Oh My Goodness!!

**Old Fossil** · 05-05-2011

Originally Posted by Snowtrooper

What ****es me off is that its all speculation. Supplies have not been disrupted to the point that we should be talking about $5 gas. Its all a bunch of investors looking to make some $$$$ and they use whatever means to drive the price up. I'm normally a free market kinda guy, but this is just BS!!! When it gets high enough, your looking at another economic meltdown.

By the way, it $3.89 here in Nebraska.

It's not "all speculation." The dollar is dangerously weak right now vs. other currencies, nearing its historic lows of 2008. Takes more of 'em to buy anything when it's so weak.

I'd hardly call the oil industry a "free market" when only 4 or 5 gigantic multinational corporations are involved. They're also responsible for having certain quotas in place that kill any chance of competition, and hence, the possiblity of lower prices.

Not to mention that we're quite simply running out of the stuff. It's a finite world with finite resources, folks. Get used to it.

**Darth Metalmute** · 05-05-2011

I read an article that said it's Wall Streets fault that gas prices are rising. They "overestimated" (lied) about underproduction on oil from the Libyan Crisis. So they are making money hand over fist due to the over inflation of oil prices. But once the market subsides..... Bailout!

**bigbarada** · 05-05-2011

Originally Posted by Old Fossil

Not to mention that we're quite simply running out of the stuff. It's a finite world with finite resources, folks. Get used to it.

BP estimated that we have about 40 years worth of crude oil left, but I wonder if that was before or after they dumped millions of barrels of it into the Gulf of Mexico?

However, the US is estimated to have the world's largest oil reserve (if you include shale oil); so why we're not drilling for oil here is beyond me. Actually I do know why: politics and environmentalist pseudo-science.

**JEDIpartner** · 05-06-2011

And sinkholes. LOL

$3.98 here in the Cleveland area today.

**Slicker** · 05-07-2011

I paid $4.12 per gallon of premium here in Florida.

It's been around that for me of late.

**Old Fossil** · 05-07-2011

Originally Posted by bigbarada

However, the US is estimated to have the world's largest oil reserve (if you include shale oil);

By whose estimate?

so why we're not drilling for oil here is beyond me.

We are drilling for oil here, if by "here" you mean the continental US. I know a lot of people who work in that industry, mainly in the Gulf of Mexico.

Actually I do know why: politics and environmentalist pseudo-science.

I guess in some areas like California, yes, perhaps politics has something to do with it. Then again, maybe their constituents just don't want their ocean looking like the north-central Gulf of Mexico. Otherwise, most politicians (including Obama) are pro-Oil. Those who are not are very much a minority.

As for "environmentalist pseudo-science"... how does that keep us for drilling for more oil?

**Bel-Cam Jos** · 05-08-2011

As oil crudely comes down in price, some of the local stations have actually dropped a few cents (some as much as $.09 in the last several days), but still nothing under $4.07 (and most still around $4.15-.26).