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(ABC)   In news that no one saw coming: Little Relief at the Pump This Labor Day   (abcnews.go.com) divider line 29
    More: Obvious, Pump This Labor Day, Labor Day, Tom Kloza, world oil, relief, Federal Reserve Chairman Ben Bernanke  
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435 clicks; posted to Business » on 01 Sep 2012 at 5:32 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



29 Comments   (+0 »)
   
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2012-09-01 05:36:57 PM  
I saw Lil' Relief at The Pump last night with his crew... Big Spendin' and Tiny Margin. They were doing their hit "Refinery Crack Spreading All Night". It was pretty dope.
 
2012-09-01 05:50:40 PM  
The week before a three day weekend and the gas prices go up?
Say it isn't so.
/ never fails
 
2012-09-01 05:57:18 PM  
Filled up this morning $3.21.
 
2012-09-01 05:58:00 PM  
What's the Vegas line on gas prices dropping to last Sunday's levels before the end of the month?
 
2012-09-01 06:06:51 PM  
Though lines are not expected to be long, a nationwide sampling of 7,000 of the nation's pumps reveals your momma will see little relief this week, according to Trilby Lundberg, of the Lundberg Survey.
 
2012-09-01 06:08:41 PM  
Good.

The days of cheap gas prices are long over. If anything, they need to be much higher. Yes, I know that makes some of you mad.
 
2012-09-01 06:11:50 PM  
Someone needs to write a book about how the news recycles the same five or six stories every year.
 
2012-09-01 06:38:49 PM  

Fabric_Man: Someone needs to write a book about how the news recycles the same five or six stories every year.


Anyone who decides to try that is probably a hopeless drunk
 
2012-09-01 06:40:08 PM  
Do people really factor in the price of gas into their daily lives? Maybe it's because I drive a fuel-efficient vehicle, but I just go on with my life, and when my low fuel light comes on I pull into the nearest gas station to fill up, and then continue on with my life.
 
2012-09-01 06:46:05 PM  
OMG. Why doesn't the Republican Congress pass a law making all the gas cheaper?
 
2012-09-01 07:06:06 PM  

Dow Jones and the Temple of Doom: Do people really factor in the price of gas into their daily lives? Maybe it's because I drive a fuel-efficient vehicle, but I just go on with my life, and when my low fuel light comes on I pull into the nearest gas station to fill up, and then continue on with my life.


I know a guy at work who keeps 3 five gallon gas tanks in the back of his truck at all times, just in case he sees gas for cheap. I asked him once if gas goes below what he paid for in the containers, if he then saves it until gas goes back up again, or if he purposefully goes out and wastes a bunch of gas so that he can fill up all his containers with THAT cheaper price. He didn't think that was very funny.

Of course this is also the guy that won't go out to lunch anywhere unless he has a coupon for the place.
 
2012-09-01 07:24:34 PM  

Rapmaster2000: I saw Lil' Relief at The Pump last night with his crew... Big Spendin' and Tiny Margin. They were doing their hit "Refinery Crack Spreading All Night". It was pretty dope.


All right, that is forever awesome!
 
2012-09-01 07:27:02 PM  

Dow Jones and the Temple of Doom: Do people really factor in the price of gas into their daily lives? Maybe it's because I drive a fuel-efficient vehicle, but I just go on with my life, and when my low fuel light comes on I pull into the nearest gas station to fill up, and then continue on with my life.


Well, we sometimes have to plan when to buy gas, or whether to fill it or just put $20 in. We also sometimes don't go do stuff because of the cost of gas, but for the most part, we do the same, we get gas when we get low and move on with our lives. I wish I could bus or train it, but to go the 6.2 miles from home to work would be something like 2 1/2 hours, because of the way the routes are laid out.
 
2012-09-01 07:37:32 PM  

whidbey: Good.

The days of cheap gas prices are long over. If anything, they need to be much higher. Yes, I know that makes some of you mad.


Farking pessimistic conservative douchebag, you are.
 
2012-09-01 07:53:58 PM  

vygramul: OMG. Why doesn't the Republican Congress pass a law making all the gas cheaper?


Because Obummer would veto it because he hates America.
Also, sekrit mooslim.
 
2012-09-01 08:04:39 PM  
I remember when Katrina caused gas prices to skyrocket. I remember it because not a drop of gasoline I buy here in Canada has ever been anywhere near New Orleans.

F**kin' douchebags.
 
2012-09-01 09:47:23 PM  

Dow Jones and the Temple of Doom: Do people really factor in the price of gas into their daily lives? Maybe it's because I drive a fuel-efficient vehicle, but I just go on with my life, and when my low fuel light comes on I pull into the nearest gas station to fill up, and then continue on with my life.


I'm in gas station convenience stores from time to time because the big stores don't sell Mountain Dew Throwback in my area, and you'd be surprised how many people are buying just 5 or 10 bucks worth of gas.
 
2012-09-01 09:55:00 PM  
Oooh. I was wondering where the hell to buy Mountain Dew Throwback.....
 
2012-09-02 12:22:49 AM  

jayhawk88: Dow Jones and the Temple of Doom: Do people really factor in the price of gas into their daily lives? Maybe it's because I drive a fuel-efficient vehicle, but I just go on with my life, and when my low fuel light comes on I pull into the nearest gas station to fill up, and then continue on with my life.

I know a guy at work who keeps 3 five gallon gas tanks in the back of his truck at all times, just in case he sees gas for cheap. I asked him once if gas goes below what he paid for in the containers, if he then saves it until gas goes back up again, or if he purposefully goes out and wastes a bunch of gas so that he can fill up all his containers with THAT cheaper price. He didn't think that was very funny.

Of course this is also the guy that won't go out to lunch anywhere unless he has a coupon for the place.


HA! HA!

Poor people don't understand dollar cost averaging!

/especially when they have to get to work every day
 
2012-09-02 01:02:58 AM  
When I drove to work Wed, gas was $3.66
When I came home it was $3.93

WTF is up with that?
 
2012-09-02 01:28:49 AM  

dstrick44: When I drove to work Wed, gas was $3.66
When I came home it was $3.93

WTF is up with that?


One refinery shut down in California a few weeks ago. Within 3 days the price rose 50 cents.
 
2012-09-02 03:49:24 AM  
Dang
I was hoping this thread was going to be about sex with midgets
leaving disappointed :(
 
2012-09-02 12:22:54 PM  

MBrady: vygramul: OMG. Why doesn't the president DO SOMETHING and get his cronies, botox and crazy harry to DO SOMETHING and Republican House pass a law making all the gas cheaper?

FTFY.

Funny thing is, not six months ago, we were exporting gasoline, because we had a huge surplus.

/you blamed bush. I'm blaming 0.


I never blamed Bush. In fact, I voted for him. But frankly, the government has almost no impact on gasoline prices, and blaming Obama has been a cottage industry lately. (Pumping the SPRO tends to be purely a political move.)

So far this year, we're exporting a little less gasoline and importing a lot less gasoline.

At least you're blaming naught.
 
2012-09-02 12:36:47 PM  

MBrady: vygramul: MBrady: vygramul: OMG. Why doesn't the president DO SOMETHING and get his cronies, botox and crazy harry to DO SOMETHING and Republican House pass a law making all the gas cheaper?

FTFY.

Funny thing is, not six months ago, we were exporting gasoline, because we had a huge surplus.

/you blamed bush. I'm blaming 0.

I never blamed Bush. In fact, I voted for him. But frankly, the government has almost no impact on gasoline prices, and blaming Obama has been a cottage industry lately. (Pumping the SPRO tends to be purely a political move.)

So far this year, we're exporting a little less gasoline and importing a lot less gasoline.

At least you're blaming naught.

I wasn't saying "you" specifically. I was referring to the college basement living liberal crybabies.

Actually, IF the government would a) take crude oil off the futures market b) make anyone who buys crude oil pay for it immediately and in CASH, the government could have a huge impact on gasoline prices, and would help stabilize the market. Sure, prices would rise and fall, but not like this.

/fark the speculators


Speculation doesn't work that way. And speculation has basically zero impact on oil prices. That's what Greg Mankiw will tell you, and that's what Paul Krugman will tell you. You gotta remember: the speculators are betting AGAINST the oil companies. So unless you're saying the poor unfortunate oil companies are being taken advantage of and being ripped-off by the big, bad speculators, this hand-wringing over speculation is misguided.
 
2012-09-02 04:32:28 PM  

MBrady: If you are correct, then how do you explain that the wild price fluctuations since crude oil was changed to a futures stock? Second, wasn't a precious metal (I forget which one) was taken off the futures market, and the price basically stabilized? Third, if they are betting against the oil companies, then change the rules so that they cannot make money that way. Whatever the way to do it, return crude oil to where it was before Bush signed the bill to move it to the futures market.


First, Krugman did an article that showed iron seeing almost identical changes in the market as oil, yet it isn't speculated on. He points out that it's basically because of emerging markets. Second, you'll have to be more specific. Third, here's how Krugman discusses it:

But the mysticism over how speculation is supposed to drive prices drives me crazy, professionally.

So here's my latest attempt to talk it through.

Imagine that Joe Shmoe and Harriet Who, neither of whom has any direct involvement in the production of oil, make a bet: Joe says oil is going to $150, Harriet says it won't. What direct effect does this have on the spot price of oil - the actual price people pay to have a barrel of black gunk delivered?

The answer, surely, is none. Who cares what bets people not involved in buying or selling the stuff make? And if there are 10 million Joe Shmoes, it still doesn't make any difference.

Well, a futures contract is a bet about the future price. It has no, zero, nada direct effect on the spot price. And that's true no matter how many Joe Shmoes there are, that is, no matter how big the positions are.


http://krugman.blogs.nytimes.com/2008/06/23/speculative-nonsense-once - again/
 
2012-09-02 05:21:37 PM  

vygramul: MBrady: If you are correct, then how do you explain that the wild price fluctuations since crude oil was changed to a futures stock? Second, wasn't a precious metal (I forget which one) was taken off the futures market, and the price basically stabilized? Third, if they are betting against the oil companies, then change the rules so that they cannot make money that way. Whatever the way to do it, return crude oil to where it was before Bush signed the bill to move it to the futures market.

First, Krugman did an article that showed iron seeing almost identical changes in the market as oil, yet it isn't speculated on. He points out that it's basically because of emerging markets. Second, you'll have to be more specific. Third, here's how Krugman discusses it:

But the mysticism over how speculation is supposed to drive prices drives me crazy, professionally.

So here's my latest attempt to talk it through.

Imagine that Joe Shmoe and Harriet Who, neither of whom has any direct involvement in the production of oil, make a bet: Joe says oil is going to $150, Harriet says it won't. What direct effect does this have on the spot price of oil - the actual price people pay to have a barrel of black gunk delivered?

The answer, surely, is none. Who cares what bets people not involved in buying or selling the stuff make? And if there are 10 million Joe Shmoes, it still doesn't make any difference.

Well, a futures contract is a bet about the future price. It has no, zero, nada direct effect on the spot price. And that's true no matter how many Joe Shmoes there are, that is, no matter how big the positions are.

http://krugman.blogs.nytimes.com/2008/06/23/speculative-nonsense-once - again/


and that's metals.

A Department of Energy paper found that while speculators didn't set the market, they influenced it with the amount of money they put behind it, which is at odds with Krugman's statement that they have no effect on the market, which is absurd.

The media often use the term "hot money" to describe investment flows that move quickly between different markets, seeking the highest possible returns. Certainly many noncommercial investment funds, including both commodity pools and hedge funds, would potentially fall into that category. This paper concludes, first, that noncommercial traders follow price trends; they don't set them. Second, noncommercial traders are likely to switch rapidly their holdings between markets. These results are closely related. The fact that noncommercial traders follow price trends means that they are therefore likely to switch between markets and add to overall hot money flows. 
 
2012-09-02 05:58:43 PM  

bhcompy: vygramul: MBrady: If you are correct, then how do you explain that the wild price fluctuations since crude oil was changed to a futures stock? Second, wasn't a precious metal (I forget which one) was taken off the futures market, and the price basically stabilized? Third, if they are betting against the oil companies, then change the rules so that they cannot make money that way. Whatever the way to do it, return crude oil to where it was before Bush signed the bill to move it to the futures market.

First, Krugman did an article that showed iron seeing almost identical changes in the market as oil, yet it isn't speculated on. He points out that it's basically because of emerging markets. Second, you'll have to be more specific. Third, here's how Krugman discusses it:

But the mysticism over how speculation is supposed to drive prices drives me crazy, professionally.

So here's my latest attempt to talk it through.

Imagine that Joe Shmoe and Harriet Who, neither of whom has any direct involvement in the production of oil, make a bet: Joe says oil is going to $150, Harriet says it won't. What direct effect does this have on the spot price of oil - the actual price people pay to have a barrel of black gunk delivered?

The answer, surely, is none. Who cares what bets people not involved in buying or selling the stuff make? And if there are 10 million Joe Shmoes, it still doesn't make any difference.

Well, a futures contract is a bet about the future price. It has no, zero, nada direct effect on the spot price. And that's true no matter how many Joe Shmoes there are, that is, no matter how big the positions are.

http://krugman.blogs.nytimes.com/2008/06/23/speculative-nonsense-once - again/

and that's metals.

A Department of Energy paper found that while speculators didn't set the market, they influenced it with the amount of money they put behind it, which is at odds with Krugman's statement that they have no effect on the market, which is absurd.

The media oft ...


If you prefer, I can use the American Enterprise Institute's Greg Mankiw, who simply links to an article that concludes with the following:

"We identify six strands in the literature corresponding to different empirical methodologies and discuss to what extent each approach sheds light on the role of speculation. We find that the existing evidence is not supportive of an important role of speculation in driving the spot price of oil after 2003. Instead, there is strong evidence that the co-movement between spot and futures prices reflects common economic fundamentals rather than the financialization of oil futures markets."

Essentially, economists on both side of the aisle largely call bullshiat on the speculation nonsense.
 
2012-09-03 03:19:53 AM  
Mrs. Smurf got plenty of relief with some pumping
 
2012-09-03 10:23:35 AM  
Let's see - pay through the nose for gas, to drive on a holiday weekend to a location full of people, or stay home, not pay through the nose for gas, and not have to drive on roads made hazardous by the inebriated and the inept to locations packed by rude, boisterous idiots...

Damn, a hard choice to make, really.
 
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