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Wed Feb 13, 2013, 06:01 AM

Gas prices hit a historic high: What's driving them up?

A combination of high crude prices, refinery shutdowns, and early speculation has sent gas prices soaring to seasonal highs earlier than usual this year, with no signs of prices at the pump falling until spring, according to recent estimates.

Gas prices have climbed every day for the past 25 days, reaching a national average of $3.59 per gallon Monday, the most expensive national average ever for Feb. 11, according to AAA.

During just the past two weeks, average prices have climbed almost 25 cents, the biggest jump in gas prices in almost a year.

http://www.csmonitor.com/Business/2013/0211/Gas-prices-hit-a-historic-high-What-s-driving-them-up?nav=87-frontpage-entryNineItem

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Reply Gas prices hit a historic high: What's driving them up? (Original post)
Sherman A1 Feb 2013 OP
sunwyn Feb 2013 #1
leftyohiolib Feb 2013 #2
Berlum Feb 2013 #3
fasttense Feb 2013 #4
mac56 Feb 2013 #9
Puzzledtraveller Feb 2013 #8
glowing Feb 2013 #5
hobbit709 Feb 2013 #6
Tikki Feb 2013 #14
Freddie Stubbs Feb 2013 #21
Tikki Feb 2013 #23
oneshooter Feb 2013 #7
Spider Jerusalem Feb 2013 #10
libtodeath Feb 2013 #11
oldhippie Feb 2013 #18
Fight2Win Feb 2013 #12
Fight2Win Feb 2013 #16
kelliekat44 Feb 2013 #13
Proud Liberal Dem Feb 2013 #15
Initech Feb 2013 #17
sinkingfeeling Feb 2013 #19
healthnut7 Feb 2013 #20
Myrina Feb 2013 #22

Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 06:06 AM

1. 3.75 here in sw ohio

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Response to sunwyn (Reply #1)

Wed Feb 13, 2013, 06:08 AM

2. same in cleveland

 

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 06:10 AM

3. Went up to $4.40 during the Republican reign of George AWOL Bush (The Lesser)

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Response to Berlum (Reply #3)

Wed Feb 13, 2013, 06:23 AM

4. Yup, when the bushes took over our nation,

 

I could buy a gallon of gas for 99 cents, when the idiot left office, I was lucky if I could get it for under $4.00.

Next time you get upset about the high cost of the gas thank a RepubliCON.

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Response to fasttense (Reply #4)

Wed Feb 13, 2013, 09:00 AM

9. And I recall the Dim Son bragging after his first "election"

about how he was going to persuade his OPEC buddies to open up the spigots a little more.

Wonder how that worked out.

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Response to Berlum (Reply #3)

Wed Feb 13, 2013, 08:56 AM

8. Seriously?

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 07:03 AM

5. They list the last item that is really driving the price

 

and that is speculation. It's so time to move off this oil shit.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 07:07 AM

6. Because they can.

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Response to hobbit709 (Reply #6)

Wed Feb 13, 2013, 10:39 AM

14. This is the right answer.

No need to speculate.


Tikki

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Response to hobbit709 (Reply #6)

Wed Feb 13, 2013, 11:10 AM

21. Why aren't they higher?

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Response to Freddie Stubbs (Reply #21)

Wed Feb 13, 2013, 12:56 PM

23. Prob some kind of penalty kicks in if not spread out over year/quarter/whatever..

They got people who know how to play the game...







Tikki

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 08:54 AM

7. $3.35 in south east Texas

But that is for Shell regular.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 09:05 AM

10. One word: China



Conventional crude oil production has been flat since 2005. Shale oil, tar sands, and deepwater are making up some of the shortfall in conventional crude, but those resources are not economically viable with oil below a certain price point ($80-100 a barrel or so). The US still imports about half its oil; therefore US fuel prices are determined largely by the world market price, which is determined by demand (limited supply of oil, increasing demand from China and other developing countries). Total world demand for oil has increased by over 20 million barrels a day in the last 15 years or so; China alone has accounted for nearly a third of that increased demand.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 09:19 AM

11. When will there be an uprising demanding we nationalize the oil companies

they will report record profits and then slide the price back a little until oh lookey it is soon the summer driving season so the prices soar again.
We are endlessly trying to survive with a corporate boot on our neck.

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Response to libtodeath (Reply #11)

Wed Feb 13, 2013, 10:45 AM

18. About the same time we nationalize the health care system .....

 

And the banking industry, and transportation ...

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:31 AM

12. Doesn't everyone here know it was the Koch brothers by now?

 


Koch brothers introduced speculation, that is how they are buying the country now....

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Response to Fight2Win (Reply #12)

Wed Feb 13, 2013, 10:42 AM

16. Koch brothers stole from us to buy our politicians and even more legislation, now in every state

 


Koch Industries CEO Charles Koch
In April, ThinkProgress caused a stir when we uncovered a series of Koch Industries corporate documents revealing the company’s role as an oil speculator. Like many oil companies, Koch uses legitimate hedging products to create price stability. However, the documents reveal that Koch is also participating in the unregulated derivatives markets as a financial player, buying and selling speculative products that are increasingly contributing to the skyrocketing price of oil. Excessive energy speculation today is at its highest levels ever, and even Goldman Sachs now admits that at least $27 of the price of crude oil is a result from reckless speculation rather than market fundamentals of supply and demand. Many experts interviewed by ThinkProgress argue that the figure is far higher, and out of control speculation has doubled the current price of crude oil.

http://thinkprogress.org/report/koch-oil-speculation/

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:35 AM

13. Greedd and the power to raise prices. nt

 

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:41 AM

15. Another day

Another excuse.



BTW do they not ever plan for these shutdowns/maintenence, etc. Must be a great gig to be able to shut down your factories/refineries, raise your prices, and then blame the resulting increases on shutting down.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:45 AM

17. After hours derivitives trading. And greed.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:45 AM

19. The answer's always the same: greed.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 10:55 AM

20. OPEC is!

They don't have to have a reason, it seems, they do it just because. In Canada there is an abundance of it and we pay more then in the USA.

If there is a holiday coming up they crank it up, knowing people will be travelling. Then once everyone is back it goes down a little.

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Response to Sherman A1 (Original post)

Wed Feb 13, 2013, 11:13 AM

22. The Dow is up, speculation is up.

Therefore, gas prices are up.

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