This page has been archived and commenting is disabled.
Gas Prices Surge To Highest Ever On This Day At Fastest Pace In Four Years
Despite being weeks away from the start of the driving season proper, gas prices - at the pump - have been surging recently. With premium now over $4 nationwide (over $5 in SoCal - up 25 days in a row), this is the most expensive gas has ever been for the second week in February despite gasoline being relatively well supplied. Gasoline futures have ripped higher as unplanned maintenance, refinery closings, and rising crude oil prices (seemingly more central bank liquidity-driven than middle-east tensions) have impacted wholesale price expectations (and thus retail). The 44c rise is the fastest in four years and the year-to-date surge over 12% (outpacing stocks) is almost four times faster than average. What is more worrisome is the fact that seasonally the next month or two are when the biggest price spikes occur - which coupled with the tax-hike drag, will inevitably eat into people's spending habits and sentiment.
Gas Prices at the pump are the highest on record for this time of year...
With the last month seeing the biggest rise in almost four years...
and far in excess of the average seasonal shift - which is set to start...
And in Southern California, $5 gas prices are now the norm!!
Charts: Bloomberg
»
- 26874 reads
- Printer-friendly version
- Send to friend
- advertisements -
AnAnonymous uttered:
Telling that your capacitance for such speeching is extravaganza.
Sure you haven't been Americanized?
Do you think they shoot these if they don't get good reviews? Is that why we keep getting different ones, or is it just a pool of them that take turns at bat?
I like to think when I down arrow them, that means they get taken out back and their family get "The Bill". It keeps me warm.
LFMayor asked:
Good question. At times he seems like an AnAnonymous Citizenism Squad, because his comments span a range from quasi-coherent to bizarrely entertaining.
Currently, though, I'm slightly leaning toward a lone kook hypothesis. I think the extremes of commenting styles he displays reflect vacillations in his mental state as it swings from near rational to actively hallucinating.
You can sort of tell by his comments when he's been taking his medication, because he falls back to repeating his old standards (farm the weak, extort the poor, running out of indians, hijacking humanity, eternal nature, etc.). It's almost like he's been robotomized. However, when he stops taking it for a few days, it's pure entertainment.
My guess is that he's a non compos mentis relative of some middle-class Party bureaucrat and that's how he got his job (nepotism is a big thing in Chinese citizenism). I don't expect him to be taken out and shot because he's been deliberately given a position where he can't really do any damage. Additionally, while he's a kook, he also knows which side his bread is buttered on. He's happy just to post his anti-'american' screed, and the people around him are happy because this keeps him out of their way.
Nepotism's a pretty big thing in the US "Higher Echelons" too - explains how the progent of the "connected idiocracy"make it into such places as Princeton and Harvard. Explains the terabutes of comments on ZH re. the failures or predictive inabilities of "those we love to hate", all of whom seem to be in pretty high places (and many of whom have gained significant International recognition).
Incidentally, it's never a good idea to mock the Chinese - they have particularly long memories, and they have particularly good reasons to despise the West - not only because of the Opium Wars! "Friends in High Places" are always useful - rather friends, than enemies . . . . . . .
Anyone remember how bad things were when Bush was President? No I don't like the Bushes. I stopped watching scum TV and Hollywood but the double standard by the media is a joke.
The economy during Bush/Clinton/Bush cartel was a dream compared to now. The media just praises Obummer every second. Sickening. Everything is wonderful. F TV F Hollywood F the media.
Freddie,
Did you go to Hollywood looking to make it big and crap out or something?
Did Hollywood shoot your dog? Fuck your sister?
Get a new boogeyman.
Damn, got anything new to say? Ever?
Time to ride that push bike to the station to buy gas.
I love my Geo Metro (50mpg)
Yeah, and chicks DIG it, too!
They will when it's the ONLY thing rollin' on the roads. :-)
It'll be the hottest car out, then.
It's fine if gas prices go higher. All this means is prices have been stabilized.
Nope, silver quarter still buys a gallon There is a reason it earned the moniker "Jew Confetti" in 1923
Goldman has a $150/barrel target. And Wall Street feels good. Why not bid up higher prices?
I'll trade my Malibu V6 for a moped at this point.
All this means is that overall retail spending will be higher in February, e en if only to buy more expensive gas. Bullish for the markets (but less so for Walmart)!
Beat me to it.
yeah, the shill site calculatedrisk loves to brag about those so-called retail charts.
So this has nothing to do with inflation or loss in faith of the dollar?
It's easier to blame oil CEOs (even though big oil profit margins are around 10% which is nothing close to the Googles and Apples of this world) so let's do just that shall we ?
those newly printed dollars know where to head to. expect gold to catch up, sooner or later.
Yeah! Crush the middle class!
The last step is to disarm them.
This is weird considering that there is no inflation.
Long BNO ? Yay or Nay ? (already long physical metals :-)
==================
Alternatively, you could trade the ETN UOIL, which is a leveraged product. It moves in the same direction as BNO, but the moves are larger due to the leverage. A lucrative trade IF Brent oil's price continues to rise.
-- Paul D. Bain
PaulBain@PObox.com
==============
The main reason for the surge in gas prices is the faulty price discovery mechanism existing today. The old age economics says that the price of a product is determined by its demand and supply. The present financial institutions, thanks to their gambling ways, have changed it to “the price of a product is whatever the speculators or market operators want it to be”. Using leveraged derivative positions and with enormous money power the financial institutions are in a position to alter the price of any commodity, currency or stocks to the price which suits their motives without much dependency on the actual demand or supply of the same.
The stock, commodity and currency exchanges have been reduced to gambling dens whereby the more powerful traders with deep pockets move the markets to maximize their own profits at the expense of the remaining not so powerful players. The big boys have enormous money power to move the markets in the direction which results in maximum profits for themselves. They effectively use the media to lure the other players in the market to a position where they would incur maximum loss.
http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in
I'll sum this up for the dipshits/proles....
THEY ARE FUCKING US.
the dollars race to the bottom, and a days wage for a fill-up, cruising for a job in the backwardation badlands of urban sino-ameri'eco'commie-ruskey... bring out the drones, i wish there were drones,... where are the drones-- why their nesting in the apiaries high above the suburban willows to the west, where sunshine is at its lest?
How you doing Taxifornia? Wanna leave yet? Just sold the house up here Connectinocuttingtaxes and will be moving South. Must rent for a year, but fuck it. Bought a Insight when they were low last year. 30 bucks goes 500 miles. Enjoy!
Sweet Justice/ Rick Perry to tour California big cities - Katie Glueck - POLITICO.com
obviously it is
refinering shut downs due to profit gouging
bush's fault
big oil
speculators
no way it is..
race for resources in the face of money supply doubling
gigantic military
gigantic government waste
Dear Mr. Big Oil,
You're going to break your Dolly, when you go crying to Mom, she's going to put her hands around your neck and squeeze.
Sincerely,
Dad
PS. I'm going to help cut you up and help bury you.
yes big oil, not bernanke bucks.holy smokes Keynes was so right not 1 in a million people can understand the effects of inflation.
As long as a person can spend 2 bucks for a burger at a fast food restaurant, 8 bucks for popcorn and coke at a movie and not blink an eye (and those things don't even get you from point 'a' to point 'b'), Big Oil can and will get whatever they want for a gallon of gas.
Fuckin' calories don't give people energy to move??
Are you really this stupid? Is anyone??
Finally ZH is focusing on the only thing that matters, crude oil price.
As a reminder, George W made a big gift to the Dear Leader by giving the executive order to crash the oil price in 2008.
That's why the economy bounced temporarily until crude oil went above $80 is the absolute bearable threshhold and the economy crapped again.
If the Dear Leader has not already signed his own executive order, then I strongly recommend to him the he signs that right now, otherwise........
I agree that this is all about oil.
Yet if the economy crashes again they will need not just a good excuse, but a great one. If a big bank goes under, why wasn't the Fed regulating better this time? Why didn't the Science of Economics produce the turn around all the big brained PhDs said would come if we just threw all of our future taxes at the problem now?
If the "science" of economics goes under, a new world order will ensue.
Also, the money upply is much larger, at least doubled. SO even if they crashed the system, to get oil's price below $40/b, they would need to unwind their bond positions and pull back on the fractional reserved loans.
The questions are, would they rather continue to inflate the old system away and sacrifice the fiat, or do they want an epic crash, if only to breathe life into the Fiat Ponzi one last time.
Also, are they ready to do any of this now?
It comes to a point that the economy simply .....stops....which is right now.
That's why I'd say the gov had to buy 1.6 billion rounds of bullets, with the only goal to........create GDP out of nothing, because everything else has stopped.
I do not think the dear leader has any options left. He will be obligated to give the the order to CFTC to disallow crude oil on margin and unload at leat 50% of SPR, same as Bush.
That will make the oil in tankers off shore to join the dumping party.
My forecast: Crude oil undershoots to $15 temporarily
You are over simplifying things. The fiat money supply has been more than doubled. This has meant that prices have more than doubled. In order to get a collapse a trade will need to unwind. Then add to that that the science of economics is riding on higher prices and you should see that all Central Bankers will throw their collective fiat in the fire to keep the system going.
I will say that all prices could fall if they try to throw another bank under the bus, but with the aggregate money supply as high as it is, I don't think oil would break $50.
New money cannot do anything any longer. It's finished. Everything has been purchased. There's nothing left to buy.
Even if there is "nothing left to buy" they still used freshly printed fiat to buy up tens of trillions of dollar valued assets and liabilities. This increased the money supply, rising all prices with it, including oil.
Once again, unless they want to unwind these positions, crashing all prices and ruining the dark veil showing their prized study of econimics as a science, they will continue with the current plan.
If they do, STARVATION will ensue.
And (from the perspective of the banking cabal) what is the problem?
People have guns. When people are hungry, there's nothing left to lose. They'll go after the bankers and ......kill them.
The bankers are not that stupid.
You think people know it is the bankers? Bernanke just went from QE3 to QE4Ever in the blink of an eye, while saying the economy has "stabilized", and nobody blinked an eye.
The GOP didn't even cough at the Fed. The LibDems want the Fed to do more.
The people do not know what is happening, and they won't know who to blame when it unravels. They will believe whatever lie they are told by the establishment.
a partial list of who will be blamed...
speculators
conservatives
foreigners
emerging markets
weather
Jews
boomers
immigration policy
war on terror
greedy businessmen
lobbyists
the house
tea party
capitalism
big oil
term limits
The mailman, the dog, fringe bloggers, aliens, horse meat, conspiracy theorists, arab terrorists, hoarders, the poor, the rich, the middle class, Ronald Reagan, Albert Einstein, crazy cat ladies, brown-bag lunches, Russian oligarchs, not eating your vegetables, ChiComs, doomer libertarians, and haute-French cuisine.
MLH is utterly right. If ten men in a million have any comprehension of what happened and why, we'll be beating the odds. Far, far more likely, TPTB will do more or less what they always do ... consolidate power. Blame anyone and anything, deflect all criticism, deny, obfuscate, inveigle, rally round the flag, etc. etc. etc. Economics will survive because it is useful for fooling the public. When the shit hits the fan, what do governments do? Double down.
Of course, if they fail to hold the public welfare, fuel delivery, or provisions systems together, almost all bets are temporarily off. One bet that would not be off is that the bewildered plebs would Have No Fucking Clue What Hit Them and blame ... the mailman, the dog, fringe bloggers, aliens, ....
The Jews
bush
Bingo!
The fiat money supply has been more than doubled. This has meant that prices have more than doubled.
^^^^^^^^
This.
Hope & Change.
are storage costs for oil higher or lower than gold? and if there was going to be a dumping party wouldn't central banks with oodles of gold dump it first?
Gold is central bank's money, that's why they are confiscating it by buying it. Confiscation still continues.
It comes down to a point that people understand the gold is not edible.
Lame arguement.
Gold is money, and unless you want to live on an island economy you will use it as such.
Welcome to [non-core] ponzi (rehypothecated) inflation , BITCHEZ
P.S. EKM kicks ass!
I saw a foreign cartoon the other day of a car owner asking the service station attendant to put in 3 drops of oil and 5 drops of gasoline into his car, to which the attendant replies, "would you like me to fart in your tyres."
Not the funniestof cartoons but it certainly brought home how ridiculous the whole situation is becoming.
I was in Queens NY yesterday, pulled up to get gas at a full service station.. $3.99 a gallon. Dude, facing in opposite direction at gas pump, must have told pump guy he's paying cash, ..when pump guy came to me, the dude on passenger side got out quick, un hooked gas pump, got back in car and driver drove off with about $20 in gas. I said to the pump guy, did that guy just steal gas? he said I got his plate number.. for the past 3 years now, this happens all the time.
this was at like 9 in the morning. ..
dont waste any thought on the why and how it is a tax heavy f**K job by the players because you and I think we need it
http://www.youtube.com/watch?v=vRJ5cCP0ZPE
2:16
Too bad the markets are closed today or we could see someone on CNBC saying this is bullish for the Chevy Volt, Public Transit, and Darden Restaurants near transit stops and Volt owners.
Oh, and "Apple looks cheap here."
If you had purchased a chevy volt like you were told, you would be sitting on the side of the road waiting for a tow truck, instead of waiting in line to purchase $5 gasoline.
Quit your bitchin'. The california Bullet Train will help ease the pain 40 years from now when you can go from Fresno to Stockton for $150 one way.
Moon Beam >Brown is all over that one? Sales tax increases and all. Hey enjoy Facebook tax refund sparks outrage, but company did pay taxes - latimes.com
While I can understand why someone would pay $150 to get out of either Stockton or Fresno, I'd insist on a better destination.
Nice. I'd pay 150,000 to avoid either town
"Bankrupt you Bernanke" is directly responsible for this confiscation. It is axiomatic that gas prices will peak as the rate-of-change in monetary flows MVt (our means-of-payment money Xs its transactions rate-of-turnover) peaks. The roc in the proxy for inflation (a 24 month cummulative figure), spikes in Feb. This is inviolate & sacrosanct.
If you live in a Speedway-controlled state, you've seen prices jump closer to 30% over the last 6 weeks. Stations by me were $2.759 in ealry January. Those same stations are now $3.859.
I live in Missouri, unsure if it's a speedway controlled state, but I've seen a similar ascension in the price of gas. Almost weekly I'm astonished by another 10cent jump.
It's not. 10 cents is nothing. A couple of weeks ago, I watched stations jump SIXTY-SIX cents over the course of the afternoon. They dropped 30 over the next week or so, only to jump back up another 30-40 cents.
Be thankful MO is not a Speedway state.
still way cheap
Missed ya buzz?
I see a bit of a pattern in the chart since 2009, GO OBAMA!!!
"Energy prices would necessarily skyrocket"
People are fucking clueless. Benny bucks and a get out of jail free card for Wall Street have done wonders for the middle class. Maybe by July I can see $6 a gallon and nobody on the road.
Of couse my 70mpg motorcyle might go up in value.
When people say to blame Benny Bubbles instead of speculators, I say bullshit. They don't have to plow the money into oil futures looking for yield. That's kind of like blaming the ammunition company for you getting shot. Someone has to make the decision to pull the trigger, whoever pulls the trigger is at fault for the consequence of doing so.
Letting the speculators go wild is all part of the Obama plan. The morons are partying again because they think they can manipulate the market with impunity. The sheeple will start begging Obama to do something about gas prices and he'll start the talk about nationalization. A dictator always let's the rich think they are runing the show, all the while he's obtaining all the information on them. Easier to steal from a friend than a stranger. You also keep your enemies close, and make them think you are one of them. Remember Obama is a muslim, he'll let it be known right before he pulls the rug out from under the Jews he made obscenely wealthy.
He must hurry up. Only three years in power left.
Go fetch my egg roll Bitch!
Bernanke thinks the entire 300+ Million are holding AAPL to offset Gas prices.
Holding AAPL (OOM) "puts" bought 6 weeks ago is what methinks-he-thinks!
premium $3.60/gal... yay Texas
Just went over $4/gal this weekend here in FL. Up 70 cents (>20%) in about 5 weeks.
All this "price stability" is killing me.
just tanked up at the local Texaco... $3.67/gal for premium... y'all are gettin' soaked
$3.55 here in Arkansaw...
==============
Very interesting comments on this news story. Interesting because about 125 people have commented on this story (so far) and not ONE of them has mentioned, e.g., price controls, price restrictions, price ceilings, or the like. Dunno why.
Folks, the federal government shall impose price controls on fuel sooner or later. Get over it.
-- Paul D. Bain
PaulBain@PObox.com
=============
People on ZH are brainwashed!
Nice emoticon, sugar baby/ Beat it!
price controls + supply rationing
the experiment was undertaken in NYC after Sandy.
even numbered plates are allowed to get gas only on even numbered days.
If we attack Iran and gas prices jump overnight, Americans will vehemently protest. But, if they prop up the gas prices before we attack Iran, Americans will be duped into believing that war with Iran is not the cause of higher gas prices at the pump.
This is no longer a capitalist society. It is ok to throw the Rockefeller family into prisons and re-distribute their wealth.
You had to say Los Angeles didn't you.
We're a fucking crony capitalist society, which means the plutocrats like the Rockefellers can lock you up in some secret prison and throw away the key if you become a threat to them. Or better yet drop a drone love letter on your little head.
With the "hedonics" adjustment, prices are actually flat for the past decade. Gas just provides much more consumer satisfaction than it used to.
It is propelling much larger asses to and fro every year.
In Califoirnia it's $6/gal or bust! We'll easily be there or beyond by summer.
California is a member of the [G-20] by default. $6 a gallon gasoline just seals the deal! ;-)
its all those unemployed driving around looking for jobs.
Wasn't Feinstein going to look into the high gas prices, that is until Sandy Hook and she found dead first graders she could exploit for a better agenda: Gun control.
I wonder if history will rhyme, like in 1973 with the Arab oil embargo?
My own opinion is look at the automobiles that have come out of the "Big 3" since about 2004, such as the GT-40 (2005-2006), Pontiac GTO (2004-2006), Shelby GT500 (2007 - now), Dodge Challenger (2008 - now), Dodge Charger SRT8 (2006 to now), Camaro (2009 to now), Corvette Z06 and ZR1 (2001 - 2004 / 2006 to now), are a replay of the same automobiles made from 1963 to 1974 (yes, I know the Corvette has been around since 1953, the Z06 option was in 1963, the ZR1 was an option from 1970 - 1972)
Thus, I am expecting the party to be over for cars like that by the 2015 model year, just like Challengers (1970 - 1974), Shelby Mustangs (1965 - 1970), GTO (1964 - 1974) Big Block SD455 Trans Ams (1974), 454 equipped Corvettes (1974), etc.
with the government buying up all the ammo, de facto quarantine of weapons through false flag killings w/incremental legislative and judicial over reach, the JPM cartels dumping 200 million ounces of silver in a minute just to stabilize price so that the shorts can squeeze out a few more positions, gold gutted and capped as runaway inflation hits the economy's heart at the gas pump, desperate proles raiding 401Ks and IRAs before confiscation peg to busted treasuries. guns, gold, or gas. you're the target. maybe you'll finally wakeup too late from your consumerist party hollywood hangover when the fascist boot is stomping your face into pulp.maybe you deserve for once the taste of your own excrement mingled with the blood pouring from your broken mouths as you try to babble your last insignificant utterances into oblivion.
CME gasoline rose 63 cents per gallon since January 1. From 2.70 to 3.33 (about 24%) in about six weeks.
Now that makes a lot of sense with all this demand.
More rot courtesy Ben and Barry.
No one could have foreseen that money printing would raise oil prices. Only like 2 people knew it.
-Ben Bernanke, 2015
Simple: US (refined) Oil is primary export to support lower trade deficit, hence tighter prices here. Part of the house of cards stratgey to decieve the sheeple.
Want to hear something very unfunny?If you buy premium, which the .gov says has to be minimum 93 octane, they are new "recipes" to meet the 93 octane. Thanks to good ol' ethanol, premium blended with ethanol becomes 104-105 octane... now, we can't have that, can we? So, to weaken the octane back down to legal 93, regular 87 octane is blended into premium & ethanol on a blend scale something like 69% premium-10%(mandatory) ethanol-21% regular. They do something similar the mid-grade. Also, very often now, terminals on handle 83 octane for regular. Yep, you guessed it.... 10% ethanol blended to 83 octane regular becomes--presto-- 87 street legal octane! Any wonder our vehicles run like crap? If you can, for small engine use, only run NON-ethanol gasoline.
I hate to tell you but the government makes more money off gasoline then the retailers who sell it. Money for nothing. Sad.
Gas over $4/gallon = economic shudown. In 3, 2, 1 ...........
Yep. My lady and I are staying in today because of gas prices.
Gas and Coal are not at these levels. Pure Speculation, and an obvious signal the market will tank shortly. Increased by 2 dollars a gallon in 4 years and is at the same place it was right before that.
Yet gold sits still (actually dipped to 1585!). There's going to be no new production with these input costs.
Yeah, WTF was that trippy dip? I thought I ate a bad bonbon there for a sec...
AAaaaand it's gone. Never happened.
Seems to me Goldman Sucks got a "secret waiver" from I think it was the CFTC so they could "speculate" on commodities w/o skin in the game (as in taking delivery). Right 'bout then as I recall, gas was selling at about $1.60 a gal. Could it be this speculation is resulting in these outrageous prices? I recently read a gallon of gas in Venezula is selling at 18 cents.
The more Bubbuble Bernake and the Fed print the higher oil prices go.
California already at $5/gal. Onward to $6/gal and above.
The Fed's US dollar trashing policy will raise commods big time.
Bet against the debt.
Insert your favorite politician here:"Even if we started drilling today, we would not be producing oil for 10 years".
I first heard this excuse during Clinton's reign. If we had only started back then.....
DRILL BABY DRILL!!!
The repugnicant moron mating call!
What's comical to me is seeing an SUV pull up at a gas station and pump $20 into their tank. Here in CA, that's a measley 4 gallons or so, depending on the day. How far is that going to get the clown? To the ATM at the bank and then back into the gas tank the next day? Do people love stopping at the gas pump? WTF are they doing driving such a pig if they can only afford $20 of gas????
Smart money keeps a tank full when prices are rising. I will gas up everyday until I'm convinced price decreases are coming.
Smart people keep their tanks full in case TSHTF.
Smart people drive big vehicles to give their families better protection against getting hit head on by drunk illegal aliens. I know this from first hand experience.
The guy you're referring is most likely smart, not a clown.
Why stop there? Get a tanker truck and really hedge yourself.
A drunk ran into your car in the garage?
Sometimes it's a hand-me-down and the $20 is what the kid could scrounge from friends.
Driving an SUV now is like wearing a large neon sign that says, "I can't do basic math and have no critical thinking skills; please rape me intellectually and financially."
We haven't found and tapped another Ghawar? The human population is still increasing? Then economic growth is still dead and prices will not be falling anytime soon.
nineveh has two 1.2 bl us barrel fields ready to stick straws in; petrolene prices be up recently cause them learned monied folk in new amsterdam knee'd refining all up in the nuts. the common and middling will push for the oil sands main lined to tejas. the rub; them down wind from those refineries get toxicat'd and big oil gets fatter.
state capitalist varmint putang; refinery inspections, glutinous supply of crude stacked, packed and off shored. the average horseless carriage be 9 harvest moons past and aging. the big old 3's planned obsolescence in a neo efficiency phase. it be all figured in. the people wagons trifecta q's platform will win the mostest.
$5 gas by the summer, some great "recovery" we are going to have.