Everyone is pumping as much as they can, and the price keeps going up because demand is up 3 percent from last year in America, and the market is worried about refining capacity. On top of this is that Norway may be cutting 1 million barrels a day of world production by a strike… There is instablity around the world to play our oil cards this close to the vest, it doesn’t take a rocket scientist to figure out we should expand our refining capacity… Its time to cut consumption, or pay the piper…
We will be paying that piper evermore, cue in large part to our overinvestment in highways. It took 60 years to get into this mess, and will take 50 or more to get back out.
I remember when oil hit $30 under Bush I and eveyone said about the same thing. Under the next administration it went to $13 and we know what the economy did during those years. To be fair, there was a big jump during the LBJ years. Different party, same state?
Sorry to say that there are going to be many hurting Americans as paying for gas disrupts the way they are used to living up to now. [:(][:(]
If I was a money planner I would recommend to anyone that you should begin to evulate what you are now spending money on that is really not necessary. [;)][;)]
With the price of housing up 93 %,and medical care up almost 200%,and your morning coffee up 56%, gas is only up 45% from a year ago. I think $4.50 a gallon is not far off.
It’s only going to get worse. Because as Amercia want’s more so does the Price as it reflecs with high price of gas. Even though China guzzels up more than the USA does. That’s why they pay more than us.
When oil spiked in the 70s, there was a very pronounced movement to develop alternate energy forms. Had that movement continued, we would not be having the energy problems we are right now.
The only thing that is stifling alternate forms of energy was the low cost of oil. If the current prices can be maintained, alternate forms will be viable and our dependence upon crude will diminish.
$60? I heard this AM that $100 a barrel was likely by end of summer, and gas will be $3 a gallon, I dont see any effort to build any new refineries to help open the refining bottleneck causing the high gas prices also, its too sweet a deal for Big Oil to keep supply tight and prices high, so much for Prez Bush’s Energy Policy…as for me? I’m getting a Smart car when they come out [}:)]
I dont think the problem lies in the lack of refineries. It lies with the people in America who insist on buying cars that on the highway dont even get 20 mpg. Who needs an h2? No one does. There are many cars out there that get great gas mileage, that, should people realize they do not need gas guzzling cars, could help with gas prices. i would love to see gas go to five dollars a gallon, then laugh when people who think that suvs are the best thing, cant drive them anymore. 6 bucks a gallon, I wish…
Yahoo $60.00/bbl I worked for an oil company who refused to pay us peasants(non-directors) a decent wage, one of the geologists told us “quit complaining” go buy some shares in the company, it makes millions a year, get in on it ! I took his advice and am now reaping the benefits, you cannot imagine the obscene profits these boys make, aaahhhh, free enterprise.—keep buying those big SUV"s, you’re making me wealthy(my car gets 39 mpg) I just talked to a guy who drove a new VW from Calgary, Alberta to Vancouver, B.C. on one tank of gas and drove around for 3 days before buying some gas–who cares what gas costs at those rates.
In the 1980’s when the oil & gas industry took a nose dive, Oil bottomed out at $14. a barrell in 1989. In just 16 yrs, the price has jumped from a low of $14. to now on the verge of $60. Pretty scary.
But that’s the whole point, we don’t need pickups to haul 4X8 plywood or several bales of hay. We can do as the Europeans do, rent a lolly when we need to haul freight, or have it delivered. The Europeans have learned the tricks, having paid twice to three times as much for gas than we do…
In Europe, a VW Lupo or VW Polo are considered economical, at over 50 MPG, whereas in America many still think 20 MPG is economical… WRONG!
I don’t care how high the Coffee goes up! That’s still not going to stop me from buying my Coffee. I need my cup of Coffee in the morning or I go realy crazy.
Allan.
Larry, HighIron, and Murphy, you fellows have it right. My dad always asked me, when I was younger and we were going through the oil crisis in the mid-70’s, why would you drink soda that costs more per unit volume than gasoline?! I don’t hear that Pepsi or Coca Cola are falling on tough times. MacDonalds and Big Boy are doing okay. NBA and pro-ball are just fine, thank you very much. So when we find that gas is driving us (pun intended) to ruin, I am guessing that all of the others aforementioned will have closed shop due to diverted dollars. Okay, I’m gonna hold my breath.