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Old 03-28-2007, 05:45 AM   #1
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Has anyone else noticed how fuel prices are going up? Wow, it seems like they go up a nickel or so a week. Gasoline is around $2.40-2.50 a gallon and diesel is even higher. I saw diesel for $2.79 a gallon just this morning. Where is it going to end? I'll bet by the end of the summer, $3.00 a gallon diesel will be a welcome price

There haven't been any refinery explosions or oil spills or any other disasters that have triggered higher prices, so I cannot explain them any other way than just plain old greed.
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Old 03-28-2007, 05:45 AM   #2
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Has anyone else noticed how fuel prices are going up? Wow, it seems like they go up a nickel or so a week. Gasoline is around $2.40-2.50 a gallon and diesel is even higher. I saw diesel for $2.79 a gallon just this morning. Where is it going to end? I'll bet by the end of the summer, $3.00 a gallon diesel will be a welcome price

There haven't been any refinery explosions or oil spills or any other disasters that have triggered higher prices, so I cannot explain them any other way than just plain old greed.
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Old 03-28-2007, 05:51 AM   #3
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by JayC:
There haven't been any refinery explosions or oil spills or any other disasters that have triggered higher prices, so I cannot explain them any other way than just plain old greed. </div></BLOCKQUOTE>
A lot of it has to do with the current tension with Iran. This has driven crude and refined product spot and futures prices higher on NYMEX - see HERE.

The marketplace that establishes crude oil, natural gas and refined product pricing is quite complex. The oil companies certainly have an input on the supply side of this market, but so does OPEC and its member countries such as Iran. Neither, however, can control demand. If they had total control of pricing, there wouldn't have been $10/bbl crude oil in the late 1990s!!

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Old 03-28-2007, 06:01 AM   #4
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From an article on the Bloomberg NYMEX page linked above:
<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Oil Rises a 7th Day as Iran Tension Adds to Disruption Concern

By Mark Shenk

March 28 (Bloomberg) -- Crude oil rose for a seventh day, climbing close to $65 a barrel in New York, on concern that Iran's capture of British servicemen may escalate, disrupting shipments from the Middle East.

Oil jumped more than $2 a barrel, after surging $5 in seven minutes late yesterday on speculation the U.K. would mount a rescue attempt. The Middle East is responsible for about a third of the world's oil output. Prices also rose on expectations an Energy Department report today will show that U.S. gasoline inventories fell for a seventh straight week.

``The recent price moves show that geopolitical factors are back front and center,'' said Nauman Barakat, senior vice president of global energy futures at Macquarie Futures USA Inc. in New York. ``Sentiment is bullish. Geopolitical tension and tightness in the gasoline market are the twin pillars of this market.''

Crude oil for May delivery rose $1.54, or 2.5 percent, to $64.48 a barrel at 9:45 a.m. on the New York Mercantile Exchange. Prices reached $64.86 during the session. Futures are down 2.4 percent from a year ago.

Prices surged from 1979 through 1981 after Iran cut oil exports. The average cost of oil used by U.S. refiners was $35.24 a barrel in 1981, according to the Energy Department, or $79.67 today's dollars.

``Whenever there is a headline about Iran people prick up their ears,'' said Justin Fohsz, a broker at Starsupply Petroleum, a division of GFI Group Inc., in Englewood, New Jersey. ``If the Iranians release the British, oil should come off quite a bit.''

Strait of Hormuz

Almost a quarter of the world's oil flows through the Strait of Hormuz, a narrow waterway between Iran and Oman at the mouth of the Persian Gulf. Relations between Iran, which sits on the world's second-largest proven reserves, and western governments were already frayed because of the country's nuclear program.

``It is now time to ratchet up the pressure,'' Prime Minister Tony Blair said in Parliament in London today. The capture of the U.K. personnel was ``wrong and completely illegal.''

Vice Admiral Charles Style told reporters in London that Iran's navy ``ambushed'' Britain's boats on the Iraqi side of the Shatt al-Arab waterway. He said GPS navigation data showed the position of Britain's ships and that Iranian officials have given two separate accounts for the location of the vessels.

Increases Concerns

``It increases people's concerns about how they would behave if they had a nuclear weapon,'' U.K. Foreign Secretary Margaret Beckett said in a statement to Parliament. She said she's considering whether to take the matter to the UN and to European Union foreign ministers meeting this weekend.

The United Nations Security Council on March 24 unanimously backed a resolution freezing the assets of a state-owned Iranian bank and imposing penalties on some military commanders, to push Iran to suspend production of the nuclear fuel. The package toughens sanctions approved in December.

Brent crude oil for May settlement jumped $1.48, or 2.3 percent, to $66.08 a barrel on the London-based ICE Futures exchange. Futures touched $69 a barrel yesterday, the highest intraday price since Sept. 4.

To contact the reporter on this story: Mark Shenk in New York at mshenk1@bloomberg.net .

Last Updated: March 28, 2007 09:53 EDT </div></BLOCKQUOTE>

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Old 03-28-2007, 06:01 AM   #5
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It STINKS....
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Old 03-28-2007, 06:34 AM   #6
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I can remember years ago when the gas prices were steady and it didn't matter what was happening. Today its the threat of war,its the weather,its the threat of maybe this is going to happen or not happen. For sure it will go up faster than it comes down.

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Old 03-28-2007, 02:03 PM   #7
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Greed works, and there is no other answer.
Remember following huricane Katrina and oil prices above $70/brl? Gas prices were about 10 to 15 cents higher than what we have today...but there was a major supply disruption in the Gulf of Mexico and refineries and pipelines damaged in our southern states.
Not today. There is plenty of oil, the refineries can produce plenty of gasoline (if the company executives want it produced)and current oil prices (the price paid last month for oil being delivered now) does not justify the high and rising gasoline retail prices.
What does explain it is GREED. Remember Exxon Mobil pays BIG bonuses to its key executives and last quarter reported the highest profits in its history (true forall of last year). They cannot repeat that great story and expect more big bonuses with gasoline selling for only $2 to $2.30 a gallon.
Anybody that thinks there is a direct connection between the spot price of oil you see on television and the price you pay at the pump, just do not understand big business. Get used to $3 a gallon gasoline...your multinational oil companies and your politicians who accept large reelection contributions from the oil industry want it to continue. And there is nothing you can do about it except quit driving your big RV and trucks and cars...then vote every one of the rascals out of office. You heard it here first!
Good luck
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Old 03-29-2007, 07:35 AM   #8
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If we (the US) were allowed to utilize the fuel resources already identified and available to us, many of our problems would disappear.
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Old 03-29-2007, 08:14 AM   #9
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by KTYSTR:
There is plenty of oil..... </div></BLOCKQUOTE>

Take a look HERE.

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Old 03-29-2007, 08:35 AM   #10
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Well, let's see. Mexico has oil. Mexico owes us a LOT of money. Why not oil for debt? Venezuale has oil. Venezuale owes the U.S. money. Why not oil for debt? Why not STOP shipping the Alaskan oil overseas?
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Old 03-29-2007, 08:47 AM   #11
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<BLOCKQUOTE class="ip-ubbcode-quote"><div class="ip-ubbcode-quote-title">quote:</div><div class="ip-ubbcode-quote-content">Originally posted by PennyPA:
Why not STOP shipping the Alaskan oil overseas? </div></BLOCKQUOTE>
The Alaskan oil goes to Japan because:

1. There's insufficient refining capacity on the U.S. West Coast to handle it, and

2. Megatankers cannot pass through the Panama Canal to get the oil to U.S. Gulf Coast refineries.

It really doesn't matter since it's a left pocket/right pocket proposition. To illustrate, we sell (let's say) 600,000 bbls/day to Japan, then using the revenue from that sale we buy 600,000 bbls/day off the world market for delivery to the U.S. Gulf Coast. Net/net, it's a wash.

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Old 03-29-2007, 10:29 PM   #12
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We have been over $3.00 for months and currently pay $3.39 for 87 octane. I hate to see summertime prices!!!!
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Old 03-30-2007, 08:18 AM   #13
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You know what they always say . YOU CAN'T TAKE IT WITH YOU. Bought a 2006 Class A motorcoach and yes it does love to burn lots of fuel .
But if you think about it . You are hauling around just another Condo on wheels. And the veiw is free.
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Old 03-30-2007, 08:19 AM   #14
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Sorry msspelled . I need to get spell checker . The View is FREE.
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