We had one increase of 7 cents once, but the usual increase is 3-6 cents per day.
It has actually remained at $4/gallon since Thursday. Like I said, the increases come immediately, but decreases take time.
The first time Congress investigated oil companies, they used the excuse that, when the price of a barrel goes up, they have to raise prices to meet the price of oil they are buying at the new price.
When the price of a barrel goes down, they leave the price alone, because they have to charge that much for the gasoline in the tanks at the stations.
Yep, I know, you got it, but some of the less erudite among the newsgroup didn't. And they're giving no excuse at all for the 12 cent rise on Friday. I guess we're just supposed to bend over, grab our ankles and take it like a girly man?
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