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

Tyler Durden's picture




 

To the vast majority of the US citizenry, the Dow Jones Industrial Average is an odd number that flashes on the new 42" plasma-screen during dinner; wedged between a news story about a panda sneezing and some well-endowed weather-girl saying "hot, damn hot". This is why the behavior of Ben Bernanke this week might go unnoticed by most of the great unwashed. That is, of course, if they do not drive or eat food. For those that do eat or use vehicles; for the first time in history, national average gas prices for the 2nd week of September were over $4.00. Of course, this is mere transitory market speculators - and is not real money leaving their EBT card.

 

 

(h/t @Not_Jim_Cramer)

 

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Fri, 09/14/2012 - 17:28 | 2797071 arm50
arm50's picture

can't buy gas w/ ebt

Fri, 09/14/2012 - 18:15 | 2797197 Fleecer
Fleecer's picture

Tyler, what pump price broke the consumer's back in 2008?

Good thing we don't have high food prices coming too.  Corn, now soy... and the final nail next spring... Beef.  Making even your big mac cost more.  

Fri, 09/14/2012 - 18:22 | 2797258 Michael
Michael's picture
UC Davis Pepper Spray Victims To Receive Settlement From University Of California

http://www.huffingtonpost.com/2012/09/14/uc-davis-pepper-spray-settlement_n_1883770.html#comments

Fri, 09/14/2012 - 18:36 | 2797305 LasVegasDave
LasVegasDave's picture

you oughta apply, its still all over your face, scumbag

Sat, 09/15/2012 - 09:21 | 2798333 Bob
Bob's picture

Meanwhile, the cop who falsely imprisoned and assaulted them was simply fired for "poor judgement."  Anybody else would go to prison for many years (regardless of any settlement paid by the employer) . . . why don't laws apply to cops? How about his buddies who played the roll of assistants?  My guess is they might have suffered an inservice or two. 

Why aren't penalties greater when cops are the thugs, rather than less/non-existent?

And, of course, where are the values of the pompously self-worshipping "Liberty Movement" (including the blowhards at oathkeepers) when it's the hippies being abused?

 

Fri, 09/14/2012 - 18:04 | 2797209 CPL
CPL's picture

Egyptian Rave time.  Laser light show, smoke, men in dresses.  The usual.

 

http://rt.com/on-air/cairo-clashes-us-embassy/

Fri, 09/14/2012 - 18:28 | 2797280 NotApplicable
NotApplicable's picture

*grabs pacifier and vapo-rub*

Fri, 09/14/2012 - 19:50 | 2797502 fuu
fuu's picture

How you doin'?

 

They really are using green lasers to mess with the riot cops. The cops appear to be throwing rocks at someone off camera. Someone really should crank that siren up to about 130 bpm.

Fri, 09/14/2012 - 21:15 | 2797750 fuu
fuu's picture

Too bad it switched to the Mass Marriage Hour. The Egyptian Security Forces had just adopted the Tetsudo formation with their riot gear as the protestors set up barricades and lit fires. The Third Battle of Cairo looked about ready to go.

Sat, 09/15/2012 - 00:14 | 2798030 HungrySeagull
HungrySeagull's picture

Green Lasers?

Those can burn retinas. I experimented with these as targeting devices for my weapon some time ago. I chose to stay with the red laser instead. Faster anyway.

 

I am not certain but I think there exists eyewear that can filter green/red lasers... but not sure if billy bob and toothpick Joe can by them online.

Fri, 09/14/2012 - 17:29 | 2797080 quasimodo
quasimodo's picture

That might change if barry needs more votes

Fri, 09/14/2012 - 17:51 | 2797172 Wakanda
Wakanda's picture

Word up - BO's gonna turn the fuel pumps wide open befo' the 'lection to get the animal spirits howlin'.

Fri, 09/14/2012 - 17:32 | 2797090 knukles
knukles's picture

Substitution effect.  Spend enuf on food/necessities with the EBT card, there's plenty left over for pistols, drugs, women, booze and Cadillacs with da cash.

Called Enabling

Fri, 09/14/2012 - 17:36 | 2797108 kaiserhoff
kaiserhoff's picture

Bath salts, crystal meth, and Moon Train, the pint of no return.

Sat, 09/15/2012 - 10:42 | 2798472 LMAOLORI
LMAOLORI's picture

 

Taxpayers still owed more than $200 billion from bailouts

http://money.cnn.com/2012/09/11/news/companies/taxpayer-bailouts/index.html?iid=HP_LN

Fri, 09/14/2012 - 17:36 | 2797111 Rainman
Rainman's picture

Toss out the old supply/demand = price textbooks. US gas consumption for 2011 was 6% lower than 2007.

http://www.eia.gov/tools/faqs/faq.cfm?id=23&t=10

Fri, 09/14/2012 - 17:47 | 2797151 Roubinesque
Roubinesque's picture

Textbooks still work. Supply of green paper is driving up the price.

Fri, 09/14/2012 - 17:49 | 2797165 CrashisOptimistic
CrashisOptimistic's picture

Global consumption increase ate up the US consumption decline, and more.

Oil extraction rate from the ground globally didn't keep pace.  Flat or maybe even down, depending on whose measure you look at (see JODI).

And so up goes price.

Fri, 09/14/2012 - 17:54 | 2797180 adr
adr's picture

Extraction is still way ahead of demand. Why would you increase the extraction rate if people are using less of the commodity?

Much of the extracted oil went straight into Chinese storage facilities. That really doesn't count as consumption.

If you were running a bakery, would you produce 300 donuts a day if you were only selling 200?

Fri, 09/14/2012 - 18:16 | 2797246 CrashisOptimistic
CrashisOptimistic's picture

You probably need to look into the size of Chinese storage facilities.

No real evidence extraction is ahead of demand.  Besides which, taking oil from underground one place to underground another place doesn't put it "on the market" and would have no price impact.

Look, guys, just think it through.  If there were plenty of oil and all things are rosy in fueling the world, then why would you drill in 3 miles of ocean and down another 8 miles from there?  If it were abundant, why would you not go get it from Oklahoma, where the entire state has authorized leases and no environmental impediments?

Reality is . . . You don't get it from Oklahoma.  Oklahoma produces the tiniest fraction of its max in the late 1930s.  Why?  Because oil is not abundant.

That which is not abundant is, by definition, scarce.  Scarce things get pricey when there is demand for it.  The price then crushes demand for the next cycle, which must necessarily be far worse as scarcity gets far worse.

Fri, 09/14/2012 - 18:25 | 2797267 forwardho
forwardho's picture

Crashisoptimistic, My entire world veiw and thoughts about our future, contained within a single persons ZH screen name. Outstanding sir, I bow to you.

Fri, 09/14/2012 - 18:39 | 2797307 CrashisOptimistic
CrashisOptimistic's picture

It's actually not rocket science.  X calories per day required of people.  So much surface area of arable land on the planet.   Y number of people.  Solar constant averages about 1000 watts / square meter.  Tack into that the poor energy conversion/storage efficiency of food plants.

Work it out and you get a lot less than 7 billion mouths.  We're eating 80 million year old sunshine in the form of oil.

That's coming to an end.  A lot of people will die.

Fri, 09/14/2012 - 18:50 | 2797342 forwardho
forwardho's picture

Yes, same logic used, same end result. All this nonsense will keep the masses busy till the ovens are in place. Nice to know I'm not alone in my conclusions.

Sun, 09/16/2012 - 08:19 | 2800204 Slightly Insane
Slightly Insane's picture

That's exactly why nuclear energy is the "green" energy.  At present rate it's limitless.  Also, using your psuedo proof, the whole climate warming hoax can be solved (when the sun can change the daily temperature 50 deg. delta in a period of three hours ).... you come to understand that man is like a flea on the tail of an elephant.   (The flea has a minor impact on the elephant .... unless he carries disease or parasites).

Fri, 09/14/2012 - 18:46 | 2797333 GeorgeHayduke
GeorgeHayduke's picture

Good points Crash. Just remember, when it comes to talking about oil (gasoline for their cars) most Americans lose all sense of rationality and reason. They believe there is ALWAYS tons of oil, it's just those greedy oil companies and wacko environmentalists who are causing the price to rise. Hell, most believe you can simply sink a well anywhere and oil will gush out of the ground, but those oil companies cap them off and hide them away so they can increase profits.

Then there's the abiotic oil crowd who thinks the Earth bleeds oil and we can get it easily if we just drill deep enough. Those folks are caught in the techno-utopia mindset. We have never seen any exhausted oil fields resupply themselves with abiotic oil on a human timescale, but what the hell, this is 'Merica gawd dangit, and if we say there's plenty of oil then by gawd there's plenty of oil. Just send in the military to bomb some people and shit and it'll work out. /sarcasm

The problem is most folks see it as an economic issue, as most posts here indicate. They don't see it as a resource or geologic issue. Hence my problem with so much of today's "free market libertarian" style wishful thinking. They only have a portion of the picture and that portion is biased. Oh well, geologic and resource reality will dictate the outcome as Nature does not care at all about economic theories and their associated political ideologies/dogmas.

Sat, 09/15/2012 - 00:16 | 2798031 HungrySeagull
HungrySeagull's picture

I argue that it is the very freedom of Americans to jump into a car and do whatever, go whereever etc is at risk here.

Fri, 09/14/2012 - 18:06 | 2797210 Rainman
Rainman's picture

You would appear to be correct, Crash. And I seem to recall China's state controlled gas pricing just went down 14 cents. So USA is wedged into a profit subsidy position for China and emerging market's growing oil gluttony. That sucks.

http://www.slate.com/articles/business/moneybox/2012/07/new_gas_guzzlers...

 

Fri, 09/14/2012 - 19:43 | 2797506 LawsofPhysics
LawsofPhysics's picture

Devaluation still works, textbook. Stop focusing on the U.S., plenty of demand elsewhere.

Fri, 09/14/2012 - 17:39 | 2797127 LMAOLORI
LMAOLORI's picture

 

 

I thought they get cash in addition to the ebt plus you can look on Craigslist and they buy food charge you half for cash. They used it for alcohol & cigarettes and gambling at the casinos and strip clubs.

Fri, 09/14/2012 - 17:51 | 2797175 adr
adr's picture

You can use a percentage of your card and get cash at any ATM.

There are also multiple programs that allow you to double and triple dip, getting WIC benefits and EBT.

One of the best ways to scam the system is to have an unmarried couple living in the same residence with six kids, with both of them claiming three kids each. This allows the maximum benefit amount for an individual, but allows the household to receive double the level of benefits if the couple were married.

The people that have been on welfare for years all know the tricks to live better than most working people. I know people on welfare that scam upwards of $100k a year from the system.

Fri, 09/14/2012 - 18:06 | 2797214 optimator
optimator's picture

And pay no tax.  Life is good for the very bottom and top.

Fri, 09/14/2012 - 19:16 | 2797441 blunderdog
blunderdog's picture

Your bullshit would be a lot more believable if you bothered to get the context right.  Here's some background for the next time you feel like making up some stories...

EBT = Electronic Benefits Transfer
EBT is a generic term for many different types of entitlement/welfare programs, including foodstamps, aid to working families, subsidies for mass-transit and school-lunch programs, etc, in which the benefits are provided through a debit-card system.  It doesn't refer to any source of money itself.

WIC = Women/Infants/Children
This is a more specific term used to describe various benefit programs which provide aid for those demographics.  Single mothers living with kids qualify for this sort of thing pretty easily, but single dads tend to be fucked over by the application process.

You should really read up a bit on this stuff so you have a clue about how to lie effectively.  Get good enough and you can become a politician!

Anyway, for those scammer folks you know--why wouldn't a right-thinking citizen like you sic the cops on 'em?  See something, say something.  Intention to defraud welfare agencies is a serious crime that's easy to prosecute.

(Don't worry, we all know the answer: they don't exist.  They're hanging out with Reagan's welfare queen who collected 22 Social Security checks and drove a Cadillac.)

Fri, 09/14/2012 - 21:07 | 2797730 AetosAeros
AetosAeros's picture

Blunderdog, you and ADR both have a little to learn.

Yes, EBT is Electronic Benefits Transfer, but it is a Dual use card in most states. First is the Food Stamp or SNAP benefits. These are benefits (assistance/ tax payer assigned monies) that come from the Department of Agriculture rules on household size, income levels, eating arrangements, etc. (program rules) and can only be used for the purchase of food, plants that can grow food, seeds, and other food items; except certain things like energy drinks.  THe program is full of holes and scamming is done quite readily. No, you can't have 6 kids and split them in the same household the way that ADR presented. You CAN have 2 seperate addresses where each parent supposedly lives and then each one claims the children as he presented.  

Fraud in the FS/SNAP program can be caught, but it rarely, if ever, followed through to a jail conviction, or even monetary. I know, I was an eligibility specialist (case worker) for a few years and caught an 11 year $250,000 fraud case that actually went up for a court case. Again, this was one of many that I caught, and nothing much really happened to the couple, other than they, not their actual kids (he claimed 2 that didn't exist) were banned from the FS/SNAP program for life. So all they had to do was keep having kids and the kids get the benefits, not the parents. Much the same as illegals with anchor babies do.

Some of the benefits on the EBT are bought/sold/traded from others, a lot like a PM, in order to get goods and services. It ain't right, but it's done, and the money involved to track each and every case would collapse the entire state economy and tie up all the law enforcement just to get a 6 month-1 year- 5 year- or Lifetime ban from the program. WHen you two get done griping and can come up with a sane and reasonable way to actual control this, I suggest you call your congressman and see where that gets you.  

Also, in most states, and this one should stick in your maw as it did mine; you can sell your food after you've purchased it, and it's NOT against the law or the Dept. of Ag program rules.

Give a person an inch....

So you see, the program is designed with problems. And the cash that people get off the card from the FS/SNAP benefits are very rare. Most states only allow a cash withdrawal from FS for certain elderly and people with certain disabilities that must pre order their food from certain grocers who don't have a way to put the food into the inventory management. And that money is not put ON the card as a FS/SNAP benefit, it's put on as a CASH benefit. BUT......

the Financial Assistance program for most states is paid out in a  cash amount, based on the program rules for a contract with the client and the state; for the client to pursue certain work programs or education programs to reduce the barriers to work. This money is also based on the income levels, household size, etc. and can change only if the person fails to meet the monthly criteria, or they do and are awarded for whatever next step they need for money. And yes, they can withdraw cash from an ATM, at the register, or pay for any other goods and services that accept the EBT card for the transaction. But a person doesn't get cash back from FS, they are getting if from the Financial Assistance side of their card. If a MERCHANT is offering this option somehow from the SNAP/FS account, then the MERCHANT is the one who should be reported. Trust me, they won't be in business 5 days after they get caught.

And again with the fraud, you can report it until your blue in the face, but per one of my old co-workers I spoke with last week and who still works for the state "They told us to stop turning people in for fraud because it is taking too much time to follow up on, so we just process our cases and hope the people move away who are lying to us". 

Also, some states have been known to place a clients Child Support onto the same card, in order to keep from having to issue seperate cards (although most are going to a 2 card system now), and this money is money (fiat all the same) so it can be withdrawn as cash as well.

Just an FYI view on part of the machine that enslaves.....

Fri, 09/14/2012 - 21:18 | 2797756 blunderdog
blunderdog's picture

     WHen you two get done griping and can come up with a sane and reasonable way to actual control this, I suggest you call your congressman and see where that gets you.

Nah, government solutions are a joke.  This is a social problem.

The obvious suggestion is a labor-exchange system which doesn't shuffle money around, but just provides food and shelter.  The technology does exist to track the "employees" of an all-volunteer corporation which provides food and housing to its own employees and shareholders.

It's not like this hasn't been discussed by smarter people than ourselves.

Fri, 09/14/2012 - 21:31 | 2797793 AetosAeros
AetosAeros's picture

While I agree with you that there is a solution, and a labor exchange is a viable option, I always have to apply the 'Government Applied Program' concept to it. This means that no matter the idea or way to do something, what happens when Uncle Sam decides he has to oversee and run the entire operation?

In this case, he already has, although it's not what we call a 'voluntary' program, and I hear tell that Uncle Sam might oversee it, but he pays private corporations to actually run it. And boy are they making out with the products being developed and sold. Oh, and they are doing a great job of tracking the clients in their housing units too.

But the word for it on the street is "Prison". And the US is #1 worldwide in instituting a full program, with more being built every day. Client committment to the program is getting easier and easier too; all we have to do is keep outlawing the exercising of the freedoms granted in the Constitution and pretty soon the whole country will be in the program via relocation from the FEMA camps.

Sat, 09/15/2012 - 13:58 | 2798862 blunderdog
blunderdog's picture

You're suffering from the delusion that government just "decides" to take shit over.  It's not like that, and it never has been.  Government is DRAGGED kicking and screaming into these disputes because the parties in conflict demand it, and they buy various politicians to represent their interests.

Think about this: why hasn't government done ANYTHING meaningful about illegal immigrants?

A common answer would be that "these" badguys or "those" badguys are in control of goverment, and they prevent anything from being done.  It's satisfying enough if you're content with platitudes, but it's way too simpleminded to be true.

The real reason is that there are powerful interests which WANT illegal immigrants around as well as powerful interests which want them to go away.  Because the constituents on both sides of the issue wield a great deal of political power, government is at an impasse.  There's no way to keep BOTH the business-owners who employ illegals AND the citizens who cry about them happy, no matter what you do.  So government does NOTHING.

Back when the Feds passed the DMCA, how did this happen?  Did Congress just *decide* one day that people running certain software on their computers had to be turned into criminals?  No....the MPAA and the RIAA, which had enormous amounts of money to contribute to campaigns, DEMANDED that intrusive legislation be passed to help them maintain price control over the market of copyrighted creative works.

The next two paragraphs of your post are nonsense.  Equating having a job which provides survival needs with being in prison?  Rhetoric fail.  It doesn't even make any sense.

Sat, 09/15/2012 - 00:33 | 2798047 TheProphet
TheProphet's picture

You mean serfdom?

It's OK. All ideas good and bad go to one side when insolvency hits.

Sat, 09/15/2012 - 13:43 | 2798838 blunderdog
blunderdog's picture

If you think people working together for their own benefit is "serfdom," I don't think you're equipped to have a discussion about any sort of social change at all.

Sun, 09/16/2012 - 08:23 | 2800206 Slightly Insane
Slightly Insane's picture

Blunderdog, thank you for the "free" education on the basics of the welfare system.  How does one turn someone in on fraud in the welfare system?  Please explain.  I know of some participants that need to be rejected from the system.

Sun, 09/16/2012 - 15:24 | 2800992 blunderdog
blunderdog's picture

Based on where *I* live, IF I BELIEVED in enforcement of government policy, I'd start here: http://otda.ny.gov/resources/welfare-fraud/

(I don't.)

If you respect the authority of government policy and our current legal framework, you may want to do some research of your own if you live in a different state. 

PLEASE NOTE: The enforcement of law in the USA is, at BEST, a whimsical and capricious affair.  Another option which might be more personally satisying would be to go murder the fraudsters.  Do what you like.

Fri, 09/14/2012 - 17:50 | 2797169 LULZBank
LULZBank's picture

Atleast gas prices are performing well.

Fri, 09/14/2012 - 18:01 | 2797198 LMAOLORI
LMAOLORI's picture

 

 

For who not the average person that's for sure

What’s today’s lesson. Crude oil in the US is back up to $96 a barrel in the light of an extraordinary rise in the volume of trading in energy futures. The speculators are betting big time on QE3 damaging the dollar, driving up the price of oil– and putting us back in another recession in 2013. So far in 2012 futures trading is running at the shocking level of 25.2 times world demand for energy. This compares to 14.7 times in 2008 when crude oil hit $147 a barrel, and George Soros went short. Sharma is showing us what his hedge fund clients are doing and it is not beneficial for anyone below the wealthiest segment of the nation.

Fri, 09/14/2012 - 18:03 | 2797206 Id fight Gandhi
Id fight Gandhi's picture

Yet

Fri, 09/14/2012 - 17:27 | 2797072 Schmuck Raker
Schmuck Raker's picture

I expected the headline: "Meanwhile in West Texas"

Fri, 09/14/2012 - 17:31 | 2797089 GFKjunior
GFKjunior's picture

I'm from West Texas but don't get it?

Fri, 09/14/2012 - 19:16 | 2797440 Schmuck Raker
Schmuck Raker's picture

 

  The morning started with: Meanwhile In Sudan and then: Meanwhile In Lebanon And Tunisia

[shrug]

Fri, 09/14/2012 - 17:36 | 2797100 dwdollar
dwdollar's picture

How about:

Meanwhile, parts from Solyndra are being used in an art exhibit...

http://www.knoxnews.com/news/2012/sep/14/calif-art-work-emerges-from-sol...

Fri, 09/14/2012 - 17:28 | 2797073 ACP
ACP's picture

So many records have been broken the last several years, andnot in a good way.

Fri, 09/14/2012 - 17:42 | 2797134 lolmao500
lolmao500's picture

And Obama will still be re-elected.

/not that it would matter if Romney were...

Fri, 09/14/2012 - 17:29 | 2797075 quasimodo
quasimodo's picture

I heart my Yukon XL...............8 years ago when gas was cheaper

Fri, 09/14/2012 - 17:38 | 2797120 GeezerGeek
GeezerGeek's picture

2012: 1 silver dollar, 8+ gallons of gasoline

1962: 1 silver dollar, 4 gallons of gasoline.

Gotta love paper money.

Fri, 09/14/2012 - 17:41 | 2797130 Flakmeister
Flakmeister's picture

Considering the GRS was fixed by fiat, do you not think your point is misleading and that the true ratio is the oil-gold one?

Fri, 09/14/2012 - 17:51 | 2797174 Dr. Engali
Dr. Engali's picture

If you would,I'd like you to explain how his point is misleading?

Fri, 09/14/2012 - 18:09 | 2797225 Spastica Rex
Spastica Rex's picture

I like gallons of gas per hour of minimum wage. I actually made that chart once.

Fri, 09/14/2012 - 20:24 | 2797625 fuu
fuu's picture

1.8125 today.

Fri, 09/14/2012 - 19:25 | 2797465 blunderdog
blunderdog's picture

It's a talking point used to sell PMs to the rubes.

When a "silver dollar" bought gas in the '60s, it was because that silver dollar was FIAT CURRENCY. 

When a "silver dollar" buys gas today, it's because that silver dollar contains a PRECIOUS METAL.

AND....it's not like the gas-station itself will give you 8 gallons of gas for a silver dollar.  They'll want 3 more for a gallon--because for transaction purposes, a "silver dollar" is still FIAT.

Do the same calculation with copper pennies.  They were around a good while.  Let us know the discrepancy in "dollar debasement" that you get using copper as the underlying commodity.  You'll learn something interesting.

Fri, 09/14/2012 - 18:07 | 2797217 ziggy59
ziggy59's picture

What?? Did you start 5 o clock cocktailing at noon? Just askin'

Fri, 09/14/2012 - 20:20 | 2797612 fuu
fuu's picture

Where are you buying gas?

 

At $26.80 per Morgan or Peace dollar and $4 gas you get 6.7 gallons.

Fri, 09/14/2012 - 19:53 | 2797535 Big Swinging Richard
Big Swinging Richard's picture

The wife said to me yesterday..."honey, I think the Expedition is too small.  How about we look at a Suburban"?  Fuque me!  It cost me damn near $100 last week to fill it.  I'm going  home tonight to beat the rush to the gas station before they change the signs.  Too bad the piece of sh!t is worth 1/2 the loan value.   Now, where did I leave my Prius?

Fri, 09/14/2012 - 17:30 | 2797081 dwdollar
dwdollar's picture

Give it 6 months. These will be the good 'ole days for energy.

Fri, 09/14/2012 - 17:30 | 2797083 Winston Churchill
Winston Churchill's picture

Margin hike and SPR release in 3 2 1

Obummer /2012

Fri, 09/14/2012 - 17:32 | 2797096 kaiserhoff
kaiserhoff's picture

Burrish!  Think what this will do for consumer spending numbers.

Sad but true.

Fri, 09/14/2012 - 17:45 | 2797146 knukles
knukles's picture

LOL

Yeah and as was being espoused on the other thread by Krugman, if prices go up, GDP goes up, and as people spend more money, more jobs get created.

What the fuck did that idiot do to get a Nobel Prize?
He can't even figure out the difference between nominal and real GDP for Christ's sake.

 

It'll do fuck all wonders, like put the kibosh on discretionary spending.
But then again, folk like Krugman should know all about CPI ex-food and energy, probably getting a company ride to and from work, getting lunches and dinner bought for him places like 21 by the figurines want him to drivel, supporting their vested interests....

Aaaaaaarrraghhhhhhhhhh!

Fri, 09/14/2012 - 18:21 | 2797259 New_Meat
New_Meat's picture

"What the fuck did that idiot do to get a Nobel Prize?"

Why, he aligned his public (and probably [perhaps very] private) statements with the interests of the Nobel Committees: he's among those who have appealed to the gnomes who, no shit, gave the Nobel "Peace" prize to Arafat, Carter, and Our Dear President.

Our local wag is talking about the local communities filled with trust-fund recipients or "trustafarians", you know (or might not know our local locales), Cambridge, Concord, Lincoln, ...

Dang.

- Ned

Fri, 09/14/2012 - 18:26 | 2797271 Dr Benway
Dr Benway's picture

"It'll do fuck all wonders, like put the kibosh on discretionary spending."

 

Ah now, but Krugman would say the solution is simple: Just increase debt commensurately.

Fri, 09/14/2012 - 17:46 | 2797149 NotApplicable
NotApplicable's picture

What I always find interesting when these spikes happen, is the number of people at the pumps who will strike up a conversation with me over the price (reminds me of an AA meeting ala "shared misery").

The best thing about it? Not only does it gives me the chance to explain the crime syndicate d.b.a. the "Federal Reserve System," they are totally receptive to the logic. Not once has anyone defended them.

Joe Sixpack may be apathetic, but he ain't too dumb to understand counterfeiting by Wall St. fancy-pants.

Fri, 09/14/2012 - 18:54 | 2797359 ghengis86
ghengis86's picture

Them: Boy, gas sure is getting expensive.

Me: That's what happens when the Fed prints money.

The conversation basically takes care of itself from there. Pretty simple concept that everybody but politicians and Nobel winners understand.

Fri, 09/14/2012 - 17:33 | 2797099 penexpers
penexpers's picture

I fuel my car with panda sneezes.

#offthegrid

Fri, 09/14/2012 - 18:49 | 2797340 MachoMan
MachoMan's picture

If you could fuel it from misery and broken dreams, you could create perpetual motion.

Fri, 09/14/2012 - 19:08 | 2797407 krispkritter
krispkritter's picture

Bushama...the creators of PPM...I guess there's a Nobel in there somewhere for that too?

Fri, 09/14/2012 - 17:34 | 2797102 Crabshacker
Crabshacker's picture

You can't even imagine the effect this has on my business. I will lose a 1/3 of my customers with these prices.

Fri, 09/14/2012 - 17:43 | 2797140 adr
adr's picture

I take it you aren't publicly traded and need to actually rely on profit to run your business.

See that is the idea. Put all private corporations out of business. Let the "Market" reign supreme.

Fri, 09/14/2012 - 18:10 | 2797227 ziggy59
ziggy59's picture

You didnt make that busin... Uh, nevermind..

Fri, 09/14/2012 - 18:23 | 2797263 New_Meat
New_Meat's picture

but they can unmake it for him.

Fri, 09/14/2012 - 18:32 | 2797295 Meesohaawnee
Meesohaawnee's picture

thats the problem. .you cant cash out stock options and write checks to campaign funds.

Fri, 09/14/2012 - 17:34 | 2797104 Dr. Engali
Dr. Engali's picture

Damn them Muslims...it's all there fault!.....Ben would you please print up some gas?

Fri, 09/14/2012 - 17:36 | 2797110 drink or die
drink or die's picture

It's those damn muslims...first they attacked our embassies (because of a utube video "made by rich jews" according to wikipedia), then they won't sell us our gas for cheap! 

The war against Iran is going ahead nicely.

Fri, 09/14/2012 - 17:41 | 2797131 adr
adr's picture

The Muslims sell their oil to the exchange for far less than the price of the oil contract that is traded.

The enemy of all free people is the publicly traded market. Wall Street is the most dangerous dictatorship that has ever existed.

Fri, 09/14/2012 - 17:50 | 2797161 LMAOLORI
LMAOLORI's picture

 

 

That film's been out for a year and it wasn't made by Israeli's. Furthermore the Britt's are reporting Obama knew about the attacks and there are investigations into whether it was planned long ago to co-ordinate with 9/11.

 

Muhammad-Film Consultant: 'Sam Bacile' Is Not Israeli, and Not a Real Name

 

 

http://www.theatlantic.com/international/archive/2012/09/muhammad-film-consultant-sam-bacile-is-not-israeli-and-not-a-real-name/262290/

Revealed: inside story of US envoy's assassination

Exclusive: America 'was warned of embassy attack but did nothing'

http://www.independent.co.uk/news/world/politics/revealed-inside-story-of-us-envoys-assassination-8135797.html

US Investigating Embassy Attacks Planned to Mark 9/11

US investigates: Attacks coordinated to mark 9/11?

 

 

Fri, 09/14/2012 - 17:52 | 2797177 knukles
knukles's picture

Guy's real name is Im Bacile

Fri, 09/14/2012 - 17:54 | 2797179 drink or die
drink or die's picture

The film is the biggest fraud I've ever seen.  It was made by a person who no one knows, no one has talked to any of the films funders.  The official story was it was funded with $5mil from rich Jews (which sounds purposefully made up to piss off idiots).  The actors thought they were shooting a different film, and what parts of it exist are 20 mins spliced together to be as offensive to muslims as possible (to provoke them). It looks like it was shot in about 5 days with a budget of $20K as quickly as possible.

 

The upside to the whole thing is that the average idiot can sum all of the problems happening this week to "that movie".  Kind of like how the arab spring was about "freedom", and the civil war was about "slavery".

Fri, 09/14/2012 - 18:07 | 2797215 Id fight Gandhi
Id fight Gandhi's picture

The Jew and Israel has been pushing for any reason to wage war in the ME. They love that the Muslims look like monsters. All those people will be fucked over too by Shalom's policies too.

Fri, 09/14/2012 - 18:12 | 2797233 New_Meat
New_Meat's picture

"The Jew and Israel has been pushing for any reason to wage war in the ME."

Well, if it is "any reason", then why haven't they pulled the trigger?

Fucking idiot.

- Ned

Sat, 09/15/2012 - 01:18 | 2798102 Id fight Gandhi
Id fight Gandhi's picture

Why the name calling? Who's going to take you seriously?

They need the others to appear the aggressors, their angle has all been play the victim. They wouldn't get the support otherwise.

Fri, 09/14/2012 - 18:12 | 2797235 buzzsaw99
buzzsaw99's picture

that's right. when the bernank's jihad hits the muzzies won't know who kicked their asses but they will know for certain that their asses have been kicked.

Fri, 09/14/2012 - 18:18 | 2797248 LMAOLORI
LMAOLORI's picture

 

 

Have you seen it? I would like to rough up the producer's just because it was so stinking bad the actor's should have paid to be in it but I don't believe it was the catalyist.  

http://www.youtube.com/watch?v=iC6yGzpSvjU

People might find it appalling, reprehensible or whatever given one's views but there is still the First Amendment and no one deserves to be murdered over a poorly acted film even if the film would have been the real reason.

Fri, 09/14/2012 - 18:42 | 2797317 forwardho
forwardho's picture

So true, When an "Artist" put an image of Chist (My Gods Son) into a mason jar filled with human piss, I was told to sit down and shut up. I don't like it, but it was his God given Right to do so. We do not have to apologize for exersizing  the rights GOD gave us. This is external tyranny. (wiki "piss Crist" see if you feel like burning down the house)

Fri, 09/14/2012 - 22:11 | 2797851 ZeroAvatar
ZeroAvatar's picture

LOL, ROFL!  Looks like Christine Lagarde as 'the old hag', Ashton Kutcher is 'Mohammed', and My Name is Earl's brother plays one of the bad guys!

 

This thing HAS to be some sort of satire!  Too fucking funny!

Fri, 09/14/2012 - 18:10 | 2797229 Squid Vicious
Squid Vicious's picture

at least Mossad was kind enough to warn us in advance this time, unlike 9/11/01...

Fri, 09/14/2012 - 17:37 | 2797117 bidaskspread
bidaskspread's picture

According to forward P/E ratios, gasoline is cheap.

Fri, 09/14/2012 - 17:39 | 2797123 adr
adr's picture

I read this and almost beat my computer monitor with a baseball bat:

Meet the blogger who may have just saved the American economy

http://www.dailyfinance.com/2012/09/14/meet-the-blogger-who-may-have-jus...

Essentially giving credit to the man that supposedly came up with the idea of notional GDP targeting by the Fed.

EASE UNTIL YOU HIT YOUR TARGET. IF YOU TARGETED 5% AND THE ECONOMY GREW AT 4%, TARGET 6% FOR THE NEXT YEAR.

The article ends with him saying that this type of easing should increase inflation to the Fed's 2% target very quickly.

The absolute stupidity of the supposed smartest people in the room is freakin unbelievable. If any professor had to hold a real job and actually produce something for profit, they would find out in precisely 15 seconds what they have believed their entire life is a lie.

 

Fri, 09/14/2012 - 17:48 | 2797154 drink or die
drink or die's picture

Written by the idiot Joe W at BI, who consistently contradicts himself every other week and has no actual idea how anything works.  I'd wonder how he stays employed at BI, but then I read the rest of the trash articles there and remember.

Fri, 09/14/2012 - 18:08 | 2797223 Id fight Gandhi
Id fight Gandhi's picture

They used him as an expert on ABC news last night to tell the sheeple how this is a good thing!

The fuck are people thinking!

Fri, 09/14/2012 - 18:40 | 2797312 NotApplicable
NotApplicable's picture

One man's obscure blogger is another's agent provocateur, as said blog becomes an instant raison d'être for Benron's QE4EVA.

That Ben is a damn lucky man.

Sat, 09/15/2012 - 01:19 | 2798104 hardcleareye
hardcleareye's picture

 

"You need to know economics so you can save the world from the ecomonist." Don Drummond

 

quote from a "Distinguished Visiting Scholar" at a local university in a lecture today.

Fri, 09/14/2012 - 17:39 | 2797126 phoolish
phoolish's picture

Gas never higher but "oil" 30-45% below it's ATH.

 

phree Market.

 

 

Fri, 09/14/2012 - 18:32 | 2797294 NotApplicable
NotApplicable's picture

Well, refinery did go boom.

Supplies, supplies, supplies!

Fri, 09/14/2012 - 22:12 | 2797853 Cloud9.5
Cloud9.5's picture

Are we getting as much gas from the low grade crap they are now pumping and calling oil?

Fri, 09/14/2012 - 17:42 | 2797132 lolmao500
lolmao500's picture

Bullish!

Fri, 09/14/2012 - 17:46 | 2797133 Yen Cross
Yen Cross's picture

 Long " Gulfstream" , jets! " Get the hell out of Dodge, before the cannibals get ya!

Fri, 09/14/2012 - 18:09 | 2797224 Crabshacker
Crabshacker's picture

Thats racist ..it's now zombies!

Fri, 09/14/2012 - 18:15 | 2797242 Yen Cross
Yen Cross's picture

oops? So sawwy chawwy. " franchise or corporate"?

Fri, 09/14/2012 - 18:15 | 2797243 buzzsaw99
buzzsaw99's picture

alien lizard sleestak zombie bitchez

Fri, 09/14/2012 - 18:31 | 2797293 Yen Cross
Yen Cross's picture

 " Land of The Lost". LMAO buzz:-)

Fri, 09/14/2012 - 21:59 | 2797837 Citxmech
Citxmech's picture

I think the same folks that did Land of the Lost had a hand in the Muslem movie.

Fri, 09/14/2012 - 17:43 | 2797137 CDSMonkey
CDSMonkey's picture

Maybe stocks are up because Romney has a chance to win now?

Fri, 09/14/2012 - 17:45 | 2797144 adr
adr's picture

No

Fri, 09/14/2012 - 17:49 | 2797166 knukles
knukles's picture

Sure....
Let us know how that works out for ya'.

 

Fri, 09/14/2012 - 17:52 | 2797178 CrashisOptimistic
CrashisOptimistic's picture

Rasmussen's 3 day rolling average says so.  Obama's convention bounce is gone and he has Romney up 3%.

Fri, 09/14/2012 - 17:47 | 2797152 Squid Vicious
Squid Vicious's picture

just paid $1000 to gas up my boat for an offshore fishing trip... plus another $150 in 2 cycle oil...  almost 3% of what i paid for the boat 2 years ago... something is very wrong here... used to make 8-10 trips a year but this will be 2nd and last one of 2012 for sure... thanks to the Shalom & co. you have taken away one of my few joys in life...m'fers

 

 

Fri, 09/14/2012 - 17:58 | 2797187 adr
adr's picture

You could buy a sailboat, or invest in oars.

Sorry, that was mean. But that is what Obama would say.

Fri, 09/14/2012 - 18:25 | 2797272 New_Meat
New_Meat's picture

He should take care to properly inflate the RIB.

Fri, 09/14/2012 - 18:44 | 2797325 jumbo maverick
jumbo maverick's picture

No Obama would say that your neighbors should buy the sailboat and oars for you.

Fri, 09/14/2012 - 19:01 | 2797382 ersatzteil
ersatzteil's picture

Great idea, hire college grads as an oar team! They get some extra cash and a workout, and you offset your carbon footprint. Have a guy aft pounding the drums, they'll think it's dub step.

Fri, 09/14/2012 - 19:05 | 2797387 The Navigator
The Navigator's picture

Go long sailboats, short powerboats.

I was wondering the other day how soon we'd see fishermen leaving the docks, setting their sails.

In the future, fuel will be used for refrigeration instead of getting in and out of harbor.

Fri, 09/14/2012 - 19:33 | 2797486 blunderdog
blunderdog's picture

It's about time to bring back airships, too.  Dirigibles and such.

Fri, 09/14/2012 - 18:04 | 2797207 edifice
edifice's picture

Did you happen to misplace precious metals, while on the trip?

Fri, 09/14/2012 - 21:02 | 2797716 Talleyrand
Talleyrand's picture

Well, I guess it takes all kinds.  $38k purchase price so you can burn evermore expensive fossil fuels to "go fishing" and then gripe about the price of gasoline.

Fri, 09/14/2012 - 23:30 | 2797979 Totentänzerlied
Totentänzerlied's picture

Don't forget towing it to the lake/ocean with your brand new financed $30-$50k SUV, or if you are wealthy enough for a marina, driving your ass to said marina. People will bitch about anything, realizing and admitting they created the situation takes intelligence and integrity.

Sat, 09/15/2012 - 10:03 | 2798418 erschiessen
erschiessen's picture

fekkin NIMBYs.

The "right" fish will put multiples of the $1.15k into his pocket.

I didn't realize that we all needed to have the same pursuits in order to be 'the in crowd' here.

Blame the consumer alive and well?

Sat, 09/15/2012 - 16:59 | 2799220 roadhazard
roadhazard's picture

It cost too much to have fun anymore. America is a sad facsimile of what it used to be.

Fri, 09/14/2012 - 17:48 | 2797160 q99x2
q99x2's picture

More employment opportunities begging for money in front of the 7-11 and rescuing stranded drivers on the LA freeways.

I know exactly how many miles my car will travel once the yellow light comes on. I usually wait until it starts to run out while making a left turn. I have about 3 miles after that before absolutely no hope and change will keep it going.

Fri, 09/14/2012 - 17:59 | 2797190 adr
adr's picture

Be carefull, that is how you kill your fuel pump. Better to fill your car all the way up and gas up every time it hits half a tank.

Fri, 09/14/2012 - 19:08 | 2797410 ersatzteil
ersatzteil's picture

$2.75/gal in Tijuana, cheaper further south - I fill up when I'm there, but I could see myself driving down just for gas if prices keep climbing here.

Sat, 09/15/2012 - 11:33 | 2798566 Curt W
Curt W's picture

Modern cars have the fuel pump in the gas tank and it is designed to be kept cool by the gas.  If you constantly run your car on less than a quarter tank the pump will burn out.  The pump isn't that expensive, but the labor to remove the gas tank and open it up to replace.. lets say $500 to a $1000

 

AND while gas prices are trending up, you should be topping off everyday before it gets more expensive.

Fri, 09/14/2012 - 17:49 | 2797167 hfbamafan
hfbamafan's picture

Unfortunately only will go up on continued dollar weakness, whats the ceiling going to be from here? 5/6 dollar gas?

Fri, 09/14/2012 - 17:59 | 2797194 edifice
edifice's picture

$4.99 and 9/10. Because $5 is devastating, psychologically.

Fri, 09/14/2012 - 18:27 | 2797277 New_Meat
New_Meat's picture

Today := $4.99++:

Fri, 09/14/2012 - 18:44 | 2797329 edifice
edifice's picture

Ouch, in Calee-fowh-nyia?

Fri, 09/14/2012 - 19:24 | 2797460 ersatzteil
ersatzteil's picture

$5.15 + in rural Californie parts...they had that big bay area refinery fire which was useful to imply responsibility for upped prices, despite supplying more gasoline in July than was actually consumed.

Fri, 09/14/2012 - 18:00 | 2797195 Yen Cross
Yen Cross's picture

The "dxy" is forming a s/t base. As I said earlier., ACB's will buy the $ to debase their currencies. Ultimately, with open ended " Fed."spending the $ will fall back to the 74 level.

  Shorting the euro looks extremely attractive, and I hate trading that "ponzi" currency!

Fri, 09/14/2012 - 18:01 | 2797199 adr
adr's picture

Considering the line last night at the only gas station to be selling gas under $4, I think that is really the ceiling.

That is until we get $6 gas and people start begging for $4.

Once people become to be normalized by high prices, they will willingly pay twice what they did before and be happy that it isn't triple.

Fri, 09/14/2012 - 17:49 | 2797168 One eyed man
One eyed man's picture

Obviously OPEC and greedy oil speculators are to blame. Plus the vibrant global economy. Nothing at all to do with monetary policy.

Fri, 09/14/2012 - 17:58 | 2797186 TN Jed
TN Jed's picture

Brits only pay about $2/liter.  When do we get liters?

Fri, 09/14/2012 - 18:10 | 2797231 Id fight Gandhi
Id fight Gandhi's picture

Let's just switch to pints, it will look way cheaper. Until you top off the tank.

Fri, 09/14/2012 - 18:24 | 2797265 Yen Cross
Yen Cross's picture

Yer gonna love this one! http://www.youtube.com/watch?v=oxKCPjcvbys. ( Double Vision -Foreigner) :-}]

Fri, 09/14/2012 - 18:34 | 2797298 TN Jed
TN Jed's picture

What octane is vodka anyway?  (I'm running a savvy shopper exercise.)

Fri, 09/14/2012 - 18:34 | 2797299 NotApplicable
NotApplicable's picture

The day before gas hits $10.00/gal. (gotta keep the digit count down)

Fri, 09/14/2012 - 18:00 | 2797196 Ineverslice
Ineverslice's picture

Walking to the beach and gym (saving the dollar parking). Car is paid off.

Eating and drinking much less sugar...could even stand to gain a few.

$4.39 reg

Sat, 09/15/2012 - 00:48 | 2798062 Squid Vicious
Squid Vicious's picture

robotrader? are you back?

Sat, 09/15/2012 - 01:02 | 2798080 hardcleareye
hardcleareye's picture

Can't be Robo his mom won't let him have a car.

Fri, 09/14/2012 - 18:14 | 2797237 Al Huxley
Al Huxley's picture

That's ok, I don't mind $4.00 gas, just so long as there's no inflation.

Fri, 09/14/2012 - 18:20 | 2797254 Meatballs
Meatballs's picture

$3.89 in MA today- a relative bargain to CT @ $4.15+. Worth a couple of extra miles.

Fri, 09/14/2012 - 18:20 | 2797256 ziggy59
ziggy59's picture

Anyone fasting for 8 or so months a year while walking to wherever, benefits greatly from this Bizarro World inflation..

It should be easy... I fast 3 times a day now..

Between breakfast and lunch, lunch and dinner, and between dinner and breakfast

Fri, 09/14/2012 - 19:20 | 2797446 The Navigator
The Navigator's picture

I fast between my morning 'Hair of the dog' and noon-time pint(s), and between noon-time and eary cocktails at 4:30, and between 4:30 and passing out writing something on ZH around 9pm ;-)

How otherwise can you take this shit.

Fri, 09/14/2012 - 19:28 | 2797472 BigDuke6
BigDuke6's picture

May i humbly recommend a whisky taste journey of discovery.

A drink is described as complex when it evokes the recognition of many flavours.... 

i've been in training for over 6 months and my progress gives me a lot of satisfaction. and yes it numbs the pain of awakening...

this map will help...

http://www.google.com.au/imgres?imgurl=http://www.lfw.co.uk/diageo/Flavo...

Fri, 09/14/2012 - 19:38 | 2797494 Martial
Martial's picture

Us: FED policy is destroying the purchasing power of the dollar and the economy.

Keynesians: That's impossible.

Us: This is the highest gas prices have been on this week in history.

Keynesians: That's just because of a little inflation.

Us: Drop dead.

Do NOT follow this link or you will be banned from the site!