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View Full Version : Oil prices rise. US costs, OPEC sales hit records


MasterOfPuppets
12-11-2011, 04:03 PM
ya gotta love how they use the "supply vs demand" line for jacking prices up when they intentionally lower the supply ...:mad:
if anyone still is in doubt that there are forces at work intentionally try to destroy the worlds economies (NWO)... time to pull your head out of the sand and re-examine some of those cooky conspiracy theories. they make more sense than anything the government offers up.


American drivers this week broke a record that will bring them no joy.
They collectively spent more than $448 billion on gasoline since the beginning of the year, according to the Oil Price Information Service, putting the previous record for gas expenditures — set in 2008 — in the rearview mirror with weeks of driving still to go.
It's also a huge jump over last year, when U.S. (http://www.csmonitor.com/tags/topic/United+States) drivers spent more than $100 billion less on gas.
thats 100 billion that americans couldn't put into other parts of the economy , and they wonder why we're circling the drain.


The major reason for the record-setting gas spending in 2011 was that oil prices were consistently high all year. And that probably brought joy at the other end of the pipeline. The Organization of Petroleum Exporting Countries (http://www.csmonitor.com/tags/topic/OPEC) is on pace to top $1 trillion in net oil exports for the first time, or 29 percent more than last year.
Next week, OPEC convenes to discuss production levels. Analysts held out little hope that the group, which pumps 40 percent of the world's oil, would raise output to lower prices and boost the economic recovery in the U.S. and Europe (http://www.csmonitor.com/tags/topic/Europe).
"They won't do anything," said Fadel Gheit (http://www.csmonitor.com/tags/topic/Fadel+Gheit), senior oil analyst at Oppenheimer (http://www.csmonitor.com/tags/topic/Oppenheimer+Holdings+Inc.) and Co. "They can lay the blame on the banking sectors and debt, and they are happy to keep providing oil at what are record prices for this time of the year."
On Friday, crude oil for January delivery gained $1.07 to close at $99.41 a barrel on the New York Mercantile Exchange (http://www.csmonitor.com/tags/topic/New+York+Mercantile+Exchange). NYMEX oil prices are up 8.8 percent so far for the year.
At the pump, gasoline prices hit a record for this time of year. On Friday, average price of a gallon of regular gasoline was $3.293, according to the AAA Fuel Gauge Report (http://www.csmonitor.com/tags/topic/AAA+Foundation+for+Traffic+Safety). That's 28.5 cents a gallon higher than the record for a Dec. 9, set in 2007. It was 31.8 cents higher than last year.
Burbank, Calif. (http://www.csmonitor.com/tags/topic/California), resident Dan Bell, 38, said he recently turned down a higher-paying job because he would have had to spend too much on gasoline to get there.
"I just hate the fact that OPEC is making that much money," Bell said. "There's not much we can do. We still have to go to work."
According to the Energy Department (http://www.csmonitor.com/tags/topic/U.S.+Department+of+Energy), the demand for vehicle fuel has been about 4 percent lower this year than in 2010
but yet they tell us changing driving habits will lower fuel prices...

. And domestic production of oil is on the rise. DRILL BABY DRILL THEN ..SHIP BABY SHIP
But increasing amounts of oil produced in the U.S. are going to other countries. For the past three weeks, U.S. refineries have had a record high level of fuel exports, averaging about 2,984,000 barrels a day to markets overseas, the Energy Department said.
That was more than 600,000 barrels a day higher than last year and more than twice as much as was exported in 2008.

MACH1
12-11-2011, 04:42 PM
"Under my plan energy costs will necessarily skyrocket"

Thats about all we need to know.

MasterOfPuppets
12-11-2011, 05:30 PM
"Under my plan energy costs will necessarily skyrocket"

Thats about all we need to know.
the point is mach , these crooks keep spoon feeding us the thought that if we recovered more of our domestic oil (drill baby drill) , we'd see lower prices at the pump. well thats a huge crock of shit. the government subsidizes oil companies , and then gives them their blessing to ship it to the highest bidder overseas. all whiles playing lip service to "we need to end our dependence on foreign energy " . here's a summary... import oil at a high cost and blame said high cost on opec... export all recovered domestic oil and scream oil shortage while raising the prices at the pump.

its the classic "bait and switch".

MACH1
12-11-2011, 06:59 PM
Obama shooting down the canadian pipeline deal doesn't help much either. With all the rules and regulations it's about impossible to 'drill baby drill' and drilling in the gulf is banned by obama unless your a foreign country then it's a green light. This administration could drop the price of gas overnight if it wanted too. They want us peons to get use to paying $4 a gallon till the next disaster or crisis comes along and we'll be looking at $7 a gallon.

Hell, I don't think they could build a new refinery with all the bs regulations.

MasterOfPuppets
12-11-2011, 08:54 PM
Obama shooting down the canadian pipeline deal doesn't help much either. With all the rules and regulations it's about impossible to 'drill baby drill' and drilling in the gulf is banned by obama unless your a foreign country then it's a green light. This administration could drop the price of gas overnight if it wanted too. They want us peons to get use to paying $4 a gallon till the next disaster or crisis comes along and we'll be looking at $7 a gallon.

Hell, I don't think they could build a new refinery with all the bs regulations.
did you ever ask yourself why build a pipeline all the way across the country instead of building a refinery closer to canada ?
why ?... to make it easier to load the oil onto ships to export it is why.
that pipeline , would be paid for by US taxpayers , but we won't see a bit of return from it. i'm sure it will get built , the politicians just got to sort out who's bank accounts increase and by how much.

ricardisimo
12-12-2011, 03:37 AM
did you ever ask yourself why build a pipeline all the way across the country instead of building a refinery closer to canada ?
why ?... to make it easier to load the oil onto ships to export it is why.
that pipeline , would be paid for by US taxpayers , but we won't see a bit of return from it. i'm sure it will get built , the politicians just got to sort out who's bank accounts increase and by how much.
And Bingo was his name-O.

MasterOfPuppets
12-12-2011, 12:12 PM
U.S. Gas Prices Still High as U.S. Exports Gasoline


It may surprise many people that the United States is exporting a record amount of gasoline, even as U.S. gas prices hover around $4 a gallon domestically.
Rather than bring down gas prices in the U.S., domestic oil companies are selling their gasoline overseas for big profits. It appears that profit trumps patriotism again.
According to the U.S. Energy Information Administration (EIA), the U.S. exported 430,000 more barrels of gasoline a day than it imported in September, That is about twice the amount at the start of the year, and experts and industry insiders say the trend is here to stay.
The U.S. began exporting gas in late 2008. For decades prior, starting in 1960, the country used all the gas it produced here plus had to import gas from places in Europe.
Demand for gas has dropped nearly 10% in recent years. It went from a peak of 9.6 million barrels a day in 2007 to 8.8 million barrels today, according to the EIA.
The drop was caused partially by the recession but also by the advent of more fuel efficient vehicles, higher prices and the greater use of ethanol as an ingredient in gasoline. Demand for other products made from crude oil like diesel and jet fuel has also declined, although not as much.
The United States is still importing plenty of oil to make that gasoline -- and is still dependent on foreign countries for well over half the crude it uses. (Read: OPEC: We want clean energy.)
But now the country's massive refining infrastructure is producing more gasoline, diesel and jet fuel than the United States needs, freeing it up to be exported to places like Brazil, Mexico and Chile where demand is still strong.
Itmay be bewildering for American drivers, who could experience record high gas prices next year even though U.S. demand could hit the lowest level in a decade, said Tom Kloza, chief oil analyst at the Oil Price Information Service.

"I can understand it, from a truck driver's perspective," said Kloza. "You're paying $4 or $4.50 a gallon to run your rig, yet we're exporting the crap out of this fuel. I'd be outraged too."



why is shit like this never brought up during political debates ? all we ever hear is how these high prices are our fault because of our "addiction" to oil... demand trumps supply ... drive more fuel efficient vehicles.... car pool...:blah:

this crap is right up there with food prices going out of control , but yet farmers are paid to NOT grow crops...

MasterOfPuppets
01-24-2012, 12:24 PM
here's a couple articles to chew on if you think that "drill baby drill " or building the pipeline will ease our gas pump woes...

U.S. Oil Exports Reach Record Highs; That’s Right…Exports
Monday, September 05, 2011

Funny how politician after politician keeps talking about the necessity to drill for more oil in the U.S., be it in Alaska or in the Gulf of Mexico or on public lands—considering that America has been breaking records this year for exports of petroleum.

According to the U.S. Department of Energy (http://www.allgov.com/Agency/Department_of_Energy), American exports of crude oil and refined petroleum products are higher than they’ve ever been. In April of this year, oil companies sold nearly three million barrels overseas—which was double the amount sold four years earlier (April 2007).

Since April 2011, exports have tapered off somewhat, to about 2.6 million barrels a month. But even at this rate, petroleum sales to other countries are higher than at any time recorded from the beginning of 1989 to the end of 2010.

Meanwhile, U.S. and Canadian oil firms are lobbying the Obama administration to approve the construction of the controversial 1,661-mile transcontinental Keystone XL pipeline that would carry tar sands oil from Canada (http://www.allgov.com/nation/Canada) to Texas refineries. This development would mean more export profits for oil companies, as some of the oil sands would be refined for overseas use.



Historically High Oil Exports Helping Keep Gas Prices High

Many Americans know supply and demand can make an impact on how many dollars they shell out at their local gasoline station--the lower the supply the higher the price. Is part of the reason supply is low because refiners are keeping it there deliberately while sending refined oil overseas?
Refiners have been shipping historically high amounts of refined products out of the U.S., much of which is bound for Europe or Asia. Since diesel demand is high from Europe, where a majority of vehicles burn the heavier fuel, refiners can make a few extra dollars from each barrel by shipping it across the Atlantic. Meanwhile, domestic supply of diesel fuel currently sits nearly 11 percent below where it was last year, or some 19 million barrels lower.
Certainly the fact that U.S. refiners are exporting such a high volume of product overseas is not only keeping domestic supply tighter than years past, but it's also supporting high prices. Gasoline exports are also at record highs, some 395,000 barrels per day, according to the most recent Energy (http://www.usnews.com/topics/subjects/energy-policy-and-climate-change)Information Administration numbers. Just earlier this summer, we were exporting 200,000 barrels per day of finished gasoline, so refineries are now sending nearly double the amount of gasoline out of this country. Looking at gasoline inventories, we see a similar deficit because of the amount of gasoline being shipped out. Not surprisingly, the latest EIA numbers show gasoline inventories some 7.4 percent or nearly 17 million barrels below there year ago levels. [See a collection of political cartoons on gas prices.] (http://www.usnews.com/opinion/photos/gas-prices-cartoon-gallery)
The bottom line is this: historically high exports aren't allowing U.S. domestic supply to grow and are certainly a part of the culprit behind high gasoline and diesel prices. So for those motorists out there rounding up reasons why prices are high can certainly add products being exported to their laundry list of reasons why motor fuel prices remain seasonally high. Keep in mind refinery maintenance season is right around the corner, and if these export rates remain high, we could see even more pressure on gasoline prices, perhaps pushing the fragile U.S. economy closer to the brink of another downturn.


Gas Price Hits Record while U.S. Fuel Exports Hit Record in 2011 & Heating Assistance Slashed
The price of gasoline and diesel fuel hit record highs in 2011 while the U.S. exported record amounts of refined petroleum products to south America, the Caribbean and Europe. The high cost of gas in the U.S. drove down demand, but high prices were maintained by exporting over twice as much refined fuel in 2011 than was exported in 2007.

In 2007, U.S. exports of all kinds of fuel held steady throughout the year at 1.24 million to 1.25 million barrels a day, according to Energy Department statistics.

But by 2011, exports of diesel, gasoline and other products surged. In November and December, U.S. fuel exports averaged between 2.77 million barrels a day and 2.89 million barrels a day, the highest ever.

Meanwhile, U.S. drivers paid an average of about $3.50 a gallon for gasoline during the year, also the highest ever.

Gasoline stocks have ranged from normal to above normal in 2011, but prices have gone up despite dropping demand. This apparently paradoxical situation is occurring because supplies of conventional crude oil have peaked while growing economies in South America have increased demand for refined fuel.
The U.S. imports far more crude oil than it produces, but it now has more refining capacity than required to meet domestic demand. U.S. refineries now import foreign oil to sell refined products overseas for profit. The Keystone XL Pipeline is a way to get more oil to Gulf coast refineries which have access to ports for shipping refined products overseas.
http://www.dailykos.com/story/2012/01/02/1050559/-Gas-Price-Hits-Record-while-US-Fuel-Exports-Hit-Record-in-2011-Heating-Assistance-Slashed

MasterOfPuppets
01-24-2012, 12:35 PM
like i said... we'll foot the bill for the construction , have the risk for an environmental disaster... but the american people won't reap any benefits from it.
this is just the latest scheme hatched up by big oil and the politicians on their payroll.
the only reason its being delayed is to sort out who's off shore accounts will be increased and by how much.

apparently the obama cartel isn't happy with the proposed " campaign contribution " .

stb_steeler
01-24-2012, 03:47 PM
like i said... we'll foot the bill for the construction , have the risk for an environmental disaster... but the american people won't reap any benefits from it.
this is just the latest scheme hatched up by big oil and the politicians on their payroll.
the only reason its being delayed is to sort out who's off shore accounts will be increased and by how much.

apparently the obama cartel isn't happy with the proposed " campaign contribution " .

Maybe thats why Obama put a halt to the construction, to figure out how some one else will benefit from it instead of us..:noidea:

MasterOfPuppets
02-13-2012, 04:05 PM
well they predicted 4+ dollar a gallon gasoline by spring ..well actually i seen it more as a heads up to the plan than a prediction , but anywho we just jumped another 10 cents for the 3rd straight week to make it 3.65 ...F'n crooks !!!! :mad:

MACH1
02-13-2012, 04:38 PM
"in my plan energy costs would necessarily skyrocket"

It's not just the oil companies.
I've heard it could get up to $7. :banging:

ricardisimo
02-13-2012, 04:40 PM
Good. Time for us to stop using oil. Period.

MasterOfPuppets
02-13-2012, 04:56 PM
East Coast refinery shutdowns could push up gasoline prices here

http://www.cleveland.com/business/index.ssf/2012/01/line_east_coast_refinery_shutd.html

MasterOfPuppets
02-13-2012, 04:57 PM
Good. Time for us to stop using oil. Period.
so hows about sharing your new energy source with us...:chuckle:

MACH1
02-13-2012, 05:13 PM
so hows about sharing your new energy source with us...:chuckle:

http://www.shoes-on.com/wp-content/uploads/2011/06/1309025117-71.jpg

MasterOfPuppets
02-18-2012, 05:40 PM
http://www.shoes-on.com/wp-content/uploads/2011/06/1309025117-71.jpg
nike ? thats a chinese energy source ...i only buy new balance..the only shoe made in the US.

Bayz101
02-18-2012, 05:45 PM
nike ? thats a chinese energy source ...i only buy new balance..the only shoe made in the US.

I'd rather walk bare-foot in broken glass than wear a pair of New Balance's. Plus, when they get old you start to fall down.

Fire Arians
02-18-2012, 05:57 PM
so hows about sharing your new energy source with us...:chuckle:

https://encrypted-tbn3.google.com/images?q=tbn:ANd9GcQOLe687IA-twb8uDoNKQPcw9NWNLXORBcAMDfOySGnNk-yWmtA

more fun than driving ;)

i'm thinking of buying a chevy volt and a solar panel system for my place. **** the OPEC, i'll drive for free :wink02:

stb_steeler
02-18-2012, 06:57 PM
well they predicted 4+ dollar a gallon gasoline by spring ..well actually i seen it more as a heads up to the plan than a prediction , but anywho we just jumped another 10 cents for the 3rd straight week to make it 3.65 ...F'n crooks !!!! :mad:

I heard march it will go to 4 bucks

fujirama24
02-18-2012, 07:00 PM
When obama was on the campain trail in 2008 he said he would get gas under $2 a gallon and said he thought it was rediculous what the oil companies where doing to us. At that time when he got elected the price of gas was at $2.19 per gallon. Glad to see he kept his word. They bought him ought in a second. He is just another patsy in a line of pasties. Time for some CHANGE. LOL

fujirama24
02-18-2012, 07:04 PM
When obama was on the campain trail in 2008 he said he would get gas under $2 a gallon and said he thought it was rediculous what the oil companies where doing to us. At that time when he got elected the price of gas was at $2.19 per gallon. Glad to see he kept his word. They bought him ought in a second. He is just another patsy in a line of pasties. Time for some CHANGE. LOL

Don't get me wrong in the summer of 08 the price of gas was $4.39 a gallon and we all were flipping out. But back then most of us were making decent money. Now that I have been out of work for over a year it really sucks.

harrison'samonster
02-18-2012, 07:22 PM
Don't get me wrong in the summer of 08 the price of gas was $4.39 a gallon and we all were flipping out. But back then most of us were making decent money. Now that I have been out of work for over a year it really sucks.

in 08 I was out of work, but I'm working now. For my family, money problems started around 06. It had gotten worse and worse, but it's getting better for us now.

unfortunately, we drive around a lot were I work and rising oil prices are really going to hurt.

stb_steeler
02-18-2012, 07:44 PM
Don't get me wrong in the summer of 08 the price of gas was $4.39 a gallon and we all were flipping out. But back then most of us were making decent money. Now that I have been out of work for over a year it really sucks.

I know how it feels.......been out of work for awhile now myself. I tried to pass off monopoly money but they wouldnt bite.

ricardisimo
02-19-2012, 05:24 AM
https://encrypted-tbn3.google.com/images?q=tbn:ANd9GcQOLe687IA-twb8uDoNKQPcw9NWNLXORBcAMDfOySGnNk-yWmtA

more fun than driving ;)

i'm thinking of buying a chevy volt and a solar panel system for my place. **** the OPEC, i'll drive for free :wink02:
Nice wheels. :thumbsup:

Wait on the solar panels another 5-10 years. They've just made a few game-changing discoveries in photo-voltaic these past few years, but they won't hit the market for a bit.

timmyBean
02-19-2012, 09:36 AM
I don't want to stray too far from the real concerns expressed on this thread, because I entirely sympathize with the suffering caused by rising prices (and falling wages). But it's worth considering the larger economic problem. And it is a systemic problem.

We function in an economy that uses markets for establishing prices, and markets have all sorts of harmful effects on a society. The point here being that markets are notorious for mispricing things because they only take into account the costs and benefits for buyers and sellers, which in our economy are mostly wealthy firms and owners, who could care less what the costs are to everyone else. So naturally bad decisions are made.

So in real terms gasoline is tremendously underpriced. If you factored in all the social costs and benefits for the production and consumption of a tank of gasoline: the clean up of pollution, the destruction to the environment, the harmful effects on people's lives, etc, then gasoline ought to cost a hell of a lot more than it does.

I'm not suggesting that we jack up gas prices further (unless that would incite a mass movement to demand a cleaner, cheaper fuel source), but I think it's worth considering what the true social costs are in consuming a gallon of gas. That being said, I know most of us aren't in a position to do much about that. We don't have many options. It's heartbreaking to read the comments about being unemployed, and then having these high prices raining down (with further harmful fiscal policies to boot).

Just one more quick word about markets though. They not only misprice goods and services, they do it in a way that biases the direction of the economy to enrich a few owners, wealthy firms, etc, to the detriment of the mass of people. And incidentally I used the term "market" with some qualification. It's actually more of a quasi-market economy because of the role the state plays in all of this. As much as so-called free market fundamentalists like to ease their collective consciousness with their efficient-market hypothesis BS, they are actually in favor of a powerful state. They just want the state to protect their own interests and not the mass of the working population.

Anyway, that's a slight digression from the topic. Just to reiterate, I'm not trivializing anyone's very real concerns about fuel prices. I'm in the same boat. Just offering a little unsavory food for thought.

MasterOfPuppets
02-19-2012, 11:38 AM
ladies and gentlemen , the globalist are proud to announce that 4+ dollar oil will be delivered as promised by spring ...:hatsoff:

Iran Oil Ministry: Exports cut to Britain, France

http://news.yahoo.com/iran-oil-ministry-exports-cut-britain-france-133232380.html

stb_steeler
02-19-2012, 11:50 AM
Ahh who needs the government, maybe a time for a change
http://i290.photobucket.com/albums/ll276/SOGANGSTAH/ADVENTURES/AMISH.jpg

MasterOfPuppets
02-19-2012, 12:11 PM
Ahh who needs the government, maybe a time for a change
http://i290.photobucket.com/albums/ll276/SOGANGSTAH/ADVENTURES/AMISH.jpg
this ones for mach...:chuckle:
http://420askit.com/htgb/wp-content/uploads/2011/11/StonerObamaChangeItsWhatsLeftInYourPockets.jpg

Fire Arians
02-19-2012, 02:10 PM
Nice wheels. :thumbsup:

Wait on the solar panels another 5-10 years. They've just made a few game-changing discoveries in photo-voltaic these past few years, but they won't hit the market for a bit.

good to hear. I already think the existing solar panels are good from what i hear. A guy I work with installed a solar panel system in his house (has a family of 4) and his electric bill went from 250 a month to 10, it's got me seriously considering it. but yeah i was thinking of making the jump within a few years. the system cost him a little over 12k to install, but judging by how much he's saving it will pay for itself in 5 years, seems like a good investment.

would do it more for the moral of it though, just a way to stick it to the electric company and oil industry by throwing significantly less money in their direction. i know 1 person's difference won't be much, but when you times that by x amount of people, who knows.

MACH1
02-19-2012, 06:56 PM
http://ncairline.com/wp-content/uploads/2010/07/itsnotmyfault_full.png

Here ya go Mop. :sofunny:

MasterOfPuppets
02-20-2012, 05:05 PM
hater

MasterOfPuppets
02-20-2012, 11:48 PM
Oil jumps to 9-month high after Iran cuts supply

http://news.yahoo.com/oil-jumps-9-month-high-iran-cuts-supply-044713080.html

Whodis
02-21-2012, 10:24 AM
I remember when we went into Kuwait we were told "we won't have to worry about oil again"

MACH1
02-23-2012, 09:52 AM
http://a.abcnews.go.com/images/Business/abc_gas_prices_high_nt_120221_wmain.jpg

In a Los Angeles gas station, gas prices are more than $5.00 per gallon for premium gas.

http://abcnews.go.com/Business/gas-prices-rise-average-price-now-359/story?id=15759302#.T0ZSZ_VRqis

stb_steeler
02-23-2012, 10:05 AM
http://a.abcnews.go.com/images/Business/abc_gas_prices_high_nt_120221_wmain.jpg

In a Los Angeles gas station, gas prices are more than $5.00 per gallon for premium gas.

http://abcnews.go.com/Business/gas-prices-rise-average-price-now-359/story?id=15759302#.T0ZSZ_VRqis

Looks like im walking soon.....:doh:

MACH1
02-23-2012, 10:16 AM
Looks like im walking soon.....:doh:

Change you can believe in.

stb_steeler
02-23-2012, 03:03 PM
Welp im off to work
http://i100.photobucket.com/albums/m34/bluej247/e5ec60fa.jpg

ricardisimo
02-23-2012, 03:10 PM
I remember when we went into Kuwait we were told "we won't have to worry about oil again"
You won't have to worry about it going down again.

MACH1
02-23-2012, 06:51 PM
Obamas answer to high energy costs.



Are you ready.....................













you guessed it, algae. Better get in on it early while you can! :doh:

http://en.es-static.us/upl/2010/03/algae_energy_earth_300.jpg

stb_steeler
02-23-2012, 08:33 PM
Obamas answer to high energy costs.



Are you ready.....................











you guessed it, algae. Better get in on it early while you can! :doh:

http://en.es-static.us/upl/2010/03/algae_energy_earth_300.jpg

Yeah that'll work, we can all get it from the back of our tubs....

MasterOfPuppets
02-23-2012, 10:37 PM
Obamas answer to high energy costs.



Are you ready.....................













you guessed it, algae. Better get in on it early while you can! :doh:

http://en.es-static.us/upl/2010/03/algae_energy_earth_300.jpg
actually ethanol can be made from any type of vegetation. but of course leave it to the corrupt scum bags to choose a needed staple to produce it from so they can run the price of food through the roof. we are talking about the very same people that keep hemp illegal. no competition = bigger profits

Fire Arians
02-24-2012, 02:29 PM
gotta love how gas prices take months to go down after oil drops for the 'market to adjust', but as soon as oil goes UP gas goes up instantly. i thought the market needs a couple months to adjust? i guess not when you're on the giving end of ass rape

stb_steeler
02-24-2012, 03:38 PM
gotta love how gas prices take months to go down after oil drops for the 'market to adjust', but as soon as oil goes UP gas goes up instantly. i thought the market needs a couple months to adjust? i guess not when you're on the giving end of ass rape

We were just discussing this today...

MasterOfPuppets
02-24-2012, 04:37 PM
we up to 3.75 already.... easily on pace to hit $4 by spring. unlike their politician employees the globalists keep their word. they said months ago $4 by spring , and by god we'll have $4 by spring !!! :banging:

http://www.realnewsreporter.com/wp-content/uploads/2011/04/Obama-as-Soros-Charlie-McCarthy.jpg

MACH1
02-24-2012, 05:09 PM
Probly be up to $4. come monday.

Fire Arians
02-24-2012, 05:54 PM
Already $4.12 in Hawaii. Prolly $5 by summer, glad my commute is only 4 miles

MACH1
02-24-2012, 06:44 PM
Wish I had only 4 miles to go, not 30 one way. Might have to invest in a horse and buggy.

timmyBean
02-25-2012, 12:48 PM
As a matter of economic policy there isn't much the US government can do to affect oil prices. The US produces about 6 million barrels of oil a day, and the world market for oil is about 90 million barrels a day. Domestic oil production doesn't determine prices. The world market determines prices. That's capitalism.

In other words, the US government can only affect domestic gas prices if it can somehow affect world prices. One way of lowering prices domestically (which would lead to more oil exports and in theory lower prices in the rest of the world) would be to produce more oil. But even if the US increased domestic production of oil by a third (2 million more barrels a day), that would only increase the world supply by roughly 2%. That may lead to a drop in prices, but only by about 6%. That isn't going to get us down to the cynical fake promises of a 2 buck gallon of gas. And that would not be sustainable for very long anyway. Currently US oil reserves are around 20 billion barrels. At our current rate of production those reserves will last for about 10 years. Increasing production would reduce that number even further. But there are plenty of other reasons Americans don't want the US to produce more oil, mainly that it's destroying the planet.

So as long as domestic oil is owned by oil companies and not the US public, no economic policy the government can come up with is going to lower gas prices. Oil companies don't give a shit about how much you're paying for a gallon of gas because they know you're going to buy it in spite of the price.

However as a political matter, the US powers are very much responsible for the recent increase in prices. Sanctions against Iran and even threats of air strikes are driving oil prices up. It's not just Obama but also the Republican party, who are provoking Iran over a non-existent nuclear weapons threat. Iran responds naturally with its own aggressive rhetoric and threats to disrupt the economy. And oil traders naturally respond to all this by developing higher bids on oil.

Is this threat of war the only factor driving up prices? No, but it's one that's certainly avoidable. And it's one that's virtually guaranteed no matter what dirtbag is in the White House because Iran has become this insane bugaboo with everyone in Washington. No doubt to distract the public from real problems.

Another factor driving up oil prices, which is economic, is the increased demand for oil. That's something ordinary consumers can affect, but that means using less gas. So a horse and buggy may indeed be in order. I'm sure there are happy mediums though.

Nobody's saying it's going to be easy.

MasterOfPuppets
02-28-2012, 12:59 AM
jumped again today to 3.79.
here i was gettin used to 10 cent bumps every week. they threw a curve ball at us this week and only went 4 ....:coffee:

MasterOfPuppets
03-02-2012, 01:28 AM
Gas Prices Inspire War Of Words: Obama, Dems Take On GOP

http://www.huffingtonpost.com/2012/03/01/gas-prices-oil-drilling-president-obama_n_1314896.html?ref=green&ir=Green


Obama also renewed his request to end $4 billion in tax subsidies that the oil companies still receive every year, even as they're reaping record profits. The GOP was quick to attack that as well.


House Minority Leader Nancy Pelosi (D-Calif.) tried a different angle in the Democratic pushback, suggesting that the top driver of gas prices right now is not supply but aggressive speculation in oil markets. She pointed to blocked efforts by the Commodity Futures Trading Commission to stop such speculation, which the CFTC estimates adds more than 50 cents a gallon (http://1.usa.gov/w1Cd2h) to the price of gas.


"What's happening about the price at the pump is very interesting," Pelosi said in her weekly press conference. "Supply is going up, demand is going down, and the price is going up," she said, referring to recent data to that effect (http://bit.ly/zZAcd9).
"So how do you explain that?" Pelosi asked. "You explain it by recognizing that Republicans are protecting Wall Street speculators responsible for driving up the pain at the pump."


i think this is the first time i've heard a politician admit that the corruption on wall street is the cause of inflated prices... its pretty obvious who is buttering the GOP bread.

MACH1
03-02-2012, 02:08 AM
Printing dollars like they're going out of style isn't helping much.

As far as wall street goes it's both sides getting the butter. Just ask obamas biggest donors.
http://www.washingtonpost.com/politics/obama-has-more-cash-from-financial-sector-than-gop-hopefuls-combined-data-show/2011/10/18/gIQAX4rAyL_story.html

ricardisimo
03-02-2012, 03:38 AM
I'm with Mach on this one. It's not like Obama is any corporations' worst enemy. You don't get to a kajillion in campaign dollars just with gullible little old ladies.

ricardisimo
03-02-2012, 06:33 AM
February 28, 2012
Return of the Speculators
What’s Really Pushing Up the Price of Gas?

by MIKE WHITNEY
Is the Fed’s “Easy Money” policy pushing up the price of gas? The editors of the Wall Street Journal seem to think so. Here’s how they summed it up in an article last week:
“Oil is traded in dollars, and its price therefore rises when the value of the dollar falls, all else being equal. The Federal Reserve throughout Mr. Obama’s term has pursued the easiest monetary policy in modern times, expressly to revive the housing market…..
“Oil staged its last price surge along with other commodity prices when the Fed revved up its second burst of “quantitative easing” in 2010-2011. Prices stabilized when QE2 ended. But in recent months the Fed has again signaled its commitment to near-zero interest rates first through 2013, and recently through 2014. Commodity prices, including oil, have since begun another surge, and hedge funds have begun to bet on commodity plays again….(“‘Stupid’ and Oil Prices”, Wall Street Journal)
“Another surge” for commodity prices?
Not exactly. As a whole, commodity prices have remained relatively flat. (Copper, nickel, zinc etc are all up a bit, but not much. No more than 4 per cent for any of them.) It’s only oil that’s skyrocketing. Oil soared to a 10-month high on Friday hitting $109-plus per barrel, up 14 percent in the last month. Prices at the pump have also jumped to nearly $4 per gallon across the country putting more pressure on consumers’ budgets and, once again, raising the prospect of a double dip recession.
The WSJ is correct in saying that quantitative easing (QE2) did push up food and energy prices, but is that really what’s driving oil prices higher today?
Probably not. There are other factors that are likely having a greater impact, like the escalating tension in the Middle East–particularly the supposed threat of a war with Iran. Buyers are rushing to build up their stockpiles before the conflict might begin. Here’s an excerpt from a post at Econbrowser that explains:
“Phil Flynn, a senior market analyst at PFGBest Research in Chicago, offered this interpretation:
“We’re seeing panic buying in Europe and Asia because they’re absolutely convinced that they’re not going to be able to buy Iranian oil or there’s going to be some kind of conflict that disrupts the transport of oil through the Strait of Hormuz…. there is a lot of hoarding in case the worst-case scenario happens. Asian buyers have been buying up West African crude like it’s going out of style.” (“Crude oil and gasoline prices”, James Hamilton, econbrowser)
So, is panic buying driving up the price of gas or does it have more to do with a gradually improving economic picture that’s increasing demand around the world? That seems to be the gist of a report by NPR’s John Ydstie on Thursday’s All Things Considered. Ydstie notes that “for the first time in six decades” the US “has become a net exporter of gasoline. We’re sending more gasoline out than we’re bringing in.” (“What’s Behind The Rise In Gas Prices?”, NPR) And that’s because it’s now cheaper to produce gas in the US than it is in the rest of the world (mainly due to fracking). Unfortunately, cheaper production costs don’t translate into cheaper prices at the pump. Why? Because gas is traded in a global market where prices are set by supply-demand dynamics.
Still, whether China is purchasing more oil or not doesn’t explain the sharp uptick in prices, because there’s no apparent shortage of supply. In fact, according to the EIA, the statistical arm of the Energy Department, inventories are unusually high.
Here’s a clip from their statement: “At 339.1 million barrels, U.S. crude oil inventories are in the upper limit of the average range for this time of year….Total motor gasoline inventories increased by 0.4 million barrels last week and are in the upper limit of the average range.”
So, if there’s no shortage of supply, then Ydstie’s “global market” theory doesn’t make much sense because there’s no pressure on prices. And there’s something else to consider, too, which is that gas consumption in the US has dropped sharply in recent months. In fact, “demand for refined oil products is close to its lowest level in nearly 15 years”. (CNBC) Here’s a clip from a post by Charles Hugh Smith’s titled “Why Is Gasoline Consumption Tanking?” that explains what’s going on:
“Retail gasoline deliveries, already well below 1980 levels, have absolutely fallen off a cliff….the declines in retail gasoline deliveries are mind-boggling….”
“There are no data-supported broad-based drivers for dramatically lower gasoline consumption other than austerity and lower economic activity……What other plausible explanation is there for the decline from 42.4 MGD in July 2011 to 30.9 MGD in November 2011 other than a dramatic decline in discretionary driving? (“Why Is Gasoline Consumption Tanking?”, Charles Hugh Smith, Of Two Minds)
Whatever the reason may be, US drivers have cut back on their gas consumption dramatically which should have a material effect on prices, but it hasn’t. Prices continue to soar, and the soaring prices cannot be explained in terms of the Fed’s easing policy, constriction of supply, refinery closings, or fear of another Middle East war. (The so called “fear premium” should be no more than $10 to $15 per barrel) Investigative journalist Kevin G. Hall explains what is really driving prices in an article for McClatchy titled “Once again, speculators behind sharply rising oil and gasoline prices.” Here’s an excerpt:
“….oil’s price shot up because it trades in financial markets, where Wall Street firms and other big financial players dominate the trading of oil, even though they have no intention of ever taking possession of the oil whose contracts they are trading….
Historically, financial speculators accounted for about 30 percent of oil trading in commodity markets, while producers and end users made up about 70 percent. Today it’s almost the reverse.
A McClatchy review of the latest Commitment of Traders report from the Commodity Futures Trading Commission, which regulates oil trading, shows that producers and merchants made up just 36 per cent of all contracts traded in the week ending Feb. 14.
That same week, open interest, or the total outstanding oil contracts for next-month delivery of 1,000 barrels of oil (about 42,000 gallons), stood near an all-time high above 1.486 million. Speculators who’ll never take delivery of oil made up 64 per cent of the market…..
Not surprisingly, big Wall Street traders on Tuesday projected oil will rise above $112 a barrel; some such as Swiss giant Vitol even suggested $150-a-barrel oil is coming soon. When they dominate the market, as they do, speculators’ bids can make their prophecies self-fulfilling.
“These people are not there to be heroes. They are there to make money. It’s our fault because we are allowing them to do that,” said Gheit. “Obviously these people are very strong, and the financial lobby is the strongest of any single lobby. I’ve been in this business 30 years, and I can tell you I think this is smoke and mirrors.” (“Once again, speculators behind sharply rising oil and gasoline prices”, Kevin G. Hall, McClatchy News)
Repeat: “Speculators who’ll never take delivery of oil made up 64 percent of the market.” That explains why prices are going up, up, up.

timmyBean
03-02-2012, 04:16 PM
Still, whether China is purchasing more oil or not doesn’t explain the sharp uptick in prices, because there’s no apparent shortage of supply. In fact, according to the EIA, the statistical arm of the Energy Department, inventories are unusually high. ... So, if there’s no shortage of supply, then Ydstie’s “global market” theory doesn’t make much sense because there’s no pressure on prices. And there’s something else to consider, too, which is that gas consumption in the US has dropped sharply in recent months. In fact, “demand for refined oil products is close to its lowest level in nearly 15 years”.

Even if the US drilled for more oil everywhere constantly, it wouldn't increase supply enough to affect world market prices. So it doesn't make sense to assume there would be "pressure on prices" just because US inventories are high. Additional offshore drilling, for example, would add only a few hundred thousand barrels of oil a day to world supply. Compare that to say Iran, who produce over 4 million barrels a day, or Libya's 1.8 million barrels a day.

Also, there may very well be a drop in US demand for oil products, but again oil prices are determined in the world market. Countries like China and India, for example, are rapidly growing economies that are demanding more oil. Furthermore, if US oil prices dropped because of low domestic demand and because we were drilling everywhere we possibly could, we would still lose supply from the rest of the world because other countries are not going to sell us oil at below market prices.

Even if somehow we were able to get by without importing oil, oil prices would still be determined in the world market, because oil companies in the US would simply export their oil to countries where they could get higher prices for their product. That's capitalism for you.

I think Whitney ought to be a little more critical of the media here. They play this "he said, she said" game, and make it seem like there's actually a debate among serious economists about the factors driving up oil prices. There isn't. It's no wonder people are confused when you've got NPR and the Washington Post (and others) making this all sound like some mystical process. However, I agree with the thrust of the article, which is more or less pointing to the fundamental problem of markets (and private ownership of resources). Markets encourage decisions that enrich the few to the detriment of the mass of people. It doesn't matter who's in the White House as long as this system perpetuates and continues to feed off itself.

timmyBean
03-02-2012, 04:26 PM
This isn't about oil prices, but it's not quite off topic and addresses one of the points brought up in the previous article. There's this idea bandied in the media that printing more money will cause prices to go through the roof, and that is just false. The biggest problem with the economy right now is unemployment, which is very high and which has been brought on by a huge lack of demand caused by a loss of $8 trillion dollars in housing bubble wealth.

Long story short, there was a huge uptake in consumption starting in the mid-90s, first with the stock bubble, then with the housing bubble. People were consuming based on the value of their homes. That's a reasonable thing to do when you're told your home is worth much more than its fundamental value. That consumption generated roughly $8 trillion of wealth up through around 2007, and when it was no longer sustainable, the bubble burst and that wealth vanished. People's house prices crashed.

That had a direct effect on the housing market. So if you can only sell a house for 70% less than you could a few years before then you're not going to build a house. That means construction stops and jobs are lost. Even worse, people stopped consuming because they no longer had money. The $100,000-$200,000 worth of equity they thought they had in their homes was significantly lowered or disappeared altogether. And they can no longer borrow because banks aren't going to lend money to someone who has nothing to borrow against.

So we know what the problem is. It's a lack of demand caused by the loss of roughly $8 trillion dollars of fake wealth. This is the position we're in. The private sector naturally is not going to make up that loss. The only way they'll spend money is if they see demand. Therefore the only way for us to make up this gap is for the government to spend the money. One way to do that is by expanding the money supply. It's not something that's sustainable in the long run, but nobody is arguing for that. Inflation occurs when too much money is chasing too few goods and services. This isn't a problem when you have over 8% unemployment.

If you want to stimulate demand you don't give money to wealthy people through tax cuts, you put money in the hands of people who'll spend it. That will generate demand and stimulate investment. It's not as complicated as the media lead people to think. It's a straightforward process. When the unemployment rate falls closer to normal levels, you just pull out the stimulus.

MasterOfPuppets
03-02-2012, 04:42 PM
Even if somehow we were able to get by without importing oil, oil prices would still be determined in the world market, because oil companies in the US would simply export their oil to countries where they could get higher prices for their product. That's capitalism for you.
and thats exactly what they are doing... importing oil at a higher price and exporting domestic oil to get a higher price...keep supplies low and prices high.
i can't help but laugh at people complaining about the ban on drilling and the proposed pipeline delay.
naive fools think it will lower gas prices . even after you tell them the US is EXPORTING a record amount of oil and refined products they still don't get it.

this is how easy it is to manipulate oil prices and run the prices up...

Oil jumps on Saudi pipeline explosion reports
March 2, 2012

US crude oil climbed over $US110 a barrel for the first time since May after an Iranian state-run news channel reported an explosion on a pipeline in Saudi Arabia.

Read more: http://www.smh.com.au/business/markets/oil-jumps-on-saudi-pipeline-explosion-reports-20120302-1u6l2.html#ixzz1nzyACZ9D


Oil falls below $108 in Europe after Saudis deny pipeline explosion report

y Associated Press, Published: March 1 | Updated: Friday, March 2, 7:56 AM

Oil prices retreated to below $108 a barrel Friday after Saudi Arabia denied an Iranian media report of a Saudi pipeline explosion.
http://www.washingtonpost.com/business/markets/oil-hovers-below-109-a-barrel-in-asia-amid-signs-of-improving-us-economy-iran-tensions/2012/03/01/gIQANb8glR_story.html

a simple rumor or false report runs the price up

timmyBean
03-02-2012, 05:38 PM
a simple rumor or false report runs the price up

I don't know whether to laugh or cry at those two headlines.

MasterOfPuppets
03-02-2012, 05:54 PM
I don't know whether to laugh or cry at those two headlines.
its disturbing to say the least...next they'll be bringing in psychics to predict events that might affect prices.....

i see a tornados approaching all the gulf refineries...i see 200 dollar a barrel oil...i see record profits and poor starving homeless people
http://2.bp.blogspot.com/_HPCeURIXyJE/SwLeqt_36cI/AAAAAAAABT4/bdlFOTe4IEA/s1600/020409crystalball.jpg

MasterOfPuppets
03-03-2012, 04:39 PM
Obama: Fuel-Efficient Cars an Answer to Gas Prices

President Barack Obama says higher auto mileage standards set under his administration and better cars built by a resurgent U.S. auto industry will save money at the gas pump over the long term, a counterpoint to Republican criticism of his energy policy.
In his weekly radio and online address Saturday, Obama said Detroit automakers are on track to build cars that average nearly 55 miles per gallon by 2025, doubling current mileage standards.
"That means folks will be able to fill up every two weeks instead of every week, saving the typical family more than $8,000 at the pump over time," he said. "That's a big deal, especially as families are yet again feeling the pinch from rising gas prices."
During the past several weeks, Obama has been eager to appear aggressive in the face of rising gasoline prices even as he reminds audiences that there is no simple, immediate solution that will reverse the current spike in prices.
"What's happening in Detroit will make a difference. But it won't solve everything," Obama said. "There's no silver bullet for avoiding spikes in gas prices every year."
By drawing attention to the auto industry, Obama looked to highlight both his efforts to improve fuel efficiency as well as his role in helping rescue General Motors and Chrysler. He also reiterated his call to end oil and gas company tax breaks and government subsidies that average about $4 billion a year.
Rising oil prices have become a concern at the White House, where Obama aides worry they could hurt an economic recovery that has been improving and also harm the president's re-election prospects.
Oil prices typical rise in the spring, but they have spiked to heights unseen at this this time of year, hastened by increased tensions over Iran's nuclear program. Gasoline prices reached $3.74 a gallon on Friday, a record at this point in the calendar but still shy of the high point of $4.11 hit in July 2008.
In Saturday's Republican address, Rep. Doc Hastings of Washington said a meeting this week among Obama and House and Senate leaders from both parties "provided a glimmer of new hope that the president and the Democratic-controlled Senate may finally act on some bipartisan energy bills" already passed by the Republican-controlled House.
Still, Hastings, the chairman of the House Natural Resources Committee, faulted Obama for not doing more to increase domestic oil and gas production, for opposing drilling on the Arctic National Wildlife Refuge, for blocking a Canada-to-Texas oil pipeline and for imposing regulations on energy producers.
"The president, who campaigned on a promise to address rising gas prices, now talks as if they're largely beyond his control," Hastings said.

:toofunny:

MasterOfPuppets
03-03-2012, 04:41 PM
so the answer to solving the higher prices for cash strapped people is to go out and purchase a $30,000 car .. brilliant !!! ..:rofl:

MACH1
03-03-2012, 04:44 PM
And making sure your tires are properly inflated.

Just go buy a volt, only $40,000 and they spontaneously combust.

MasterOfPuppets
03-03-2012, 04:54 PM
And making sure your tires are properly inflated.

Just go buy a volt, only $40,000 and they spontaneously combust.
thats why we pay insurance...:hunch:

seriously...why pay the extra 50 ,70 ,100 a month for gas when you can solve your financial woes with a $400.00 a month car payment...think of the savings...chaching !!!!!

ricardisimo
03-04-2012, 04:28 AM
its disturbing to say the least...next they'll be bringing in psychics to predict events that might affect prices.....

i see a tornados approaching all the gulf refineries...i see 200 dollar a barrel oil...i see record profits and poor starving homeless people
http://2.bp.blogspot.com/_HPCeURIXyJE/SwLeqt_36cI/AAAAAAAABT4/bdlFOTe4IEA/s1600/020409crystalball.jpg
As if you need a psychic for that.

Bayz101
03-04-2012, 04:31 AM
Why would they use physics to "predict" events when they could easily make the events happen with the technology they already have?

MasterOfPuppets
03-04-2012, 02:48 PM
Why would they use physics to "predict" events when they could easily make the events happen with the technology they already have?
indeed...one only has to look at who's profiting to get a picture of "why" , things really happen

right now the 2 most profitable industries is oil companies and defense contractors..... what better way to increase profits than wars in oil producing countries ?

stb_steeler
03-04-2012, 03:46 PM
Why would they use physics to "predict" events when they could easily make the events happen with the technology they already have?

C'mon now, that would make sense!

stb_steeler
03-04-2012, 05:01 PM
yBmrwMfNxrI&feature=related

MasterOfPuppets
03-04-2012, 08:36 PM
.zZ2QciCN5Ks&feature=related

MasterOfPuppets
03-10-2012, 03:01 AM
Obama shooting down the canadian pipeline deal doesn't help much either. With all the rules and regulations it's about impossible to 'drill baby drill' and drilling in the gulf is banned by obama unless your a foreign country then it's a green light. This administration could drop the price of gas overnight if it wanted too. They want us peons to get use to paying $4 a gallon till the next disaster or crisis comes along and we'll be looking at $7 a gallon.

Hell, I don't think they could build a new refinery with all the bs regulations.
or does it ??? mach your from the midwest right ?

“Rather than providing the US with more Canadian oil, Keystone XL will simply shift oil from the Midwest to the Gulf Coast, where much of it can be exported to international buyers – decreasing US energy supply and increasing the cost of oil in the American Midwest,” concludes a new study by the Natural Resources Defense Council, a New York-based environmental advocacy non-profit group, citing numerous TransCanada studies and the transcripts of Canadian federal hearings.

“Millions of Americans will spend 10 to 20 cents more per gallon for gasoline and diesel fuel as tribute to our ‘friendly’ neighbors to the north,” the highly respected Dr. Verleger wrote. “The Keystone XL pipeline will move production from Canadian oil sands to a deepwater port from where it can be exported.”

But that is not merely Verleger’s opinion. It’s based on findings of the economic consultants hired by TransCanada – contained in their analyses of the pipeline’s impact on Canadian oil producers and in official testimony before Canada's National Energy Board.

“Existing markets for Canadian heavy crude, principally [the US Midwest], are currently oversupplied, resulting in price discounting for Canadian heavy crude oil,” concludes a 2009 analysis on behalf of TransCanada by Purvin & Gertz, Inc., an oil economics firm based in Houston. “Access to the [US Gulf Coast] via the Keystone XL Pipeline is expected to strengthen Canadian crude oil pricing in [the Midwest market] by removing this oversupply. This is expected to increase the price of heavy crude to the equivalent cost of imported crude.”

So, would TransCanada support US legislation requiring Canadian oil and products refined from it, such as diesel, to be sold only in the United States, asked Rep. Ed Markey (D) of Massachusetts, “so that this country realizes all of the energy security benefits your company and others have promised?”
“No, I can't do that,” Mr. Pourbaix said.

http://www.msnbc.msn.com/id/46689167/ns/us_news-christian_science_monitor/#.T1sGq_lwkTw

stb_steeler
03-10-2012, 02:28 PM
.zZ2QciCN5Ks&feature=related

Dont worry this guy was already bought off

MasterOfPuppets
04-10-2012, 12:21 PM
:doh: remember the good ole days when they used LACK OF refineries and supply and demand as the excuse to jack prices ?







Refinery closures risk Northeast gas price spike

NEW YORK (CNNMoney) -- While gas prices soar to record levels, many U.S. refineries that make and sell gasoline are going broke.
Nearly 50% of the refining capacity on the East Coast has either shut down or may shut down within the next few months.
If gas shortages develop due to the closed refineries, East Coast drivers could face higher prices than they otherwise would later this year.
Sunoco (SUN (http://money.cnn.com/quote/quote.html?symb=SUN&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2011/snapshots/396.html?source=story_f500_link)), which closed its Philadelphia-area Marcus Hook refinery in December and is trying to sell another facility nearby, said its refining businesses has been losing $1 million dollars a day for three years running.
Last fall, ConocoPhillips (COP (http://money.cnn.com/quote/quote.html?symb=COP&source=story_quote_link), Fortune 500 (http://money.cnn.com/magazines/fortune/fortune500/2011/snapshots/327.html?source=story_f500_link)) closed its Trainer refinery, also in the Philadelphia area.
If all three refineries were closed, that would leave just six operating refineries in the Northeast.
The refineries are losing money because they are old and cannot process the cheaper, heavier types of oil that are increasingly in supply from Canada's oil sands, Saudi Arabia, Venezuela and elsewhere.
10 cars you don't want during a gas crisis (http://money.cnn.com/galleries/2012/autos/1202/gallery.gas-guzzlers.fortune/index.html?iid=EL)

The Sunoco refineries can process only the types of "light, sweet" crude imported from West Africa or the North Sea. The lightness refers to the oil's density, the sweetness to its sulfur content.
Light, sweet oil is the easiest to turn into gasoline -- but also costs about $20 more per barrel.
Refineries that have been upgraded and expanded along the U.S. Gulf Coast are capable of turning the heavier, cheaper oil into gasoline.
East Coast gasoline shortages are a real possibility -- but not because there isn't enough gasoline in the United States. The real problem lies in transporting that gasoline to the Northeast.
Analysts worry there won't be enough barge, tanker or pipeline capacity to bring the gasoline to market.
"There are going to be logistical problems getting product into New York," said Ben Brockwell, an analyst at the Oil Price Information Service. "The people I talk to are expecting shortages from August through the rest of the year."
The supply shortages would occur at gasoline terminals, often identified by those giant, white, round tanks seen near ports and refineries.
And that could drive up gas prices, though the impact should be temporary -- eventually, refiners in the Gulf Coast, Europe or Newfoundland would seek to take advantage of the higher prices by shipping gas to needed areas.
The worst of the supply crunch would come after the peak summer driving season when prices won't likely be as high as they are now.
The U.S. Energy Information Administration has been monitoring the situation. While it isn't quite as alarmed as Brockwell, it does see possible trouble.
"The potential loss of the Sunoco Philadelphia refinery presents a complex supply challenge," the agency said in a recent report. http://i.cdn.turner.com/money/images/bug.gif (http://money.cnn.com/2012/04/10/news/economy/refineries-gas-prices/?source=cnn_bin#TOP)

MACH1
04-17-2012, 12:59 PM
https://fbcdn-sphotos-a.akamaihd.net/hphotos-ak-snc7/417306_360413817312726_347912765229498_1151385_214 1827559_n.jpg