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Sandmannd

Must be a holiday weekend

9 posts in this topic

This just infurates me to no end. Yesterday gas was $2.22, today it's at $2.45. That's almost a 25 cent markup in one day. I didn't see the price of oil climbed at all? What gives? When are we going to put a stop to this gouging at the pump. It's so rediculously out of hand already. Bet it comes back down on Tuesday by a little bit.

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It will come down again. Unfortunately this ones' supply and demand, since demand goes up over the holiday weekend. (Translation: They can raise their prices and get away with it, because we all are still going to do what we have planned)

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Hey Shane...I hate to burst your bubble, but there is an article in today's Pioneer Press that the raise in gas prices is due to spectulators driving up the price of crude again. It has something to do with the bailout money and not the availablity of gasoline. Too deep for me to understand it all!! crazy

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Nice!!! Thanks for clarifying that. I guess you could blame it on Speculators, to me it's the same thing. Holiday is coming, raise the price. It just butters my muffin man.

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So I can't spell...I was using the laptop and that thing is really sensitive. laugh

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To tell you guys the truth... I used to manage a gas station and for that 5 years there wasnt a time the gas stayed the same or went down before holiday weekends. We would raise the prices for obvious reasons!!! It has nothing to do with speculators driving up the prices. Its all about making more of a profit cuz you know the demand will be there!! Sucks, I know!!

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Didn't they (legislators) just apporve the gas tax. which drove it up over $2 to begin with. That stuff always starts a surge. Everyone sees it spike up and fills up everything the own all at once fearing its going to climb up higher again and that in turn causes it to in fact go up again. Self fulfilling prophacy. I just HATE gas tax. It's just got inflation built right into it. It raises the expense of everything. Becase everything has to be transported. And everything need stuff transported to make it to begin with so its a deep expanding inflationary factor on the economy. Which brings in a fraction of what it costs for the purpose it was intended. Killer bad and stupid legislation.

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Market speculation may drive gas prices this summer

Forget supply and demand as oil buyers create the inflation they're trying to avoid

By Kevin G. Hall

McClatchy Newspapers

Updated: 05/22/2009 12:12:58 AM CDT

"It's all a scam," says Brandon Deml, of St. Paul, about fluctuating fuel prices as he pumps gas at a Super America in St. Paul, Thursday, May 21. (Pioneer Press: Brandi Jade Thomas)WASHINGTON — Oil and gasoline prices are rising fast as Memorial Day weekend approaches, but not because supplies are tight or demand is high.

U.S. crude oil inventories are at their highest levels in almost two decades and demand has fallen to a 10-year low, but prices climbed more than 70 percent since mid-January to a six-month high of $62.04 on Wednesday.

On Thursday, prices lost ground, with crude for July delivery falling 99 cents, to $61.05 a barrel, on the New York Mercantile Exchange on a perceived drop in demand.

Meanwhile, although refiners are operating at less than 85 percent of capacity, leaving them plenty of room to churn out more gasoline if demand rises during the summer driving season, the price of gasoline at the pump has climbed 30 cents a gallon from a month earlier, to $2.36 nationally, according to AAA.

This time, Wall Street speculators — some of them recipients of billions of dollars in taxpayers' bailout money — may be to blame.

Big Wall Street banks such as Goldman Sachs & Co., Morgan Stanley and others are able to sidestep the regulations that limit investments in commodities such as oil, and they're investing on behalf of pension funds, endowments, hedge funds and other big institutional investors, in part as a hedge against rising inflation.

These investors now far outnumber big fuel consumers such as airlines and trucking companies, which try to protect themselves against price swings, and they're

betting that the economy eventually will rebound, that the Obama administration's spending policies and Federal Reserve actions will trigger inflation — or both — and that oil prices will rise.

"They're buying because they think it will diversify their portfolio, and they think it will diversify their portfolio against inflation, and maybe they think the economy will turn around," said Michael Masters, a hedge-fund manager who testified before Congress last year about the consequences of what are called exchange-traded funds.

Masters said big institutional investors were sucking the air out of the fragile economic recovery, in part because their Wall Street partners were exempt from federal limits on how much they could bet on commodity prices.

"What they don't realize is because we don't have position limits, the money they put in is driving up the price" for oil and other commodities, he said.

Contracts for future deliveries of oil and other commodities are traded on the New York Mercantile Exchange, and the futures market for oil has position limits that restrict how much of the market big speculators can control.

However, big Wall Street banks are exempt from these restrictions, and there are no such limits in derivatives markets.

Oil contracts are traded mostly in U.S. dollars, and inflation would erode the value of oil earnings, stocks or any other asset denominated in U.S. currency. Many investors are pouring money into oil futures in the belief that oil prices will rise as inflation erodes the dollar's value.

This turns oil futures contracts into a way for investors to hedge against inflation at the expense of American consumers, who have to pay more to fill their gas tanks as oil and gasoline prices rise.

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OK, so a few years ago when it was at $60 a barrel it was around $1.80 a gallon. So what's different now? The fact they got us used to $4 a gallon last year. It's gouging and speculation is a grose excuse.

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