1 What we need is some ordered anarchy.

2 The question that begs to be asked, what's driving oil prices up, and how high will they go in 2011?

Money devaluation, OPEC playing hardball, shutting down production/extraction facilities here, a potential ME war in the near-future...you name it!

3 Let's not forget what QE2 is doing for the value of the dollar.

4 You know what we should do?  Ban domestic offshore drilling.  Yep.

5 We don't need oil - we ride the bus!

6 Anarcho-Capitalism!

7 We need a total vacuum with gravity.

8 There is too much regulation on this thread.

9 O's post election announcement, on or about 12/1, that there will be no new offshore oil drilling in federal waters in the Pacific, Atlantic and Eastern Gulf for the next seven years may have something to do with it, doncha think?

Prices started going up almost immediately after the announcement.

10 There has been too much violence. Too much pain. But I have an honorable compromise. Just walk away. Give me your pump, the oil, the gasoline, and the whole compound, and I'll spare your lives. Just walk away and we'll give you a safe passageway in the wastelands. Just walk away and there will be an end to the horror.

11 I heard Hussein the anti -Christ relaxed the off shore drilling ban?

12 what the hell? the free market's devil is in the white house and you're asking what the hell..?

13 Think that catchphrase of  "Drill, Baby, Drill!" helps me out in '12 when Barack has gas at $7/gallon?  You betcha!

14

The hell??

Where my free gas at?

15 Gas in my area (Pittsburgh) is up around 3.15 a gallon for regular.  Considering it's already at that price as of January 4th, I'd be surprised if it wasn't at least somewhat higher, like 3.50 a gallon, by summer.  If it stays just over 3.00 a gallon throughout 2011, as Dave in Texas stated above, and doesn't break 3.50 or 4.00, I'll be...well, not happy, but at least I can still go on vacation this year without blowing every spare cent just getting there. 

16 An under-appreciated cause: too many oil-rich countries are controlled by kleptocrat thugs or nutjobs, so their production infrastructure is collapsing. Examples: Venezuela, Iran, Russia, Mexico . . .

17 @3 nails it .

18 Carter era gas prices will make president for life Palin a shoe in in the next election.

19 I heard Hussein the anti -Christ relaxed the off shore drilling ban?

After creating a new government agency that takes about fifty times longer to process permits (because lack of speed=thoroughness to bureaucrats), yes.

20 3 Let's not forget what QE2 is doing for the value of the dollar.

Posted by: Jprs at January 04, 2011 10:09 PM (PfiUw)

This is the reason.  All commodities are going up in dollar terms.  Not because they're worth more, but because the dollar is worth less.

21 I was thinking natl average, but you're right.  PA, CA, other high spots, probably 3.50- 3.75

22

Gas in my area (Pittsburgh) is up around 3.15 a gallon for regular. 

Now that you have a real governor, you should see if he'll knock off that 50 cent state tax you have.

23 Hey, when the gov't makes it impossible to invest or make money in business, investors invest in commodities. More money into commodities = more demand = higher prices.

24 We're already paying that here, DiT.  The cheap gas across the street from me is $3.23 for regular right now.  A couple of years ago, I was paying $5 for premium here in LA.  Glad I can use the regular now.  Maybe it's a good time to invest in those shale-oil companies.  I hear they have a lot of that up in Canuckistan, eh?

25 I'm tellin' ya , the only way out of this is the metric system .

26 1 What we need is some ordered anarchy.

Posted by: Waterhouse at January 04, 2011 10:07 PM (ly8QF)

--Dude, we should all have the right to refine our own gasoline without government regulation.

27 28 Hawaii will be over $4.

So will CA, once Moonbeam puts more CO2 regulations upon the people there.

28 Chtulu. Duh!

29 The metric system is for soccer players and other gender confused fairies.

30 #35  --Dude, we should all have the right to refine our own gasoline without government regulation.

Moonshine gas!  Hooray!

31 Why go with solar and windmills when cold fusion is equally viable?

32 When will the American people get tired of all the fucking they are getting?

33 @38 Trust me on this one , I was kidding .

34 What we need now are price controls. And massive inflation. All the best of Nixon and Carter right here right now.

35 If I have to pay $100 per gallon to get the Indonesian Imbecile voted /impeached out it will be worth it. High gas prices are the kiss of electoral death for B+rry...we could run Rush Limbaugh and win on $10/gal gas. The higher the price goes, the more conservative a President will be elected.

36

Where are all the leftards telling us how Boosh and Darth Vader were driving up the price? Oh wait, there minion is in charge now. They don't care.

37 I keep hearing this idea from the Left, that the oil companies are keeping fleets of super tankers circling in the Pacific to keep oil prices high. 
This raises a variety of questions:
1) How much does it cost to keep the crew of a super tanker at sea?
2) How much insurance does it cost while a supertanker is at sea?
3) How much does it cost in fuel for a ship to circle endlessly?
4) How much effect, really, would one tanker have on the price of oil?
5) How many ships are allegedly out there? 
6) Given all of the above questions, how much money is Big Oil really making off this alleged plan?

It makes about as much sense to me as the old 70's canard that Big Oil was driving tankers out to the desert and emptying their cargo into the sand.

38 $3.25 per gallon makes the 2% reduction in withholding tax kind of a joke. It was always a joke. The gas prices are more of a punchline. Looks like the comments are going fubar . . .

39

40 Something brown this way comes.

41 Easy for you to say Peaches .

42 45 What we need now are price controls. And massive inflation. All the best of Nixon and Carter right here right now.

My mom has a WIN (Whip Inflation Now) button somewhere.  I'll dig it out and shine it up for the occasion. 

43 42 When will the American people get tired of all the fucking they are getting?

Posted by: steevy at January 04, 2011 10:20 PM (dtXRz)

Nebber

44 Doesn't help that we allow the futures market to trade on oil.

45 1 What we need is some ordered anarchy.

Posted by: Waterhouse at January 04, 2011 10:07 PM (ly8QF)

Get your ass in the smokehouse porky.

46 My mom has a WIN (Whip Inflation Now) button somewhere.

I still have mine.  And an 80 column punch card.  Just to remind me that things could be worse.

47 Yup just leave those pretty boats at the docks again all summer or just trade for a sail boat

48 Now that you have a real governor, you should see if he'll knock off that 50 cent state tax you have.
Posted by: President-Elect Palin

I can only hope.  At least we are finally done taking it up the ass from Fat Eddie. 

49 Well, hopefully the housing bubble in China will burst this year and smash their economy, thereby helping to address the demand side of the equation.  If that happens, and if we're able to break the dollar peg by inflating, that should provide considerable economic relief.

50

Tanker rates are *ahem* tanked.  It's often good to catch a market at its nadir...but that is called catching a falling knife. Housing is crap still, UI is waaay high, and the Chicom economy is ripe for a crash too.

I think these oil prices are about inflation not demand. We are $14 trillion in debt and there is no sign it will be paid back. It's a permanent interest drain on the yearly budget..and with interest rates at historically record low rates they can only go up which will make the fed budget worse.

51 But the prog liberal democrats want to stop oil exploration, limit natural gas exploration, shut down coal fired power plants , dramatically increase fuel tax to reduce consumption, all in the name of saving the planet while they destroy the working man. Somehow they cannot connect the dots that most  working man/woman in this country have to drive to work. Every increase in fuel price takes disposable income from Americans and sends it to the very people that want to destroy us.

52 the local news radio and traffic station had an expert on who explained that high gas prices are part of a recovery, so that's good... that the MSM is still...shockingly...covering for the One.

53 It's not so much what the price of oil is, but where is that oil coming from -- where is the payment going?   Answer -- So long as the green Obamacrats are sitting their fat A's on US oil (and coal) power, $$$$ are going out of the country -- translation -- lost wealth, lost jobs, lost prosperity.  

There was a time when the best place to spend these $$$ might have been for US products, economic globalization kills that notion -- $$$ can be spent many places on similar goods and services.  A significant amount of global products and services may have a historical start in the US, but high corporate taxes and regulations are driving these folks to international operations, with and without operations in the US.  More jobs and wealth lost... 

But don't worry, there will still be plenty of big government retirement and benefit packages to stabilize the US economy...      or not...

54 65 the local news radio and traffic station had an expert on who explained that high gas prices are part of a recovery, so that's good...

The wild-eyed optimism is almost cute.

55 well. yeah. they're covering for the One. WTOP does that.

56 The price of regular unleaded at Costco in this area is now up to $3.23 a gallon. About a week and a half previously it was at $3.19.

57

We all know that when prices shot us under "W", it was a "conspiracy". You were supposed to ignore that the country's gasoline refineries had suffered a major disruption, and that such a thing would effect gasoline prices.

Now that a Dem is in the White House, suddenly it's due to one or more economic forces.

Oil is priced in dollars, and correct me if I'm wrong but I think the dollar has fallen compared to the currencies of the oil big oil importers. So that would drive the price up. That's probably most of it.

But business is picking up, too, and the expectations on Wall St are for increasing economic activity, and corporate profits. Even the expectation of such things will also drive the price up. So that probably is inolved also.

Don't get me wrong - looming debt crises remain a huge threat, and we can only expect unemployment to stay exactly where it is (unless Obamacare can be derailed). But business is still managing to make money again, dispite our socialist president's best efforts.

Not drilling domestically is completely insane, but is probably not much of a factor to global pricing. But global demand for oil is probably starting to creep up again, whereas the supply is likely struggling to even stay level. Don't look for a break any time soon.

58 I'll lower your oil prices if you make Danny Glover your next ambassador to Venezuela, and send a few tons of our Aztec and Mayan gold back to me us.

59

BTW, if we had started pursuing coal-to-oil conversion infrastructure 10 years ago (and it was obvious even back then that we should) we'd be well on our way to energy independence right now, there'd be a greatly expaned domestic energy industry to help us pay our bills, and there'd be hundreds of thousands more high-paying jobs.

Coal-to-oil technology was invented by Hitler's goons before WWII, and has become econmically viable in recent years, with the price of oil becoming so high.

60
  65 the local news radio and traffic station had an expert on who explained that high gas prices are part of a recovery, so that's good...

People jumping from office buildings are part of a recovery, too. I think the MSM can spin that for us.

61 Coal liquification infrastructure can wait in line. We are so tied up with enviro red tape that we can't maintain existing infrastructure very wel, let alone focus on anything new.

The biggest effort in exploration and recovery of energy deposits is in horizontal drilling (sort of old/new tech), and the enviros are trying to squelch that.

Ahh, let's just get the Canadians to do it.

62 Coal-to-oil technology was invented by Hitler's goons before WWII, and has become econmically viable in recent years, with the price of oil becoming so high.

Not gonna happen. Obie doesn't like that shit.

63 I already hear the crap, "It's greedy Exxon's fault!"  Which is pure bullshit.  Remember America, the left WANTS you to pay $5/$10 a gallon.  The President WANTS you to pay that too, even more.  Also remember to keep your tires inflated.  thanks again, 52%, you assholes.

64 No blood for oil!

65 "Somehow they cannot connect the dots that most  working man/woman in this country have to drive to work."

Yep.

But they will tell you, "No worries, just let them ride Public Transit..."
( ...eat cake... )

66 Since the world is largely mired in a depression I call BS on the "demand" angle. When they say "emerging markets" they mean China. China is not doing so hot right now either because their biggest customer is broke.

What is driving prices is up is two major things. First and foremost the price is measured in U.S. dollars which are becoming worth less every day. Second supply has gone down because Obama removed a significant portion of it from the mix.

If the communist asshole regime was not in power the price would be a lot lower. A whole lot lower.

67 I keep hearing this idea from the Left, that the oil companies are keeping fleets of super tankers circling in the Pacific to keep oil prices high.

Wouldn't it be easier for them to just leave that oil in the ground (which, oddly enough, is what the Lefties want us to do)?

Hmmmmm.....

68 Fucking Bush and Cheney at it again I see.

69 55 Doesn't help that we allow the futures market to trade on oil.

Posted by: Unclefacts, Confuse A Cat, Ltd. at January 04, 2011 10:24 PM (eCAn3)

 The futures market and spot prices are not linked.  People can speculate all they want, the actual market price at the pump is what the speculators will get if they hold to maturity, whether it is a gain or a loss.

70 The PROBLEM here is clear.

People who have NO INTENTION of ever selling a drop of gasoline are allowed to speculate in oil futures at a tiny margin.  Until we get hedge funds and institutional investors out of the oil speculation game, we will ALWAYS have these economy killing upticks in oil prices.

For the unwashed, Oil Companies DO NOT SET THE PRICE OF OIL.  It is set by these speculators.  The fact this is permitted to go on even after oil reached $150 a barrel before is criminal.

71 For the unwashed, Oil Companies DO NOT SET THE PRICE OF OIL.  It is set by these speculators.  The fact this is permitted to go on even after oil reached $150 a barrel before is criminal.

Posted by: Bill Mitchell at January 05, 2011 01:12 PM (Baf0e)

 

Incorrect. Speculators do not set the price of oil, the free market does.  A futures price of $150/bbl 6 months out  is irrelevant to the pump price.

72 @37

Wasn't me, mon...

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75 the most unbelivable oil price would be in China, they never go down, just going up and up