What Was That About Supply And Demand?
Oil producers running out of storage space - Glut caused by world slowdown leaves the world awash in crude
"NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go."
Oil prices fall; Gas prices rise
"But even as oil prices fall, the cost of filling up at the gas pumps keeps ticking up.
Some are predicting that if the current economic conditions continue, then oil prices could hit $25 a barrel within a few months.
Meanwhile, the automotive group AAA reports the national average price for a gallon of regular gas is up another penny to $1.93 a gallon, which is up eight cents from a month ago."
"NEW YORK - Supertankers that once raced around the world to satisfy an unquenchable thirst for oil are now parked offshore, fully loaded, anchors down, their crews killing time. In the United States, vast storage farms for oil are almost out of room.
As demand for crude has plummeted, the world suddenly finds itself awash in oil that has nowhere to go."
Oil prices fall; Gas prices rise
"But even as oil prices fall, the cost of filling up at the gas pumps keeps ticking up.
Some are predicting that if the current economic conditions continue, then oil prices could hit $25 a barrel within a few months.
Meanwhile, the automotive group AAA reports the national average price for a gallon of regular gas is up another penny to $1.93 a gallon, which is up eight cents from a month ago."
posted by nolocontendere at 5:17 PM
4 Comments:
Nuts isnt it?? just completely nuts-they are going to squeeze and play this 'gasoline card' until the last pocket is picked clean-best as always to you and the Mrs-and all who comment here!
It sure seems completely manipulated and not the ~free market~ we're always told exists, Devin.
the cheapest gas, 87, is averaging $2.25/gallon in San Francisco and Northern CA.
I remember how gas was actually selling for $1.63/gallon in SF right around the nov election and it stayed low for a few weeks after the election and then started creeping up a few pennies week by week.
THAT, anon, was absolutely the clearest and most obvious manipulation yet. Prices had to go down from last summer's insanity so the election process would go more smoothly; the rubes had to be pacified so their every-four-year little shot of civics could go off without a hitch.
I expect gas prices to go way up again no matter how much oil is out there. Here in the SW it's anywhere from $1.90 to $2.25.
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