on ABC the CEO fron Shell Oil announced that by spring it will be $5.00 a gallon. so much for conserving the last 5 or so years with these newer smaller cars ????
I am so outraged...know what I am gonna do??? Just pay it.
This Ceo of Shell Oil is probably looking for a good retirement plan offered to him soon
I agree and with the current climate- he'll do very well.
He's a "former" Shell CEO...already has the retirement checks coming. Note the five buck a gallon will be in 2012 when the world ends.
so basically he is useless as they come by..allot of bogus crap but unfortunatly he announced it to the media and gues what it will be a fact by March...
Lord not this again. Five years ago they were all saying we'd be paying near $10 a gallon by the end of the decade. Right now it's at $3. The last time it got over $3 it took a nose dive because no one could afford to drive in excess at that price and it came down and hit a floor around $2.50 and fluctuated for years.
Now they're touting $5 a gallon and everyone is taking it and running with it. It'll level back out, it's so high right now cause every investor on Wall Street is looking for a hedge to hide their money in and oil is it cause China's buying a bunch of it.
Don't despair, maybe the buffoon in the Whitehouse will save us.
yeah right. he probably ask george boy bush on how to invest into his oil barons private funds
Ed, George Soros won't let him!!
The Federal and State Governments like high fuel prices because we pay more taxes to them and the oil companies pay more taxes to them. It is a win win situation for them. Lots of fuel under the ground but far be it from us to pump it because that would kill the endangered Washington D.C. crotch crickets.
Frank...gas taxes are per gallon.
If the price per gallon has any effect it would be the inverse. Less gas bought would bring in fewer tax dollars at the pump.
Great stuff Frank!!! That's what cap and trade has in mind for us.
This may be for real. As the economies of India, Brazil, and China continue to grow, the middle class in those countries is expanding like crazy. Those people want, and are buying, cars. As demand increases, prices rise. Is there anything a US president can do about it? I doubt it.
"Is there anything a US president can do about it?"
DRILL HERE NOW!!!
Why do you think Warren Buffet is buying railroad stocks when his older American holdings were Wells Fargo? Our dollar with our debt looks like it will be devalued, then we will pay what the greater world is paying. Hang on to your shorts for the cost of other items. Rail roads ship a ton of goods 400 miles on a gallen of fuel nothing else is close to that.
pretty soon they are going to put a pedal tax on bycycles because they don'y use any oil (sin Tax)
The only good outcome I can see is that the United States oil reserves are not being tapped. After all the rest of the world runs out of oil, we will have what is left. Only thing is, will our government let us pump it out?
Peter, Lets hope your not clairvoyant!!
Norman, Tapping the oil reserve for proposes other then protecting the nation is like shooting yourself in the foot on purpose, in my humble option.
Just this afternoon I was talking to an Oil Co exec and he was telling me that almost all of the deep sea rigs are gone. Sent to Africa, Venezuela, and asia; we have no capability in the Gulf of Mexico to get oil. Thanks Barry!!
I'm not referring to the stratigic reserve, but to all the oil which is out of bounds because of perceived environmental reasons.
we have more oil in our country in the ground that we are not using. the oil companies know this and they are not going to tap into it.; Oil is like gold (texas tee, black gold) Alot of our oil comes from Canada off shore drilling. We (USA) are getting stuck in our ass as usual. If it goes to 5 bucks + a gallon there goes everything prices will jump drascally. So far I have seen price junps in raw materials in the last month like crazy. Brass price has jumped 45%, steel 30% shipping UPS/ Fedex 12% heath care 30% and so on... it just the beginning..so keep your pants on tight its going to get worst...
Norman, I stand corrected I thought you meant the strategic reserve.
I wonder how a significant increase in gas prices will affect our hobby?
Will car values be affected, especially "driver" quality?
I am paying more than $5 a gallon now up here.
A couple of summers ago the cheap stuff was $1.45/liter = 6.45/gallon....that really hurt the wallet.
I know a few years ago whe it was over 4 bucks a gallon allot of vendors at the car show bailed out on the price of gas.. and we saw allot of the same for the distant car tours.
You gotta remember that the people who control these prices thru commodie trading/pricing are not liberials, but conservatives, so you cannot blame the current administration for it. Plus a good part of the oil that we get from our west coast and Alaskan wells goes to Asia, while we import oil from Arabia. Good old american greed from the top tier of our wage earners.I remember during the 1970's crisis that the Chesapeake bay was full of tankers that could not unload gas. because of he Govt.
Tom, you are right.
Supply and demand is a minor concern in the price of oil and gas right now, although it will be 5-10 years from now as those emerging markets really start to grow. Hopefully, electric and hybrid technology will advance significantly by then.
The WORLD will lead in those technologies, as there are too many private interests against new energy here in the U.S.
Just like precious metals, the prices are being manipulated by the speculators on wall street.
The rich get richer.....
I don't know about you but I will survive. I don't follow the chicken little philosophy when others threaten that the sky will fall.
Tom, In my opinion this administration thinks fossil fuels are the devil and need to be punished for our prosperity due to them!
the announcement was "by the end of the decade....."and it was his opinion not factual who knows what 9 years may bring? and who cares wewill be justfine just another scare tactic.
Fact is as the government prints more money without backing, the dollar buys less, hence EVERYTHING including gas will cost more sooner then later.
As Greg said above he is already paying over $5 a gal. now and he lives in North America. What makes anyone here in the U.S.A. think were not far behind that becoming the base line here?
CAUTION: * POLITICAL IN NATURE *
Just consider that half this country most likely thinks National Socialism, can't hurt..... much?
I saw that same news program. He said we'd be paying $5 a gallon by Nov. 2012 and $4 a gallon by this Spring. Just to set the record straight.
Harvey, wow and double WOW! I can see our founding fathers doing the Whirling Dervish thing in their graves!!!
I believe the price in Canada is higher to to higher taxes...same in Europe.
Many countries have taxes higher than our total costs. Ross Perot suggested this strategy as a way to erase the debt and almost won with his straight talk tactics.
The US has one of the lowest tax rates on gasoline in the industrialized world.
Rich get richer? theres nothing stopping anyone from gettting into trading stocks and oil, if u think theres money to be made in tradeing oil futures, and there is , buy some, its open to anyone.
Here in Australia today, it is $5.00 per US gallon.
It's a fact:
As citizens of this Republic we cannot be successfully taxed into prosperity. If it can be done, somebody please educate me. And bring me out of my ignorance into the bright-light of hope and change.
Interesting thread for us guys up north here to read. I'm often surprised to learn that a lot of our US friends think most of the imported oil into the US comes from off shore! I believe most is piped from Canada!
Yes, us Canuks find your fuel prices quite reasonable compared to our highly taxed gasoline.
In Ontario we pay tax on tax thanks to our HST (Harmonized Sales Tax).
Wilf Newmarket Ontario.
The economy cant handle 5 dollar a gallon gas.
Rememeber when it hit 3 when the economy was teeter totering,it went back down some.People couldnt afford it.The average,common working class people that buy alot of gas.
The same people that would travel to the beach,mountians or whatever,if they could afford the gas.So all the people in travel related industry they would spend money with are affected,thus,they cant afford the gas because they are out of work.
Yea,people with good money comeing in each month that just drive to the local diner to brag about thier oil stock holdings wont feel the punch.They will just pass by the foreclosed homes and such that are the eventual end result of their greed.
What buffalos me is for many years the oil companys made plenty of money,without spikes in prices,without kicking the country in the face after it has allready fallen down.They made some profit,and the country was able to prosper and move.Now it cost to much to move the country.Hades aint cold enough for the jack legs that are jacking up prices on us.
Poof read,proof read! I meant to say,Hades aint HOT enough for the jack legs that are jacking up prices on us.
And 1 more thing.Pray for our country and economy.From where I am standing,that looks like the only real hope this country has,is if God sees fit to save us from these goons.
This current administration certainly doesn't seem to mind using up fossil fuels for their personal junkets...hypocrites all.
An interesting case is Dubai, they have spent their treasuries and mortgaged their souls to build a massive tourist destination in an effort to replace their oil economy...because they have almost depleted their reserves. Now they are broke, this should be a huge wake up call, oil will not last forever.
Tom is correct, research Phil Gramm and the Enron Loophole. Yep oil is now "bet on" and is a commodity. This can add 20%+ to each barrel of oil. About five years ago when Goldman-Sachs bought a million barrels of crude I thought we were gonna get hammered, thanks Phil.
Oil is sold on the world market so it matters not were you drill but I submit you should ask yourself the better question. When a ship floats into the Middle East under the protection of the US Navy, Marines, and Air Force it sails to international waters and announces oil for sale to the highest bidder, including European ships.
What do they pay for that protection?
What do we pay?
BTW I believe that oil demand is flat worldwide or if up not by much, cold winter?
Personal opinion is it is being manipulated.
By Banks and oil companies. Nice of them to give us a warning!
Hey, Merle Haggard is down with Obama!
Don't you think it's time to stop this crap allready.
Also, Harvey Decker, not sure what they teach in old Tennessee, but uh, National Socialism was practiced by the Germans in WWII and they were Nazis. Not sure many folks agree with that philosophy. At least not in my part of the country.
Sales tax is based or charged on the dollar amount paid for gas, not by the gallon.
The higher the price per gallon the more money you have to spend for a tank of gas.
The higher the total price the more sales tax will be paid on that tank of gas.
In Ca. we pay about 9 cents for every dollar spent.
If gas is a dollar a gallon we must pay 9 cents a gallon sales tax.
If it is $4 a gallon we must pay 36 cents sales tax on a gallon.
The political hores love it.
The governments make more profit on gas than the oil companies, and they have nothing to do with making it. No risk, nothing.
Aaron in my state gasoline tax can only be used on roads, a dedicated tax, business and citizens seem to like those roads but hey if they drove T's dirt would be fine....right?
Aaron. You are wrong.
The Federal Gas Tax is 18.4 cents per gallon. Period.
State taxes add another .08 to .32 cents per gallon, depending on where you live.
Well, for comparison:
In Peninsular Spain 95 Octane gas is 6.5$ p/G, 98 Octane is 6.94$ p/G. Diesel is 6.0$ p/G.
In the Canary Islands, where it is subsidized, is for 95 Octane 4.74$ p/G and the 98 Octane is 6.94$ p/G. Diesel is 4.12$ p/G.
In the other hand in Venezuela 95 Octane is 97 VEB that depending the rate is 0.09 p/G, yes it is right a 25 gallon tank cost 2.25 USD......when I go to Venezuela to visit relatives, and it is customary to tip the fueler, the tip is higher then the amount of the fuel served!
@Brian and Aaron: You are talking about two different things: Federal tax on gasoline is one thing and apparently by the gallon while Aaron talks about local sales tax.
And you are a bunch of weeping kids to listen to. Gas price here in Europe (Denmark) is right now around 1,5€/Liter or 6,5€/Gallon = 8,6$ / Gallon.
However - a quick raise in a central cost like gasoline or oil or gas for heating will of course have a very negative impact on the whole economy.
It is mostly due to supply and demand. I know the oil companies are making record profits, but because we are a world economy now more than ever before, that new ecomnomy effects what we see here in the good ole U S of A.
ABC news had an article last night that there were 18 million cars purchased in China last year. As these folks begin to drive cars instead of bicycles, the demand goes up. Let's not forget about India. While in China this year, gas was $6 per gallon US and Canada has always had more expensive gas than us. I don't like it but as these other countries begin to develop, our ability to control the cost of oil becomes less of a factor. It is not a good situation for us, but Europe has had this problem for a long time. I guess we should be thankful for the good ole years and try to adapt to the future as best we can. I intend on driving my T's, maybe just not as much. The cross country trips to national tours may require more planning than before. That is a real disappointment but also reality.
Happy New Year!
I'm with you Ted!
If you like you can bring some Gas to Holland ,here we pay this morning 1.58 euro for a liter that is 5,98 for a gallon , or 7.77 dollar for a Gallon
All the best for 2011
$5 a gallon is probably not out of the question. Also, it is not out of line considering that a Big Mac, fries and a Coke costs $6.
In 1927 a gallon of gas cost 25 cents, and a hamburger with fries and a cup of coffee cost 25 cents.
Nothing has changed except deficit spending causing the currency to devalue. A gallon of gas is still worth the same as a hamburger dinner.
All of our oil is in Alaska, California and Taxes (;^}) and the dipsticks are all in Washington!!