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  1. #1
    Atomic Punk
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    12.11.17 @ 04:37 PM
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    Here comes $100 oil, and $3 gas

    With crude setting new highs every day, experts say there's no way motorists won't see a spike at the pump.

    NEW YORK (CNNMoney.com) -- With oil prices setting records over $90 a barrel - and $100 looking ever more likely - experts say there's a good chance drivers will see $3 gasoline before the end of the year.

    "Three dollar gasoline in this market is unavoidable," said Stephen Schork, publisher of the industry newsletter the Schork Report. "At this rate, we're going to see $4 a gallon."

    Crude oil prices have soared nearly 30 percent over the last month, mainly over fears that supply won't meet demand, a falling U.S. dollar, and what some say is a high degree of speculative investment money.

    But so far drivers have been lucky. The national average price for gasoline has risen barely one cent, going from $2.81 last month to $2.82 this month, according to the motorist organization AAA, although in many areas of the country gasoline is already over $3.

    Analysts have said the relatively stable gasoline price is due to slack demand following the high-demand summer driving season.

    But the relatively cheap gas prices are causing profit margins to slip for refiners, who have to pay top dollar for crude but aren't passing along the extra costs for consumers, yet.

    "That doesn't seem sustainable," said Kevin Norrish, a commodities analyst at Barclays in London.

    Norrish said it's likely refiners will scale back gas production, just as the higher demand holidays approach.

    "At some point, it has to happen," he said.

    Schork also said a lack of refining capacity means U.S. refiners will struggle to produce both gasoline and heating oil, so the country will end up importing more gas during the holidays. And he noted that importing gas with a weak U.S. dollar is an expensive proposition.

    "We could easily see $3 by the end of the year," he said.

    Not all analysts agree.

    Nauman Barakat, an energy trader at Macquarie Futures, the trading arm of Macquarie investment bank, said gasoline prices near $3 a gallon have kept demand down.

    The Energy Information Administration says gasoline demand has been about flat for the last few months, whereas it usually grows by about 1.5 percent a year.

    "We're not going to see a similar increase in gas prices," said Barakat. "But if [oil] prices stay at these numbers, then of course it will be a different story come spring."

    And therein lies the catch. All the analysts in this story expect crude to hit $100 a barrel.

    "It's a matter of when, not if," said Norrish.

    Norrish said it was fundamentals, not speculative investment money, driving oil prices - strong demand, falling inventories, no production increases from OPEC.

    "The underlying market balance will continue to tighten, and if the geopolitical situation worsens, we'll get to $100 very quickly," he said.

    Barakat said there are now more traders betting oil will rise to $100 than there were betting it would cross $90 back when crude was still in the $80s.

    And Schork noted the sheer amount of oil contracts trading, and the fact that OPEC tried to cool prices back in September with a production increase, did nothing but send prices higher.

    "There's a tremendous amount of bull energy in this market," he said. 'There's no reason we can't get to $100."
    "Watch what people are cynical about, and one can often discover what they lack.” -- Gen. George S. Patton

  2. #2
    Atomic Punk
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    07.24.11 @ 04:36 PM
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    has there been any doubt whatsoever that this was going to happen?

  3. #3
    Baluchitherium sisca's Avatar
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    06.12.16 @ 07:51 PM
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    wooooo hoooooooooooo!!! gas at 3 bucks a gallon? i hope it hits 10!!!

    just kidding.
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  4. #4
    Emperor of VHLinks.com Brett's Avatar
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    12.11.17 @ 11:40 PM
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    It's been $3 a gallon in California for at least a year.
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  5. #5
    Hang 'Em High sickman's Avatar
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    12.11.17 @ 05:49 PM
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    Man I can remember back in 1995 I was crusin up Rt. 1 in California and the gas was that expensive then. I want to say it was in Big Sur. Anyway no biggy, you could count on it happening. So much for going into Iraq for the oil huh.
    I used to jog but the ice cubes kept falling out of my glass.

  6. #6
    Atomic Punk
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    06.25.15 @ 09:06 AM
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    Quote Originally Posted by Brett View Post
    It's been $3 a gallon in California for at least a year.
    Here in Lockport, IL it's been up and down, usually averaging between $3.10 to $3.49. Yeah, it's pretty bad...
    "I respect that youre passionate about this but what your saying is complete idiocy..." - MF5150 on McDonald's "preying" on young kids.

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  7. #7
    Romeo Delight
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    08.13.09 @ 01:54 PM
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    if you can't beat 'em, join 'em. i've begun investing in these companies...specifically the penny stock ones. it's awesome buying 5000 freaking shares of something for $1,000.

    we'll see...

  8. #8
    PM Goo with your concerns OLO's Avatar
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    12.12.17 @ 12:17 AM
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    Seattle area has been $2.85 to $3.10 for at least a year or more.
    ((Just My Two Cents))
    And thats about what its worth.

  9. #9
    On Fire Warmoth's Avatar
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    12.20.12 @ 08:26 AM
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    So are the prices due to the war in Iraq? Supply and demand caused by other nations and their industrialization?? The gas companies having to refine their gas differently??? I thought it was originally caused by a shortage of gas caused by Hurricane Katrina!! Who knows.... it's been a bunch of crap for so long now I can't remember. It sucks... it went up overnight and has never come back down. Total BS. Glad I sold my Jeep and got a Carolla over the summer.
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  10. #10
    Good Enough darthadv's Avatar
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    01.05.12 @ 09:51 PM
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    Quote Originally Posted by vhrocks2005 View Post
    Here in Lockport, IL it's been up and down, usually averaging between $3.10 to $3.49. Yeah, it's pretty bad...
    low grade/"regular" has been usually in the $2.80s to $2.90s in NYC/LI, but above $3 for all other for at least a year... but regular has definitely shot above $3 on several occassions...
    Runaround... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around... around...

  11. #11
    Atomic Punk FORD's Avatar
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    10.22.17 @ 08:55 PM
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    Quote Originally Posted by sickman View Post
    Man I can remember back in 1995 I was crusin up Rt. 1 in California and the gas was that expensive then. I want to say it was in Big Sur. Anyway no biggy, you could count on it happening. So much for going into Iraq for the oil huh.
    Shit, the Chevron station at Pebble Beach was selling it for $3/gallon when the rest of the country was still under $1.50 (1999, if I remember correctly)

    Probably had something to do with hazard pay for actually driving a gas tanker on Highway 1. There's some parts of that road that are risky to drive in a car, let alone an 18 wheeler loaded with flammables.
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  12. #12
    Atomic Punk Viking's Avatar
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    11.02.17 @ 09:45 PM
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    Gas has been hovering in the $3 range here as well. I think it's $2.89 right now. I would imagine that all of the major political figures here in the U.S.A., both Republican and Democrat, are seeing a lot more money in their off shore bank accounts lately.
    "Viking - last to sleep, first to rise, last to leave, that's how the Nords of old rocked the house." ~ timmac in the 'Texas Linkers' thread talking about yours truly. :-)

  13. #13
    Hang 'Em High sickman's Avatar
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    Quote Originally Posted by FORD View Post
    Shit, the Chevron station at Pebble Beach was selling it for $3/gallon when the rest of the country was still under $1.50 (1999, if I remember correctly)

    Probably had something to do with hazard pay for actually driving a gas tanker on Highway 1. There's some parts of that road that are risky to drive in a car, let alone an 18 wheeler loaded with flammables.
    Yeah that road is pretty crazy. I drove it from Cabo San Lucas to Seattle in 95. Some stretches of it through Mexico were really suicidal. Especially when you get an 18 wheeler trying to pass you on a dirt road that is hugging a cliff with no guard rails.
    I used to jog but the ice cubes kept falling out of my glass.

  14. #14
    Sinner's Swing!
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    12.11.17 @ 07:17 PM
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    Quote Originally Posted by Viking View Post
    Gas has been hovering in the $3 range here as well. I think it's $2.89 right now.
    Pretty much the same here in Michigan, depending on the city, brand, etc.

    I go to Shell typically, and I've been paying $2.90 or $3 for many months now.

  15. #15
    Sinner's Swing! csm5150's Avatar
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    11.25.14 @ 09:53 PM
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    Quote Originally Posted by Warmoth View Post
    So are the prices due to the war in Iraq? Supply and demand caused by other nations and their industrialization?? The gas companies having to refine their gas differently??? I thought it was originally caused by a shortage of gas caused by Hurricane Katrina!! Who knows.... it's been a bunch of crap for so long now I can't remember. It sucks... it went up overnight and has never come back down. Total BS. Glad I sold my Jeep and got a Carolla over the summer.
    Take your pics-big oil is coming up w/every changing reasons as to why prices have been rising. We all know this is the first year we have had hurricanes in the gulf and this is the first year we have had instability in the Middle East. Our fine commander in chief won't do anything about these prices-he and his hench man Dicky were/are in big oil's back pocket. Its ironic Dumbya couldn't run an oil company of his own before coming to office-guess that reflects on what a fine leader he is. Prices won't go down anytime soon until consumers stop purchasing gas. Gas prices are almost inelastic-we have to buy it b/c we need it and we'll pay most price for it.
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