$5 GAS BY MEMORIAL DAY: So how many think that the voters will forgive this

[Robert]

administration by the time elections role around.....Think maybe this administration should have listen to the calls for energy Independence a couple of years back?

 

[Baruch Menachem]

On what basis will gas be that expensive?

 

[LibocalypseNow]

This Administration seems completely lost at this point. A rudderless ship for sure. The One heads over to Brazil and promises their Oil Companies loans for them to drill for Oil yet at the same time sits around calling American Oil Companies "Evil" and wont let them drill. It really is an awful Anti-American policy. To answer your question though,the usual suspects will forgive this but most Independent Voters will not. And they'll decide the 2012 Elections. $5 Gas will be catastrophic for the Economy. Lets hope it doesn't get that bad.

 

[WillowTree]

The higher the better, cause the higer it is the better the chance he's a one term asswipe.

 

[blastoff]

They think high prices for gas and other energy is the ticket to developing alternatives. And maybe they're right, but it's gonna bite 'em in the balls long before anything viable comes along.

 

[Robert]

We're already seeing a large drop off in demand, which means less demand, less money being spent less, products being moved, less money being made, less tax's being paid few new jobs created....This is the house that Obama Built

 

[edthecynic]

Thank You Crybaby Boner.
Gas is up more than a dollar since the GOP took over the House!!!!

 

[Mr. H.]

If the world oil/supply demand equation were as it is today, and if the U.S. were somehow magically energy independent... gasoline would still approach $5/gallon by Mem Day.

 

[uscitizen]

On what basis will gas be that expensive?

We have to have a recovery don't we?

Everyone pretty much already spends all they amke so the only way is to increase prices on things they already buy.

 

[Dr.House]

Thank You Crybaby Boner.
Gas is up more than a dollar since the GOP took over the House!!!!

How much is it up since your 0ssiah took office?

 

[LibocalypseNow]

Lefty Wingers just love demonizing those big bad American Oil Companies,yet seem to love Brazilian Oil Companies. These Wingers really are completely clueless and are Anti-American at heart. Yikes!

 

[Intense]

Oil prices soared to the highest level in more than two years as violence spread in Libya and Moammar Gadhafi's grip weakened. Only a small amount of Libya's oil production appeared to have been affected, though analysts fear revolts will spread to OPEC heavyweights like Iran.

Benchmark West Texas Intermediate for April delivery jumped $4.59, or 5% to $94.30 per barrel on the New York Mercantile Exchange. The last time oil traded at that level was Oct. 2, 2008. The April contract traded as high as $98.48 per barrel.

"If this thing escalates and there's a good chance that there'd be a shift in supplies, $5 gas isn't out of the question," says Darin Newsom, senior analyst at energy tracker DTN.

The average price of regular gasoline is expected to rise to $3.25 within a few days, says Tom Kloza, chief analyst at the Oil Price Information Service. That's 2.5% above Tuesday's $3.17 national average.



Spanish oil company Repsol-YPF said Tuesday that it suspended operations in Libya, which produced 34,777 barrels of oil equivalent per day last year. Other oil companies, including Italy's Eni, Royal Dutch Shell, U.K.-based BP and Germany's Wintershall, started pulling out employees. Meanwhile, key Libyan officials resigned and air force pilots defected amid a bloody crackdown on the protests.

Libya holds the most oil reserves in Africa and is the world's 15th-largest crude exporter at 1.2 million barrels per day, according to the Energy Information Administration.

Any production losses out of Libya could be quickly absorbed by other countries like Saudi Arabia, which can ramp up production as much as another five million barrels per day. The main concern stalking markets is that revolts in the Middle East and North Africa will spread to OPEC heavyweights, particularly Iran, the group's second-largest producer.

Top oil exporters
Country Exports, barrels per day

1. Saudi Arabia 6.4 million

2. Russia 5.4 million

3. Iran 2.2 million

4. Nigeria 2.1 million

5. United Arab Emirates 2.0 million

6. Iraq 1.9 million

7. Angola 1.8 million

8. Norway 1.8 million

9. Canada 1.5 million

10. Kazakhstan 1.4 million

11. Kuwait 1.4 million

12. Mexico 1.3 million

13. Venezuela 1.3 million

14. Algeria 1.3 million

15. Libya 1.2 million

16. Qatar 975 thousand

17. United Kingdom 775 thousand

18. Azerbaijan 597 thousand

19. Oman 584 thousand

20. Brazil 505 thousand

Source: U.S. Energy Information Admin.
2009 statistics




If Libyan unrest spreads, gas could reach $5 - USATODAY.com

 

[bigrebnc1775]

Thank You Crybaby Boner.
Gas is up more than a dollar since the GOP took over the House!!!!

Lest we forget those no drill zones presidental order by obama since 2009

 

[Mr. H.]

And here we are... exporting ethanol.

 

[uscitizen]

So who is feeding the unrest in north africa to boost profits?

 

[bigrebnc1775]

So who is feeding the unrest in north africa to boost profits?

George Soros

 

[Big Fitz]

Thank You Crybaby Boner.
Gas is up more than a dollar since the GOP took over the House!!!!

Try since P-BO imposed a moratorium on drilling. It got worse with the islamofascists disrupting the arab world.

 

[JiggsCasey]

administration by the time elections role around.....Think maybe this administration should have listen to the calls for energy Independence a couple of years back?

You mean like 32 years back? Gosh, 28 years of corporate presidency before this one, and nothing changed then either.

The price is rising due to basic supply/demand shortfall due to Chindia and dying existing capacity. Not partisan agenda.

Perhaps if some of you stopped lying to yourselves the past 32 years, we'd be a lot closer to mitigating this problem. But no.... the only mantra some people can accept is "drill baby drill."

Yet, when you ask them how much is even here, they either can't/won't answer, or provide laughable proven reserve totals.

 

[edthecynic]

Lefty Wingers just love demonizing those big bad American Oil Companies,yet seem to love Brazilian Oil Companies. These Wingers really are completely clueless and are Anti-American at heart. Yikes!

Righty Wingers just love those big bad American oil monopolies who cap their new oil finds to limit the supply and drive the prices ever higher, yet seem to hate any oil producer like Brazil who puts their new oil finds on the world market.
These Righty Wingers really are completely clueless and are Anti-American at heart.

 

[edthecynic]

So who is feeding the unrest in north africa to boost profits?

George Soros

Soros Derangement Syndrome