The price of gas jumped up this past weekend. Looks like the oil speculators are at it again.

[raccoon]

How 'bout in your neck of the woods?

[Occam Bandage]

1. I bet it was Rove. nt

[Oceansaway]

2. jumped .10 pg last week here....

Milan,Illinois.....BP station.....2.49---2.59

[Donnachaidh]

3. went up 16 cents overnight

big jumps - and when it goes down it's a penny a pop... :grr:

[Lil Missy]

Went up 21 cents a few days ago.

[tridim]

4. I still want to know why gas was $4.50 last summer.

I guess I know why, I just want to hear an official explanation.

[Subdivisions]

9. It was so high because the ENTIRE world was still firing on all cylinders and

the supply of oil and refining capacity was extremely strained. The fact that oil and gas were in tight supply is what caused the speculation in the commodities markets and oil WAS NOT THE ONLY COMMODITY that went through the roof.

[louis-t]

15. So we went from "strained" to "plenty of reserve"

in a few, short months? We hear now that natural gas will be lower this winter because reserves are so high? I call bullshit. Sick of being manipulated by people making billions.

[Subdivisions]

19. Yes, but not in a few short months. Demand actually outstripped supply

and there were spot shortages all over the world, even here in the U.S., for most of 2008. In July of 2008 the price per barrell of oil reached $147 as demand challenged supply. As with every such situation, the price went up and specualtion went with it. But, in September of last year, the global economy collapsed and with it demand for petroleum products. A surplus has been building ever since which, rather than having been a "few short months", has been a year.

Natural gas may very well be lower this winter because reserves have been added from right here in the Barnett Shale where I live to the other gas plays now going on in Louisianna and a couple of other domestic locations. But, we're not talking about natural gas. However, the price of home heating oil may again be a problem this year, though probably not as bad as it was last winter.

[louis-t]

21. This while OPEC was cutting production for much

of 2008. Demand didn't just stop in July '08. US lost hundreds of thousands jobs each month GWB was in office. Speculators are aggravating the problem. Oil is inching up because economists are yelling "recession is over" and speculators are reacting to economic news.

[Subdivisions]

23. Oil is inching up because the Dollar is declining. I already told you, no demand

didn't just stop in July '08. It's taken a year for things to come to where they are now. OPEC was cutting production because Saudi Arabia's Ghawar production is peaking and they're having to pump in more and more water to keep production up. Also several OPEC countries have passed the peak in their oil production. They weren't cutting production to respond to market forces, they cut production BECAUSE THEY HAD TO.

http://quotes.ino.com/chart/?s=NYBOT_DX&v=d12

[louis-t]

25. Then that is different than what they were saying.

Last 2 OPEC meetings were in the heart of the collapse of prices from $147 down to $50.

[Hannah Bell]

26. last summer? not.

the recession officially started 12/07.

http://money.cnn.com/2008/12/01/news/economy/recession/index.htm

[Tippy]

5. Mid,TN,up 20 cents a gal in the past week....

Wall St. gone amuck once again.. WHERE ARE THE REGULATORS...WITH THEIR NEW REGULATIONS...Hey... Washington...WE own Wall St....Tell them NO...

[Warpy]

6. Check what the dollar has been doing

The fall in the dollar is driving up the cost of a barrel of crude oil, especially that on the spot market. That means producers costs are going up and that means the retail cost will go up.

$140/barrel spot market oil last year was due to heavy speculation in commodities by hedge funds and other institutional investors. I don't see that happening right now and I don't see prices at the pump going back to four bucks a gallon.

Prices are going up, though. I hope people were able to take advantage of the CARS program and get something more economical to drive.

[AllentownJake]

7. Dollar is falling

Has nothing to do with speculators. The printing of money we've done to support our deficit and Wall Street is resulting in our money buying less. Continue to see a slow creep up as the dollar continues to depreciate.

[Subdivisions]

8. Sigh. It's NOT SPECULATORS! Jeez...do some research! n/t

[benld74]

10. St Loouie went from 2.19 to 2.49

[Statistical]

11. This is real world example of a dollar being devalued.

A dollar buys less of everything and that includes oil.
Oil's move up has almost perfectly matched the dollar's move down.

There is a cost associated with spending trillions and trillions of dollars we don't have. Until the federal govt shores up the balance sheet the dollar will be under downward pressure and imports traded in dollars( such as oil) will be under constant upward pressure.

[Freeatleast]

12. I make it a point

to drive much less.

[Iwillnevergiveup]

13. At Arco in L.A.

$3.87 a gallon.

[spanone]

14. something else to notice!!!!

while no one was paying attention...super premium, which for years has been 20 cents above regular has mysteriously gone to about 26 cents above regular......shizzam

[taught_me_patience]

16. Dollar falling

because Bernanke and Geitner are "making it rain" on the banks. Bailouts don't come free.

[Captain Hilts]

17. Yes, 20 cents a gallon here. nt

[Bluenorthwest]

18. October is a big 'price index' month

hold it down until they can claim no inflation, screw the seniors and others with cost of living related pay and raises, such as all minimum wage earners in Colorado, then let the prices rip again for several months. Like clockwork.

[taterguy]

20. The price is innocents slaughtered in senseless oil wars

Still

Sigh

[quiller4]

22. It is $2.53 today at my neighborhood station but that is down from

$2.62 last weekend. In mid- September it was down to $2.39.

[ProdigalJunkMail]

24. this is the dollar tanking...not oil climbing

to get a real feel for the cost of oil track it against gold...not USD...

sP

[pinniped]

27. $3.30 for 91 octane in rip-off San Francisco and neighboring San Mateo County.

Around here, the prices never went back down since the last BS increases that took place months ago.