Is it just me??????????

[chainsaw]

:(" title="" border="0"/> :(" title="" border="0"/> :(" title="" border="0"/> :(" title="" border="0"/> or has everyone noticed how gas prices are creeping up. Some of the stations here are over the $2.50 mark for regular unleaded and $2.79 for premium. Instead of leaps and bounds this time they are nickel and dimeing and hoping we won't notice.

[cactusjack]

Unfortunately it isn't just you, Al. A month ago the newspapers here and local news were saying how the Phoenix area had the lowest gas prices in the nation. Someone must have heard them because gas has gone up $.55 per gallon over the past 30 days. I paid $2.509 for mid-grade when I filled up my bike over the weekend. It's been going up 2 cents a day, almost every day. Somehow I find that hard to believe.

A few weeks ago, I heard on the national news that gas prices would not go above $2.50 this summer. Today they said $3.00 is a possibility.

I don't trust the oil companies as far as I could throw them.

[waterman]

Same thing here Al. Regular is 2.59 in town and around 2.35 in a town 35 miles west. It has gone up here but it has been in the leaps and bounds. 10 cents here and 15 cents there. The other day I drove thru 2 towns and the same place owns both gas stations. The first was @ 2.49 and the next town was @ 2.59. Thought crap, another 10 cent jump, however they were readjusting the prices down after they raised them up the day before.

[blowndodge]

Premium is $3.09 in southern cal. Reg is $2.89. Obama won't do a thing about it either. Last administration started calling for congressional oversite. 60 minutes aired a segment on a "speculator" with a major brokerage firm saying supply exceeded demand so the price should have been dropping instead it went to $4.50 a gallon. He showed the mechanics of how speculators can control the pump price while playing both sides of the fence. Price crashed after than because the "fix" was exposed.

Now? we'll see of this admin does something about it.

[phenrichs]

In April the oil arabs said that oil should be in the $80 range so they are trying like hell to repeat last summer.

[ringadingh]

You guys are lucky you don't live here, gas went from a low of .62 a litre on Dec 31 to 99.8 which it was last night. That is about $4.00 a gallon for yours and about $4.50 per Cdn gallon. The last couple weeks its been climbing at least a cent a day.
I agree we are getting robbed!!

[Top Cat]

If someone else HAS it and you NEED it Greed kicks in and you will pay what ever THEY want to charge you for it.
This applies to the oil companies.
On the other hand if I go into a place that has no power and sell generators for three times what I pay for them, that is against the law. Price gouging as they say.

[cactusjack]

Oil is no longer subject to the supply and demand principle of economics. Every aspect of its refining and distribution is manipulated my monopolistic corporations and market speculators.

That big run up in price last year had nothing to do with supply, it was Goldman Sachs trying to corner the market. Many of the things that happened last year were a direct result of Enron's (remember them?) efforts to control the petroleum industry.

[ringadingh]

It actually went down 2 cents today, they must be feeling guilty. It will only be $18.00 to fill the bike tomorrow.

[jamiep24]

Summer's here and they know they can run it up. Just hope people start cutting back like they did last year and it'll come back down.

[glwilson]

Do you own mutual funds... maybe in your 401(k)... IRA... elsewhere?

Then YOU are the speculator. Sorry but most anyone that invests in mutual funds or other such investments owns some form of the oil industry.

Add in your state and local taxes and you will see variations in price at the pump. Don't forget your government is the largest profiteer at the gas pump... that is a fact.

So... the next time you guys whine about gas prices... look first to your taxing-bodies. THEY make the most off your money.

Sorry if anyone is offended... just my basic thoughts on a subject I deal with daily.

[tazfl]

Nope, it's not just you, it's the same here in Florida. You know, the goverments so f**kin eager to take possessiion of the auto companies, why don't they take over the oil companies and put a stop to the gouging. Seriously, I don't really want the goverment to take over oil companies, it already pisses me off what they're doing with the automotive companies, I'm just frustrated with what the oil companies get away with and am venting

[blowndodge]

Greg, my understanding is that 401K's or mutuals are precluded from investing in "speculation" or "futures market" by gov't regulation?

[glwilson]

BD... most mutual funds do not buy futures conracts or managed futures... but there are plenty of them that do. I can think of over a dozen or so off the top of my head... one particular that specializes in it. Managed futures can be bought by funds via prospectus.

Now... regarding speculation in the purest sense by funds... that wasn't my point entirely. My point is that some complain about the price of oil... while benefiting through investments in various oil-industry investments.

In a further comment to speculation... I would argue that supply, demand, and "use" regulation (i.e., taxes and etc.) generally control the world-wide price trends of commodities.

Yes, there are periods where speculators influence pricing; but usually prices run in-line with the basic trends of economic supply and demand -- just talk to any professional futures contract buyer -- they'll tell you. (If speculators can control the markets... then why would oil have ever remained in the $30 per barrell range for so many years? Why would oil ever drop in price if speculators could keep the price artificially high? The point is... commodity contract pricing cannot be controlled for long periods by speculators. The futures contract system helps keep pricing in-line with S&D. Generally it works very good.)

China is the biggest influence I see at present regarding oil demand. Expect to see them become the largest consumer of oil in the very short-near future. Expect them to quit buying U.S. Treasuries and instead buy & stockpile oil, metals, coal, and other such natural resources they will be needing for their future needs. China has already completed some very large commodity deals around the globe that will extend for decades, and is in the process of completing more. These "deals" will have a huge influence on the future prices of commodities.

This spells potentially bad news for the U.S. and commodity prices.

[watchman]

I know a guy that stays on top of gas prices. He can quote you crude prices daily. According to him we will be paying $3.50 a gallon for regular gas, here in north Missouri, by mid summer.
That will have the prices around $3.80 on the coasts.