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

Tyler Durden's picture

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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FOC 1183's picture

Just in time for QE Labor Day

Tijuana Donkey Show's picture

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.

Spastica Rex's picture

Food additives - like corn?

There's an idea....

GetZeeGold's picture

 

 

I'll have the gasoline nachos with extra cheese.

 

Throw some high octane Brawn-do in there.....it's what plants crave.

 

francis_sawyer's picture

Gas, grass, or ass... Nobody rides for free...

rocker's picture

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. 

DeadFred's picture

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.

Unbezahlbar's picture

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.

A Nanny Moose's picture

Couple of points....

Let's see how this work. Remember those tankers of oil the big banks bought.

Which holds more more? Banker Tankers, or government salt domes? Where is the outrage at 700 million missing barrels?

It's just a wonderful feeling how captialism works for the banking cartels.

That's sarcasm, right?

nmewn's picture

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!!!

mjcOH1's picture

" 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.

Freddie's picture

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.

Renewable Life's picture

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!!!

A Nanny Moose's picture

No we didn't. We didn't do anything. We especially didn't built that....whatever "that" happens to be

bob_dabolina's picture

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 think I need to buy a gun's picture

I'm with you 10 dollar gas I'm all for it, there is way too many fuckin cars out there STILL,,,,,

HardAssets's picture

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.

Bam_Man's picture

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.

HardAssets's picture

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

socalbeach's picture

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.

zelator's picture

+1 for the IMSAI 8080 reference

Spastica Rex's picture

My bicycle gets infinity miles to the gallon.

bob_dabolina's picture

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.

lotsoffun's picture

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.

 

bob_dabolina's picture

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.

DaveyJones's picture

uh, that's why things are gonna change

GetZeeGold's picture

 

 

Well......we Hoped it was going to Change.

 

Oh things changed all right.

A Nanny Moose's picture

So glad value is not lost on you.

./sarcasm -off

lotsoffun's picture

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.

 

A Nanny Moose's picture

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.

lotsoffun's picture

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. 

Adahy's picture

If you can't walk it home or at least strap it to your saddle; you probably don't really need it.  Just sayin'.

Citxmech's picture

Until you have to eat - then you're paying for it via food transporation costs.

There is no free luch.

LMAOLORI's picture

 

 

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."

chubbar's picture

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.

Bam_Man's picture

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".

GetZeeGold's picture

 

 

Gardening does fabulous things for the First Lady's arm. She looks stunning in the $7000 blouse!

 

Adahy's picture

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.

kekekekekekeke's picture

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

Stoploss's picture

Yall beat me to it.. Perfect way to weed the shitboxes off the road.

Fuel worth more than the car. LOL!!

edifice's picture

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.

TIMBEEER's picture

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.

DaveyJones's picture

we pay more than 8 dollars for gas. It's just called other things like the war on terror, airport security, the military ....

Rainman's picture

Summer of Recovery bitchez !