I'm so sick of medias' oil price predictions

[vladinecko]

ok, ok, ok, i f-ing get it, the prices are f-ing high and will go even higher. i can't stand all media blowing this issue out of proportions before shit actually happens.

every single day for the past year i've heard nothing but "the national average of gas is now at record $x.xx per gallon and the prices are expected to grow to $x.xx+$1.00 by the end of [two months from now]" every single f-ing day. or "if you think $x.xx is high, analysts say it might very easily hit $x.xx+$1.00 by the next month." i mean, common!

it's like squirting lemon juice on a fresh paper-cut while saying there's more to come. it almost seems like they're trying to accelerate the process just to get a disaster story out right away.

ahh, whatever. :mad:

[Squawks]

Funny you should mention that because here in San Diego some news stations actually have "Gas Forecasts" now - very similar to weather forecasts but they tell you on which day(s) you should fill/wait up on gas.

[Scarabeo]

Blame the damn traders and their risk premium...beats the heck out of me, given that oil is such a strategic commodity, that we let a bunch of morons in New York and other markets set the price....this is where market forces need some kind of restraint....the only good thing is that as the higher the price goes, the more attractive alternative/renewable energy sources become..I hate to say it but the French got it right by building nuclear plants which now produce about 80 percent of their electricity...and this administration is just incapable of doing anything right....man, I can't even imagine what will happen to the US economy if the Middle East conflicts escalate and the supply from that region is shutdown....

[vladinecko]

Originally Posted by Squawks

Funny you should mention that because here in San Diego some news stations actually have "Gas Forecasts" now - very similar to weather forecasts but they tell you on which day(s) you should fill/wait up on gas.

it must suck for you to live in the most expensive city in the US! i'd still relocate there in an instant though

[bavarian19]

Thanks to my 'I hate July' thread, I have realized Im just going to stay home for a while... no work, no errands... just sitting at home...

We all know things will not change while a certain someone is our president...

[Scarabeo]

Originally Posted by vladinecko

it must suck for you to live in the most expensive city in the US! i'd still relocate there in an instant though

You guys are breaking my heart - gas here is USD 6.00 a gallon and a typical rent in Milan is about 4,500 euros a month....I had a "Crodino" the other day in the square and paid 9 euros for a an item that I can purchase in the store for 50 cents....

[vladinecko]

Originally Posted by Scarabeo

I can't even imagine what will happen to the US economy if the Middle East conflicts escalate and the supply from that region is shutdown....

well i can tell since i just heard on the "news." the prices would rise to $300 - $500 per barrel of oil so gasoline prices would be increased accordingly. businesses would be forced to put enormous gas tax on all their products to sweep away all those 3 customers who would actually be shopping for anything else but food. no profits would naturally be followed by massive bankruptcy wave that would send stocks to burning hells and cut millions of people from their pension money and benefits that would set us back in 1930s. oh, and the prius would become the most stolen vehicle of the year

[Scarabeo]

Originally Posted by vladinecko

well i can tell since i just heard on the "news." the prices would rise to $300 - $500 per barrel of oil so gasoline prices would be increased accordingly. businesses would be forced to put enormous gas tax on all their products to sweep away all those 3 customers who would actually be shopping for anything else but food. no profits would naturally be followed by massive bankruptcy wave that would send stocks to burning hells and cut millions of people from their pension money and benefits that would set us back in 1930s. oh, and the prius would become the most stolen vehicle of the year

My next question - so what strategy has this administration in mind to prevent such a disaster??? "We have the Strategic Oil Reserves"....just effing brilliant....no wonder the Europeans are scrambling like crazy to get hooked up to Russia's endless supply of natural gas....

[ward]

agreed,

you know how much gas I'm going to use, it's however much I "need" and I'll pay for it however much it costs.

worrying and griping about the cost doesn't help anyone

[vladinecko]

Originally Posted by ward

it's however much I "need" and I'll pay for it however much it costs.

worrying and griping about the cost doesn't help anyone

well, i'm also looking at a bigger picture which in this case is how the higher prices affect the economy, business and the consumer at the end of the chain. so it's not only that we more for gas to power our cars, we ultimately pay the price in every product we use and buy as well.

but you're right, overemphasizing the fact it's expensive and that it will only go up doesn't help anyone. that is why i started this thread in the first place.

[vladinecko]

Originally Posted by Scarabeo

the damn traders and their risk premium...beats the heck out of me, given that oil is such a strategic commodity, that we let a bunch of morons in New York and other markets set the price

i couldn't agree more! if it wasn't for the "terrorist premium" we get on oil, it would be $20 - $30 cheaper per barrel than it is now. i hate to make this remark but, f-ing middle east man! if there was no oil there no one would be interested in them and hence they would probably all kill each other get their seven virgins and the rest of the world wouldn't even notice there is a large unpopulated area on the map. so let me rephrase my remark, f-ing oil in the middle east.

[ward]

you're right Vlad,

every product that rides on a truck at any time is going to get more expensive, from cerial to cars.

gas is making every single thing we buy more expensive

[vex]

dont blame the middle east.......blame american policy. the u.s. is addicted to oil like never before. imagine bush giving tax breaks to gas guzzlers in 2000.i hope gas goes to 10$ a gallon in the u.s. why? simple, supply and demand....the forces that move a market are supply and demand.less demand cheaper prices. how many losers drive v8 suvs in the u.s., crap loads do.suvs will be destinded to trailor trash in 10 years...nobody wants them except the poor who cant afford the cash for gas but can shell out 5000 for an escalade...........lol. new tv show could be funny...suv boys...no money for travel but money for residence in old suv.

[zimbofk]

Before we start blaming the middle east, we should consider the fact that they aren't the ones setting oil prices - its our capital market that does. THe higher that stock price goes, the more money is made by trading that those crude oil stocks. Investors and the media are using any excuse, any excuse (ex. a road side bomb in Iraq) to push those price higher because they realize that demand isn't dropping. Yes, it's affecting other parts of the economy, but if I've invested millions in crude, then that's all I'm thinking about.

We cannot control our insatiable demand and China's demand is increasing along with its economic growth, which was about 10% last quarter, I think. Also, we as Americans have to face the fact that we are undergoing a price adjustment at the pump to bring us more in line with the rest of the world. Unless we step up our own offshore production, $5/gallon gas could be the norm in less than 2 years.

[Scarabeo]

Originally Posted by BadBob

How can you possibly blame the Bush administration for our lack of nuclear power? There hasn't been a new plant built since the 1970's. Bush and Cheney have been pushing hard since May 2003 to expand our use of nuclear power only to be thwarted by the Democratic enviro-wackos. Americans want and have cheap fuel, this is evidenced by our low fuel taxes and soldiers are now dying to secure our supply.

As far as I am aware this administration has only recently been making a bit of noise about nuclear power - anyway, I did not blame Bush for a lack of plant building...it's just that they have done absolutely nothing to lessen our dependence on imported oil....we consume about 25 percent of the world's energy - it is now a national security imperative that we alter our energy consumption patterns to bring down the price of oil......and a consumption tax would certainly solve that problem...certainly would encourage people to buy more fuel efficient cars..the days of suburbanites driving SUV's are coming to an end...

Further to my rant, high prices have certainly given countries like Venezuela and Iran leverage they didn't have years ago....

[thd13]

So many people (including myself) complain that gas is so damn expensive. But then I drink the $5 usd 12 oz. beer that I just bought from the pretty bartender girl, and my gas woes all disappear.Gas isn;t expensive, alcohol is goddam expensive. But so good once it hits your lips!

[Scarabeo]

Originally Posted by thd13

So many people (including myself) complain that gas is so damn expensive. But then I drink the $5 usd 12 oz. beer that I just bought from the pretty bartender girl, and my gas woes all disappear.Gas isn;t expensive, alcohol is goddam expensive. But so good once it hits your lips!

Ahh, you can always depend on someone for a facile answer to a complicated question...