The Reason for High Gas Prices

[buster]

http://www.businessweek.com/lifestyle/content/may2008/bw20080513_720178.htm

Quote:
It's not a supply crisis that explains the sharp spike in oil prices. It's unregulated commodities markets and greed

Quote:
"One of the things I think is very important to realize is that the growth in the world oil consumption is not that strong." —David Kelly, chief market strategist, J.P. Morgan Funds; The Washington Post, May 4, 2008

 

[Barkleymut]

yeah, i've made way more in Exxon and Valero stock in the past decade than I've spent on gas. I love greed.

 

[SRBowen87]

Originally Posted By: Barkleymut
yeah, i've made way more in Exxon and Valero stock in the past decade than I've spent on gas. I love greed.
spoken like a true american

 

[LTVibe]

Quote:
...Bloomberg had reported that Iran is again storing its heavy crude on tankers in the Persian Gulf because the country has run out of onshore storage tanks while awaiting buyers. Further, Saudi Arabia has extended discounts on its sour crudes to $7.45 for Arabian Heavy. Doesn't sound like there's any real supply problem with that grade of crude, does it?


So the Saudis told Bush the truth...why increase output if there are no buyers for the extra crude.

If the article is indeed factual, it scares the [censored] out of me that our leaders do not know the facts.

 

[Pablo]

No, it's the press that leaves out facts...dunno if it's purposeful or stupidity. There is way less demand for sour in the west and we don't buy Iranian oil. The oil market lurches and world traders take advantage of ALL world events.

That sour crude could be helping China's sudden surge in need for dirty diesel, but the reality is the delay is too long and the traders have already bid it up.

 

[buster]

More reason for us to drill domestically IMO. More reliable data on inventory.

 

[Steve S]

Slim chance of it.