FARK.com: (6746792) Oil prices climb to above $100 a barrel. And just in time for the busiest travel season. I'm sure there's no connection, none at all

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		Oil prices climb to above $100 a barrel. And just in time for the busiest travel season. I'm sure there's no connection, none at all (ft.com)		50
		More: Obvious, West Texas Intermediate, Economy of Europe, cushing, Enbridge, oil prices, Brent Crude, companies of Canada, industrial production

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50 Comments (+0 »)

EnviroDude

2011-11-19 07:41:53 AM

ah - another thread blaming oil prices on big business and travel.

no mention of a lack of an energy policy from the Obama administration that could have circumvented this instead of scare the speculators into thinking that he has a boner against them drilling anywhere in the us

bunner

2011-11-19 07:54:49 AM

EnviroDude: ah - another thread blaming oil prices on big business and travel.

no mention of a lack of an energy policy from the Obama administration that could have circumvented this instead of scare the speculators into thinking that he has a boner against them drilling anywhere in the us

files.chesscomfiles.com

In case you run out.

TheOther

2011-11-19 09:20:07 AM

Is it 'supply and demand' or just made to look like 'supply and demand'?

If you aren't this guy...

www.freewilliamsburg.com

...how can you know for sure?

FlashHarry

2011-11-19 09:48:50 AM

this may actually be an indicator that speculators think the economy is improving a little. remember, oil didn't get cheap until the market crash of '08. (which is why i love it when wingnuts tout the fact that gas was $2/gal when bush left office. it was $2/gal BECAUSE THE ECONOMY WAS DESTROYED.)

StrikitRich

2011-11-19 10:09:07 AM

FlashHarry: this may actually be an indicator that speculators think the economy is improving a little. remember, oil didn't get cheap until the market crash of '08. (which is why i love it when wingnuts tout the fact that gas was $2/gal when bush left office. it was $2/gal BECAUSE THE ECONOMY WAS DESTROYED.)

Gasoline is priced off of the Brent price, not on the WTI price. Since it was WTI that just spiked 25%+ gasoline only went up about 10¢. The spread between the two has narrowed from nearly $40 to $10 due to the plans to reverse a former CONOCO pipeline that will make oil out of Cushing, OK more available to the refineries in TX. If more WTI can be brought to market then you should see the price of oil drop in time and gasoline should become cheaper sometime mid-2012.

NFA

2011-11-19 10:15:44 AM

TheOther: Is it 'supply and demand' or just made to look like 'supply and demand'?

It is NOT supply and demand. If the supply was shrinking as prices would indicate, where are the oil and gas shortages?

Why has the price climbed (indicating a short supply) while nearly all industrial nations (except China) have reduced their consumption of fossil fuels?

Why are the oil companies closing down refineries due to reduced demand? No, they do not want to build more refineries that's a Fox News myth. In an interview with oil company representatives in 2008, they stated that they're not interested in building more refineries and stated that if they do anything they will probably close refineries. One representative said, 'why would we spend a billion dollars building a refinery we don't need?'

No this has nothing to do with supply and demand and everything to do with profit.

2wolves

2011-11-19 10:16:23 AM

ultrachronic

2011-11-19 10:47:07 AM

You have to register to read the article?

Fark that.

FlashHarry

2011-11-19 10:54:41 AM

StrikitRich: Gasoline is priced off of the Brent price, not on the WTI price. Since it was WTI that just spiked 25%+ gasoline only went up about 10¢. The spread between the two has narrowed from nearly $40 to $10 due to the plans to reverse a former CONOCO pipeline that will make oil out of Cushing, OK more available to the refineries in TX. If more WTI can be brought to market then you should see the price of oil drop in time and gasoline should become cheaper sometime mid-2012.

that's fascinating. thanks for the info.

i did notice that gas was still pretty cheap around here - $3.09/gal.

bunner

2011-11-19 11:02:21 AM

It's called price fixing.

mekki

2011-11-19 11:16:16 AM

FlashHarry: StrikitRich: Gasoline is priced off of the Brent price, not on the WTI price. Since it was WTI that just spiked 25%+ gasoline only went up about 10¢. The spread between the two has narrowed from nearly $40 to $10 due to the plans to reverse a former CONOCO pipeline that will make oil out of Cushing, OK more available to the refineries in TX. If more WTI can be brought to market then you should see the price of oil drop in time and gasoline should become cheaper sometime mid-2012.

that's fascinating. thanks for the info.

i did notice that gas was still pretty cheap around here - $3.09/gal.

It's sad that the oil companies have been pilfering our pockets for so long that $3.09 for a gallon of gas seems "cheap."

Summer Glau's Love Slave

2011-11-19 11:20:50 AM

Oil has many useful applications.

/The more you know.

Hobodeluxe

2011-11-19 11:42:33 AM

Wall st is pushing the price up again. Look at the banks that ran it up last time. BoA,Goldman etc. all speculating on a finite resource necessary to national security.
there ought to be a law ya'll

Arctic Phoenix

2011-11-19 12:47:17 PM

Summer Glau's Love Slave: [www.examiner.com image 285x380]
Oil has many useful applications.

/The more you know.

Well I think I know where I want to drill now.

Pick

2011-11-19 01:36:47 PM

Hmmm, oil prices to drop in mid 2012.

Why, this is right before the Presidential election. Hmmmm???

Well, well, well, what do you know?

undflickertail

2011-11-19 01:56:47 PM

jjorsett

2011-11-19 02:33:03 PM

And just in time for the busiest travel season. I'm sure there's no connection, none at all

It couldn't have any links with the Obama administration's hatred of fossil fuels, exemplified in delaying the Keystone pipeline and choking off oil development in the Gulf, could it? Of course not. We now return you to your regularly-scheduled corporate conspiracy.

OCCUPY CHEVRON!

bunner

2011-11-19 02:56:15 PM

jjorsett: It couldn't have any links with the Obama administration's hatred of fossil fuels,

www.gogetphotos.com

kab

2011-11-19 03:00:03 PM

biatching about this won't ever solve anything

The best way to combat high oil prices is to simply close your goddamn wallet. Stop spending. Stop investing. If enough folks do that, you'll see a lot more change happen than any OWS movement is going to incur.

Twitch Boy

2011-11-19 03:02:57 PM

Can we get some of these Occupy kids to go bother oil companies and commodity speculators? That would really be making themselves useful.

bunner

2011-11-19 03:07:02 PM

Twitch Boy: commodity speculators?

Like the ones on Wall St.?

bunner

2011-11-19 03:20:54 PM

What some annoying punk kid protesting might look like.

Twitch Boy

2011-11-19 03:23:21 PM

bunner: Twitch Boy: commodity speculators?

Like the ones on Wall St.?

True, but they're not really being publicly targeted. It's all banks, banks, banks. The speculators are slipping under the radar.

bunner

2011-11-19 03:25:30 PM

Twitch Boy: bunner: Twitch Boy: commodity speculators?

Like the ones on Wall St.?

True, but they're not really being publicly targeted. It's all banks, banks, banks. The speculators are slipping under the radar.

Nah, they're there hiding behind the banks they use to leverage all this financial quackery. By the dumpster. Near the ATM.

TyrantII

2011-11-19 05:16:42 PM

NFA: TheOther: Is it 'supply and demand' or just made to look like 'supply and demand'?

It is NOT supply and demand. If the supply was shrinking as prices would indicate, where are the oil and gas shortages?

Why has the price climbed (indicating a short supply) while nearly all industrial nations (except China) have reduced their consumption of fossil fuels?

Why are the oil companies closing down refineries due to reduced demand? No, they do not want to build more refineries that's a Fox News myth. In an interview with oil company representatives in 2008, they stated that they're not interested in building more refineries and stated that if they do anything they will probably close refineries. One representative said, 'why would we spend a billion dollars building a refinery we don't need?'

No this has nothing to do with supply and demand and everything to do with profit.

No it does. But it's supply and demand on the unregulated commodities market. Actual supply and demand factor into it very little.

That's why even at a time when record numbers of people are staying close to home, and traveling light, prices are still going up. Smucks are buying up warehouses of crude in the hope their not the last smuck to get stuck with having to dump it wholesale.

MrBigglesworth

2011-11-19 05:23:36 PM

Oil prices can rise as they are not directly related to the wholesale price of gas, which for about 3 weeks now has been $2.50/2.65 a gallon.

Yesterday I filled up for $2.94. There are few places in OKC today that are now down to $2.89.

siphra

2011-11-19 05:44:20 PM

Seriously? What part of supply side economics isn't understood here: Higher demand = Higher price... this is seriously grade school stuff.

GoldSpider

2011-11-19 05:54:39 PM

SevenizGud

2011-11-19 06:27:22 PM

In other news, if you think the price is too high, then don't pay it.

SevenizGud

2011-11-19 06:33:00 PM

NFA:
No this has nothing to do with supply and demand and everything to do with profit.

Yeah, because if nobody bought the oil at that price, the price would never come down, because, you know, profit.

The whole notion of supply and demand is farcical I tells ya. The supplier fixes the price for maximum profit, and that is the sale price, no matter what the behavior of the buyer. This is why the price of everything is always set at infinity.

bunner

2011-11-19 06:39:05 PM

SevenizGud: In other news, if you think the price is too high, then don't pay it.

Walk everywhere! Screw these fancy horseless carriages! Dismantle the modern world! Thieves who have you by the balls should be dismissed as nuisances!

R Kelly's Doo Doo Butter

2011-11-19 07:00:13 PM

I for one am for the oil companies increasing the price of gasoline. I am a small business owner and I know how difficult it is to turn a profit in this terrible economy. You do what you have to do to make sure that you can pay your employees. Good for them.

FlashHarry

2011-11-19 08:12:29 PM

mekki: It's sad that the oil companies have been pilfering our pockets for so long that $3.09 for a gallon of gas seems "cheap."

well, it is, compared with the rest of the non-arab world. my brother pays something like $9/gal in the UK. i was paying $7/gal in switzerland earlier this year.

Phil Moskowitz

2011-11-19 08:20:08 PM

With any luck oil speculators will fark themselves out of existence. Great is.. good for green energy.

WxGuy1

2011-11-20 12:40:07 AM

MrBigglesworth: Oil prices can rise as they are not directly related to the wholesale price of gas, which for about 3 weeks now has been $2.50/2.65 a gallon.

Yesterday I filled up for $2.94. There are few places in OKC today that are now down to $2.89.

I'd be surprised to see retail gas prices drop any further. It seems like retail gas price in the OKC area is typically $0.50 above the RBOB price (save for a few of the usual low price-leaders -- the 7-11 stations tend to be quite a bit cheaper than the Shell stations, for example). The latest RBOB price is $2.47, so, for the OKC area, I'd think that $2.89 isn't going to be too far off the bottom. That RBOB price is for the December 2011 contract which will close out at the end of the month, so the actual wholesale price that's delivered to stations may be different.

Fark Me To Tears

2011-11-20 03:00:29 AM

jdmac

2011-11-20 03:03:22 AM

Hmm when demand goes up and supply does not, the price does. This is econ 101 stuff here people.

Phil Moskowitz

2011-11-20 06:49:48 AM

jdmac: Hmm when demand goes up and supply does not, the price does. This is econ 101 stuff here people.

You're smrat.

Debeo Summa Credo

2011-11-20 07:41:15 AM

Hobodeluxe: Wall st is pushing the price up again. Look at the banks that ran it up last time. BoA,Goldman etc. all speculating on a finite resource necessary to national security.
there ought to be a law ya'll

This is what OWS supporters actually believe.

CravenMorehead

2011-11-20 09:47:51 AM

$3.41/gallon here. And that's down in the last two weeks.

Malacon

2011-11-20 09:53:46 AM

CravenMorehead: $3.41/gallon here. And that's down in the last two weeks.

I'm jealous.

The station around the corner from me is $3.63/gallon. Up the road on the service road for the Expressway it's $3.79/gallon

TyrantII

2011-11-20 10:57:16 AM

Phil Moskowitz: jdmac: Hmm when demand goes up and supply does not, the price does. This is econ 101 stuff here people.

You're smrat.

He must of missed the final after a blackout pledge night.

Any good Economy teacher will end their last test with "this is how we used to think the economy worked, but it's pretty much all bullshiat when applied to the real world, and when dealing with irrational humans."

Econ 101 is not at all how Economics works. It's a good point of reference for starting to understand Economics.

Mister Peejay

2011-11-20 11:31:24 AM

mekki:
It's sad that the oil companies have been pilfering our pockets for so long that $3.09 for a gallon of gas seems "cheap."

It's cheaper than it was in the 60s, isn't it?

kab

2011-11-20 11:39:02 AM

bunner: Walk everywhere!

This would be beneficial to people on multiple levels actually.

Elzar

2011-11-20 01:54:40 PM

I do 60-100mi a week totally human powered (running, cycling, kayaking) so I am getting a kick. I don't have crazy monthly gasoline bills anymore, but I do have a few more gear expenses (the best kind of expenses) - but arguably less TCO to bike/run as compared to driving... This is also a good solution to our health problems as a nation...

/ 247 to 182 and best shape of my life in 7 months...

Jonathan Hohensee

2011-11-20 03:39:21 PM

kab: [uberhumor.com image 640x455]

biatching about this won't ever solve anything

The best way to combat high oil prices is to simply close your goddamn wallet. Stop spending. Stop investing. If enough folks do that, you'll see a lot more change happen than any OWS movement is going to incur.

Great idea! To get that done, all we'd need is some sort of popular movement dedicated to galvanizing the people and rapidly disseminate information! Hmm, now where can we find something like that in this day and age...

jjorsett

2011-11-20 06:52:07 PM

Obama said that energy prices would "necessarily skyrocket" and here it's happening. There's yer "hope and change", dummies. He warned you, did you think he was kidding?

skankboy

2011-11-20 08:36:00 PM

Fark Me To Tears: Gotta nail those snowbirds, I guess.

Whatever you are into big guy..... ;)

HMS_Blinkin

2011-11-21 08:36:52 AM

CmndrFish

2011-11-21 09:15:07 AM

FlashHarry: mekki: It's sad that the oil companies have been pilfering our pockets for so long that $3.09 for a gallon of gas seems "cheap."

well, it is, compared with the rest of the non-arab world. my brother pays something like $9/gal in the UK. i was paying $7/gal in switzerland earlier this year.

I'm in Germany right now and it's similar, something like $7-$8 dollars per gallon

Just for comparison's sake, fuel tax in the UK is $3.44 per US gallon. In the US, it varies by state but the average is somewhere around $0.49.

I'd be all for doubling of the total US fuel tax if that meant we could fix our damn bridges and get as nice of roads as most European countries have. Not to mention it'd finally encourage people to start using mass transit and stop believing the stupid line of "America is too big for it."

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