[steinravnik]

U.S. Gasoline Rises to Record $4 a Gallon at Pump

June 9 (Bloomberg) -- U.S. gasoline rose to $4 a gallon at the pump for the first time, threatening to further shake the confidence of consumers whose spending makes up two-thirds of the economy.

The average price of regular gasoline reached a record $4.005 a gallon, up 28 percent from $3.119 a year earlier, AAA, the nation's largest motoring club said yesterday. Gasoline futures traded at $3.521 a gallon in New York today after reaching a record $3.565 on June 6.

``The fact that confidence has gone down as inflation expectations are going up indicates gasoline has been an important driver because it's one of the reasons expectations are rising,'' Nigel Gault, chief U.S. economist at Global Insight Inc. in Lexington, Massachusetts, said.

Consumers are already rattled by falling home values and a weakening job market, prompting them to curb spending and threatening to halt the six-year expansion. Consumer confidence in May fell to a 28-year low, as inflation expectations rose to their highest in more than two decades, according to last month's Reuters/University of Michigan sentiment survey.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aI1kkHpMiPp0

 

[TruckMan]

I wish the news would post more articles like this one, but it's not full of doom and gloom like most news articles.

http://www.chron.com/disp/story.mpl/business/5824026.html

The Bakken may give the U.S. — the world's biggest importer of oil — a new domestic energy source.

Unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light — almost like gasoline — and sweet, meaning it's low in sulfur.

Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died in 2000, estimated that the Bakken might hold 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels.

 

[Mikkoo]

I wish the news would post more articles like this one, but it's not full of doom and gloom like most news articles.

http://www.chron.com/disp/story.mpl/business/5824026.html

The Bakken may give the U.S. — the world's biggest importer of oil — a new domestic energy source.

Unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light — almost like gasoline — and sweet, meaning it's low in sulfur.

Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died in 2000, estimated that the Bakken might hold 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels.

Among the gloom of $4.00 per gallon gasoline, this is a nice read TruckMan. The more
domestically drilled oil, the better.

 

[boblutzfan]

I wish the news would post more articles like this one, but it's not full of doom and gloom like most news articles.

http://www.chron.com/disp/story.mpl/business/5824026.html

The Bakken may give the U.S. — the world's biggest importer of oil — a new domestic energy source.

Unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light — almost like gasoline — and sweet, meaning it's low in sulfur.

Best of all, the Bakken could be huge. The U.S. Geological Survey's Leigh Price, a Denver geochemist who died in 2000, estimated that the Bakken might hold 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels.

True...I wish we had more news like this. Unfortunately - this will not help drive down the cost of oil...it will just keep it from going even higher.

 

[AndrewGS]

I wish the news would post more articles like this one, but it's not full of doom and gloom like most news articles.

Yeah, but then oil might not continue it's upward spiral quite as fast and the speculators wouldn't stand for that.

 

[BlueMontreal]

I wish i could pay just $4 ($1.06/L). This afternoon gas hit $1.519/Liter in Montréal. That's about $5.75/gal. I'm changing car in two or three years and fuel economy will be a priority.

 

[Aerodynamix]

I wish i could pay just $4 ($1.06/L). This afternoon gas hit $1.519/Liter in Montréal. That's about $5.75/gal. I'm changing car in two or three years and fuel economy will be a priority.

Whoa. $1.519/L in Montreal...makes the $1.279/L ($4.85/gal) here quite a bargain (relatively speaking of course).

On that note, to all our American members/lurkers: Welcome to Canada!

 

[Chaz_23]

At the right that it's increasing it'll be $5 in a couple of weeks.

 

[Pinnacle]

Its amazing how I hear Americans complaining about how high gas prices are, its NOT that bad for you guys!! Im paying 5.70$ and thats 1to1 exchange rate per gallon of fuel!

 

[BlueMontreal]

Whoa. $1.519/L in Montreal...makes the $1.279/L ($4.85/gal) here quite a bargain (relatively speaking of course).

On that note, to all our American members/lurkers: Welcome to Canada!

Fill up now !

 

[PhishPhood]

The oil / fuel marketers already 'know' what humans will pay for fuel. The Europeans have shown them that $7 and $8 per gallon prices aren't outrageous because the populace will just downsize their vehicles to be more efficient.

In NA they already know that the populace will pay upwards of $5 a gallon and more ( see comments above from our Canadian brothers ).

And you know what, we will. Who will raise their hand and refuse to buy fuel for a year? There can be no price increases unless the buyers are willing to pay them. The only way to moderate prices is stop buying so much. Everytime a guzzler pulls up to a pump that's a signal to the marketers that 'all is well in the world, keep on doing what you've been doing'.

However there are other issues over which we have no control at all and this part is of concern.

No matter how much we 'save' by going to more fuel efficient vehicles and less costly lifestyles China and India will immediately suck up every drop we save. Net effect - usage continues on upward unabated. While we are the largest user of resources we are not the center of the universe any longer. What happens in China, India and Asia will soon have far more effect on the world's usage of resources than we do.

Paradoxically what we save actually benefits the Chinese, Indians and other Asian economies as they boom and grow. What we use less of allows them to use more of. This leads to a logical but ill-conceived conclusion that for us to maintain our position as lead consumptor of resources we have to keep on using resources faster and faster in order to keep them out of the hands of our economic competitors thus stunting their growth. However to keep our position as lead consumptor that means that we have to continually outbid our competitors...that sounds like continually rising prices.

OR...

We, or they, have to find new sources of resources. Renewables, wind, solar, geothermal, etc. I personally think that this is the most rational course. It just seems to be awfully slow to come to fruition ( ).

 

[joemac]

Its amazing how I hear Americans complaining about how high gas prices are, its NOT that bad for you guys!! Im paying 5.70$ and thats 1to1 exchange rate per gallon of fuel!

See the trick here is that lifestyles were built and centered around a low but stable gasoline commodity price ($1.50 to $2 US gal). Prices have increased exponentially in a very short time, much faster than lifestyles could be changed altered, or adapt, thus the pain.

To put it into perspective. We've incurred over a 300% price increase of the commodity over the last few years. Would you feel any pain if suddenly you were paying $17.10 a gallon (equating a 300% price increase over your current rate)?

 

[Ming]

Canadians should look at what they choose to drive versus what the average freeway in Texas (for instance) looks like. Over the years I've read about how well cars like the Sunfire did in sales up there, while we were obsessing over the horsepower wars and coming up with ever more brutish, large and imposing "toy" vehicles for desk-job suburban commuters to drive, like the Avalanche.

Additionally, we had easy credit and money to spend dressing up our toys. And cheap gas to fuel them.

Now the "chickens have come home to roost".

 

[Pinnacle]

See the trick here is that lifestyles were built and centered around a low but stable gasoline commodity price ($1.50 to $2 US gal). Prices have increased exponentially in a very short time, much faster than lifestyles could be changed altered, or adapt, thus the pain.

To put it into perspective. We've incurred over a 300% price increase of the commodity over the last few years. Would you feel any pain if suddenly you were paying $17.10 a gallon (equating a 300% price increase over your current rate)?

I dont know where your pulling these numbers from, like the above article says its up 28% from last year. We all have been warned that the price of gas was going to skyrocket and therefore we should of adapted to.

No, I wouldnt feel the pain if I was paying $17.10 for a gallon because that is an unrealistic comparison, it would never get to that point.

 

[Aerodynamix]

Fill up now !

Haha, I already did a few days ago. Still at 3/4 I'm glad too...today our gas jumped to $1.359/L....

 

[yoblues]

Well it is what it is. I have a V8 Buick but I don't have a daily commute because I am retired so it does not kill me. My wife and I skip going out to a nice dinner every other week and that takes care of the gas price increase. Trading the car a 2006 in now is a no brainer so we will adjust until we downsize the car in about four years. You pay more on one end you adjust on the other.

 

[Buickman]

Iraq War to cost two trillion devaluing dollar. believe it, Bush in on twin tower hit. what's a couple billion anyway when you're talking trillion? wake up America, your president is a crook. google skull and bones. illuminati, bilderberg, new world order, north american union, the fed, nafta superhighway, rothschilds, 911 truth, etc...remember, the devil's greatest asset is making people believe he doesn't exist.

 

[prowlerjc]

^Ummm....

 

[yoblues]

Iraq War to cost two trillion devaluing dollar. believe it, Bush in on twin tower hit. what's a couple billion anyway when you're talking trillion? wake up America, your president is a crook. google skull and bones. illuminati, bilderberg, new world order, north american union, the fed, nafta superhighway, rothschilds, 911 truth, etc...remember, the devil's greatest asset is making people believe he doesn't exist.

Don't worry about Iraq. Everything I am reading tells me the Iraqi's are about to say, THANKS A LOT, now get out of our country...............

 

[MalibuMaxxSS]

Iraq War to cost two trillion devaluing dollar. believe it, Bush in on twin tower hit. what's a couple billion anyway when you're talking trillion? wake up America, your president is a crook. google skull and bones. illuminati, bilderberg, new world order, north american union, the fed, nafta superhighway, rothschilds, 911 truth, etc...remember, the devil's greatest asset is making people believe he doesn't exist.

you have issues, seek counselling now :lmao: :lmao: :lmao::hyper:


LOL $4 a gallon been that here for years.......