Yes ,its very posssible the price of gasoline will go to 8$ a gallon.

[canuck27]

Should Iran be attacked by Israel .
This will start a WW3 .

 

[uscitizen]

Ohh of course it will.

Does this qualify as fear mongering?

 

[Mr Natural]

Yes, one day it will be $8.00 a gallon just as one time it was 20 cents a gallon.

The price of things go up. It's called inflation and it's a normal part of economics.

 

[Mr. H.]

Neither scenario is likely.

But gasoline is already $8/gal in some European countries.

 

[waltky]

Does Obama Have Gas Price Answer?...

Gas Prices Climb Toward $4; Time to Tap Strategic Oil Reserves?
WASHINGTON, March 6, 2011 - President Obama Says for First Time He Is Considering Opening Reserves to Keep Prices Down

For the first time since fighting in the Middle East sent gasoline prices skyrocketing, President Obama is thinking about tapping the country's oil reserves. "We're looking at the options. The issue of the reserve is one we are considering," Obama's Chief of Staff Bill Daley said today on NBC's "Meet the Press." But he added: "It is something that only is done and has been done on very rare occasions."

He is talking about the nation's Strategic Petroleum Reserve. It's along the Gulf coast and is America's oil piggy bank. In underground salt domes, 727 million barrels of oil are stored. The oil is there to protect against a sudden cut off of supply. "It should be tapped when, physically, the market is lacking oil. And I don't think we're anywhere near that," Roger Diwan of PFC Energy told ABC News. Despite all the turmoil in the Middle East, there is no strain on demand.

The Libyan oil fields and production have been shut down, but Saudi Arabia has promised to increase production to make up the difference. Still, gas prices in the United States have increased 25 percent in the past month. Diwan said the White House is sending the right message. "It's a good idea to signal the readiness to use it. But the conditions for using it are not there yet," he said. "It might help slow some of the speculation, but more importantly signal to the broader market that policy makers are watching."

There is political pressure too. With the economy just starting to rebound, drivers (also known as voters) are complaining about gas prices. "This is probably not about economics. It's about when the public wants the political system to have an answer for something, they come up with an answer for something. And the answer is something called the Strategic Petroleum Reserve," said Peter Van Doren, a senior fellow at the Cato Institute.

MORE

 

[Mr. H.]

Does Obama Have Gas Price Answer?...

Gas Prices Climb Toward $4; Time to Tap Strategic Oil Reserves?
WASHINGTON, March 6, 2011 - President Obama Says for First Time He Is Considering Opening Reserves to Keep Prices Down

For the first time since fighting in the Middle East sent gasoline prices skyrocketing, President Obama is thinking about tapping the country's oil reserves. "We're looking at the options. The issue of the reserve is one we are considering," Obama's Chief of Staff Bill Daley said today on NBC's "Meet the Press." But he added: "It is something that only is done and has been done on very rare occasions."

He is talking about the nation's Strategic Petroleum Reserve. It's along the Gulf coast and is America's oil piggy bank. In underground salt domes, 727 million barrels of oil are stored. The oil is there to protect against a sudden cut off of supply. "It should be tapped when, physically, the market is lacking oil. And I don't think we're anywhere near that," Roger Diwan of PFC Energy told ABC News. Despite all the turmoil in the Middle East, there is no strain on demand.

The Libyan oil fields and production have been shut down, but Saudi Arabia has promised to increase production to make up the difference. Still, gas prices in the United States have increased 25 percent in the past month. Diwan said the White House is sending the right message. "It's a good idea to signal the readiness to use it. But the conditions for using it are not there yet," he said. "It might help slow some of the speculation, but more importantly signal to the broader market that policy makers are watching."

There is political pressure too. With the economy just starting to rebound, drivers (also known as voters) are complaining about gas prices. "This is probably not about economics. It's about when the public wants the political system to have an answer for something, they come up with an answer for something. And the answer is something called the Strategic Petroleum Reserve," said Peter Van Doren, a senior fellow at the Cato Institute.

MORE

SPR: Strategic vs Stupid.

Rather than to protect our nation's strategic reserves of petroleum- squirreled away in the event of a catastrophic interruption of imports- our nation's President chooses to manipulate gasoline prices as a panacea to consumers, hungry for cheap fuel.

Rather than encourage the domestic production of our own resources, our nation's President freezes economic development, jobs, and vitally needed revenues for the sake yet more imported oil by driving down costs which will only encourage more consumption by a hydrocarbon hungry economy.

Strategy or stupidity?

 

[waltky]

Let's hope so...

Analyst says the cost of gas may have plateaued
4/24/2011 - National average for regular at $3.88, up 11.5 cents in the last two weeks

The average price for a gallon of gasoline rose 11.5 cents in the past two weeks, but the lift was smaller than in prior weeks, and price increases may be near an end, a widely followed industry analyst said Sunday. The national average for self-serve regular unleaded gas was $3.88 a gallon on April 22, up 11.53 cents per gallon from April 8, according to the nationwide Lundberg Survey.

The price was still below the July 11, 2008, all-time high of $4.11, and survey editor Trilby Lundberg said there was a "very good chance" that gasoline prices would not rise to meet that level. "There is some possibility that prices might already be peaking," Lundberg told Reuters, citing the slip in crude oil prices in recent weeks. "It would be going out on a limb to make any prediction now ... but if there was a plateau, this might be the end or close to the end of gasoline price increases."

Lundberg said that gasoline demand in the United States has weakened as the price has increased, due largely to continued unemployment. A gallon of gas cost $3.765 on April 8, Lundberg said, a rise of more than 19 cents from the prior survey in mid-March.

Gasoline prices have increased by $1.19 in the past seven months and 70 cents in just the past nine weeks, Lundberg said, citing "world demand for crude oil, the weakening dollar and the Middle East/North Africa crisis culminating in civil war in Libya". At $4.27 a gallon, Chicago had the highest average price for self-serve regular unleaded gas in the lower 48 states, while the lowest price was $3.54 a gallon in Tuscon, Arizona.

Analyst says cost of gas may have plateaued - Business - Oil & energy - msnbc.com

 

[uscitizen]

Be afraid be very afraid. It serves those in power.

 

[editec]

Yes ,its very posssible the price of gasoline will go to 8$ a gallon.

IN what time period?

If it takes 20 years, probably no problem.

If it happens in the next year?

Well it won't.

Wnat to know why?

Because the economy would completely collapse before it reached that price.

And when the economy collapses, so does the run up of pricing.

But even $5 a gallon would collapse this weak recovery we're pretending we're having.

Hell the current price is ALREADY screwing the economy.

No I can't prove that, but in about 3 months we'll see the metrics that proves it is happening now.

 

[uscitizen]

Yes ,its very posssible the price of gasoline will go to 8$ a gallon.

IN what time period?

If it takes 20 years, probably no problem.

If it happens in the next year?

Well it won't.

Wnat to know why?

Because the economy would completely collapse before it reached that price.

And when the economy collapses, so does the run up of pricing.

But even $5 a gallon would collapse this weak recovery we're pretending we're having.

Hell the current price is ALREADY screwing the economy.

No I can't prove that, but in about 3 months we'll see the metrics that proves it is happening now.

Bingo!

And yes gas will likely exceed $10 or more per gallon, in time.

 

[waltky]

Saudi's gonna increase oil production, should help bring gas prices down...

Saudi Arabia Sees Need to Pump More Oil
Friday, 22 Apr 2011 | Top oil exporter Saudi Arabia needs to pump at least 9 million barrels per day (bpd) of crude for the next few years and is considering boosting capacity to meet rising demand, Petroleum Intelligence Weekly (PIW) said in a report citing Saudi sources this week.

Rising fuel demand led by growth in China, India and the Middle East has outpaced Riyadh's expectations, and Saudi Arabia now sees medium to long-term oil consumption higher than it had previously anticipated, trade publication PIW reported. "Saudi sources expect the kingdom will need to keep oil output around 9 million bpd or higher over the next few years," PIW said. Saudi Oil Minister Ali al-Naimi said on Sunday the kingdom's April oil output may rise from March, when it pumped 8.292 million bpd. Output was above 9 million bpd as recently as February, when the kingdom produced 9.125 million bpd to plug the gap left by Libya, where civil war cut exports.

Libyan output disruption, the threat of more supply cuts stemming from political tumult across the Middle East and North Africa, and strong growth in fuel demand helped push oil prices to 2.5-year highs this year. Brent crude rose to $127.02 a barrel earlier this month, the highest since August 2008, while U.S. crude rose to $113.46. Oil consuming and producing countries have warned that high energy costs could impact economic growth and lead to fuel demand destruction, but OPEC has taken no coordinated decision to boost supply. The group next meets to discuss supply policy in June. OPEC's biggest producer Saudi Arabia is the only member of the group with significant spare capacity to boost output to meet unexpected interruptions in oil flows such as Libya's export cut. It has a long-held policy of maintaining a capacity buffer of 1.5-2 million bpd.

To maintain that cushion as it pumps more, the kingdom is discussing plans to take capacity beyond 12.5 million bpd. Saudi was considering projects to boost Moneefa, Khurais and Shaybah oilfields, PIW said. Expansion would add another 300,000 bpd at Moneefa, taking that field's capacity to 1.2 million bpd, PIW said. The field is already under development to take it to 900,000 bpd. Another 300,000 bpd could be added at Khurais, and 250,000 bpd at Shaybah, PIW reported. Projects were unlikely to go ahead this year, even if the kingdom decides to take them on, PIW added. Saudi Arabia plans to bring in more rigs this year as it moves ahead with Moneefa, boosting rigs at its disposal by over a quarter.

It had slowed the first stage of development at Moneefa after the global economic slowdown in 2008 cut demand and left it with over 4 million bpd of spare capacity - more than double its target. But that cushion would shrink to less than 3.5 million bpd if output rose about 9 million bpd, leaving the kingdom with less scope to deal with another large unexpected outage in the global oil supply system. Some analysts have doubted the kingdom has kept all its spare capacity ready for immediate production and said it would be tested to the limit if it needed to compensate for another large disruption. Saudi Arabia has previously said it could take capacity to 15 million bpd when demand warranted, and detailed potential expansion plans during the run up in oil prices to nearly $150 a barrel in 2008.

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