Discussion in 'Current Events' started by -Cp, Apr 25, 2006.
Yep, $3/gal., $4/gal, $5/gal. Pretty soon they'll just quit posting the price--unless there's a law that says they have to.
I stopped to get gas yesterday, and the station attendant told me people who drive gas guzzlers are now paying over $80 at the pump. OUCH! Pity those poor blokes who drive vehicles that run on diesel fuel.
I paid $54 the other day to fill up my minivan... used to run me about $32. And groceries! I used to fill up 2 shopping carts for about $360. Yesterday, I got a cart & a half for $402. I guess the shipping costs are being passed on to the consumer.
I've notice the raise in prices at the grocery store as well. I think you're right. Since most of our food arrives at the stores via truck, they are passing on the increased prices they are having to pay for gas.
Crude oil and gasoline futures fell Tuesday after President Bush gave the Environmental Protection Agency the authority to relax regional clean-fuel standards to attract more imports of gasoline to the United States and to make it easier for supplies to be moved from one state to another.
President Bush also said he would halt deposits of oil to the nation's strategic petroleum reserve until the fall, but analysts said that measure would have next to no impact on crude prices and certainly would not help make gasoline any cheaper. Even the fuel-specification waivers will have a marginal impact, analysts said, given that the main force behind today's soaring pump prices is the near-record price of crude oil.
"If you have $75 a barrel crude oil, you're sort of at a starting point of $2.90 a gallon for gasoline," said Mary Novak, managing director at the economic consulting firm Global Insight.
Light sweet crude for June delivery settled 45 cents lower at $72.88 a barrel on the New York Mercantile Exchange, dropping on the heels of a 4.48-cents-per-gallon decline in May gasoline futures, which finished at $2.1291 a gallon.
Analysts said a floor remains underneath oil prices, which are 33 percent higher than a year ago, for a variety of reasons:
_ With daily global demand roughly 85 million barrels per day, the world's oil producers have less than 2 million barrels per day of spare production capacity, and most of that is for Saudi blends of oil that are less ideal for manufacturing transportation fuels.
_ Oil traders are nervous about geopolitical tensions ranging from violence in Nigeria to the West's nuclear standoff with Iran to the move toward greater nationalization of natural resources in energy- rich Venezuela.
_ The global economy is expanding, and that means the thirst for oil is only going to grow.
_ Speculative investors are piling into energy markets as a way to profit from soaring prices and geopolitical turmoil that could potentially be bad for equities prices.
In a further escalation of the war of words between Iran and the West, Iran threatened Tuesday to begin hiding its nuclear program if the West takes any "harsh measures" against it _ Tehran's sharpest rebuttal yet to a U.N. Security Council Friday deadline to suspend uranium enrichment or face possible sanctions.
The United States, Britain and France claim Iran wants to use enriched uranium for nuclear weapons, not just electricity generation. Iran denies the charge, but Washington has been pressing fellow members of the Security Council to impose tough economic sanctions against Iran, which could affect its oil exports.
Nigerian exports are down because of violence there that prompted Royal Dutch Shell PLC to shut in 455,000 barrels per day of production, and more than 300,000 barrels per day of Gulf of Mexico output remains shut in as a result of damage from last summer's hurricanes. Also, Iraq's output has been hampered by continued sabotage of energy industry infrastructure.
Venezuela, another major oil producer, unsettled the market over the weekend by reasserting its intention to give the state greater control of oil fields being operated by foreign-owned oil companies.
Concerns about tight refining capacity and gasoline supplies in the U.S. ahead of the summer driving season are also propping up prices.
In the seven weeks ended April 14, gasoline stocks declined by more than 23 million barrels, according to last week's U.S. Energy Information Administration report.
In other Nymex trading, heating oil futures rose 2.64 cents to settle at $2.0581 per gallon, natural gas futures fell 30.4 cents to $7.254 per 1,000 cubic feet.
i know! I have reduced my using the local grocery delivery service because their delivery fee per order under $80 went from $5 (over $80 the fee is a bit less), which was a great deal to have your groceries ordered online and delivered to your front door the next day, to $9 per order delivery. $9 to me is a big jump from $5. Granted, I know $4 won't really break me, but still. So I went to the local supermarket this weekend, for the first time in months.
I hadn't noticed a rise in grocery items. But then I only buy non food items and dairly since I buy my meat in bulk (side of beef at a time).
I find myself not filling up until the last minute, or if I drive by a place with a good price filling the tank even if it's 1/2 full already. Usually costs me $50 to fill up the van. Some of us can't help but drive the gas guzzlers. Luckily my husband drives a small car that gets 32 mpg.
If you guys are worried about gas prices, i suggest you contact your Congressmen to show yourself for Curt Weldons proposal yo lower the federal gas tax.
I also suggest we start grass roots efforts to get states to cut gas taxes.
I feel you, sister! ...from the Four Kid Club
I'd recommend you invest heavily into oil stocks so the money you make can help pay for the more expensive gas...
Separate names with a comma.