Yeah I saw a guy who supposedly knows what he's talking about say that if Odumbo releases oil from the strategic reserve, solely for political gain of course, the oil would go from one tank to another and barely affect the price of gas. And then only temporarily.Quote from Tsing Tao:
Today's update, gas UP at $3.94 a gallon while oil is down considerably. Why?
Hint: The reasons are also why releasing crude from the Reserve won't do jack shit.
Is it the "price of gas, stupid"?
- Thread starter Tsing Tao
- Start date
The crack spread continues to tell me price is going up for gasoline.
http://www.bloomberg.com/quote/CRK321M1:IND
http://www.bloomberg.com/quote/CRK321M1:IND
And weeee''reeee back!
Crude just passed 91 again today, from it's low of 77.50ish a little less than a month ago. Iran tensions have stroked the fire, but now it's all about the belief that Helicopter Ben will ride to the rescue and dump a load of free money for all (banks) onto the party. If this continues, expect $100 oil once again, by mid August. If not, a collapse is around the corner (both in equities and crude).
Regular unleaded avg is back up to $3.43, up from week ago avg of $3.38, but not yet up to last month's $3.50. Is this a bounce along the decline or a resumption of the uptrend?
If it's the latter, it could make for an interesting impact to Obama's poll numbers as gas goes back towards $4.00 a gallon. If that happens,. I continue to maintain that his goose is cooked!
Crude just passed 91 again today, from it's low of 77.50ish a little less than a month ago. Iran tensions have stroked the fire, but now it's all about the belief that Helicopter Ben will ride to the rescue and dump a load of free money for all (banks) onto the party. If this continues, expect $100 oil once again, by mid August. If not, a collapse is around the corner (both in equities and crude).
Regular unleaded avg is back up to $3.43, up from week ago avg of $3.38, but not yet up to last month's $3.50. Is this a bounce along the decline or a resumption of the uptrend?
If it's the latter, it could make for an interesting impact to Obama's poll numbers as gas goes back towards $4.00 a gallon. If that happens,. I continue to maintain that his goose is cooked!
Regular unleaded avg price now $3.62 a gallon, up from $3.38 a month ago. That's a .24 gain, while WTI is only up about $5. More than half of that increase has been in the last week. A 7% increase in gas prices over the last month will, of course, never make it into the CPI - the government will see to that!
Given the average tank size of 14 gallons being refueled once a week, that's approximately $175 a year out of the consumer's pocket just for gas. May not seem like all that much until you consider all the other inflationary drivers that it leads to (heating/cooling/powering, etc of homes).
Go Fed!
Given the average tank size of 14 gallons being refueled once a week, that's approximately $175 a year out of the consumer's pocket just for gas. May not seem like all that much until you consider all the other inflationary drivers that it leads to (heating/cooling/powering, etc of homes).
Go Fed!