• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

On This Day In History, Gas Prices Have Never Been Higher

Tyler Durden's picture




 

Between Hess' plant closing and scheduled maintenance, the squeeze appears to be on the refining space and wholesale gasoline prices are smashing higher. Along with flares in geopolitical risk (Ankara today and Israel/Syria earlier in the week) driving underlying crude prices,  Gas prices (at the pump) are surging - to record highs for the first week of February as per AAA, hitting an all time high of $3.465 for this day and just surpassing last year's price of $3.455; and based on where wholesale prices are (given the lag), we could be seeing $4.00 gas at the pump in the next few weeks.

 

 

as Wholesale Gasoline prices rise at their fastest in almost two years...

 

and with Crude prices rising and wholesale gasoline being squeezed, could retail prices push back above $4.00 again?

 

Charts: Bloomberg

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Fri, 02/01/2013 - 12:33 | 3206448 Osmium
Osmium's picture

High gas prices are sure to jump start the eCONomy

Fri, 02/01/2013 - 12:41 | 3206476 Say What Again
Say What Again's picture

BULLISH

DOW to 15,000 and beyond!

Fri, 02/01/2013 - 12:53 | 3206517 Fukushima Sam
Fukushima Sam's picture

Wow, and we're still coming off the effects of the Obama administration's election-time oil price manipulation scheme.

Fri, 02/01/2013 - 12:58 | 3206529 Thomas
Thomas's picture

Thank god inflation is tame.

Fri, 02/01/2013 - 13:05 | 3206550 Buckaroo Banzai
Buckaroo Banzai's picture

Yay cripplingly high gas prices crushing the working poor! That's what you get when you think you are too good for food stamps, Section 8 housing, SSDI, WIC, and Medicaid!!! TAKE THAT!

Fri, 02/01/2013 - 13:11 | 3206582 Joe Davola
Joe Davola's picture

Time to ratchet up the gas taxes!

Fri, 02/01/2013 - 13:23 | 3206637 sotto
sotto's picture

Thanks Bernanke and company.  Here's what you have done:  http://economiccollapsenews.com/

Fri, 02/01/2013 - 13:58 | 3206750 BeerBrewer09
BeerBrewer09's picture

Duh. They print like their shit don't stink.

Fri, 02/01/2013 - 13:38 | 3206701 TheFourthStooge-ing
TheFourthStooge-ing's picture

.

Time to ratchet up the gas taxes!

Time to break out the West Virginia credit card!*

*five-gallon can and a siphon hose

Fri, 02/01/2013 - 14:32 | 3206845 JohnFrodo
JohnFrodo's picture

Thats a good one got to be good for the economy raising the smile index.

Here are a couple of others

Scarbourgh Suitcase - 12 pack of beer

Toronto Tuxedo - red and black plaid lumberjack jacket

 

 

Fri, 02/01/2013 - 13:31 | 3206664 otto skorzeny
otto skorzeny's picture

I'm sitting behind this pizza delivery guy at the stoplight yesterday and thinking-how can this guy be making ANY $ w/ gas at $3.75 a gallon if it takes you a gallon to get to the delivery and a gallon to get back-I mean the guy wasn't driving a Prius

Fri, 02/01/2013 - 16:42 | 3207396 quasimodo
quasimodo's picture

Hopefully he had half a dozen pies and gets tipped well. Around here someone was driving a fucking Yukon Denali delivering pizza last week, yeah....the Denali with the 6 liter gas drinking bitch of a V-8. I am going to take a stab here and guess the driver is not that smart.

Fri, 02/01/2013 - 13:43 | 3206716 Freddie
Freddie's picture

Hope & Change.

Fri, 02/01/2013 - 13:47 | 3206728 derek_vineyard
derek_vineyard's picture

Inflation is/was the goal.  Asset classes have gotten ahead of themselves in the rush to avoid 'eating the inflation', but wage earners are losing ground daily.  The net result will be a lower standard of living for the median person in the developed world.

Fri, 02/01/2013 - 13:02 | 3206539 DoChenRollingBearing
DoChenRollingBearing's picture

I have no idea what gasoline and crude prices will do in the near future.  But, I can see that Obama clearly does not care about actually, ahh, creating more production.  I do understand that the whole energy problems we have (of course) depend on much more than short-term drilling.

But, in looking at this problem of high gasoline prices, I always come back in my thinking to GOLD.  If I have to pay more for a tank of gas and if that affects my other spending, too damn bad.  I will just keep buying physical gold, "poco a poco", and that will take care of any heartburn I have re high energy prices.

Fri, 02/01/2013 - 13:27 | 3206653 tango
tango's picture

My only problem with gold is the huge price it may bring.   I can't see paying $5K for a loaf of bread.  Silver seems much the better bargain considering it is nowhere near the historical 15-1 gold/silver ratio.  And of course Obama does not care about anything but fairness and redistrbution.  He is the least interested President in history when it comes to how wealth is produced.

Fri, 02/01/2013 - 14:42 | 3206864 DoChenRollingBearing
DoChenRollingBearing's picture

1/10th oz Eagles help solve that.  I own silver and platinum too.  PM diversification is great!

Fri, 02/01/2013 - 14:50 | 3206892 Stuntgirl
Stuntgirl's picture

I talked to some old people in spain about the problem of commerce with high value gold coins.

They told me that it was normal to run a household on store credit or pay up front for a month's supplies deliverable everyday.

An example would be that it'd be normal to pay your baker or grocer or milkman on day 1 of the month for one loaf of bread daily delivery. Paying after one month of delivery was also normal.

Fri, 02/01/2013 - 12:59 | 3206533 Enslavethechild...
EnslavethechildrenforBen's picture

Recovery!

Everyone I talk to is positive about the economy. There is no inflation and jobs are picking up. With healthcare costs at their lowest in history, we are entering a new golden age.

(Sarcasm)

Fri, 02/01/2013 - 13:30 | 3206660 Never One Roach
Never One Roach's picture

Agree. Inflation is tame this year. My health insurance premiums up only 12%.,.....dark chocolate uponly 8%....gas up....postal fees up over 6% (for international shipments)....and so on....

Fri, 02/01/2013 - 14:51 | 3206897 _ConanTheLibert...
_ConanTheLibertarian_'s picture

You mean golden shower

Fri, 02/01/2013 - 13:14 | 3206600 Woodyg
Woodyg's picture

Bullish Drinking Water!
Especially adding in the Frack Attack on water sources.

I pay $140 for 2 months of water in Oregon where it reains every freaking day andthe water out of the tap is so bad you can't drink it!

So then I get to buy filtered water good enough for drinking for 35 cents a gallon.
Frack Me!

Fri, 02/01/2013 - 15:10 | 3206970 lincolnsteffens
lincolnsteffens's picture

You are fracked because you don't have a brain in your skull. If you get a water filter for

your kitchen faucet it only costs 5-10 cents a gallon. If you get one of those old fashioned

ceramic filters you can just collect rain water to filter (opps maybe that doesn't filter out

radio active particles, check first). If you have that much rain water get a big storage

tank to supply your household needs and disconnect from the town water.  It is expensive

but ever look into drilling your own well, assuming you have enough land and space

to drill.

 

Don't be a victim. Think outside the box

 

Fri, 02/01/2013 - 16:26 | 3207324 Temporalist
Temporalist's picture

The govt doesn't like it when you steal their water.

http://www.naturalnews.com/029286_rainwater_collection_water.html

Fri, 02/01/2013 - 12:46 | 3206484 AlaricBalth
AlaricBalth's picture

In April 2011, Ben Bernanke said the increases in food and gas prices would be transitory. The only transitory thing I see is the purchasing power of the middle class, as an increasing amount of dollars is needed for basic essentials.

Fri, 02/01/2013 - 12:56 | 3206523 blabam
blabam's picture

Deflation bitchez!

Fri, 02/01/2013 - 13:10 | 3206561 DoChenRollingBearing
DoChenRollingBearing's picture

@ Alaric and blabam, + 1 guys!

"Transitory Deflation" my azz.  

As our stupid energy policies (leaving aside stupid economic policies) kick in, we have a grim future ahead.  Who knows if ANYONE could fix it...  But, we have Four More Years which will NOT fix anything.  Au contraire.

"Barack and Francois, up in a tree....."

Fri, 02/01/2013 - 12:35 | 3206450 Cognitive Dissonance
Cognitive Dissonance's picture

Nicely done. The conditioning is almost complete. Push gas above $4 for a while, then drop it back down again so people feel relieved. Then use any excuse in the book to push it back above $4 and leave it there. The new normal is here.

But there is no inflation......ever. Cus we don't count no stupid gas and food.

 

Fri, 02/01/2013 - 12:37 | 3206467 Dr. Richard Head
Dr. Richard Head's picture

Well, there is an inflation taget of the Fed.  The problem is the target happens to be for everything us plebes use.  Of course, Vasoline prices are skyrocketing because of demand for less sphincter breakage due to bankster anal raping, so that is more a supply and demand situation rather than money supply situation.

Fri, 02/01/2013 - 12:38 | 3206469 smlbizman
smlbizman's picture

their is no inflation........if you have no money to spend......

Fri, 02/01/2013 - 12:46 | 3206488 Umh
Umh's picture

We also need to remember that the gas has been diluted with alcohol.

Fri, 02/01/2013 - 15:14 | 3206999 tip e. canoe
tip e. canoe's picture

courtesy of corn grown due to a subsidy by the FedGuv.

Fri, 02/01/2013 - 12:36 | 3206453 Voice_Of_Unreason
Voice_Of_Unreason's picture

The price of gas is not going up. The value of the dollar is going down.

Fri, 02/01/2013 - 12:52 | 3206506 Enslavethechild...
EnslavethechildrenforBen's picture

A piece of paper has never been worth any more that the value of a piece of paper.

What is happening is that the world is starting to come out of their stupor.

Gas for Silver Dollars at the pumps Bitchez

Fri, 02/01/2013 - 13:23 | 3206642 aerojet
aerojet's picture

Okay, but the price of a gallon up here in my neck of the woods shot to almost $4/gal last year, then recently tanked all the way back to 2.82 a couple of weeks ago, and now we're back to the $3.50 range almost overnight. 

Fri, 02/01/2013 - 13:44 | 3206682 otto skorzeny
otto skorzeny's picture

I was at the station(midwest-blue collar town) last night and as I was looking around at the other pumps most people were putting exactly $20 in their tanks instead of filling up-so either these people all work for GS and know the price of gas will drop rapidly next week-OR THEY'RE ALL FUCKING BROKE

Fri, 02/01/2013 - 15:48 | 3207137 ChrisDG74
ChrisDG74's picture

Midwest?

No doubt you were in a Greedway, er, Speedway-controlled state. Our prices are up an average of over 50 cents a gallon since Tuesday. Some are up over 80 cents since then, with another jump coming in the next few days.

Fri, 02/01/2013 - 13:43 | 3206646 DaveyJones
DaveyJones's picture

Both and they're related. Money only represents real stuff. Oil is the ultimate stuff. As it gets harder to get, the debt economy ignorantly betting on endless expansion goes through cycles of collapse. The price of ultimate energy rides the roller coaster that nevertheless climbs higher as the EROEI nevertheless goes lower. Like the naked truth of gold, add to this the desperate need to manipulate the price but, like gold, the effort is ultimately futile.  The criminal idiots in charge then add fuel to the fire by expanding money supply in sick creative ways   

Fri, 02/01/2013 - 12:37 | 3206458 Inthemix96
Inthemix96's picture

$4,00 dollar gas?

You lot dont know how fucking lucky you are.  We pay the equivalent of just under $12,00 gas here.

Over here its us stupid fuckers who eat cake.

Fri, 02/01/2013 - 12:47 | 3206493 Uskatex
Uskatex's picture

Here in Italy the price is about 1.8 euros/lt, that is about 9.2 $ /gal. 

More than 50% of the price are taxes. However, traffic is still intense (lower than 2 years ago, though).

Fri, 02/01/2013 - 12:50 | 3206496 Dr. Engali
Dr. Engali's picture

I thought you guys ate fish and chips.

Fri, 02/01/2013 - 12:53 | 3206507 Inthemix96
Inthemix96's picture

Jellied Eels doc,

Jellied eels.  And pork faggots.  Lots and lots of pork faggots.  And tripe.

:-)

On top of cake mind.

Fri, 02/01/2013 - 13:09 | 3206568 Pure Evil
Pure Evil's picture

What part of the pig is the faggot?

Fri, 02/01/2013 - 13:15 | 3206606 Inthemix96
Inthemix96's picture

The middle bit of the brain, the Poofter gland.

:-)

Fri, 02/01/2013 - 13:26 | 3206650 Spastica Rex
Spastica Rex's picture

Are the faggots smoked?

Fri, 02/01/2013 - 13:27 | 3206656 DaveyJones
DaveyJones's picture

what do they do with the butt ends?

it must be Friday

Fri, 02/01/2013 - 13:31 | 3206669 Inthemix96
Inthemix96's picture

Stub them out.

I think it is davey, I think it is.

Crack on mate and smile.

;-)

Fri, 02/01/2013 - 13:30 | 3206662 Inthemix96
Inthemix96's picture

I think so,

The last one I had tasted like marlboros light.

Fri, 02/01/2013 - 13:31 | 3206674 otto skorzeny
otto skorzeny's picture

you mean like w/ an AK?

Fri, 02/01/2013 - 13:37 | 3206693 Dr. Engali
Dr. Engali's picture

I laughed so hard that I just about peed myself .

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