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On This Week In History, Gas Prices Have Never Been Higher
Of course, we are sure this will not weigh on Bernanke's decisions in the next week or two but for all those who don't see inflation, courtesy of John Lohman, gas prices have never been higher during this third week of August. We remain flabbergasted that in the Wizard of Washington's recent defense of QE, there was no mention of record high gas prices as justification for it 'working' and it would appear that 'transitory' means something different than us mere un-omnipotent-beings can comprehend.
(h/t @Not_Jim_Cramer)
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Just in time for QE Labor Day
WE DID IT!!!!!
We had help doing it, we didn't build these prices by ourselves, other people helped, like speculators, OPEC, the Chinese, the Syrians, the Iranians, they all helped. The only way this could be more insulting is if we mandated higher gas prices by using food additives, and caused food to rise as well. Imagine how insulting that would be, our tax debt(dollars) funding something like that. Thank god I live in America.
Food additives - like corn?
There's an idea....
I'll have the gasoline nachos with extra cheese.
Throw some high octane Brawn-do in there.....it's what plants crave.
+1, Good Form.
Gas, grass, or ass... Nobody rides for free...
There is a difference between free and raping the public. Let's see how this work. Remember those tankers of oil the big banks bought.
Deutche Bank, Goldman Sachs and JP Morgan bought them with QE Dollars. Even the Kock brothers bought a tanker.
Then they sell the gas to the refiners and buy it back to sell the refined product to gas stations who sell it to you.
It's just a wonderful feeling how captialism works for the banking cartels. Thanks Big Ben. All in time for Labor Day.
Business as usual.
QE and even the hope of QE is working well for Ben's masters. With oil being about $20 per barrel more than it would without all the free money chasing after hard assets someone is making extra every time I fill up. It doesn't worry Bernanke though since he doesn't pay for gas, his chauffeur takes care of it I'm sure.
if I remember correctly, JPM was handed half of the "emergency release" of the Strategic reserves last time---about 30 million barrels at $92 per barrel.
Couple of points....
Which holds more more? Banker Tankers, or government salt domes? Where is the outrage at 700 million missing barrels?
That's sarcasm, right?
Awesome, who's up for some tax revenue sponsered moonshine? So, all it was, was kicking the little guy out of the hooch market afterall.
Damned revenuer's!!!
" The only way this could be more insulting is if we mandated higher gas prices by using food additives, and caused food to rise as well. Imagine how insulting that would be, our tax debt(dollars) funding something like that. Thank god I live in America."
You're not thinking hard enough:
- "Gas stamps" / rationing
- subsidized gas (because the 50% of US household's not paying income tax are paying more than their fair share in gas)
We have a ways to go before running out of ways it could be more insulting.
Also helped by Mohammed Hopium and his stuxnet worm on the rig in the Gulf of Mexico early in his term aka reign of terror.
No one panic, CNBC just said it will all be over soon, and prices will go down again!!!
What that POS network of liars and con people, DIDNT say was, it will only go down 25-30 cents over a couple month period, until they regroup to push it above $5 a gallon by the end of the year! They will quote some shit about heating oil demand or extreme cold winter in fucking Maine, or maybe we will be into it with Iran by then, and the pot will just get a little bit hotter on the frog.........in case you dont know the parable, we are the fucking frog!!!
No we didn't. We didn't do anything. We especially didn't built that....whatever "that" happens to be
WE'RE NUMBER ONE !
God I hope Ben QE's the shit out of the dollar. I hope gas goes to $10 a gallon.
Get some of these fuckin' idiots off of the roads.
Do it Ben, you have my blessings.
I'm with you 10 dollar gas I'm all for it, there is way too many fuckin cars out there STILL,,,,,
Oh yeah, that'll be just great. When I'm in farm country and see all those tractors and combines that burn lots of fuel to provide food . . . . I think how great it'll be if the cost goes up to ten bucks a gallon. Food costs will soar.
Obesity crisis - SOLVED! Plus we get 95% of the texting-while-driving morons off the road and no more traffic jams. I say bring on the $10/gallon gas. The sooner, the better.
BTW - - 'peak oil' is complete b.s.
Petroleum is the second most abundant liquid on the planet.
Like diamonds & dollars, . . . just another scam.
In the case of dollars . . . oil is used to prop up its 'value' however.
Note: this has been known for quite sometime - you just have to check out the available information:
http://rense.com/general67/oils.htm
I did an expense minimization calculation on my old IMSAI 8080 computer and came up with a price of $15/gal to minimize my total costs. That takes into account the increased wages I have to pay my Rolls chauffeur as he gets stuck in traffic driving me around town at lower gas prices.
+1 for the IMSAI 8080 reference
My bicycle gets infinity miles to the gallon.
How much are you going to spend on food/shelter biking from CA to NY with no assistance?
Try it out, I'm curious to know the financial cost.
After you're done with that try biking back with one 55 gallon drum of oil trailing behind you.
who has arranged their lives to need to go from ny to ca? if you want to live in ny, live there. if you want to live in ca, live there. live where you feel best.
What if I live in NY but need a product made in CA to run my business?
Bike it out with 'infinity to the mile legs'? I guess I could, with Obamacare you're gona' pay for my joint replacements anyway.
Are you always this cranky?
uh, that's why things are gonna change
Well......we Hoped it was going to Change.
Oh things changed all right.
So glad value is not lost on you.
./sarcasm -off
bob - you are being silly. i didn't say that transportation doesn't exist. just that excess needn't be. of course products have to be shipped globally and nationally. on the other hand - i also try to buy thing built, grown and produced locally when possible. you have a problem with that? not everything has to be CHEAP. i live in a society and i want other people to make money and live a decent life also.
Why would CA<>NY by bike ever be necessary? Why would you need a 55 gallon drum of oil to power a bicycle, unless you were in the Tour De France with a parade of team, media and commisars' vehicles following you? This comment is so completely mired in linear thought that I can only conclude tht you forgot your /sarcasm flag.
i really do understand people in deep rural areas. but - that's now the minority of us. i bought something too large to bring home on the bike in may - otherwise, i've been once in a car in 8 months. everything else was mostly bike or public transport.
and no 'fresh direct' crap either. i walk it home or i bike it home. and a lot more people could do this then they think.
If you can't walk it home or at least strap it to your saddle; you probably don't really need it. Just sayin'.
Until you have to eat - then you're paying for it via food transporation costs.
There is no free luch.
Obama’s economy hits the dinner table Higher grocery bills knock American families lower
snip
"President Obama is busy attempting to make this election about small things and ridiculous distractions, but no matter what, Americans cannot escape the harsh realities of the Obama economy. Even a trip to the grocery store has become more difficult for struggling families.
To help illustrate this, consider Julia, the fictional character created by the Obama campaign.Let’s say Julia goes shopping. She buys the groceries she purchases regularly—produce middle-class Americans might obtain on any given trip to the store. White bread, ground beef, red apples, beans, flour,turkey, and so on.
As it happens, Julia has a receipt from just before Obama took office for the same items. Same groceries, pre-Obama. What does she find? She’s now paying higher prices. There’s been a nearly 15 percent increase since Mr. Obama took office."
Just an FYI but I bought a ton of turkey and chicken feed yesterday. The prices have gone up 22% since February price list came out, mainly from corn pricing. Get ready to see that reflected in the grocery store this fall.
Obummer's wife explained to him that calories are way too cheap for the average 'Murkin, so he is in the process of "fixing the problem".
Gardening for the win.
Gardening does fabulous things for the First Lady's arm. She looks stunning in the $7000 blouse!
Free is does not actually exist, never did; it's just a trick to feed that entitlement mentality.. BUT, all I put into my garden in my labor; everything else is taken care of. That's as close to "free" as anyone will ever get. And I eat WELL.
Gardening is fun, relaxing, rewarding, and can be done almost anywhere. It's a GREAT way to hedge against food inflation, and I even make some decent money at the farmer's market when I have extra.
I suggest everyone give it a try. If you want any tips, advice, or seeds, let me know; I'm happy to help spread the joy of gardening.
I would love tips/advice/seeds do you have a newsletter if so I wish to subscribe
I live in an apartment in OK but want to get a plot somewhere
Yall beat me to it.. Perfect way to weed the shitboxes off the road.
Fuel worth more than the car. LOL!!
Gas is really, really cheap in this country. We should be paying about $8/gallon, if you derive the value from anything other than dollars.
Well, we pay that $8-$10 gas in Europe (cough), around 70% is tax only, since we have to help the "needy" and the entitled. Luckily the new car engines (especially German cars) here are ridiculously small but amazingly powerful (turbocharged) and fuel efficient giving a very high milage. Even big cars have these small engines. Hybrids don't sell here because these small engines are more fuel efficient than the Prius or other hybrids.
we pay more than 8 dollars for gas. It's just called other things like the war on terror, airport security, the military ....
Summer of Recovery bitchez !
Part IV.
What gas? None here locally in SW FL.
That's interesting. Is it true? Signs that say "no gas"? Please take pic and post if so...
people fill up when there is the prospect of a hurricane
Refineries also get shut down. This thing is going into the gulf of mexico. It will probably stay far enough east in the gulf so oil production and refineries may not be affected too much.
No signs, they just put plastic bags over the handles. Guess Charley taught 'em all a lesson.
I was just out for more diesel for the boat. That they have.
and here we are with /es higher then it was during both of those previous records... funny, I wonder what happens next ?
The standard for success or failure is growth...not prices. Twist is the weird one...why drive down the long bond to next to nothing? Where's growth in M 2 Ben?
Take credit for this the way you take credit for the rise in equities, Chairsatan!
jet fuel to the moon bitchez
There should be sanctions on that stuff, after all it is a weapon of mass destruction. Even a small amount of it, that doesn't burn off in the air, can collapse buildings. /s
According to the MSM and CNBC, " Fuel prices are peaking, and should recede after the summer holiday". So get ready for Christmas Bitchez! /sarc
Well oil prices usually ramp up in the spring and cool off by late summer. Not this year. Hope & Change - we may have $4 gas on election day.
I've got an idea...lets not build a refinery for decades...that'll help!!! ;-)
Even if we could we did not build it.
Someone prevented us from building that...so we didn't build that, good point.
Whether NIMBY or government regulations or companies seeking to keep prices high or devaluatin of the dollar...it is the perfect storm.
nmewn ! Don't} Build it and they will come Theory. You are a pleasure to read. Have a great W/E.
The joy of being a Canuck is $5.50 gasoline hasn't even fazed me in years. Four bucks is pure bliss.
From each according to his ability, to each according to her needs.
robertocarlos If I lived in permafrost 2/3rd's of the year, it would be great for me to! Just walk out the door and shoot dinner. That's worth the extra petrol costs and then some!
Good luck finding a doctor to remove the bone stuck in your ass after dinner. Canadian "Obama care" and all. I'm just joking with you BTW ;-)
LMAO. You people are fun.
Yea but Roberto Luongo isnt....
Lou will be sent to Florida.
robertcarlos - you don't understand. i drive a hummer. and i bought this thing, because i want everybody to know that i have a lot of money and a huge p..... huge. it's as big as my car. and i don't really mind how much gas costs, because of course, i'm rich. really rich. huge rich. huge car. huge p..... and i could give a f... about the envirnoment, that's a load of commie crap, exhaust and everything else is safe. because, i'm important and you're not. oh- by the way, you camel jockies. if you don't want to sell cheap, my boys gonna stop by and take it. ok. and for all of you that don't get it. (this was sarcasm)
What? Must be Imperial gallons. Stop selling your oil to the chicoms. Keep some home.
Just in time for the start of school and big yellow gas guzzling Screw Buses. But "It's for the children"
Thank You Ben from the bottom of our wallets.
always a joy to pay to school the retard spawn of prolific breeders
http://www.youtube.com/watch?v=IwwuZr6H1LQ
i'LL takE dA SHorT buS ! Good post " Buzz Man" .
JESUS!
My new favorite song.
Aaaaand... double post
Don't forget those 'gas guzzling' postal trucks that deliver your mail. The USPS multi-billion dollar deficit will accelerate even faster.
"Better than expected Depression"
This isn't a complaint, is it? It's nearly the cheapest gas in the world.
How much cheaper could it possibly be?
but it's our right to drive the biggest vehicles the furthest for no real reason that use the most fuel with one person inside, and god damnit, if you don't want to sell us oil cheap, i hate to think of what we are going to do to you.
It's our God given right. Now by God we've had to trade away the rest of our rights but goddammit it's still our right
77 cents sounds nice. That is what it was around here the day we began in Afghanistan.
The day we began WHAT?
It was a buck seventy four years ago.
Not if you believe the chart up there. 'Course, if the chart isn't accurate, gas probably isn't $3.70 today, either.
Derp derp.
Pretty sure it says average BD but you're right, its 3.78 here where I live...now.
Herpa derp derp.
Gotta hand it to you--you say the stupidest shit that's pointedly incorrect, and when confronted with reality, you're completely indifferent that you're wrong. It's an impressive level of self-deception, really.
Four years ago, according to the chart here, it was at it's second highest average levels.
That was 2008. Was Barry 'Obomber' Prez at that time? Incidentally that was also the same year that 'W' Bush announced bailouts for banksters and GM et al. For the Red team selective memory on those subjects("obama's bailouts") seems to be in force.
Political party loyalists of all stripes really piss me off. For instance where are the (D) loyalists(hypocrites) now on the anti-war subject? Fucking crickets.
Derp derp indeed...a derp derp here, a derp derp there, here a derp, there a derp, everywhere a derp derp...
Homework assignment. Everyone American should read George Washington's Farewell Address (1796) several times until they comprehend which parts might apply to their current and particular sacred cows. For today's bipartison idjits there's something there for all.
good day
Careful. mnewm thinks he's non-partisan. Heh.
35 cents would be even better. And put some lead in it!
Let's get QE going, Evans, Yellen, Bernanke and pigs all want it. Print, print and print.
A simple, yet eloquent proposal for high gas prices:
Vote BO out of office as the proxy for firing BB to avenge the high gas prices imposed upon helpless ordinary citizens.
Look, BO, BB, and etc., action always create reaction.
Austarity to the world. Fed style...
FYI - The Government Giveth while the Government taketh away...Makes a great case for the U.S. Government's acceleration of the Second Law of Thermodynamics:
Hot off the Press -
The International Energy Agency has agreed to the United States plan to release oil from its Strategic Petroleum Reserve, to ease pressure on the market after losing Iranian exports due to sanctions, as long as the United States does not act unilaterally and waits for IEA-wide participation, Petroleum Economist reported Aug. 24. France and the United Kingdom endorse the strategy and are prepared to release their own stocks as well.
Good catch.
In regards to Goobermint, I prefer the Peter Principle.
The oil companies have a verified pattern in the chart of raping the public just before a recession or in this case a possible collapse. They try to get their money out ahead of everyone else.
Get your shorts on.
Congratulations. That is the dumbest comment I've read in a long time. And I read a lot of dumb comments.
Yes it was.
As i am the Jimmy Carter of commenters here,
You are now Obama!
I used to work for an oil company. He is correct. Unfortunately.
Why does it seem Amerika got more stupid when lead was taken out of gas?
Just met a guy who just came back from a trip to India. He says even at $3.79 a gallon here still much lower than the gas price in India.
Taxes, my dear. Even cows need unemployment payment.
I'm sure millions of Indian bicyclists are envious of us.
Do Indonesian "Rickshaw" pilots count? :-}
Only the ones using lawnmower engines instead of their legs ;-)
Do " Multiple legs count"? How should we classify that input? (http://www.google.com/imgres?imgurl=http://media.nowpublic.net/images//0...)
The guy said many many more people drive cars in India now compared to four years ago.
They can't even keep the fucking lights on over there, so yeah, probably a good idea to invest in a car in order to listen to the radio, with the air conditioning on...while idling in the driveway of their dark home.
Maybe set up a kitchen on the trunk.
Its like Florida hurricane season year round over there...perfect.
"...it would appear that 'transitory' means something different than us mere un-omnipotent-beings can comprehend."
The writer shouldn't feel bad, definitions are loose around here.
Take "imminent financial collapse" for example.
And the joke is that Spot Gasoline prices are well below recent highs and historical highs - closed at $2.92 per gallon.
http://bullandbearmash.com/gasoline-prices-ready-drop/
it use to take 1 usgallon to extract 100usgal of energy and it was easy to get. them days be gone and will never ever return. now belligerent nations in all their arrogance want more energy sucking things like food, clothing and shelter; some even want transportation!
Estimated 2012 Gasoline Price Breakdown & Margins Details
Cash surplus/deficit (% of GDP)—Fuck we were only -10% since the end of 2011
http://data.worldbank.org/indicator/GC.BAL.CASH.GD.ZS
Proles will unite by starting to throw bricks, burn down buildings and protest again. The simple fact, they have no idea that the government coffers pick from their own pockets. They’re just useful idiots who are told that the Government will take care of them.
Sovereign bailouts and senior loans
>>>Click<<<
Carry on mouth breathers. By conditioning you to wipe out other’s and save yourself helps regain social security financial traction.
Tyler, can't we bring back Captcha? The trolls/vampires are getting old! No one want's chat rooms.
We want a like minded forum! This is a financial forum , Not " Craigs List'!?
I bitched about that when Captcha was taken away. News Flash.. MarketWatch homeless arrivals have now become ZH squatters. Have fun and enjoy delousing Harry Wagner clone types.
:>)
No captchas. He logs us out all the time. The math problems get old. ZH is filled with plenty of Huff Po - hopium pole smokers who love the islamic.
Reply:
They don't hold a candle to the red neck racist rapers. Right wingers make liberals look human.
my -1 was for inaccuracy: "the islamic"
It ain't "islamics" running the hopium show Freddie.
"Post new comment"
I don't think that you are taking seasonal adjustments and birth/death into consideration with this chart.
Anyone here trade bulk physical commodities or could introduce me to those who do ? I'd enjoy to chat. I am located Southeastern U.S.
The $4/gal gas is old news.
On to QE3 and QE4, the $5/gal and $6/gal gas.
Even when the real inflation runs at double digits the government will report 2%.
Commodities will be a good sector to invest into given Bernanke is always being force to QE forever to make Wall Street happy.
What happens if we would stop using corn ethanol in gas? How much would the gas prices rise? Or would they?
TIMBEER
Resilience of American Agriculture | The Big Picture 20 hours ago ... “Ethanol production saved Americans $1.09 per gallon of gas in 2011? ... In fact, we find that the effects of ethanol production on gas prices ... www.ritholtz.com/blog/2012/08/resilience-of-american-agriculture/What are you smoking? Cornsilk? My Gramps said it was just like mara-gee-wana.
I just want to say that reading most of these comments is well... basically a waste of time. What does gas prices have to do with inflation anyway? Once you know what inflation really is then comment!
I read on the internets that for every penny increase in the price of gasoline the economy loses four brazillion $ or something. Big Oil has turned off the taps and now you must Pay, screw the economy.
Higher gas prices really do work!
I only saw a Billion people in bumper-to-bumper traffic during Friday's rush hour, mostly one person to a Mega-Suv...some in their Hummers.....
See how sensitive people are to prices. They will complain but take little action to correct their behavior. Same with health care issues.
Someone's going to make a fortune when they introduce a modern version of the "Flintstone mobile".
So much for Barry's "all in" policy of bullshit.
Poor Americans they pay so much or their gas.
In Germany the price is now Euro 1.70 not per gallon. Its per liter. One gallon is roughly 4 liters. So one gallon is appx 6.50 Euros that in Dollars appx 8.50 per gallon. Not bad isnt it.
See. That's what those dumbfucks get for pricing their gas in Euros.
(sigh, sarc off for the weak minded)
Listen to all these people bitching about has prices.
Boo fucking who. Drive a truck and pay for fuel. Then you can bitch about it. Fuel prices are increasing more than twice the rate of gas.
Good game.