Fuel Prices Move Higher, and Trend Is Expected to Persist - NYT

<<<<<THOSE OIL COMPANIES GOT TO KEEP THOSE PROFITS IN LINE>>>>>>
(it's all about them/ the few chosen)


<http://www.nytimes.com/2003/08/09/business/09OIL.html>

"Fuel Prices Move Higher, and Trend Is Expected to Persist"
By NEELA BANERJEE


Notice that recent rise in prices at the gas pump?

Fuel prices have risen over the last two weeks, and analysts warn that the increase may be an early signal that prices of gasoline and heating oil could stay higher than usual through the end of the year, in large part because of chronically low stockpiles of crude oil and petroleum products in the United States.

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The average retail price of regular gasoline is about $1.54 a gallon, about 2 cents higher than a week ago and 14 cents more than a year ago, according to the Energy Information Administration, the analytical arm of the Energy Department.

The main factor in higher gasoline prices is the price of crude oil, which reached $32.85 a barrel during trading in New York yesterday, its highest point since March 18, two days before the start of the war in Iraq. It closed at $32.18 a barrel, down 21 cents.

"Crude oil, I think, will stay around $30 a barrel for the remainder of the year," said John Cook, senior oil economist at the Energy Information Administration. "I'm looking for relatively high prices for gasoline and heating oil."

Consumers are only now becoming aware that gasoline prices are edging higher, just as many prepare to leave on vacation, said Geoff Sundstrom, a spokesman for the American Automobile Association. Drivers generally begin to complain when prices are considerably higher, closer to $2 a gallon, but the relatively high price of fuel has now caught most consumers by surprise, Mr. Sundstrom said.

(con't)...................

we invade Iraq and we DON'T get cheeper gas. that will roast the the chicken hawk dittiheads.

to hike the prices at the pumps for the autumn blend and hike the prices for the heating fuel for the winter...

Boy, am I glad we we kicked ass and stole gas in Iraq.... NOT

Would result in lower prices for oil was naive to the point of idiocy. Even if there had not been the great disruption in flow of oil from that country due to sabatoge and chaos, the market power acquired by direct control of such a proportion of the world's oil reserves would only be used to raise, not to lower, prices.

See Ya Later, Bushistas!

Every major economic recession in the past 40 years has been preceded by a jump in the oil price.

We're ALREADY in a recession/depression. How much worse can we get? Leave it to Bush to show us, huh?

interest rates are spikeing too. HOusing is the only thing that has been keeping the economy aflot at all. higher interest rates will kill many more jobs. The only bright side is it will kill the job of the goof in the white house.

If Prof Ken Deffeyes, a veteran petroleum geoligist and currently professor emeritus of geology at Princeton University and Matt Simons Investment Banker and Financial Analyst associated with the energy industry as well close personal friend and advisor to George W. Bush are correct, The Peak of Global Oil Production might have occured this year. The implications are that the rate of global oil production will follow a steady decline of 2% per year causing oil prices per barrel to rise dramatically.


We are already experiencing a serious Natural Gas Shortage at the present time and this could have serious impacts to the U.S. Economy in the coming months.


Overall Kids, Global Peak Oil means that our highly-industrialized, mindless consumeristic society is headed for a serious economic, political, and social upheaval.

Stay tuned for more PNAC sponsored imperialistic adventures to acquire more oil reserves.


Yours Truly

Pericles Jr.

to recall a governor who's fighting a suit by the feds and the auto industry for signing strict new fuel efficiency/emmissions standards. -especially when the courts have found in his favor against energy companies TWICE already.

edit to add- Welcome to DU, Pericles Jr :hi:

I recall an early 70's article with time-lines and graphs, in Fortune I believe, presenting a very knowledgeable and then widely accepted view that global peak oil production would occur around 1984, and near-total depletion would come in 2000.

In about 1990 on a business trip, I rented a Cadillac Eldorado that came within 1 or 2 MPG of my 1975 Super Beetle (admittedly slightly out of tune).

Welcome to DU!! :toast:

LOL!!!!

Certainly there is no cut in pay for those darling little
oil slicker CEOs. They are just doing such a great job screwing
the world why not give the A**holes a raise!!!

Despite what the F*ck the WH says, bashing Global warming Treaty
and blocking manufacturing of Hybrids and blocking other energy
movements, shows that they only care what is in their pockets.....
nothing but $$$$$$$$$$$$$$.

Why? why are the prices going higher? They said that the first load of Iraqi oil had been shipped a few weeks ago. They said that it would be cheap? When they started importing the Iraqi oil , the price here a few years back fell to $0.85 per gallon. Then they found there was a bit of a hangup and the price went back to $1.20 or so. Now the price here is $1.65 per gallon for the cheap stuff. How can that be we own the cheap Iraqi oil. The price should be falling. The cost of producing it is being picked up by the federal govt. in the form of a non-capped loan to Kellog, Brown and Root. That should be passed on to the consumer here in the states. Why, why are the prices going up?

Iraq will be completely devoid of OIL and the Bushitas will be long gone!