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Automotive News & Views Are gas prices fueling your pain? 
10042 messages, Last post on Jul 12, 2008 at 3:07 PM
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http://www.businessweek.com/globalbiz/content/jun2008/gb20080610_688373.htm This is one of those headlines I read and just wonder. Are people that delusional. I am going to go outside now and see if pigs can fly. 
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Replying to: nippononly (Jun 11, 2008 6:28 pm) Filled up both cars at $3.94 today minus 10 cent Kroger discount. San Fran in red; Dayton in blue; crude, green. full size 
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Replying to: imidazol97 (Jun 11, 2008 6:42 pm) It also shows that while we here in SF don't see jumps or spikes in our gas price, it is also true that our price slowly but surely rises all the time, without any of the jumps down that Dayton (and crude) experience. I guess I should be glad (and I do remember taking note) that for a lot of May we weren't paying much above the national average. Now we are back to our norm of $0.50 above the national average. But I know the folks in Chicago and a few other big cities are feeling our pain too. |
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Replying to: avalon02wh (Jun 11, 2008 6:37 pm) So they're not delusional. Not only are they saying it will, but they're informing you where their next major value increase is going to come from: your wallet. 
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Replying to: larsb (Jun 11, 2008 12:21 pm) The problem, as you mention, is getting the best data points. Predicting oil prices means predicting what people will do. That is still a very difficult proposition. You have scientists, economists and engineers trying to understand the oil market that is actually made up of a lot of irrational people. How can you predict when OPEC will raise or lower production? Can you predict when the CEO of an oil company will decide to drill in a certain area? Does our thousands of data points help us decide when or if countries will drop a fuel subsidy? Do we know what the breaking point is for the average American diver? $4 $5 $19.37? How will the politicians react or what legislation will they pass? Back in 04, 05 & 06 the EIA predicted that Mexican oil production would rise despite the fact that it had leveled off in 04 and 05. Mexican investment in exploration and production was inadequate. The EIA knew that yet they kept up with their rosy forecast. The EIA and the IEA are worthless pieces of  when it comes to predicting. Sure they collect millions of pieces of data, but they cannot see the forest for the trees.
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Replying to: bpizzuti (Jun 12, 2008 2:34 am) I was actually referring to the retired Admiral, not every future trader. " Not only are they saying it will, but they're informing you where their next major value increase is going to come from: your wallet" No, they might be able to temporarily tweak the market, but as prices rise people stop buying. For example: at $100 a barrel 10 % of the people world wide stop buying oil at $200 a barrel 20 % of the people world wide stop buying oil at $300 a barrel 30 % of the people world wide stop buying oil at $400 a barrel 40 % of the people world wide stop buying oil Demand would plummet as the price rises. People would find substitutes, drive less or whatever. You really should do some searching for energy/oil/gasoline/diesel news stories on Google news or theoildrum to see how people are already reacting to high energy prices. It is not going to take $400 a barrel or $10 a gallon for RUG to have the you-know-what hit the fan. RUG is at $4.06, another record. Diesel is at $4.79 also a record. And how about Hawaii, their diesel has hit $5.18.  Me thinks I need to search Google News later today to see how the Hawaiian folks are reacting to all this good news. Good thing they do not need heating oil to heat their homes. I predict they will be using Lava powered cars and trucks in the not to distant future. 
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Replying to: avalon02wh (Jun 12, 2008 3:08 am) Oh Hawaii isn't that big, plus its broken down into many smaller pieces (islands) so they can ride bikes everywhere. Heck I have driven the road to Hana a bike might just be faster.
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Replying to: avalon02wh (Jun 12, 2008 3:08 am)
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