Gas prices.

[mac5155]

Good thing we did that whole cash for clunkers program, saved us a ton of gas

[pfim]

Debated which thread to put this in, guess we'll see how the conversation goes.

http://finance.yahoo.com/news/newt-ging ... 00662.html

This is like a candidate for the 8th grade class president promising soda machines in the cafeteria. Just dumb.

[columbia]

The US is a net exporter of gas right now, no matter now much that seems contrary to your beliefs.

[pittsoccer33]

we were talking generally about obamas relection chances, and i said a month or so ago that gas prices and the stock market come next fall could be two things that really hurt him.

[Malkamaniac]

we were talking generally about obamas relection chances, and i said a month or so ago that gas prices and the stock market come next fall could be two things that really hurt him.

Nah he'll continue to blame the past regime citing that they did a ton of damage, and that everything he's enacted hasn't helped that said damage and it's obviously not his or his regime's fault.

[mac5155]

I get that gas is a "global commodity" and that we shouldn't isolate ourselves but isn't there a way to cut our exports of it and "keep it" for a cheaper price?

[Froggy]

I get that gas is a "global commodity" and that we shouldn't isolate ourselves but isn't there a way to cut our exports of it and "keep it" for a cheaper price?

It only seems to be a "global commodity" for us. There are several middle eastern billionaires that scoff at that notion. Why should we be held to a different standard?

[mac5155]

I get that gas is a "global commodity" and that we shouldn't isolate ourselves but isn't there a way to cut our exports of it and "keep it" for a cheaper price?

It only seems to be a "global commodity" for us. There are several middle eastern billionaires that scoff at that notion. Why should we be held to a different standard?

Because we're held to a different standard in everything globally. I mean I guess I don't have a problem with some things....i.e. following the Geneva Convention in Wartime is one thing that pops into my mind quickly. But this was more my argument... if everyone else can do it, why can't we?

[Froggy]

Yeah. I was agreeing with you. Hahaha.

Just pointing out that we are the only ones being expected to share.

[pfim]

I think the US has been a net exporter for all of about 4 months, after being a net importer since 1959. I think a shift in policy is a bit premature.

[Digitalgypsy66]

Also: why do we need three grades of unleaded gas? Keep 87 and 93 (Sid and Nedved) and ditch the mid grade. I've seen pumps with four grades of gas (not ethanol either, it was like 87, 89, 91, 93).

[pfim]

Also: why do we need three grades of unleaded gas? Keep 87 and 93 (Sid and Nedved) and ditch the mid grade. I've seen pumps with four grades of gas (not ethanol either, it was like 87, 89, 91, 93).

The mid grade is just a mixture of the two done at the local pump. It's not as if they're refining gas at 89 and 91, and making separate deliveries.

[Jopaz]

we were talking generally about obamas relection chances, and i said a month or so ago that gas prices and the stock market come next fall could be two things that really hurt him.

Obama 2008: High gas prices are Bush's fault
Obama 2012: There's not much the government can do to control prices

Actually, the 2012 version is more correct, but it does not make a good campaign slogan.

[mac5155]

we were talking generally about obamas relection chances, and i said a month or so ago that gas prices and the stock market come next fall could be two things that really hurt him.

Obama 2008: High gas prices are Bush's fault
Obama 2012: There's not much the government can do to control prices

Actually, the 2012 version is more correct, but it does not make a good campaign slogan.

[Pavel Bure]

Gasoline: The new big U.S. export

The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it.

The country exported 430,000 more barrels of gasoline a day than it imported in September, according to the U.S. Energy Information Administration. That is about twice the amount at the start of the year, and experts and industry insiders say the trend is here to stay.

http://money.cnn.com/2011/12/05/news/ec ... /index.htm

So supply exceeds demand yet prices are at record highs? Outstanding!

There aren't enough refineries to get the gas to the public and they won't build more. Current refineries are operating at something like 110% of capacity.

Le wat?

But now the country's massive refining infrastructure is producing more gasoline, diesel and jet fuel than the United States needs, freeing it up to be exported to places like Brazil, Mexico and Chile where demand is still strong.

The Wall Street Journal, which reported on the export trend last week, said the United States is on track this year to be a net exporter of refined products for the first time in 62 years.

"We've got plenty of excess refining capacity," said Jonathan Cogan, a spokesman for EIA. "It's a reminder that this is a global oil market, and it's reflected by the movements of products to where they will get the highest prices."

From the article in the very posts you're quoting.

That's not true at all, there are tankers sitting in the Gulf that have no where to put their crude because the refineries can't handle it.
Look at this report from June of last year. Even the refineries listed as "idle" have an * which says that they are down either for repair or because they couldn't hold crude but would be operational again in 90 days so I don't know where this "excess refining capacity" claim is coming from.
http://205.254.135.24/petroleum/refinerycapacity/

http://205.254.135.24/petroleum/storage ... table2.pdf

[newarenanow]

Obama 2008: High gas prices are Bush's fault
Obama 2012: There's not much the government can do to control prices

Actually, the 2012 version is more correct, but it does not make a good campaign slogan.

I think this is so true. Candidates that are not in office tend to think they can change everything and blame the former person for everything. Then they get into office and realize things are not that simple to change, and there is a reason there has been either very little or no change.

I'm sure every president, or elected official wants to lower prices, stop war, improve the economy. It's just not always simple or feasible.

[DropEmJayBird]

Seems to me, any time the gas price debate comes about - the supply side economics debate starts. People say "need more supply, drill - see this chart", then someone says "We don't have enough oil to make a difference - see this chart", then someone came up with the new "We have a ton of oil and prices are still high - see this chart".

2 things.

The value of the dollar probably has a lot more to do with gas prices right now. I would point to spending and quantitative easing as potentially a cause for the devaluation of the dollar.

The other thing is if I say we should open as much as we can for drilling, and the argument against is "it won't do anything", then why not just do it anyway. Sure if you want to keep a close eye on environmental aspects, by all means, but even if your linked chart from dailykos says it won't matter and this other guys' linked chart from glennbeck says it will, why not let the people who want to drill it do it and if they make money it's a win/win. More jobs, more wealth, more gas to sell, yay yay yay... if it happens to increase supply to the point that drives down gas prices, even better... but I can't see what anyone's problem with that would ever be. I understand the environmental concerns, but quite frankly I just don't see them as real, in fact they hardly are brought up at all in these debates.

Bottom line is - to argue we shouldnt drill because it won't do anything is stupid... if you want to argue with someone that you think the environmental impact would be earth changing - that's fine, we can look at those charts... but if someone wants to drill and they think it's worth their time and money to do it, and they think they can create a few jobs and turn a profit - why not let them do it as opposed to saying it won't do any good. What was all this stuff about the party of no?

[roland]

Saudi Arabia will act to lower soaring oil prices

"So what can Saudi Arabia actually do?

We want to correct the myth that there is, or could be, a shortage. It is an irrational fear, a fear without basis. Saudi Arabia’s current capacity is 12.5m barrels per day, way beyond current levels demanded, and a reliable buffer against any temporary loss of production. Saudi Arabia has invested a great deal to sustain its capacity, and it will use spare production capacity to supply the oil market with any additional required volumes.

This is not empty rhetoric. We have proved to be a reliable supplier many times in the past. We increased production following the invasion of Iraq. We increased production following a workers’ strike in Venezuela in 2002. We stepped in following a surge in demand from emerging economies, specifically China, in 2004. We increased supplies to the US in the wake of Hurricane Katrina. And when a popular uprising swept through Libya in early 2011, we stepped up production to offset any losses.

We have done it many times before, we will do it again.

For the record, as things stand today, our inventories in Saudi Arabia and around the world are full. Our Rotterdam inventory is full, our Sidi Kerir facility is full, our Okinawa facility is full – 100 per cent full."

Please share this article with others using the link below, http://www.ft.com/cms/s/0/9e1ccb48-781c ... z1qSnU7q8l

[BadHands71]

I have 2.50 off at GetGo, looks like it's going to come in handy!

[neophool]

4.50 by memorial day weekend. book it. E5.

[PenguinSteve-o]

I just got 387 miles on my last tank which I filled up with 12 gallons this morning for my Pontiac Vibe.

North Hills Gas stations around my house were 3.95-3.99, I drove few minutes away and Sheetz had it for 3.85 used my Sheetz card to get .03 cents off and 3.82/gallon.

[newarenanow]

Most stations around me is at $3.95, but there is one Sunoco station that is still at $3.82.

[mac5155]

I paid $3.79 on my way home from work Monday in bentleyville. The Pilot station there is always cheapest. What sucks is they have like 8 pumps which 2 are diesel also. So you end up waiting a car or so to fill up. Then the gas comes out at like 1 gallon per minute it seems.

[Hockeynut!]

3.99 in good old Somerset.

[shafnutz05]

3.99 in good old Somerset.

Ahh Somerset....also known as the "I'm actually getting close to Pittsburgh" exit when I drive there from Philly