Oil may surge to $220 amidst Mid-East unrest

[redglittercoffin]

The gas that we pump @ $3.29 a gal today was sitting in some of the underground tanks of these gas stations long before the Libya revolt and purchased at much lower cost. I think they welcome the uprising over there to rationalize charging us more. Go figure!

Go figure?  How about figure out how much it might cost to replace that gas in the tank under the ground when it runs out.  I bet it will cost more than what they paid for what's currently there.  That would be your justification.

[Garden guy]

I say let it happen...then maybe the American people will stand up and say.."stop screwing us"...we've all been duped on the cost and volatility of gas...this is the same reason for our national financial situation...gameling on our future....it should be illegal.

[RiversideLoki]

Here's the thing... guess how much effect all of this unrest in the mideast puts on oil production?

Almost NIL.

This is the reason I distrust Wall St.. The fact that when one set of investors gets their nose out of shape, they drive up the price of common commodities, oil and gas, which does nothing but line their pockets and screw the average american out of their hard earned money.

You wanna know why the price of your groceries has gone up 20%? Is it a shortage of fuel? No. Is it a shortage of corn? Nope.

It's because "the investors are worried". And it's bullsh*t.

[peestandingup]

Regardless of the reasoning behind it, we simply need to start weening ourselves off of this shit, and fast. Its like the entire system has been set up to force people to use as much oil as possible (crappy public transit, uncontrolled sprawl, MPG ratings basically flatlining for decades, bike lanes are few & far between, everything gets trucked in from somewhere far away instead of locally, etc). Its so much so that the oil industry basically dictates your life, well being & the ability to provide for your family. Especially if prices really do climb as high as they're saying.

Its truly a form of semi-slavery & it needs to end. We've dug ourselves in pretty deep with this, thats pretty clear. Maybe to the point of no return. I think its really gonna have to bite us all in the ass & be drastic before everyone gets on the same page. And by drastic, I don't just mean "damn you oil companies, now I cant go on my cross-country vacation" drastic. I mean "damn you oil companies, now I cant afford to both commute to work AND pay for food" drastic.

Sadly, I think it has to come to that because we've been so complacent for so long.

[BridgeTroll]

Here's the thing... guess how much effect all of this unrest in the mideast puts on oil production?

Almost NIL.

This is the reason I distrust Wall St.. The fact that when one set of investors gets their nose out of shape, they drive up the price of common commodities, oil and gas, which does nothing but line their pockets and screw the average american out of their hard earned money.

You wanna know why the price of your groceries has gone up 20%? Is it a shortage of fuel? No. Is it a shortage of corn? Nope.

It's because "the investors are worried". And it's bullsh*t.

Your wrong.  Libya is the 9th largest producer of oil totalling nearly 2 million barrels daily and by some estimates production has been cut by as much as 2/3.

http://en.wikipedia.org/wiki/Oil_reserves_in_Libya

[wsansewjs]

Regardless of the reasoning behind it, we simply need to start weening ourselves off of this shit, and fast. Its like the entire system has been set up to force people to use as much oil as possible (crappy public transit, uncontrolled sprawl, MPG ratings basically flatlining for decades, bike lanes are few & far between, everything gets trucked in from somewhere far away instead of locally, etc). Its so much so that the oil industry basically dictates your life, well being & the ability to provide for your family. Especially if prices really do climb as high as they're saying.

Its truly a form of semi-slavery & it needs to end. We've dug ourselves in pretty deep with this, thats pretty clear. Maybe to the point of no return. I think its really gonna have to bite us all in the ass & be drastic before everyone gets on the same page. And by drastic, I don't just mean "damn you oil companies, now I cant go on my cross-country vacation" drastic. I mean "damn you oil companies, now I cant afford to both commute to work AND pay for food" drastic.

Sadly, I think it has to come to that because we've been so complacent for so long.

You could not spoken better than that! +1,000,000 for you sir!

-Josh

[Shwaz]

This whole mess is actually my fault. Every time I buy a boat oil prices skyrocket. I bought my first boat in April 2008 and BAM! gas tops $4 a gallon.

I traded that boat in this week for a new boat and again... gas is well on it's way back to $4 a gallon.

Sorry guys.

[Doctor_K]

Well my God Schwaz, thanks for everything!

You evil rich people, I swear...

[BridgeTroll]

Thanks Shwaz... next up a solar powered sailboat for you...

[Timkin]

This whole mess is actually my fault. Every time I buy a boat oil prices skyrocket. I bought my first boat in April 2008 and BAM! gas tops $4 a gallon.

I traded that boat in this week for a new boat and again... gas is well on it's way back to $4 a gallon.

Sorry guys.

You DO know that "boat" stands for :

Break
Out
Another
Thousand

[Gators312]

I say let it happen...then maybe the American people will stand up and say.."stop screwing us"...we've all been duped on the cost and volatility of gas...this is the same reason for our national financial situation...gameling on our future....it should be illegal.

It's too easy to play games with oil supply ala the Enron energy shell game.   In 2008 they played games with the reports on supply and reserves to artificially push the price of gas higher to exacerbate the market conditions until they just about bankrupted the Country. 

In my opinion this contributed to the Real Estate mess with many Small Business owners having to use more and more credit to stay afloat in those conditions.  People still had to get to work, school, keep their doors open while spending more yet making the same wages. 

Then companies (Mostly Big Business) were able to tack on fuel surcharges to keep the bottom line up, on the backs of their employees and the rest of us Americans. 

[Shwaz]

This whole mess is actually my fault. Every time I buy a boat oil prices skyrocket. I bought my first boat in April 2008 and BAM! gas tops $4 a gallon.

I traded that boat in this week for a new boat and again... gas is well on it's way back to $4 a gallon.

Sorry guys.

You DO know that "boat" stands for :

Break
Out
Another
Thousand

It was actually $2k that my boat needed in repairs... I unloaded it instead. It's a great time for buying if you're in the market.

Thanks Shwaz... next up a solar powered sailboat for you...

Not a bad idea...

[BridgeTroll]

http://www.reuters.com/article/2011/03/02/us-markets-oil-idUSTRE71192R20110302

Oil surges after Libya airstrike near oil terminal

NEW YORK | Wed Mar 2, 2011 1:13pm EST

NEW YORK (Reuters) - Oil prices jumped to near 2-1/2 year highs on Wednesday after an airstrike near Libya's oil infrastructure kept the market braced for a prolonged disruption from the OPEC nation and worried unrest might spread to other regional producers....

[BridgeTroll]

[Timkin]

This whole mess is actually my fault. Every time I buy a boat oil prices skyrocket. I bought my first boat in April 2008 and BAM! gas tops $4 a gallon.

I traded that boat in this week for a new boat and again... gas is well on it's way back to $4 a gallon.

Sorry guys.

You DO know that "boat" stands for :

Break
Out
Another
Thousand

It was actually $2k that my boat needed in repairs... I unloaded it instead. It's a great time for buying if you're in the market.

Thanks Shwaz... next up a solar powered sailboat for you...

Not a bad idea...

That is what I said ...Break Out Another Two-thousand