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CBO Report: Boosting Oil Production Won’t Protect Americans From Gasoline Price Shocks

http://thinkprogress.org/climate/20...protect-americans-from-gasoline-price-shocks/

 

If I could, I would like to organize a world wide boycott, of just one day of not using any fuel. I believe it would be a devastating blow to the oil company's.
I know it's utterly ridiculous that everyone would comply. If the business owners, ceo's, and such close for a day, it could happen. But it will have to be everyone on the same day. A world wide day off.
Just a simple man's idea.

 

Even with mass compliance I'm not sure one day would do it. But if Americans could get their backbones up over this for a month or more it would create havoc because gasoline has a very short storage life and it takes about 90 days from refining a barrel of oil and getting it to a gas station. Back that supply line up with excess product and they've got a real mess on their hands.

 

Gas is down 50 cents and oil is down 15 bucks...

does no one want to say..Thank You President Obama...

new margin requirements coming in soon...

the speculators have moved to Nat gas which is up from 1.90 to 2.44

 

Fuel in my state is UP 15cents, and no I do not blame Obama for the increase.

 

Around here, gasoline is still over $4.00 despite the drop in crude oil prices. Go figure.

 

Whomever is responsible for these gas prices whether they be white or arab and are knowingly and purposefully fucking us for their own greed, should be warned in dreams that they will pay for their deeds if not undone..then failing to heed said omens they should have their children drown in one of those huge vats of oil and instantly know it was due to karma.

 

Yeah, I've been wondering, since gas is now about 25 cents lower than it was a year ago and a whopping 37 cents lower than the summer of 2008 when Bush was in office, is anyone going to give Obama credit since they were all blaming him when it was high? Hmmm, didn't think so. The glut of natural gas is going to make electricity prices go down in parts of the country that use it for power plants.

I filled up for $3.49 the other day when I paid cash. You can check out the current average and historical prices of gas in your state here.

http://fuelgaugereport.aaa.com/?redirectto=http://fuelgaugereport.opisnet.com/index.asp

 

It's going up here, $4.39 yesterday.

 

Errrr, maybe you should say: Thank You China????


Oil price declines on slower China growth

(iStockphoto)


(AP) NEW YORK - The price of oil fell Friday after reports that China's economy appears to be slowing down.

China, the world's second-largest oil consumer, reported a sharp decline in both investment and industrial production growth in April. A slowdown in China could push oil consumption - and prices - lower this year.

Benchmark U.S. crude lost 95 cents to finish at $96.13 in New York. Brent crude, which helps set the price for oil imported into the U.S., lost 47 cents to end at $112.26 per barrel in London.

China's National Bureau of Statistics reported that investment in factory equipment and construction didn't grow as much from January to April as it did in the same period last year. Industrial production rose 9.3 percent in April, compared with a 12 percent increase in March.

China economy sees across-the-board slowing

Analysts said the report was one more sign of a slowdown in the global economy.

Oil prices have declined for the better part of two weeks following weak jobs numbers in the U.S. and political changes in Europe that left plans for economic recovery up in the air.

"China, over the past few years, has been the real bright spot in the global economy," said Gene McGillian, a broker and oil analyst at Tradition Energy. "Now with its economy slowing down, you have to add it to concerns in the U.S. and Europe. It doesn't seem like the recovery so far has really picked up energy demand."

Meanwhile, oil supplies are rising. The Paris-based International Energy Agency said Friday that inventories in developed countries increased by 13.5 million barrels in March, pushing stocks above the five-year average for the first time in a year. IEA also said that increased production in Iraq, Nigeria and Libya helped boost world oil supplies by 600,000 barrels per day in April.

At the pump, U.S. gasoline prices dropped another half-cent to a national average of $3.734 per gallon, according to AAA, Wright Express and Oil Price Information Service. Gasoline has declined by about 20 cents per gallon since peaking this year on April 6. It's also cheaper than it was a year ago.

In other energy futures trading, heating oil lost 2 cents to finish at $2.9636 per gallon, and wholesale gasoline fell nearly a penny to end at $3.008 per gallon. Natural gas rose 2.2 cents to finish at $2.509 per 1,000 cubic feet.

http://www.cbsnews.com/8301-505123_162-57432917/oil-price-declines-on-slower-china-growth/

 

Obama borrows money from China....China slows down
gas prices go down

How can this not be the Obama plan....I love it !!!

 

So you are giving Obama credit for the slow down in China's economy as well as the down turn in the world economy?

Well Greece and Italy were looking for someone to blame for their troubles anyway...