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Europe Celebrates Its Latest Recession With Record High Gas Prices

Tyler Durden's picture





 

Just when you thought it was safe (well not really) to dip your toe back in the ocean of European equities on the back of the LTRO-enthused hope that credit contraction will cease and growth will return, we note another (perhaps more instantaneous) drag on the economic fortitude of the long-suffering people of the EU. Belgium's Beursduivel notes that the national average price for a liter of petrol (gas) has reached a Euro-zone record high of EUR1.76 which equates to a US (not imperial) gallon cost of (drum roll please) USD8.75 (given current EURUSD levels). As Greece, for example, basks in the hope of the failing Troika talks, they unfortunately will have to pay significantly more (double from 3 years ago) for their driving (or boat fuel) as despite the faltering economies across Europe, the price of petrol, diesel, and LPG are also near record highs - and all this without an actual Iran invasion.

 

Chart: Bloomberg

 


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Fri, 02/03/2012 - 16:57 | Link to Comment lolmao500
lolmao500's picture

Hell in Quebec, right now, it's 5.26$/gallon or 1.39$/L.

Fri, 02/03/2012 - 16:57 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Good thing we have the unicorn piss to mitigate peak oil production.

Fri, 02/03/2012 - 17:22 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

Scope my comment below, LH, re the Brent Spread blowing out to $17 today.

And btw:

As Greece, for example, basks in the hope of the failing Troika talks, they unfortunately will have to pay significantly more (double from 3 years ago) for their driving (or boat fuel) as despite the faltering economies across Europe, the price of petrol, diesel, and LPG are also near record highs - and all this without an actual Iran invasion.

Greece imports 400,000 barrels/day.  Brent's price today is $114.50.  That's 16.7 billion dollars/year sent out of the country to pay for oil.  

Greek GDP = $312 billion

$16.7 billion is 5.4% of that number, drained out of the country yearly.  

It will now get worse.

Fri, 02/03/2012 - 17:58 | Link to Comment falak pema
falak pema's picture

nope, they'll replace it all with olive oil. and zeus gas. Greeks have divine powers. Zeus will dominate europa like a bull. You should live up to your avatar. 

Fri, 02/03/2012 - 17:02 | Link to Comment Future Tense
Future Tense's picture

I'm pretty sure the record high gas prices might have something to do with the ECB's balance sheet. which looks almost the same as the Greek gas chart:

http://www.ftense.com/2012/02/behind-curtain-european-bank-bailout.html

Fri, 02/03/2012 - 17:07 | Link to Comment Silver Bug
Silver Bug's picture

The infamous stagflation is here to stay.

 

http://silverliberationarmy.blogspot.com/

Fri, 02/03/2012 - 17:13 | Link to Comment SheepDog-One
SheepDog-One's picture

lolmao, makes you wonder WHY it is they want gas low (or lower than the highest anyway) in the US, for the time being anyway? Placate the sheeple and hide the real truth and pain about how bad things actually are a bit longer?

Fri, 02/03/2012 - 17:37 | Link to Comment lolmao500
lolmao500's picture

Ya... maybe that'll be their ``solution`` to the deficit...

What we should do in Canada is stop exporting oil. Supply the demand here, with lower prices, and build our reserves. Screw China.

Fri, 02/03/2012 - 18:41 | Link to Comment Matt
Matt's picture

With neither of the new pipelines getting built, that is kind of what is happening.

What would make more sense is if there were higher royalties. That money could be used to subsidize domestic gasoline prices, or be used for other useful things such as:

1) balancing the budget

2) paying down the national debt

3) supplementing our USD reserves with some gold reserves

4) Really, almost anything is better than trying to go Venezuela style with $0.02 per litre gasoline.

Fri, 02/03/2012 - 19:23 | Link to Comment gookempucky
gookempucky's picture

Matt, better watch the green folks as the xl was really about corporate dollars. Personally I am glad it did not go through--we can all breath better.

http://www.platts.com/RSSFeedDetailedNews/RSSFeed/Oil/6634699

 

Sat, 02/04/2012 - 12:06 | Link to Comment roadhazard
roadhazard's picture

Gas prices in Europe are high because of the taxes placed on it. Otherwise it would be about the same as North America. Peak oil has nothing to do with it, or Obama keeping the prices down for the sheep. The world oil price is set now in London (see London loophole) and is one of the reasons for high oil prices. The Enron loophole and the Goldman Sachs loophole are the other reasons. 

Five dollah a gal. gas was the financial straw that broke the back of the economy in 08'. America was built to run on cheap energy and Americans will not, can not afford to pay high fuel prices. This is another reason the economy is crawling now. The higher the price goes the more I cut back on my driving, and spending.

Sat, 02/04/2012 - 12:08 | Link to Comment sun tzu
sun tzu's picture

Isn't obama paying your gas and mortgage?

Sat, 02/04/2012 - 12:28 | Link to Comment roadhazard
roadhazard's picture

Everything is Way past Obama. Obama is like BushCo, just there to take the heat. Neither one of them was/is smart enough to keep this Can-O-Crap rolling until now. 

Fri, 02/03/2012 - 17:19 | Link to Comment Debugas
Debugas's picture

lol here in europe $1.8/L - $2/L

Fri, 02/03/2012 - 17:35 | Link to Comment lolmao500
lolmao500's picture

Yeah but you use cars way less than us.

We have to drive 2-3 hours every day just to go to work.

Fri, 02/03/2012 - 17:45 | Link to Comment Poetic injustice
Poetic injustice's picture

We have to drive 2-3 days just to get to work.

Fixed it for you.

Fri, 02/03/2012 - 17:58 | Link to Comment NotApplicable
NotApplicable's picture

We have to walk 2-3 days just to get to work.

Fixed it for you.

Fri, 02/03/2012 - 23:37 | Link to Comment steve from virginia
steve from virginia's picture

Nobody needs a car to go to work, only Americans believe they need a car for everything.

Taxi drivers use a car, it makes money, driving to work is a luxury. Take the bus.

In the Depression, people took the streetcar to work on Monday morning then slept in the store until Friday then they walked home. In NYC during the Depression a streetcar ride or subway was a nickel.

Americans need ... the idea of prosperity has been a bill of goods. Now the real bill is coming due: destroyed economies. Europe is in the process of becoming car-free, soon enough will follow the rest of the world. When car sales decline enough the factories must close.

War in the Middle East will accelerate the car-free process. Prices for fuel go up -- to a point. Then  purchasing power is drained away from fuel customers who lose their jobs and companies fail. No need to drive any more to the job that doesn't exist, robbed away by the car toy that has no use nor provides a return.

The economic problem is at the end of your driveway. It demands a choice: drive a car of have a job. Next comes drive a car or die in a war, drive a car or have something to eat.

This dynamic is never going to stop, the choices will become harsher. ... until the cars go.

Sat, 02/04/2012 - 03:49 | Link to Comment Totentänzerlied
Totentänzerlied's picture

Your argument implies, let me be perfectly clear and unequivocal, the complete and total undoing of everything that happened in community layout planning in the past century - the premise of which was CHEAP GASOLINE + UNIVERSAL CAR OWNERSHIP.

That has been the trend for a century. Changing it will either be done gradually or you'll be too busy tilling the fields and tending the livestock to worry about gas prices.

Sat, 02/04/2012 - 10:36 | Link to Comment Flakmeister
Flakmeister's picture

Yep... that's pretty much what he said...

Sat, 02/04/2012 - 11:44 | Link to Comment AnAnonymous
AnAnonymous's picture

No.

Maybe fewer and fewer drivers in a near future.

These fewer drivers will inherit large accomodating structures (like in 2008)

while the pedestrians are going to flock to less and less friendly structures or even dangerous structures.

Sat, 02/04/2012 - 12:13 | Link to Comment sun tzu
sun tzu's picture

The inner cities have become warzones (Detroit, Newark) and the few livable areas are too expensive for the majority of people. They had no choice but to move to the surburbs and drive to work. Everyone I know who can take mass transit already does it. 

I always took mass transit when possible. Some jobs I had a choice to drive to work in 15 minutes or take the bus, which would take nearly two hours to get me to work, which was 10 miles away. There are no bike lanes, so I don't plan on becoming roadkill.

Sat, 02/04/2012 - 15:03 | Link to Comment Nussi34
Nussi34's picture

Why would anyone take a car to work, if there are ailines and taxis????

Fri, 02/03/2012 - 17:26 | Link to Comment LongSoupLine
LongSoupLine's picture

 

 

My car runs on bullshit and, since I live in the greater DC area, my tank runeth over...

Sat, 02/04/2012 - 07:06 | Link to Comment Oliver Jones
Oliver Jones's picture

"Bullshit."
"Pigshit."
"What?!"
"Pigshit. Bartertown runs on pigshit."

Fri, 02/03/2012 - 23:31 | Link to Comment ZeroPower
ZeroPower's picture

I hear the referendum talk is slowly starting back up in Qc...

Fuck the only thing wrong with as awesome of a city as Montreal, is the complete hick's asshole province it's stuck in. 

Sat, 02/04/2012 - 11:38 | Link to Comment Chuck Walla
Chuck Walla's picture

Bring on the war with Iran! Bullish!

Wed, 02/22/2012 - 09:16 | Link to Comment littleguy
littleguy's picture

It's close to USD $9 a gallon in the UK. 

Wed, 02/22/2012 - 09:28 | Link to Comment arsenal009
arsenal009's picture

At least we got a half decent public transport system in Montreal  :p

Fri, 02/03/2012 - 16:56 | Link to Comment brewing
brewing's picture

let's get that iranian embargo going and see if we can get it up to $10...

Fri, 02/03/2012 - 17:03 | Link to Comment Azannoth
Azannoth's picture

yes and like 80% of this price is tax, Germany took in 41B euro in 2004 from Mineralölsteuer alone + VAT that's like 15%+ of the entire budget!

The only thing not taxed in Europe still is Air,  ..... no wait scratch that we have Co2 taxes galore!

Fri, 02/03/2012 - 16:59 | Link to Comment JPM Hater001
JPM Hater001's picture

So, at what point do you think the Europeans realize it's our inflation causing this...

Fri, 02/03/2012 - 18:00 | Link to Comment NotApplicable
NotApplicable's picture

I'm not inflating! As for you, well... stop it!

Fri, 02/03/2012 - 16:59 | Link to Comment ZippyBananaPants
ZippyBananaPants's picture

But FaceBook is going public???  Won't that fix all this stuff?  Who uses gas anyway?  (like)

Fri, 02/03/2012 - 17:00 | Link to Comment Manthong
Manthong's picture

Cheap gas in the US is the payoff we get for being the bag man in the Ponzi.

Fri, 02/03/2012 - 17:14 | Link to Comment SheepDog-One
SheepDog-One's picture

'Cheap gas' at $3.40 here...not that cheap. Was near half that when Obama took office but anywho, being the bagman for the Ponzi is about to wear out as well.

Sat, 02/04/2012 - 11:26 | Link to Comment Bam_Man
Bam_Man's picture

Cheap gas in the US is the payoff we get for having the most powerful military the world has ever seen.

Sat, 02/04/2012 - 11:50 | Link to Comment DaveyJones
DaveyJones's picture

exactly..which makes it not cheap after all. See debt (and everyone hating us)

Fri, 02/03/2012 - 17:01 | Link to Comment RubberMartyr
RubberMartyr's picture

One of the tylers has to be from Belgium. Ik heb dit al een tijdje geleden opgemerkt.

Fri, 02/03/2012 - 23:38 | Link to Comment WmMcK
WmMcK's picture

Maar enkel slechts herinnerd?

Sat, 02/04/2012 - 03:42 | Link to Comment fall
fall's picture

??

This doesn't make sense. I assume you used Google Translate?

Sat, 02/04/2012 - 17:24 | Link to Comment thales_miletus
thales_miletus's picture

Amusing to "roundtrip" and go back to English...

http://translate.google.com/#auto|en|Maar%20enkel%20slechts%20herinnerd%3F

Makes sense now...couldn't figure it out before!

Fri, 02/03/2012 - 17:01 | Link to Comment mkhs
mkhs's picture

Are carbon credits included?

Fri, 02/03/2012 - 17:11 | Link to Comment Scisco
Scisco's picture

-Edit-

Azannoth beat me to it.

--

Paying 1.25/L in Ontario right now. If I recall the Petro Canada sticker correctly, 45% of that tax. Wonder what the taxes are in Europe? Having problems googling that but don't really have time to look right now.

Fri, 02/03/2012 - 17:31 | Link to Comment Silberadler
Silberadler's picture

@Scisco

 

South Germany:

current petrol/gasonline price at the pump: EUR 1.55 / diesel EUR 1.44

taxes: 60 - 70%

 

Go Canada , go !

We need to beat the Yanks, nicht wahr ? ;-)

 

Fri, 02/03/2012 - 19:17 | Link to Comment css1971
css1971's picture

CNG, or LNG. I'm seeing increasing numbers of erdgas filling stations around.

The tax is lower, plus you can buy a device (basically just a compressor) which can be plumbed into the domestic gas supply which'll fill a CNG tank overnight from domestic gas. Strictly speaking I think it's illegal to run the vehicle on the roads with untaxed gas.

http://www.gasfill.com/

or

http://www.brcfuelmaker.it/eng/casa/chi_siamo.asp

Fri, 02/03/2012 - 17:09 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

In case anyone is watching . . .

The Brent Spread blew out to $17 today.  There is nothing new that I know of re obstructions moving WTI at Cushing to the Gulf Coast, as had been taking place.

This smells, rather, like a supply problem shipping to Europe and China from the North Sea (as in extraction rate from the North Sea is accelerating its decline).

Fri, 02/03/2012 - 17:42 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

But...But...the reserves!  There are reserves in the ground! 

sarc/

Fri, 02/03/2012 - 17:09 | Link to Comment machinegear
machinegear's picture

What goes up, must come down once debtors are pulling me around in a rickshaw.

Sat, 02/04/2012 - 11:53 | Link to Comment DaveyJones
DaveyJones's picture

don't think anyone can or will pull you and six friends and their luggage 20 miles at 60 mph for four bucks.

Fri, 02/03/2012 - 17:09 | Link to Comment surf0766
surf0766's picture

Does anyone have gas prices(charts) pre 2008 for the U.S. They seem to have been removed from some sites.

Fri, 02/03/2012 - 17:13 | Link to Comment Jason T
Jason T's picture

Like the great Wallstreetpro2 once said, "I mean, when you're borrowing money just to pay the interest....you are F$@CKED"

Fri, 02/03/2012 - 17:30 | Link to Comment LongSoupLine
LongSoupLine's picture

yep...but now we're borrowing to pay the interest on the interest.  (insert Donkey Kong photo here)

Fri, 02/03/2012 - 18:03 | Link to Comment NotApplicable
NotApplicable's picture

Well, that's just until ZIRP flattens the remainder of the yield curve. Once that's accomplished, it's all unicorns and rainbows!

Fri, 02/03/2012 - 18:12 | Link to Comment lotsoffun
lotsoffun's picture

we must 'yield' to bernake.  he will crush us all.  for our own good of course, once we realize that.  i love big bernake.  if he would post an address - i will send him all my savings so he can send it to jamie and lloyd.  i know they will then let it trickle back down to me.

 

Fri, 02/03/2012 - 17:13 | Link to Comment navy62802
navy62802's picture

As I have said all along, you want to collapse Greece (and likely a few other European nations)? Invade Iran. It will crush European economies.

Fri, 02/03/2012 - 17:15 | Link to Comment Burr's 2nd Shot
Burr's 2nd Shot's picture

Bullish for trireme manufacturers.  Slaves make an excellent renewable energy source.

Fri, 02/03/2012 - 17:18 | Link to Comment Sudden Debt
Sudden Debt's picture

But what about the feeding cost of the "engine"?

Fri, 02/03/2012 - 17:30 | Link to Comment Burr's 2nd Shot
Burr's 2nd Shot's picture

Hmm, I have seen the BTU value of the Euro posted on this website, never seen the nutritional value.  I'm sure it is tasty, in any case.

Fri, 02/03/2012 - 17:17 | Link to Comment Sudden Debt
Sudden Debt's picture

Luckely our government will come to the rescue!!
They just launched a 2% extra tax on the value of the car per year....
So a car that cost 30K will cost a extra 600euro in taxes. EXTRA!!
But their logic makes sence.... Let the poluters pay and all....
With these gas prices, i kind of feel like i'm already paying for it but thats just a humble man opinion....

Sat, 02/04/2012 - 12:17 | Link to Comment sun tzu
sun tzu's picture

Why not just tax the gasoline. Taxing by usage is more fair than taxing by ownership. A person driving 5k/yr pays the same as a person driving 30k/yr

Fri, 02/03/2012 - 17:22 | Link to Comment Texas Ginslinger
Texas Ginslinger's picture

Speaking of gas prices, the refinery on St. Croix is shutting down;

http://www.freerepublic.com/focus/f-news/2835615/posts

They shipped most of their gas to the East coast.

2,000 Cruzans will be out of work.

 

Fri, 02/03/2012 - 17:30 | Link to Comment surf0766
surf0766's picture

A couple of small ones are shutting down around here too.

Fri, 02/03/2012 - 17:34 | Link to Comment Burr's 2nd Shot
Burr's 2nd Shot's picture

2010 Population of St. Croix = 50,601.

 

Fri, 02/03/2012 - 18:09 | Link to Comment Sudden Debt
Sudden Debt's picture

The biggest european refinery closed down last week. Only a small mention in the newspapers.

Fri, 02/03/2012 - 17:39 | Link to Comment kevinearick
kevinearick's picture

"Don’t Muck It Up”

It’s getting downright Orwellian out there isn’t it? The Titanic is sinking faster so a greater percentage of survivors are getting seats (participation rate), and the Trump-backed Republicans have no cogent response. Stupidity is growing parabolically, more and more people are willingly ignoring more and more data, to produce the aesthetically pleasing linear outcome. Great, the stated unemployment rate is 8.3%; throw some more fuel on the fire.

When you consider that the vast majority is a cop, collecting benefits from the State, indirectly or directly, to ensure continued conformity, and isolate nonconformance accordingly, you see the true magnitude and shape of the black hole, and, if you look, you can travel right down its history to see how the stack/hash table functions. When the herd finally awakens, it will be consumed by anxiety, from cognitive dissonance. The remedy is to disburse the herd before tyranny threshold, but there is no geography available to that end (for the majority).

Policeman to the world is a stupid policy, with obvious results. It’s like hearing a woman scream when you open your door, and then seeing a man beating on her. If you go over to pull that guy off and expect his wife not to hit you in the back of the head with a hammer, you are the stupid one. Don’t meddle in other people’s marriages. If you have money to throw away to enter the German/Greek sh**-show over in Europe, by all means do so.

Cops are weasels by nature. Good cops understand their role in the empire’s ecology. Do whatever you want with law-breakers, but leave the other non-conformers be, as we increase the age to majority. Yes, Mr. FBI Director, don’t interfere with the Persians; they simply await the conclusion of the financial stage in this war, and they can hurt you beyond your imagination. They eagerly await the Jewish Hypocrites. Homogeneity knows no bounds.

Expect the emperor to open the temple again, but do not enter. Always observe the sh**-show from a convenient watchtower, out of time with the herd. The root implicit multiplexer appears random to the explicit multiplexer only because the latter follows the dying rule of law. Learning comes before knowledge. Language begets equations. The emperor will get his equations, once the noose around his neck becomes so tight that he must relinquish his grip on children.

Raising children is not about instilling fear. Any passive/aggressive moron can be a bully, and be bullied. Ask the Indian what happens to the bully. The brain is a muscle. Thinking is an exercise in consideration. The more you practice, the stronger it gets. Sex is a thinking person’s game. Children learn by example. By age one, they know who the bullies are. By age two, they are practicing. After that, parents are pretty much spectators.

The Persian kids don’t like their derivative leaders either, but they are acutely aware that the melting pot employs a homogeneous catalyst. Containment swings both ways. The empire blows itself up every time. Just give it some rope, the fuse.

China upped the bridge to nowhere ante with cities to nowhere...

Sat, 02/04/2012 - 03:26 | Link to Comment Sandmann
Sandmann's picture

Policeman to the world is a stupid policy,

 

Pax Britannica lasted for 200 years and might have lasted longer if Britain had stayed out of Franco-German problems in 1914. After all, it was Napoleon at the Gates of Moscow in 1812 when the US invaded British Canada.........at least they didn't do it in 1941 when Hitler was at the Gates of Moscow in Operation Typhoon.  The US was screaming to be a global player and replace the British Empire but had to share with the USSR once the British Empire collapsed. Clinton built up China when the USSR fell apart to keep the ball rolling.

Fri, 02/03/2012 - 17:46 | Link to Comment foxenburg
foxenburg's picture

The numbers are rubbish. A US gallon equals 3.785 litres, so EU 1.76 a litre = $6.65 a US gallon. 

Fri, 02/03/2012 - 17:54 | Link to Comment falak pema
falak pema's picture

Nope, you've forgotten the Euro/USD correction multiplier of 1.30; making your figure 8.66 $/gal. So their figure of around 8.7 is correct.

Fri, 02/03/2012 - 17:56 | Link to Comment foxenburg
foxenburg's picture

I am humbled. Sorry.

Fri, 02/03/2012 - 18:32 | Link to Comment ebworthen
ebworthen's picture

Humility; a fine and all too rare character trait.  +1

Fri, 02/03/2012 - 19:02 | Link to Comment Wipeout2097
Wipeout2097's picture

Rare in the United States

Sat, 02/04/2012 - 11:59 | Link to Comment Cpl Hicks
Cpl Hicks's picture

Rarer (or is it more rare?) in France, where, btw, the women wear no pants.

Sat, 02/04/2012 - 12:19 | Link to Comment sun tzu
sun tzu's picture

Rare in most of the west

Fri, 02/03/2012 - 17:50 | Link to Comment devo
devo's picture

I wonder: at what point do Americans demand their paychecks in gold and oil?

Fri, 02/03/2012 - 17:52 | Link to Comment Poetic injustice
Poetic injustice's picture

In 1990ies when Soviet Union was crashing, very often wages were paid in manufactured goods of your company.
Good luck selling microprocessor or Ipad glass frame.

Fri, 02/03/2012 - 18:31 | Link to Comment ebworthen
ebworthen's picture

Now that they are getting everyone to quit smoking our fine tobacco won't work either.

Soda and Bacon?

Sat, 02/04/2012 - 11:54 | Link to Comment DaveyJones
DaveyJones's picture

they also planted a lot of gardens. See detroit and other places.

Sat, 02/04/2012 - 12:20 | Link to Comment sun tzu
sun tzu's picture

Those are all made in China. Workers here would be paid in code and paperwork. The ones working at grocery stores would be envied

Fri, 02/03/2012 - 18:58 | Link to Comment catacl1sm
catacl1sm's picture

I've asked to be paid in US Mint $50 gold coins. Great way to avoid taxes. It didn't go over very well despite pointing out that the tax savings apply to the employer as well. You can drag a horse to water and drown him, but that won't make him shit skittles and rainbows.

Fri, 02/03/2012 - 17:57 | Link to Comment Marty Rothbard
Marty Rothbard's picture

Europe has it better than us.  If you consider the cost of the Iraq war for oil, and the rest, we pay way more than $8.75 a gallon.  The europeans can even cut their cost by driving less, or having a fuel efficient car (you can actually get one in europe that isn't a hybrid), but here you pay the Iraq oil tax even if you don't drive.

Fri, 02/03/2012 - 18:07 | Link to Comment NotApplicable
NotApplicable's picture

You don't seem to realize that that subsidy has been paid by the whole world, not just US taxpayers.

Remember, the inflation tax is by far the largest tax in existence.

Which isn't to say it won't all come home someday (petrodollar scheme collapse). It's just not here yet.

Fri, 02/03/2012 - 18:15 | Link to Comment taniquetil
taniquetil's picture

Better want to rethink that whole Iranian embargo strategy, huh?

Fri, 02/03/2012 - 19:38 | Link to Comment Yen Cross
Yen Cross's picture

 Watch the RBA rate meetings early next week. The markets are pricing 25 bps, but I think we get 50bps. The big 4 are paying big $ to refinance their lending needs, and RBA want's part of the rate reduction to be passed on to the Housing market. Those pesky  variables exist down under as well. the banks in AU are hurting right now. Japan is looking to get involved in the Aussie R/E market as well.  Stay smart people! I got whacked today as well.

  I didn't get stopped out of anything though. MARGIN MANAGEMENT!

Fri, 02/03/2012 - 20:23 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

hey Y/C!

you keep calling bankster casinos "markets" and you think they are "pricing things in"

get well soon, bro!   L0L!!!

aaaannnd...good luck, Yen!

Sat, 02/04/2012 - 05:18 | Link to Comment Yen Cross
Yen Cross's picture

 Hey Slewie, we all got spanked. You keep on buying the froth. That's what the banksters want. Never felt better. P.S. that 20b stop on eur/chf is BULL SHIT!

Fri, 02/03/2012 - 20:09 | Link to Comment Flakmeister
Flakmeister's picture

One quick comment....

Somebody was kvetching upstream about taxes in Europe on gas/diesel...

One upshoot of the taxes is that crude imports into France/Germany are *flat* since the 1970's....

It's remarkable what can happen when you realize that you don't need a big SUV to realize happiness.../

Last time I was in France was spring of '08... rented a turbodiesel for a countryside road trip... it was pretty neat to be moving along at 140 kmph (about 88 mph) going from Lyon to Avignon and getting ~50 mpg.... 

Europe will be laughing at the States as peak oil plays out....

 

Sat, 02/04/2012 - 09:13 | Link to Comment Sandmann
Sandmann's picture

So why are roads full of Range Rovers, Mitsubishi Shoguns, BMW X5s, Mercedes M-Class, Audi Q7s, Nissan X-Trails, Porsche Cayenne/VW Toureg, Toyota Landcruisers ?  They are everywhere burning diesel and polluting far more than petrol

Sat, 02/04/2012 - 11:09 | Link to Comment Money 4 Nothing
Money 4 Nothing's picture

dbbl.

Sat, 02/04/2012 - 10:43 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Why? Stature.

You realize he made a comparison with the States?

 

Sat, 02/04/2012 - 11:06 | Link to Comment Money 4 Nothing
Money 4 Nothing's picture

Bullish for Global warming.. whatever that means?

Sat, 02/04/2012 - 11:57 | Link to Comment DaveyJones
DaveyJones's picture

I approach my SUVs just like my important body parts.

Fri, 02/03/2012 - 20:20 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

...I hear MIT has a discovered some kind of economic new order they are calling the Vix Vapor Rub. You rub your children with a VAT and income tax. The kids turn into vapor that you can run your car on. Just one issue, it will only get the car down the road about as far as you can kick a can ...but they are still working on it and they remain hopeful.  http://www.youtube.com/watch?v=CVNvu8K_OnY

Fri, 02/03/2012 - 21:12 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Moonshine, entertainment and fuel in one.

Fri, 02/03/2012 - 22:35 | Link to Comment Silversinner
Silversinner's picture

Who cares about the price of gasoline when most

of the middle class will not be able to afford a car in a

few short years.

Long Flinstone mobiles.

Sat, 02/04/2012 - 12:06 | Link to Comment Cpl Hicks
Cpl Hicks's picture

Long brontosaurus ribs.

Seriously, get a bicycle, or a big road trike for hauling the groceries and kiddies. Just be sure they're helmeted and strapped in if you ride in Seattle, elsewise you'll get dirty looks from the local bike fascists.

Fri, 02/03/2012 - 23:18 | Link to Comment dvp
dvp's picture

Concerning the "Record High Gas Prices" in Europe, just wait until Israel attacks Iran.  Out of this likely nightmare, the only joy will be to watch the ECB desperately try to save Angela Merkel's butt as the German population puts the demonstrators in Sintagma Square to shame.

Sat, 02/04/2012 - 00:44 | Link to Comment dcb
dcb's picture

the central bank method of fixing an economy, print. helps the financial industry, the wealthy  by asset prices, causes vast majority to get poorer. Huh, this iis why when prices rise we then keep going into a contraction. these idiots don't realize they arre causing the contraction with the printing

Sat, 02/04/2012 - 03:17 | Link to Comment Sandmann
Sandmann's picture

When you mention "gas" we don't immediately think of petrol, but true it has increased massively over 3 years even if it is 80% Tax to fund the Welfare System. If you mean what we mean by "gas" you might mention that Russian gas exports to Western Europe have dropped 30% because of the cold........most countries in Europe have underground storage and reserves - BUT not Britain which privatised utilities and "forgot" to make them provide storage facilities, so Britain depends on natural gas from Qatar.......funny location that.......and generates electricity from gas because gas stations are cheap and coal stations aren't. So guess which nation is the most indebted in Europe and has huge energy supply constraints making it interesting to know how an economy can grow out of depression with high energy input costs and a policy of generating replacement capacity via windmills !

Sat, 02/04/2012 - 04:31 | Link to Comment e_goldstein
e_goldstein's picture

Almost sort of kind of like free markets, almost.

Sat, 02/04/2012 - 06:42 | Link to Comment lunar
Sat, 02/04/2012 - 06:56 | Link to Comment Elorant
Elorant's picture

In Greece we pay arround 1.60/lt for gas.

Sat, 02/04/2012 - 12:09 | Link to Comment Cpl Hicks
Cpl Hicks's picture

So the cost of making a  few molotov cocktails is still pretty reasonable, right?

Sat, 02/04/2012 - 09:37 | Link to Comment LookingWithAmazement
LookingWithAmazement's picture

Europe is not in recession. Just a few countries maybe, but overall it's going well. No crisis.

Sat, 02/04/2012 - 09:40 | Link to Comment kito
kito's picture

Right, which is why you seem drawn to this site. Perhaps you view zh as science fiction?

Sat, 02/04/2012 - 12:08 | Link to Comment Sandmann
Sandmann's picture

You are so right Marie Antoinette, "Europe" is not in recession......there is no "Europe". It is simply that the major countries in Europe are insolvent because their banking systems have rendered them completely exposed to fantastic gambling debts and they keep issuing IOUs to stave off recognition of total and utter default. If you mean "Europe" as a pseudo-political entity  - the so-called European Union, that is exposed just as effectively as the Wizard of Oz when Toto tore away the curtain to reveal the Wizard as a fraud. Europe is heading towards a harder version of Fascism than that embodied in the EU which had a socialist welfare coating funded by Magic Money. Now the silver paint is flaking off that false coinit will need to revert to the old ways of physical violence and authoritarian structures to hold onto power

Sat, 02/04/2012 - 12:39 | Link to Comment DaveyJones
DaveyJones's picture

new math?

Sat, 02/04/2012 - 12:47 | Link to Comment toady
toady's picture

The cops showed up at my door saying my new neighbors were complaining about a gas smell. I told them my kid spilled a bunch of gas when he was filling the lawn mower. They weren't buying it, but I wouldn't unlock the gate, and they eventually went away.

Now I need to haul my 55 gallon drums up to my remote location.

Sat, 02/04/2012 - 16:14 | Link to Comment DutchR
DutchR's picture

I pay €1.65 per liter (regular) 60,7% of that is TAX.

But hey, at -14°C we do get some extra molecules per liter ;)

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