Gas prices shoot up

[DuctapeFatwa]

The average price of a gallon of self-serve regular gasoline on Jan. 9 was $1.55, up from $1.48 on Dec. 19, the Lundberg Survey found.

Publisher Trilby Lundberg called it a "dramatic price turnaround."

During a two-week period in February, 2003, the price rose 7 cents a gallon due to decreased oil production amid the Venezuelan oil strike and an increase in demand stemming from the looming war in Iraq, she said.

But the current jump has less dramatic reasons, Lundberg said. Cold weather in the Northeast increased demand for crude oil, and Jan. 1 was a deadline for refineries to meet certain environmental standards -- at a cost that is passed on to consumers, Lundberg said.

Also, OPEC has raised crude oil prices, saying the weaker U.S. dollar brings member nations lower revenues..

http://money.cnn.com/2004/01/11/news/economy/gas_prices/index.htm?cnn=yes

[PROGRESSIVE1]

1. Gas went up from an average of $1.54 to $1.60! What's going on...

here?

[lastknowngood]

3. just extra profits for the BFEE

Ain't it great we steal 15% of the worlds oil and we end up paying
200 bil. dollors for the theft and we still pay more of gas.
What's wrong with this picture?

[Pale Blue Dot]

2. Look out on Monday

If it begins to look like inflation may rear it's ugly head, the economy is done for.

I seriously half expect a crash of the stock market on Monday. You heard it here first.

[PROGRESSIVE1]

5. What makes you think this?

.

[Pale Blue Dot]

6. The last 2 crashes have happened

the Monday after a Friday loss. The market has had the weekend to digest the employment numbers, and the news has been almost exclusively negative.

Plus, I believe that the only thing keeping this economy going is the lack of inflation. If inflation rises, interest rates will have to rise, and that means the end of the housing boom.

If Wall Street wakes up to what is REALLY going on with the economy, it's all over.

[0007]

21. I thought the housing boom leveled out?

[tritsofme]

12. No big reports due Monday,

Futures are pointing down across the board.

S&P 500† -1.40 1118.50 1/11 20:13
Fair Value 1120.35 1/9 18:27
Difference * -1.85 1/9 18:27

Mar 2004 Change Price Last updated
NASDAQ† -2.50 1519.00 1/11 20:10
Fair Value 1522.63 1/9 18:27
Difference * -3.63 1/9 18:27

Mar 2004 Change Price Last updated
DOW JONES† -129.00 10433.00
DJIA contracts

We better hope for some good earning reports or we could see a repeat of Friday.

[loudnclear]

4. I couldn't believe it...15cents overnight.

And Bush will get a pass and a shrug.

[dawgman]

7. Peak oil?

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=104&topic_id=1001716&mesg_id=1001716

[Dogmudgeon]

10. No can tell

The "peak" will be visible only after it has been reached -- there are too many large, volatile, rapidly-changing factors that influence the price of oil.

In fact, we may be several years past the peak, especially if the wild over-estimates of oil reserves were used to cover for the oil companies and (perhaps) Team Bush.

--bkl

[Name removed]

13. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Mari333]

8. I cant wait to see what my gas bill is NOT

Its going to be hell to pay.
I lost half of what I had on the stock market already..luckily I have what little is left in bonds and mutual funds...what else can I do? I am going back for a year to school to get my degree, or sell my house and land I own.
if things get worse.
Its just a matter of waiting and hoping Bush gets taken down by the press and real investigation of this administrations lies. Hope springs eternal, and if Dean or Clark gets in the stock market might actually rise and the economy get better. We have GOT to get OUT of the middle east tho.

[evworldeditor]

9. Invested my ravaged market dollars in heat pump

I finally gave up waiting for the market to recover and took what little I had left and bought a new heat pump and high efficiency furnace. Smartest investment move I ever made.

[NickB79]

14. I'm helping my dad install a wood furnace

When I was a kid, I remember our old wood furnace in the basement, having to get up at 2am to refill it, temps jumping from 65F to 85F and then back down again, etc. 10 yrs ago my parents investing in a gas furnace, thinking it would be cheaper in the long run, no need to go out and harvest wood from our woodlot/hunting land on the farm. Now, with the gas prices skyrocketting, my dad is putting one back in to supplement the gas furnace. At least we can harvest and regrow our own fuel with a wood furnace.

[Andy_Stephenson]

19. BUY GOLD!

Real Money!

[ConcernedCanuk]

11. I think some local stations take advantage (naaah) of the fear factor

.
.
. . A nifty CHART where you can select your area's pricing from a drop-down list



and don't feel bad, our Canuk Prices can vary 10 cents a LITRE overnight !

[mbperrin]

15. Thank goodness there's no inflation! (Just ask any *BushCo rep)

And thank goodness there are no repercussions to tanking the dollar!

</total delusional state>

[KG]

16. price gouging - pure and simple

:grr:

[vanityfair]

17. Using your measurements....

our gas is between $3.25 - $3.75 a gallon, ao - $1.55 doesn't sound like much to complain about IMO.

[dbt]

18. Test Marketing!

Gotta see how high a price the cattle are willing to pay per gallon. That old First Quarter is always a lean time, doncha know!

Meanwhile in England: Brits express mountains of No Sympathy for Yanks Whining In Their Hummers.

:evilgrin:
dbt

[Barkley]

20. Oil of L.A.

Gas prices in L.A. are rising too (I paid $1.73 this week)
despite increase supply from Iraq (see below).



**********************************************************
Iraqi oil reaches California

ChevronTexaco shipped 1.05 million barrels of Iraqi oil
to its El Segundo refinery, near Los Angeles. ConocoPhillips,
based in Houston, shipped 460,000 barrels of Iraqi crude to
Los Angeles.

Before the war, Iraq had been California's biggest source of foreign oil. It accounted for 20.1 percent of all the state's imports in 2002, or 6.09 percent of total supplies.

- Energy Information Administration



IRAQ'S PIPELINE TO CALIFORNIA
Iraq has historically been a big supplier of California's crude, accounting for one fifth of all the state's imports in 2002. The spigot was cut when the United States invaded Iraq in March, but it was restored in August.

-- Sources of oil in California

Foreign imports 30.3%
Domestic 69.7%.

-- Sources of foreign oil imports

Iraq 20.1%
Saudia Arabia 19.5%
Ecuador 13.7%
Mexico 8.4%
Angola 8.3%
Argentina 7.3%
Yemen 3.7%
Australia 3.5%
Others 15.4%

Source: California Energy Commission

Chronicle Graphic

E-mail Verne Kopytoff at [e-mail]