Rising Gas Prices

[Cali]

Its 4.75$. There are cheaper places but I don't think it's enough of a difference to waste gas driving there.

Yikes... so regular is ~ $4.79?

[BankruptPinoy]

Top analyst sees $200 oil, $5.75 gas
Energy in late stages of worldwide 'super spike'

By Jerome R. Corsi
WorldNetDaily

The Goldman Sachs energy analyst whose predictions have fueled worldwide oil price speculation now foresees oil peaking at $200 a barrel, with gasoline rising to $5.75 a gallon before consumption cools enough to lower fuel prices.

In an rare interview published today in Barron's, Arjun N. Murti, Goldman Sachs' 39-year-old top energy analyst, said energy is in the later stages of a worldwide "super spike," with the possibility of $150 to $200 a barrel oil likely over the next six to 24 months."

Murti noted oil analysts have shifted from a 1990s attitude of, "It is easy to grow supply," to today's pessimism, "It is going to be more difficult to grow supply." The change is in part because oil-producing areas, including Mexico and the North Sea, are declining, while growth areas such as Brazil and Angola are just coming online.

In the interview with Barron's, Murti stressed he does not believe the world is running out of oil, and he does not subscribe to peak oil theories that worldwide oil production rates are necessarily declining.

In Murti's view, the problem is worldwide oil demand is growing consistently, while supply is growing more moderately.

"We do think that the places that have large quantities of recoverable oil, notably Saudi Arabia, Iraq, Iran, Venezuela and Russia, aren't on track to grow their supply aggressively," Murti said. "And, to some degree, high prices are disincentivizing some of these countries to either open up their industry or spend the money themselves. These countries don't need the incremental revenue."

Morgan Stanley agrees, predicting oil will hit $150 a barrel by the end of June or the beginning of July.

Crude oil set a one-day record Friday, surging more than $10 a barrel, to settle at $138.54 on the New York Mercantile Exchange.

The price of crude oil on world future's exchanges has more than doubled in the past year.

Departing today on what is billed as his "farewell visit" to Europe, President Bush today blamed Congress for refusing to allow drilling in Alaska and offshore on the continental shelf, "to give this country a chance to help us through this difficult period by finding more supplies of crude oil, which will take the pressure off the price of gasoline."

Sen. John McCain has attacked Sen. Barack Obama's push for government incentives to develop alternative renewable fuels as government subsidies calculated to enrich special interests.

According to Stephen Power writing in today's Wall Street Journal, McCain favors scrapping federal ethanol credits, moving instead to develop more nuclear power plants.

"I have to give you straight talk about government subsidies," McCain told a business leader roundtable last month in Washington state. "When government jumps in and distorts the market, then there's unintended consequences as well as intended."

Obama has promised to invest $150 billion in alternative fuels over the next decade, with a requirement that the U.S. get at least 25 percent of its electricity from renewable sources, including wind, sun and geothermal energy by 2025, even though those resources today account for less than 1 percent of U.S. electricity.

[Pizza]

Those guys from Goldman Sachs and Morgan Stanley need to shut up. Commodities traders take these arbitrary targets and bid up the price accordingly. That's why Friday we saw an unimaginable $11 jump. If oil hit $200, you bet they'd make a statement for $300 just to keep it running.

There is no actual oil shortage, and stories like these spell doom way too early.

[WhatMoney]

In an rare interview published today in Barron's, Arjun N. Murti, Goldman Sachs' 39-year-old top energy analyst, said energy is in the later stages of a worldwide "super spike," with the possibility of $150 to $200 a barrel oil likely over the next six to 24 months."

G-S is profiting from this oil trading spike. This anal-yst is being paid to fan the flames. What he didn't say was why an oil spike could occur. It is not from any of the very long term effects he mentioned. This is just another political article with an agenda. The war premium, with Israel/US/Iran involvement is what he is really talking about, without saying it. If Obama wins the oil price will collapse, and the profits of these NY trading firms will decrease. Bush and ANWAR BS, what a joke.

[BankruptPinoy]

Pizza, you're exactly right! Peak Oil is a myth and we are being programmed.

Less than 5% acted during the American Revolution, or so some history books read.

"Spanish truck drivers began a blockade of their country’s border with France on Monday, lining up their rigs and slowing them to a crawl to protest the cost of diesel fuel." http://www.nytimes.com/2008/06/10/wo...10fuel.html?hp All it takes is a few folks working together.

How about not a single mention in the corporate press of 125+ global power brokers meeting behind closed doors. Bilderberg anyone? The 2008 meeting just ended in Chantilly, Virginia. From Monday, June 9, 2008: "An attack on Iran? The likely outcome of the presidential election? The consequences of the price of oil rising above and beyond Bilderberg's stated $200 dollar a barrel target? The gaggle of alternative media reporters and protesters who gathered to cover Bilderberg in Chantilly, and were constantly harassed, stalked, surveilled and scorned for doing so, represent the last truly free press that exists in America. Central Bilderberg member David Rockefeller's infamous quote about the castrated U.S. media and its sycophantic support for Bilderberg's agenda has never been more prescient.

“We are grateful to the Washington Post, the New York Times, Time Magazine and other great publications whose directors have attended our meetings and respected their promises of discretion for almost forty years. It would have been impossible for us to develop our plan for the world if we had been subjected to the light of publicity during those years. But now the world is more sophisticated and prepared to march towards a world government."

From 2007: "The 24/7 Wall Street blog, which is affiliated with both Dow Jones' MarketWatch and The Wall Street Journal, carried an article over the weekend that entertained the possibility of oil tipping the $200 mark, citing experts in the industry who expect the $95 a barrel level to be surpassed by the end of the year if the recent stock market turmoil continues.

The ultra-secretive Bilderberg Group, a consortium of power brokers from banking, business, politics, academia and oil, met in Munich Germany in May 2005 when crude oil prices were around the $40 a barrel mark.

During the conference, Henry Kissinger told his fellow attendees that the elite had resolved to ensure that oil prices would double over the course of the next 12-24 months, which is exactly what has happened."

Something to think about...

[WhatMoney]

Peak Oil is a myth and we are being programmed.

I wish you'd stop saying Peak Oil is a myth. Then Newton's Laws, and DNA theory, and Calculus is also a myth. Peak Oil will arrive someday, and yes it has NOTHING to do with the present oil price manipulation. No one is saying Peak Oil has anything to do with the present oil crisis. Worldwide Peak Oil will occur, just as it already HAS occurred in most oil producing countries of the world - In 1972 in the USA for example.

Otherwise you have the players right and I agree the oil price escalation was planned for years. Just needed the right team players in the USA (Cheney, Bush et al) to get it to a crisis. Look at the names behind it and connect the dots.

[HRx]

Can you imagine paying $10.00 for a gallon of gas? Based on all the gas price hysteria going on $10.00 a gallon for gas isn't unrealistic over the next 12-24 months.

[BankruptPinoy]

It's all about exchanges of information and viewpoints. Respond or ignore to posts, we all learn something and all have different viewpoints and opinions.

Personally, for me, I don't wish that someone would stop posting something.

I enjoy reading and thinking about other viewpoints.

Have a great Tuesday everyone!

[AMISLANDER]

I was reading another one of my favorite sites on how it's going to be terribly expensive for people to heat their homes this winter? Due to oil prices?

[Pizza]

I was reading another one of my favorite sites on how it's going to be terribly expensive for people to heat their homes this winter? Due to oil prices?

Both heating oil and natural gas are going to be VERY expensive when winter gets here.

[jerzey]

As the Dollar regains it loses Gas will fall

[sharksfan]

I was reading another one of my favorite sites on how it's going to be terribly expensive for people to heat their homes this winter? Due to oil prices?

Heating oil in the northeast is currently around $4.50 / gallon and it is SUMMER TIME.

The first winter in our house we used 800 gallons of oil to maintain 66-68 degrees. Oil was around $2 / gallon at that time.

[Cali]

Thank goodness I live where it doesn't get cold in the winter.

Heating oil in the northeast is currently around $4.50 / gallon and it is SUMMER TIME.

The first winter in our house we used 800 gallons of oil to maintain 66-68 degrees. Oil was around $2 / gallon at that time.

[HRx]

My winter oil bill last winter was so that that it would give many people here a stroke...

[mgmadara]

We're fortunate enough to have a wood stove and enough wooded property to keep it going. Last year we set the thermostat at 60 and burned fires almost 24/7. We only used about 150 gallons of oil. We are currently cutting, splitting and stacking wood and we will be doing that most of the summer. It's hard work, but I know we won't be able to afford much oil this coming winter and I don't want to freeze. My husband commutes 55 miles one way in an SUV, so the price of gas is killing us.