Gasoline in the Bay Area as of today.
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Where’s the higher oil prices?
Right beside Global Warming.
-the low price will also slow down the production of shale based oil fields.. it’ll be interesting to see if the huge Bakken formation in north dakota get’s anymore refineries built..
-might be a good state to move to when the depression/hyperinflation hits.
they currently run a budget surplus from
oil profits. -provided the new administration
doesn’t raid state coffers running surpluses
to fund its New Deal and Carbon Tax agendas
come to think of it, i wouldn’t be surprised that’s how they plan to pay back $8tn plus
deficit..screw carbon tax, why not just kill
oil use completely with a *hydrocarbon tax*
as an aside: anyone notice the huge price hikes
going on with plastic bags lately? (they’re made from oil)
Pathmark here in NYC has turkey basting bags
showing a 100count price of $119! ($2.49 for 2 bags) -20gallon garbage bags are $8.69 for 15ct.
(used to pay $5.29 a few months ago)
is there a general plastic bag tax being hiked somewhere? (and i dont mean the recent shopping bag surcharge chatter)
-also, aluminum foil has gone up..i thought aluminum was at am all time low?
*shrug*
whats up with that?
-s
I also have a “tangential issue.”
With pools of oil under the ground for millions of years, and with microbes that feed on oil (they have been identified and groomed to clean up oil fouled beaches) how come some such microbe hasn’t gotten into the oil fields and turned them into grey goo or whatever the breakdown of consumption would be?
All that “energy” just sitting there for millions of years? Darwin is letting us down.
#32 soundman – It takes a lot of electrical power to process aluminum. Most factories are situated next to dams or other power sources.
JCD is a Costco-er!! HAR!
These are the good times. Once hyperinflation kicks in everybody will be a millionaire, because a gallon of gasoline will cost $100,000.
Zimbabweans will be moving back home because the economy is better.
Don’t worry liberals, Obama will push oil prices back up. He said he prefers a gradual increase, so you can all be happy that poor people won’t be driving any big comfortable cars
#36 – I’ll gladly pay for the bullet if you will kill yourself.
Or, are you waiting for 12/21/12?
Most microbes can’t survive the high temperatures at the depths at which petroleum is found. The stuff comes out of the ground HOT! That’s why so much of the Alaskan Oil Pipeline had to be built above ground and with cooling for the supports — so the hot oil wouldn’t melt the permafrost.
I don’t expect the current price levels to last much beyond this month or next. Once people start driving like it’s 1999 again, demand will shoot up again, as will the price.
We could have avoided some of this pain and uncertainty, or at least eased it a bit, if Clinton had been able to pass his “BTU tax” back in the day. It might even have lessened the trade deficit we have with China and so many others. Even with the cheap oil of the time, it has always amazed me that it was cheaper to make shoes in Asia and ship them five or ten THOUSAND MILES than to make them here.
#39, Uncle P.,
Once people start driving like it’s 1999 again, demand will shoot up again, as will the price.
Good point. My philosophy for many years was that if everyone slowed down 5 MPH then gas would have dropped $0.50 / gallon.
I’ve noticed since gas peaked people have slowed down. I made a long trip last week and noticed that when I was passed, it was by only a couple of MPH. No one passed me at over 10 MPH quite unlike even two years ago. But they will.