Gas Rising At Rate Of 3 Cents Per Day

[kfrost06]

LOS ANGELES The average price of a gallon of regular gasoline soared this past week. Prices had been falling in January and into February, but this week they jumped up by an average of 16.9 cents in Los Angeles County, and 17.8 cents in Orange County.

The Auto Club reported Friday that the prices rose amid sharp hikes in crude oil and wholesale gasoline prices.

The increases follow an 11.2-cent rise in Los Angeles County and a 14-
cent increase in Orange County the previous week.

The average price of a gallon of self-serve regular now stands at a near-record $3.368 in Los Angeles County, 24 cents more than last month and 57 cents more than this time last year. The Orange County average is $3.329, 22.8 cents more than last month and 56.6 cents more than this time last year.

"Southern Californians are used to seeing gas prices rise quickly in the springtime, but this three-penny-a-day level of price increases is usually seen in March or April," said Jeffrey Spring, a spokesman for the Automobile Club of Southern California.

"San Diego is already within seven cents of its all-time record price, Santa Barbara is within eight cents, and most other areas are within 15 cents of breaking records. Oil industry analysts are saying that this spring's price spike is primarily being driven by investors bidding up the price of wholesale gasoline and oil."

On Friday, the price of a barrel of oil surpassed $103 for the first time in
Asian electronic trading on the New York Mercantile Exchange before closing down at $102.92. Experts have said the increase is the result of investors turning to crude oil futures because of the falling value of the dollar.

[kfrost06]

I am in the minority on this but I enjoy seeing the gas prices rise. I hate the fact that everyone drives oversized trucks and then complains about gas prices. These are the same people that complain about Exxon making too much money. Time to get more gas efficient vechicles

[Prada]

Yes I agree.

Curious, what is all your thoughts on recent oil prices? Justified? Price gouging? Simple economics, supply vs demand? False fabrications of "constraints?" I have my thoughts just curious as to yours.

[Red Ketchup]

False fabrications of "constraints" and gouging here...

But then again I did pay $1.25 per litre (more or less 4.74gal) last week...

I wouldn't care about high fuel prices so much if it only affected cars... but unfortunately the price gouging also affects everything from heating oil (something essencial for survival here!) to food prices as most foods are flown or trucked in.

You want to cause a recession and crash an economy? Just keep raising those fuel prices...

Red

[spywizard]

I am in the minority on this but I enjoy seeing the gas prices rise. I hate the fact that everyone drives oversized trucks and then complains about gas prices. These are the same people that complain about Exxon making too much money. Time to get more gas efficient vechicles

so do you also support social engineering for other areas???

[kfrost06]

so do you also support social engineering for other areas???

I have no idea what social engineering is. I am for ending our dependence on Mideast oil. I have come to the conclusion that the only way we will find alternatives is by a significant increase in the cost of oil.

[kfrost06]

Yes I agree.

Curious, what is all your thoughts on recent oil prices? Justified? Price gouging? Simple economics, supply vs demand? False fabrications of "constraints?" I have my thoughts just curious as to yours.

I would quess all of the above but I just haven't looked in to it much.

[Kärnfysikern]

I have no idea what social engineering is. I am for ending our dependence on Mideast oil. I have come to the conclusion that the only way we will find alternatives is by a significant increase in the cost of oil.

Damn straight!

[Pooks]

Damn straight!

Patience..

we don't need to rush into it.
Let it take its natural course

only way to bring the oil prices down now, is to bomb India and China back into the stone age.
or have a comet wipe out either the United States, China, Europe, or India...

just keep the middleeast in tact hehe

[Prada]

Patience..

we don't need to rush into it.
Let it take its natural course

only way to bring the oil prices down now, is to bomb India and China back into the stone age.
or have a comet wipe out either the United States, China, Europe, or India...

just keep the middleeast in tact hehe

Are you referring to having one of those nations "eliminated" so demand goes down and the new equilibrium will bring price down? Which in normal economics would work but I really don't think it will in this case. It's more of the case of supply and demand being subjective and lead as to believe that supply is low. Also the false fabrications of contraints to justify the price. Why on earth would OPEC increase supply when they can greater profit at a higher price. Hence I would have to agree, find alternatives to oil.

[Pooks]

Are you referring to having one of those nations "eliminated" so demand goes down and the new equilibrium will bring price down? Which in normal economics would work but I really don't think it will in this case. It's more of the case of supply and demand being subjective and lead as to believe that supply is low. Also the false fabrications of contraints to justify the price. Why on earth would OPEC increase supply when they can greater profit at a higher price. Hence I would have to agree, find alternatives to oil.

True,. but if u eliminated other customers.. than they have no choice but sell to us, and what ever we wish to offer

[Act of God]

I am in the minority on this but I enjoy seeing the gas prices rise. I hate the fact that everyone drives oversized trucks and then complains about gas prices. These are the same people that complain about Exxon making too much money. Time to get more gas efficient vechicles

HELL yes. I can't take all the soccer mom SUV's anymore!

Thankfully I have my little civic to drive around, while the AMG sits, sits, and sits.

[Kärnfysikern]

Patience..

we don't need to rush into it.
Let it take its natural course

only way to bring the oil prices down now, is to bomb India and China back into the stone age.
or have a comet wipe out either the United States, China, Europe, or India...

just keep the middleeast in tact hehe

Well I want the prices to go up faster and more now
Its better to take a small economic hit now than a huge one after the peak. We need to get rid of this oil addiction now, the more we wait the more the economy will suffer. No politician wants to deal with this though, not one single word about peak oil from any politician in any country.

[Act of God]

I've read recently that peak oil might be a myth, and that old wells have been re-filling themselves.

[Prada]

I've read recently that peak oil might be a myth, and that old wells have been re-filling themselves.

Well thats about it, no one can really state that we are at a peak or even where the hell we are on the curve. Oil suppliers would like us to believe we are beyond the peak so they can justify price increases. The again the three US warships sent in the vicinity of Syria would also spike oil prices.

[Kärnfysikern]

There is some semi crazy russian theory that some american researchers also promote that state that Oil is produced by bacteria in the earth crust and is not from old plants ect. If that is a true theory then oil wells, most of them, should indeed refill. I think I have read that one oil well keept on beeing refilled, but there is no indication that it is happening anywhere else. Google for "Thomas Gold, the deep hot biosphere" and things should pop up.

The interesting thing is that previously it was belived that there are no microorganism deep in the rock, but there acctualy are lots of them. But if they produce oil is another question.

I think we can with great certainity say that the days of cheap oil will be over within the coming 20 years if not earlier. Best to prepare for that now by electrifying all transports.

[Pooks]

http://news.yahoo.com/s/ap/20080229/...sc/snow_bugs_5
off-topic but u might enjoy it if u havent seen it yet..