Average February Gas Price At All Time High; Follows Record January Gasoline Costs
Since everyone is buying everything that is not nailed down, preferably with both hands, on massive margin if possible, and since the global reflation trade is on full bore following trillions in cheap money dumped by central banks to prevent another re-recession within the broader Depressionary downtrend (offset for the time being only courtesy of $7 trillion in consolidated central bank funny money), it only makes sense that following record January gasoline prices, that February would see an all time high in gas as well (a detailed breakdown can be found at the AAA's website). But fear not: as the laws of supply and demand have also been usurped by the Fed, as has common sense and basic economics, both these data points indicate that Q1 GDP will also come at an all time high, because the entire economy is now purely a reflection of Apple, which as noted previously is almost bigger than the entire retail sector by market cap, and today hit an all time high as well. In fact, we are now seeing a record in new all time highs across the spectrum (if not volume - shhhh about volume), it means that even as IBM just laid off another 1,000 North American employees, that the economy has never been better either.
February gasoline costs:
and January:
Charts courtesy of John Lohman
(9 votes)
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Bring on IRAN!!!! Horses for everyone.
Post this quote on every page you can, every social media account you have:
"Somehow we have to figure out how to boost the price of gasoline to the levels in Europe"($8+/gal) - Steven Chu, Obama's Energy Secretary
Steven Chu's Europe gas quote haunts President Obama - http://www.politico.com/news/stories/0212/73138.html
And a Conrad Murray Top Tip, find the lowest gas price near you: http://www.gasbuddy.com/
Ohhhh, I can't wait for the record $5+ gas coming during the summer months. Thanks CBs everywhere.
Bonus laughs: BoA + Chu = "Energy Secretary Steven Chu intervened last year to push forward a government loan guarantee for a $1.4 billion project backed by Bank of America Corp. to put solar panels on rooftops" - http://online.wsj.com/article/SB1000142405297020405980457722966133822182...
"How many fingers, Winston?"
"I want to see five...I really do."
If this recovery picks up much more we will be around $6 a gallon.
All aboard the $8/gal Chu-Chu train or you're gonna have to ride your bike to work.
but it will be Iran's fault so no worries Oblahblah can still win with both Diebold and the banksters supporting him.
"U.S. Voting Machines": Sequoia and Diebold - Election System's and Software? ___ Voting machines in U.S. proven to have been extremely,... ? [10/26/04]
http://www.deepjournal.com/p/7/a/en/99.html
keep the horses get me a gig at your job
We are already paying $10 a gallon for diesel In the UK (£1.40 a litre).
If we didn't have our collective heads up our asses when the last big Western finds, Prudhoe and the North Sea, were brought on-line we would be a lot better off now...
In the future, historians and people will gape in disbelief when they see how we burned our precious oil endowment...
Shelly's Ozymandius comes to mind....
it's exactly like a substance addiction because it is a substance addiction. The tolerance and need keeps increasing, the rationale and mental health over buying, using and fighting over it deteriorates and the necessary steps to move beyond it get harder and harder to grasp
I think they will be a lot more amazed that we didn't burn our central bankers at the stake like they do.
http://www.tfmetalsreport.com/sites/default/files/users/u1246/oilpricing...
Central or otherwise.... gotta agree
Check the last figure and get back to me...
http://www.theoildrum.com/node/8959
Flak, you'll know this better than me, why do I keep recalling a lot of lectures saying 2012 / 13 is a shit hits the fan year?
It's always a "few years" away.
Funny, I was scrolling through old TV programs on Netflix and found one of those old "end of the world" shows that used to lay every now and then. I remembered watching it on TV when it first aired in 1993. They concluded the world was going to end in 1995.
To think, we've all been living in a post-apocalyptic world for almost 20 years and didn't even know it.
My you are on a roll with the strawmen tonight...
How is that a strawman? All predictions of unending and eternal doom and damnation turn out that way. You don't like it? Stop making them.
It certainly is...
You set up the strawman of me being a doomster, all previous doomsters being wrong, ergo I am wrong...
So what, you DON'T profess that peak oil will be the doom of any and all economic growth forever, amen?
Now you play with semantics...
You really do miss the PM trolls....So much so that you are now a troll in your own right...
Ciao for niao...
I see, you don't even want to answer. Clearly because you examined your truthful answer and realized that it just looks terrible to any observer, so you pretend to "take the high road" and bug out like a coward.
I will remember this.
Continued from the other thread:
The difference between you and I is as follows: In technical matters, I make sure that I am informed about something before posting on it. This allows me to make factual statements and in the presence of a real expert to put myself in a position to ask pertinent questions...
Whereas you literally type bullshit as fast as you can, e.g. your classic "dissolve oil"...
Your arguments rely on the use ad hominems and strawman...Sure, I use Ad Homs only after blowing away the Strawmen like the big bad wolf...
You are too intellectually lazy to at least inform yourself first in the most cursory of ways about 1/2 of the shit you type up... and it shows every time....
You are a clown and now you are a troll....
And you know what they say about trolls....
What, they lie and pretend to be superior while ignoring the arguments of others in the thread? Yes, that is what trolls do, troll.
Nice job on ignoring my arguments AGAIN.
Trolololololo
Hey DJ...
They could hold this plateau for C+C a few more years... IIRC, The DOD, the Bundeswehr and the "secret" U.K. Parliment report point to 2014-2015....
I think the IEA once made highly qualified noises about 2012-2013....
In any event the falloff will likely be slow at first but there is reason to believe it could accelerate...
A lot depends on what the real potential of Iraq is and how fast they ramp it up....
Flak,
That may have been a plan.
The internet is the game changer and many, many are watching in stunned disbelief as our central (bank) planners destroy our currency and governments launch us on a string of wars inflaming the world.
The markets are not as stupid as many central planners in their vanity may believe and it looks like they (the markets) aren't hanging around much longer.
Commodities and the stock market are going to replace the bond market.
Interesting to see total liquids at an all time production high in Jan. , but as they pointed out, things are not always as they seem. When you look at rising population, declining net exports, and falling EROI, then the higher prices start to make more sense. The fact that the central bankers are going bat shit crazy on the money printing doesn't hurt prices either. The C&C number is the critcal one IMO, and that is a flat line since 2005. When C&C starts to fall, the EROI effects are going to start hitting hard on prices and economic growth, but I get the feeling nobody will understand why.
Yes, that is what the graphs say...
yup
We ain't seen nothing yet...
http://ericsprott.blogspot.com/
How much do you get paid per post, and how much do you donate back to Tyler?
Simple, add 85% taxes, it 'works' for us...we just love it..
Very bullish for Bikes and Appalossa.
Don't you at least have to be a High School graduate to be head of DOE??
Bunch a dumbfucks...........
Yep... Didn't W. want to make Ken Lay (of Enron fame) his DOE guy?
Now that would have been great!
"Temporary"
- B. Bernanke, 3-2-2011
Everyone knows that it's because we're in a recovery and employment's picking back up.
See Cdad's post below.
Temporary: http://research.stlouisfed.org/fred2/series/M1
I picked a bad week to stop sniffing glue...
GROWTH BITCHEZ
"Temporary"
... and he'll probably try to say the same thing tomorrow ... he might even get away with it if Ron Paul isn't around to shut him down ...
Just lay off every working person, lets run companies with Robots.
Yes---maximum efficiency and 99.9% productivity...
the other 99%
LOL !
Soylent Green.....it's the other 99%
Soylent Green...the other white meat!!!
(In the voice of Sam Elliot)
Soylent Green....it's what's for dinner.
Meh. Who cares???
AAPL at all time high + DOW closes over 13,000 for the first TIME EVAH = BULL MARKET BABY!!
BACK UP THE TRUCK! CRAMER SAYS BUY! BUY! BUY!
Picked up a few Mar 135 SPY puts at the close....
Rolling the bones on the LTRO outcome...
http://www.reuters.com/article/2012/02/28/italy-bonds-ltro-idUSL5E8DS7YR...
"Stay thirsty, my friends." - Most Interesting Man in the World
And the dance continues...
Yep... everything will be fine when the economy crashes again...
Be happy... Don't worry!
One day, you can buy one Ipad with 1 gallon of gas.
I almost bought an iPad 2 off a friend, then I sat down at my computer, and said nevermind.
How many gallons will it cost to make an iPad3?
And yet gasoline demand, as measured just two months ago, reveals an entirely different world, possibly having been outsourced to Pluto:
http://www.oftwominds.com/blogfeb12/gasoline-tanking02-12.html
It does not matter how much oil America uses now ,what drives the price market is the developing world OPEC , India , China . Our market is shrinking because Americas economy is not recovering
That was my point.
The world is currently awash in oil as the majors pump away at manipulated, inflated prices. When they crash, it will be ugly. Bitchez!!!
There's not enough energy to go around so let's split the population in half.. those that buy aapl and will be able to afford gas at $8 and then there's the rest of us who will be forced to stop using fuel having been left pennyless by the Banksters inflating away our savings.
There is plenty of energy to go around...and demand is collapsing.
Gashole Bitches!
Huh? Dow 13K, Woo-hoo! Woo-hoo! Woo-hoo!
its going to be a long , hot , messy summer
Here's a little Bananarama flashback for you, Sea. Seems appropriate.
http://www.youtube.com/watch?v=FGYNvx9lqDQ
CAN YOU SMELLLLLLLLLLLLLLLLLLLLL THE RECOVERYYYYYYYYYYYYYYY!?!?
This just in... Chevron walking away from leases....
http://www.denverpost.com/business/ci_20061466
I guess all that kerogen in Colorado is not as easy to turn into oil as the cornucopians thought...
Yep... those damn enviromentalists are *stopping* development of these strategic resources.... My fucking ass they are....
Wasn't it supposed to be profitable by now??? What with WTI at $106....
-----
Edit: A couple of junks and no substantive reply... some bitter folks in living in denial I guess...
Yep... those damn enviromentalists are *stopping* development of these strategic resources...
Exactly right. That's why we have developed these "green" methods of extracting oil and coal out of the ground such as......
this for oil......http://cdn.lightgalleries.net/4bd5ec0174be3/images/tar_sands_ex_-37-1.jp...
and this for coal.....http://media.herald-dispatch.com/blog/issues/uploaded_images/hnt1-55q5xn...
and this for fracking.......http://www.vanityfair.com/business/features/2010/06/fracking-in-pennsylv...
Anybody who in their right mind says that it's environmentalism that's stopping our energy exploration is full of shit.
Drill, baby, Drill!!!
(sarc/)
sarc\ was superfluous....
Nobody here at the Hedge says that seriously anymore....
\sarc
Boy, you sure are sure of yourself.
Why isn't oil going up in terms of gold?
http://www.tfmetalsreport.com/sites/default/files/users/u1246/oilpricing...
Oil is not 0.05971 oz of gold. Still quite a bit below the 50 year average.
Or did they use up all the gold too?
Don't you have a PM troll to annoy elsewhere...
Real men own gold, silver and oil...
Now run along... You are barking up the wrong tree...
So you are saying you have no answer?
If you don't, then you MUST acknowledge that the run-up in oil prices has been caused by money printing, not peak oil.
If you disagree, then you MUST provide an argument, or otherwise, acknowledge that you are just talking out of your ass, or simply asking people to disregard fact in favor of faith.
Are you so naive to think that a major economic factor such as the price of oil is determined by only one factor?
Do you think that there might be a combination of factors?
Do you think, perhaps, that the money printing is keeping the neo-classical economy "alive" as a matter of speaking and that the excess liquidity is helping drive up the price of oil??
Do you understand the concept of Net Exports peaking in 2005?
Do you understand the energy content of liquid fuel supplies has been "flat" since 2005?
Finally, does it not compute with you that despite zero cost of capital and 2 trillion dollars (since 2004) thrown at the problem we have not been able to increase world supply of C+C...
No, I am not so naive to state that the rise in oil prices is only due to PO...
Finally, the 1998 bottom in gold was ~$250.... in oil it was ~$8... which one has risen more???
So take your disjointed poorly formed arguments and try to bait someone else...
Or would you like me to provide examples of your complete and utter ignorance of all matters pertaining to energy....
Uhhh, yes.
Print like crazy, the price goes up. Not exactly rocket science. Yet here you are trying to claim that its teh pik ail.
You can talk about all these other factors all you want, but that fact is that if the rate of rise doesn't exceed that of gold, then the problem does not lie with too little production, it lies with too little consumption.
The reletive bottoms in dollar terms don't matter one lick. It's the averages. You can try to hide it all you want, but oil is cheaper than average right now in real terms.
There is nothing disjointed about my argument. You can lie all you want, as that seems to be the only thing you death worshippers are really good at. That won't change the fact that oil is not rising in real terms.
and why can't it be run up by both?
Isn't that exactly what a fiat currency empire completely dependent on the stuff and drowning in a debt base economy would do?
doesn't that then accellerate the process?
As many wise people say, gold has a lot of catching up to do to truly reflect it's worth
isn't it just as fair to point out that the price in gold does nothing to the supply and cost of getting oil out along with the EROI of what's left and its substitutes?
If it was "both", then oil would be rising faster than gold. It isn't. They are rising at the same rate, which implies a common factor in their rise.
Gold does nothing to the supply, true. But if supply were truely contracting, rather than demand, then oil would rise in price, not stay the same.
Somehow I think that you have never been exposed to the concept of a partial derivative....
Herp a derp, fuck the fact they are rising at the same rate in terms of dollars, we're all dying next Thursday and that's FINAL!
Yes, walking away..so much substance in that article
"The announcement comes as the Interior Department is considering reducing the area where oil shale research could be conducted in Colorado, Utah and Wyoming"
Also known as blm.gov
Surely there are ZERO greenies - I'm sure they are all opportunistic oil hawks @ blm.gov. Lockstep with Steven Chu? Never.
Please post about CO2 again, those are at least entertaining.
I see someone desires to parade their ignorance....
Yep, it was the Commie Vegan Greens that caused Texas to decline in 1970...
And it was all those Greens that caused drilling in the US to roughly quadruple since 2008....
King of De Nile.
What are we going to do when gas becomes expensive say 10 to 15 dollars a gallon after we free the Iranian people.
That's when we crush our iPads and other assorted iCrap into a fine silvery powder, mix with water and voila---you have perfectly fine iGruel to sustain us as we slave away in the salt mines for our Chinese overlords.
Ride a bike to a few job interviews and then the liquor store.
Figure out how not to pay taxes on my speculative profits.