Ya Say ya Wanna Revolution?

lowest price in the GTA tagged today would be $4.51 p/gallon. It was 116.9 p/litre, the highest in GTA today was 123.4 p/litre. I want our oil back damnit! Oh right.. I'm not buying gas for now >.>
 
Are people still blaming Freedom In The Middle East for the blows at the pump?

It's mostly because of Wall Street and Speculators, dudes. Something like 90%(it's actually a bit higher) of all commodity oil is at the whims of these guys, who pretty much artificially influence the pricing(to gouge-levels) independent of OPEC*. Very little of it has anything to do with everything else. It's not a supply/demand issue. In the United States, Oil production is up while consumption is down. 7% increase/10% decrease in 2010, respectively. Though that could be because we're all poor and/or unemployed now.

P.S. this scale of current commodity hoarding used to be illegal as fuck but you can thank Goldman Sachs for yet another problem today.


*Hell, if anything OPEC raises prices in response to realization of how much money they're getting bent over the barrel(HEH) for. Back in 2005 during the height of the last oil bubble, OPEC increased cost.. to $45/barrel. Meanwhile on Wall Street, those barrels were being passed around for three times that.
 
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I don't think anyone has ever bought the 'war' or any issues in the middle east as the cause and effect for our gas prices...

Anytime it's mentioned, someone is usually being facetious.

Current reason behind the hiked gas prices are the troubles in Libya, true story.
 
the current high prices are due to speculators and their belief in what the prices may do because of unrest in both Libya and Saudi Arabia. The problem with speculation is that in its current capacity the speculators are able to influence the price on items that they neither have the capacity or desire to ever purchase. With that being the case the price fluctuates extremely rapidly and largely with little cause. But even a dead cat bounces and when the speculators think they have overly influenced the market they will run and the price will crash back down. The only problem is that they price at the pump likes to go up but isn't nearly as eager to fall even with the reduced price in crude.
 
It doesn't drop back down really, all but few cents. It raises the bar and becomes the new standard. We get comfortable with the rate at the slightest decrease so the next hike, which is often times that much higher, it raises the bar yet again.. and so on and so forth. $$$$$$$$

edit - you don't have to look into the specifics to see what's plain to see.
 
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im talking about the price of crude not the price of gas.
 
Dejavu said:
the current high prices are due to speculators and their belief in what the prices may do because of unrest in both Libya and Saudi Arabia. The problem with speculation is that in its current capacity the speculators are able to influence the price on items that they neither have the capacity or desire to ever purchase. With that being the case the price fluctuates extremely rapidly and largely with little cause. But even a dead cat bounces and when the speculators think they have overly influenced the market they will run and the price will crash back down. The only problem is that they price at the pump likes to go up but isn't nearly as eager to fall even with the reduced price in crude.
Click to expand...

The reason why gas prices don't fall as quickly as the price of crude commodities is because the gas station owners usually lose money when the price initially goes up, so they leave the gas prices higher for a little longer when the price drops to make up for their initial losses. I believe the national average for profit on a gallon of gas sold in the U.S. is $.02. There was a great article last week about this, but unfortunately I cannot locate it now.
 
You know what I got from that? US has partially tagged an oil producing boom in Canada at fault, and Canada is pointing at the middle east still. So if we have such a boom why are we not benefiting from it? Well because a lot of the companies up here on the sands are in fact American, but they're having problems sending it home...

round and round we go weeeeee
 
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And after having invaded two other countries, one of which at least with questionable motivations, not one ounce of official support to the Libyan uprising, not even so much as a no-fly zone . . .

Just exactly whose toes are we afraid of stepping on here?
 
It's not quite so simple, in a situation like this.

Helping the rebels could actually backfire on them, and us.
 
Yeah, I hear ya Raes. Just look at how fast Europe backed away from our civil war once they realized we were far more likely to shoot at them than each other. :P

On the other hand, though, I'd really like our foreign policy to send a less ambiguous message to the rest of the world. We invade Iraq and Afghanistan while Lebanon begs for our intervention. We topple one despot and leave others untouched, not to mention one ruling with an iron fist over far less people and an undeniable sponsor of terrorism.

I don't like that. Not. One. Bit.
 
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