May 18

The Chart That Will Make Every American Driver Angry:

When crude oil prices started to collapse, the great American unwashed were told – day after day – that low oil prices were “unequivocally good” for them. That myth was destroyed as rent, healthcare, and debt-reduction trumped consumer gains. However, as angry Americans are seeing every day now, gas prices at their local pump have been soaring… having never dropped as they should. In fact, as the following anger-inducing chart below exposes, gas prices for the average joe are almost 50% higher than would be expected given the low oil prices…

Since the beginning of 2015, something changed – Gas prices are unchanged while oil prices are 25% lower…

20160517_gas1

So the refiners are buying low (crude oil) and selling high (gas) to cover their losses in production? Fixed costs on gasoline ‘production’? No matter what, it’s the average joe that paid the price.

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Sep 18

Gas prices set record: 1,000 days above $3 a gallon (USA Today, Sep 16, 2013):

By now every driver knows the drill: The price of gasoline ratchets up, there’s an outcry among motorists who feel gouged at the pump and then things settle down as the higher price becomes the new normal.

Well, AAA has come up with a sobering statistic: the average price of gasoline will surpass $3 per gallon Tuesday for the 1,000th consecutive day. That’s never happened before, the motoring organization says.

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Aug 31

· Up to 34% rise as last two big suppliers get into line
· Government urged to act as more face fuel poverty


Photograph: Steve Taylor/Getty Images

This summer’s misery for energy consumers reached a climax yesterday when the last two of the big six suppliers raised prices for millions of household customers.

ScottishPower, which has just over 5 million customers, said gas bills would rise by 34% from the beginning of next month, and electricity by 9%. Npower said it was putting up gas prices by 26% and electricity by 14% for its 6.6 million customers with immediate effect.

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Aug 02

Part 1

Added: July 30, 2008
Source: YouTube

Part 2

Added: July 30, 2008
Source: YouTube

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Aug 01

NEW YORK (Reuters) – Standard & Poor’s on Thursday cut ratings on all three major U.S. automakers deeper into junk status, citing expected losses due to higher gas prices and a weakening U.S. economy.

S&P cut its ratings for General Motors Corp (GM.N: Quote, Profile, Research, Stock Buzz), Ford Motor Co (F.N: Quote, Profile, Research, Stock Buzz) and Chrysler Automotive LLC to “B-minus,” or six levels below investment grade, from “B.” It also cut to “B-minus” from “B” the finance arms of Ford, Chrysler and GMAC, which is 49 percent owned by GM.

Related article: GM Posts $15.5 Billion Loss; More Job Cuts Possible

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May 26

Robert Hirsch, senior advisor for Science Applications International Corporation, sat down with MSNBC’s Alex Witt to discuss the possibility of an upcoming oil crisis. Hirsch says that gas could reach $15/gallon within a few years because it is “essentially certain” the world has reached the maximum levels of oil production.

“The problem is that there’s not that much oil left in the ground,” Hirsch says. “What we’ve done is been very fortunate to have oil production increase as our economies have developed over the past decades. And now we’re reaching a point where we’re about to get, or we may be, at the maximum world oil production. After that, oil production will then decline and prices, of course, will continue to do what they’ve been doing recently. So what we’ve got today may be the ‘good old days.’”

Hirsch addressed the timeframe in which the US could see $15/gallon gas: “It could happen within a matter of months. It could happen within a matter of a few years. But it’s essentially certain that we are at the maximum of world oil production. And after that, we’ll go into decline, and when there’s much less oil available, then, of course, the price of oil is going to increase dramatically.”

Fuels, heating oil, and consumer products that rely on petroleum will all be impacted by the decline in world oil production. Hirsch estimates the world GDP declining at the same rate as oil production.

This video is from MSNBC’s News Live, broadcast May 24, 2008.

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By David Edwards
Posted May 24th, 2008 at 10:08 am

Source: The Raw Story

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May 22

Robert Hirsch, an energy advisor, says CNBC morning show prediction was a citation of the ‘Dean of Oil Analysts.’

Robert Hirsch, Management Information Services Senior Energy Advisor, gave a dire warning about the potential future of gas prices on CNBC’s May 20 “Squawk Box”. He told host Becky Quick there was no single thing that would solve the problem, due to the enormity of the problem.

“[T]he prices that we’re paying at the pump today are, I think, going to be ‘the good old days,’ because others who watch this very closely forecast that we’re going to be hitting $12 and $15 per gallon,” Hirsch said. “And then, after that, when oil – world oil production goes into decline, we’re going to talk about rationing. In other words, not only are we going to be paying high prices and have considerable economic problems, but in addition to that, we’re not going to be able to get the fuel when we want it.”

Hirsch told the Business & Media Institute the $12-$15 a gallon wasn’t his prediction, but that he was citing Charles T. Maxwell, described as the “Dean of Oil Analysts” and the senior energy analyst at Weeden & Co. Still, Hirsch admitted the high price was inevitable in his view.

“I don’t attempt to predict oil prices because it’s been impossible in the past,” Hirsch said in an e-mail. “We’re into a new era now, and over the next roughly five years the trend will be up significantly. However, there may be dips and bumps that no one can forecast; I wouldn’t be at all surprised. To me the multi-year upswing is inevitable.”

Maxwell’s original $12-15-a-gallon prediction came in a February 5 interview with Energytechstocks.com, a Web site run by two former Wall Street Journal staffers.

“[Maxwell] expects an oil-induced financial crisis to start somewhere in the 2010 to 2015 timeframe,” Energytechstocks.com reported. “He said that, unlike the recession the U.S. appears to be in today, ‘This will not be six months of hell and then we come out of it.’ Rather, Maxwell expects this financial crisis to last at least 10 or 12 years, as the world goes through a prolonged period of price-induced rationing (eg, oil up to $300 a barrel and U.S. pump prices up to $15 a gallon).”

According to associate of Maxwell at Weeden & Co., Maxwell is out of the country and currently unavailable for comment.

Maxwell’s biography on the Weeden & Co. Web site said he “has been ranked by the U.S. financial institutions as the No. 1 oil analyst for the years 1972, 1974, 1977 and 1981-1986,” according to polls taken by Institutional Investor magazine.

“In addition, for the last 17 years he has been an active member of an Oxford-based organization comprised of OPEC and other industry executives from 30 countries who meet twice a year to discuss trends within the energy industry.”

Although Maxwell’s prediction is for the long-term, not everyone supports high-end predictions, even in the short-term. CNBC contributor and the vice president of risk management for MF Global (NYSE:MF) John Kilduff said on “The Call” May 7that he expected gas prices to drop following the Chinese Olympics, as China’s economic boom slows down.

By Jeff Poor
Business & Media Institute
5/21/2008 3:38:13 PM

Source: Business and Media

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May 10

Americans are adopting a host of measures in response to soaring petrol prices including driving more slowly to conserve fuel, going out of their way to find cheaper prices and even driving off from pumps without paying.

As petrol yesterday climbed to a new national record of nearly $3.65 a gallon (40p a litre) – with the price topping $4 in many places – drivers are trying to cut back on car use and swap once ubiquitous gas-guzzlers for more fuel efficient cars.

There has also been a surge in “drive-offs” across the country, where motorists leave petrol stations without paying.

In one Seattle case, a thief was caught on CCTV using a master key to unlock a station’s pumps after dark to fill up several barrels, CNN reported.

Elsewhere, motorists have been waking to find the petrol siphoned from their cars. Continue reading »

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Apr 15

NEW YORK (AP) — Crude oil prices rose to within a penny of $114 a barrel Tuesday, setting a new record as concerns mounted about global supplies. U.S. retail gasoline and diesel prices also struck new highs.Traders honed in on a report by the International Energy Agency that said Russian oil production dropped this year for the first time in a decade. The report raised concerns about whether the key oil-producing nation will have enough supply to help feed growing global demand.

“In an emotionally driven market like we’ve got now, it just doesn’t take much in the way of a headline to prompt a psychological response,” said Jim Ritterbusch, president of Ritterbusch & Associates in Galena, Ill. Continue reading »

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Apr 06

Fuel now above $3.30 a gallon; crude costs also rising

NEW YORK – Retail gas prices surged to a new record above $3.30 a gallon Friday and appear poised to rise further in coming weeks as gasoline supplies tighten. Continue reading »

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