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We knew this was coming,didn't we?:mad:

Uh-oh: Gas prices on the rise

After eighty-six consecutive daily declines, the average price of gas nationwide has now increased for the past two days. Have gas prices bottomed?

Last Updated: December 14, 2008: 10:14 AM ET

Green cars won't bring in bucks


NEW YORK (CNNMoney.com) -- Gas prices rose for the second consecutive day following eighty-six consecutive declines.

The national average price for a gallon of gas rose Sunday to $1.663 a gallon Sunday from $1.66 a gallon Saturday, according to a daily survey of credit card swipes conducted for motorist group AAA. The average price was $1.656 on Friday.
During the nearly three months that gas prices were falling, prices decreased by $2.199 or 57 percent. The current national average is now $2.454 below or 59.6 percent off the record high price of $4.114 that AAA reported on July 17, 2008.
According to AAA, the last time the national average price for a gallon of regular unleaded gasoline was near the current price was February 23, 2004, when the national average was $1.66.
Two states still have average regular unleaded gas prices of $2 and higher. The highest gas prices are in Alaska, at $2.689 a gallon. The remaining 48 states and the District of Columbia have regular unleaded gas prices below $2. The cheapest gas prices are in Missouri, at $1.477 a gallon.
On Friday, Jason Toews, co-founder of GasBuddy in Minneapolis, warned that gas prices may be bottoming out.
Lower gas prices are starting to spur demand in many areas, which could mean gas prices will pop back up again when the spring and summer driving season hits next year, according to Toews.
"Enjoy the gas prices while they're here," he said.
Since July, the price of gasoline has fallen along with the price of crude oil, gas's main ingredient. Crude has fallen more than $100 a barrel since July as investors worried that the U.S. economy was consuming less fuel.
However the decline in the price of crude may be setting us up for a gas price "super spike" in two to four years, said Toews.
"A lot of oil fields are not economical at these lower prices," he said.
As crude prices have fallen, oil companies have cut back on exploration, and shut down production at expensive operations like the oil sands in Western Canada.
"Once demand comes back, it will make supply even more tight," said Toews.
And the greater the current recession is, the greater price spike we may see in the future, since the lower oil prices are, the more oil companies cut back, he added.
Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, continued to slide, however.
The price of diesel dropped to $2.552 Sunday a national average of $2.561 a gallon on Saturday, according to the AAA survey.
Diesel prices have fallen more than $2 a gallon since hitting a record high of $4.845 on July 17.
Ethanol: The price of E85, an 85% ethanol blend made primarily from corn, also fell slightly, to $1.521 a gallon on average Sunday from $1.527 Saturday, according to AAA.
E85 can be used in place of regular gas in specially configured "flex-fuel" vehicles, but it is not readily available in some states.
The AAA figures are state-wide averages based on credit card swipes at up to 100,000 service stations across the nation. Individual drivers may see lower fuel prices in different areas of each state.
CNNMoney.com's Kenneth Musante contributed to this story.
http://money.cnn.com/2008/12/14/news/economy/gas/index.htm?postversion=2008121409
 
Price of gas locally jumped 15 cents yesterday to $1.75.

NYMEX futures for RBOB gasoline also jumped friday- if you look out to the future- it's $1.08 now, but rises to $1.37 by May 2009.

Look for gasoline to begin it's climb up. We're there. Bottom. Go fill up all your tanks today, because it isn't going to get any cheaper than this.
 
Crude up $1.78 this morning. Gasoline up 4 cents.

Yep- we've hit bottom on the oil scene. All upwards from here.

Fill your tank quick.
 
I guess smoking is out of the question?:o

Gas prices retreat after weekend spike

Gas prices rise this weekend for the first time in nearly 3 months, according to AAA survey.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 15, 2008: 9:56 AM ET

$1 gasoline


NEW YORK (CNNMoney.com) -- Gas prices posted gains this weekend for the first time in 86 days, according to a national survey of credit card swipes. But on Monday fuel prices began to retreat again.
Regular unleaded was selling at a national average of $1.66 a gallon on Monday, down 0.3 cents from Sunday's average of $1.663, according to motorist group AAA. On Saturday gas broke a nearly three-month streak of declines, rising to $1.66 a gallon.
Gas prices hit a record high average of $4.114 a gallon in mid-July as the price of crude oil, gas's main ingredient, peaked, according to AAA. But the price of crude is down more than 67% since July as the slow economy has weighed on fuel consumption.
Low gas prices are starting to spur demand for fuel again in some areas, according to Jason Toews, co-founder of GasBuddy.com, a service that lets motorists post local fuel prices online.
According to Toews, gas prices could be in for a serious bounce once the spring and summer driving season hits next year.
Gas is currently selling at statewide averages below $2 a gallon in all but two states, according to AAA: Alaska ($2.639) and Hawaii ($2.453). On Monday Missouri became the first state to dip below $1.50 a gallon, posting an average price of $1.488.
Out of all major U.S. cities, Anchorage, Ala., has the highest average gas prices, at $2.478 a gallon, according to GasBuddy; Kansas City, Mo., had the lowest average, at $1.339.
Diesel: The price of diesel fuel, which is used in most trucks and commercial vehicles, continued to slide,[more]
http://money.cnn.com/2008/12/15/news/economy/gas/index.htm?postversion=2008121509
 
OPEC to meet Wednesday, and will cut production. This should cause the energy sector to rally, but I don't like it!!:mad:

Oil falls after touching $50 a barrel

Crude retreats as concerns about the economy beat out talk of a possible OPEC production cut.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 15, 2008: 1:05 PM ET



Detroit's bailout blues


NEW YORK (CNNMoney.com) -- Oil prices retreated after briefly topping $50 a barrel Monday as concerns about the economy overshadowed a possible production cut from the Organization of Petroleum Exporting Countries.
U.S. crude for January delivery fell $1.16 to $45.12 a barrel, after touching a high of $50.05. The January contract expires at the end of this week.
"This is just a tug-of-war between OPEC bulls and economic bears," said Jim Williams, energy economist with WTRG Economics in Arkansas.
Reports indicate that ministers from OPEC, a trade organization that produces about 40% of the world's oil, will call for a production cut at its meeting in Algeria on Wednesday.
"They must cut production to maintain the price," said Williams.
OPEC nations have expressed concern about oil prices, which have fallen rapidly since hitting a record high of $147.27 a barrel in mid-July. The group pledged in late October to cut production by 1.5 million barrels a day in order to bolster prices, but the cut had little effect on the market at that time.
After prices dipped below $45 a barrel earlier this month, OPEC President Chakib Khelil said in an Associated Press interview that the market would see another "severe" cut in production at its meeting on Dec. 17 in Algeria.[more]
http://money.cnn.com/2008/12/15/markets/oil/index.htm?postversion=2008121513
 
Duty calls:
I won't be available today from 10:00 to 14:00, if you need a Oil or Gas quote open Oil Slick Stuff Home Page and click on the links.:laugh:
Norman
 
Change 27 Duty Call cancelled, I'm back!:D

Oil falls as demand worries grow

OPEC to meet in Algeria, may counter price slide with Russia in coordinated reduction in production.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 16, 2008: 11:08 AM ET



Stuck paying more for oil


NEW YORK(CNNMoney.com) -- Oil prices turned lower Tuesday as worry about the declining global demand outweighed a potential production cut from OPEC nations.

The U.S. crude contract for January delivery, which ceases trading on Friday, fell 54 cents to $43.97 a barrel.
Worry about a global economic recession has weighed heavily on demand for petroleum-based fuels since the summer.
Crude prices have fallen more than $100 a barrel since hitting a record high of $147.27 in mid-July.
Last week, the U.S. Department of Transportation said that Americans drove 100 billion fewer miles between November 2007 and October 2008, compared to a the prior year.
"Small changes in our demand are big on the global level," said Michael Lynch, president of energy consultancy Strategic Energy & Economic Research.
Transportation Secretary Mary Peters noted last weej that driving continued to decline even as gas prices came off their summertime peaks. Average U.S. gas prices have fallen by more than $2 a gallon from a record high $4.114 in July.
Gas prices bottomed out this weekend, ending an 86-day streak of declines at $1.66 a gallon, on average, according to motorist group AAA.
Fed rate cut: In [more]
http://money.cnn.com/2008/12/16/markets/oil/index.htm?postversion=2008121611
 
So be it!..let them cut production..Hopefully it will be the incentive needed to spur domestic oil production..
DRILL BABY DRILL
 
Oil falls after Fed rate cut

A possible OPEC production cut and weak fuel demand also weigh on the market.

By Kenneth Musante, CNNMoney.com staff writer
Last Updated: December 16, 2008: 2:54 PM ET

NEW YORK (CNNMoney.com) -- Oil prices tumbled Tuesday after the Federal Reserve lowered its key interest rate and said economic conditions remain weak, underscoring concerns about faltering demand for energy.
U.S. crude contract for January delivery fell 91 cents to settle at $43.60 a barrel on the New York Mercantile Exchange.
The retreat comes after the Federal Reserve said it has established a "target range" of 0% to 0.25% for its benchmark interest rate. The rate had been at 1%.
In addition to the interest rate cut, the Fed signaled that it will continue to use unconventional methods to boost economic activity.
Oil was hovering near $44.50 a barrel just before the Fed announcement and fell below $43 a barrel immediately after. [more]
http://money.cnn.com/2008/12/16/markets/oil/index.htm?postversion=2008121614
 
NO Sir, I don't like it, and either will the price of OIL!!:mad: View attachment 5249

Kiss the dollar rally goodbye

Another Fed rate cut and concerns about the government's ballooning bailout price tag means that the greenback's recent run against the euro is likely over.

By Paul R. La Monica, CNNMoney.com editor at large
Last Updated: December 16, 2008: 3:59 PM ET

The greenback rallied against the euro this fall but has started to lose ground once again. Click on the chart for more currency rates.

NEW YORK (CNNMoney.com) -- It wasn't that long ago that the dollar was strengthening against the once-mighty euro, leading anyone that could still afford a plane ticket to Paris to celebrate that they could suddenly get more baguettes for their buck.
But what a difference a Fed rate cut and more bailouts make. Since the Fed lowered rates to 1% in late October, the euro has gained 10% against the greenback.
During that time frame, the government has also been forced to essentially print more money to help pay for several new initiatives aimed at boosting the flagging economy.
Well, guess what? The Fed cut interest rates again on Tuesday to a target of between 0% and 0.25%. And the government is likely to add more to the bailout tally before the end of the year with an emergency loan to keep General Motors (GM, Fortune 500) and Chrysler LLC from bankruptcy.
So what will this do to the dollar? Is it possible that it could once again slip to the all-time low it hit against the euro back in July when oil prices were at record levels?
Talkback: Are you worried by the dollar's recent pullback?
That may not be likely anytime soon. Even after factoring in the euro's recent spike -- it jumped to about $1.413 after the rate cut Tuesday -- the euro is about 12% below its peak of $1.6038.
Brian Dolan, chief currency strategist at online currency trading site Forex.com, said that he thinks that the dollar is probably fairly valued between $1.35 and $1.40. [more]
http://money.cnn.com/2008/12/16/markets/thebuzz/index.htm?postversion=2008121614
 
Which side of the fence is Salazar on?
Drill?, or not Drill?? Flip- Flop?

December 17, 2008 (WSJ)
Big Drilling Issues Await Salazar
Obama's Pick to Run Interior Opposed Oil-Shale Work but Helped Broker Offshore Deal

WASHINGTON -- Sen. Ken Salazar, President-elect Barack Obama's choice to run the Interior Department, is a Colorado Democrat who has opposed Bush administration efforts to open more Western land for oil-shale exploration, but worked with Republicans to broker a deal to allow more offshore oil exploration.

Mr. Salazar has been an outspoken advocate of renewable-energy sources, as have Mr. Obama's pick for energy secretary, Steven Chu, and his choice to be the top White House environmental adviser, Carol Browner. But as head of the Interior Department, Mr. Salazar will be both custodian and gatekeeper for the extensive fossil-fuel resources on public lands. Sen. Ken Salazar has been an advocate of renewable-energy sources.

Mr. Obama is expected Wednesday to announce his nomination of Mr. Salazar as interior secretary and former Iowa Gov. Tom Vilsack as agriculture secretary.

Among Mr. Salazar's mandates at Interior will be restoring confidence in the department's management of mineral resources following a series of scandals at Interior's Minerals Management Service. In one example, officials at the agency, which collects billions of dollars for federal coffers in royalty and lease revenue, were accused by the inspector general this year of improper conduct in relations with oil-industry executives.

One of the hottest issues Mr. Salazar would face would be a decision on where and when the government should allow oil and gas exploration, particularly on the Outer Continental Shelf where experts say billions of barrels of oil and trillions of cubic feet of natural gas lie untapped.

Despite falling oil prices, the Obama administration will have to readdress the drilling issue in the new year. Under pressure from voters whose budgets were hit hard by $4-a-gallon gasoline, Congress allowed a federal moratorium on offshore drilling to expire, paving the way for a new lease schedule unless lawmakers and the administration reinstate the ban.

Mr. Salazar has opposed expanded oil-shale leases, arguing that such activity could threaten the region's scarce water supplies, and has voted for a federal renewable-energy mandate that would require utilities to provide a growing percentage of the power from sources such as wind and solar. Besides large natural-gas resources, Colorado and the Rocky Mountain states are home to what many scientists believe is some of the best wind-energy potential in the nation.

President-elect Barack Obama hopes to revive the economy by creating "green" jobs and boosting renewable energy to reduce the dependence on foreign oil. Video courtesy of Reuters.

But he was also one of a group of 16 lawmakers who earlier this year tried to broker an agreement on offshore drilling in exchange for billions of dollars in new spending on low-carbon technologies. Mr. Salazar also made a deal with Sen. Mary Landrieu (D., La.), who publicly credited him with helping to win Gulf of Mexico drilling access in exchange for opposition of oil-shale development.

The Colorado senator has also been in favor of trying to force oil companies such as Chevron Corp., ConocoPhillips and Royal Dutch Shell PLC to renegotiate Gulf of Mexico leases signed in 1998-99 that omitted royalty-price thresholds that government auditors say have cost the U.S. billions in uncollected revenue.

Meanwhile, Mr. Salazar's confirmation would open up his Senate seat. Already Democrats are flooding Colorado Gov. Bill Ritter with advice on how to fill it.

Among the candidates most prominently mentioned: Mr. Salazar's brother, John, a U.S. representative from rural Colorado; John Hickenlooper, the popular mayor of Denver; and U.S. Rep. Ed Perlmutter, who represents the fast-growing Denver suburbs, a rich trove of votes. Another possibility: Federico Peña, the former Denver mayor who served as both energy and transportation secretary in the Clinton administration. Mr. Peña re-emerged this year to vigorously campaign on behalf of Mr. Obama's presidential bid.
http://online.wsj.com/article/SB122947337490512319.html?mod=googlenews_wsj


​
 
nnuut said:
Yeah this is just what we need!!! RATS!!:mad: View attachment 5246

A gas tax, minus the gas 2:24
As fuel-efficient cars and consumer cutbacks gouge gas tax revenues, the government may enact a "miles traveled" tax.
http://money.cnn.com/video/#/video/news/2008/12/16/news.121608.highway.cnnmoney
Click to expand...
Nnuut.....

Maybe they will figger it out...its easy to keep spending, it requires one thought...buy buy buy.....its not so easy to not spend and reduce expenses.....need to cut living expenses to the tax payer.

I see the Saudi's are proposing an oil production cutback....it won't work...it just adds cost of living which is what we are trying to reduce....a backwards approach.

Carnac
 
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