gas prices $5 per gallon this summer or fall??

[doasuwill]

Quit buying and selling the big beasts, Yukons, Hummers, F250,350, Suburbans. Americans need to change their habits and fast.

[Ziggy33]

Its real simple, we need to start drilling in our own backyard!! Alaska, off of both coasts and more in the south. Sorry enviro's!!!! We should of started 10 years ago though. We also have enough coal that can be converted into oil to last us over 200 years. The govt won't open the doors for this to happen though The governors of Montana and the Dakotas are trying to get the feds to let them open of the gates so we can begin the coal process, but theres no response to there request. We're going to be paying a MAJOR price pretty soon because we're so dependent to the middle east when it comes this crap. Many experts are predicting about 10 dollars a gallon this time next year in the US by the way!!

[trish]

We're already pumping oil from Alaska and the coasts, and we started doing it a half century ago. I presume what you're really saying is we should start drilling in the Arctic National Wildlife Refuge. The reserve there holds about six months worth of oil. Had we started there ten years ago, it would've already been depleted nine years ago. I agree, the solution is simple; it's called conservation and alternative sources. In 2004 Earth's six billion people consumed 5 x 10^20 Joules of energy!! Most of it from fossil fuels. Don't fool yourself...it's going to run out.

[Minutemouse9]

You should take a look at this

[T Oracle]

FOR FUCKS SAKE, STOP WINGEING.

ARBITRAGE!!!!!


Buy the stuff where it's dirt cheap! Commonly known as the US. Sell it where it's expensive. Commonly known as Europe.

Hey, I'm willing to pay $7/gallon. Ship it to me baby! $7/gallon is ... $4/gallon less than I pay now.

FOR FUCKS SAKE, STOP WINGEING.

[El Nino]

It will be $8/gal by the end of the summer. And Americans will sit back and take it up the rear end (no pun intended here on HA) because Americans have no balls anymore

[El Nino]

Prices of food are also skyrocketing... And this totally sucks!

[Nowhere]

Drilling is not the issue. It's collusion and refineries. We could drill for every last drop of oil on the planet and if we can't refine it (ours are at capacity and they're intentionally building no more), we're getting no more gas to the station. They ALL do this, and they all make a fortune.

However, the average IQ in America is 100, so the vast majority of people don't get it, so they parade the CEOs in front of congress, people think something will get done and nothing does, so the process keeps on repeating itself.

Note: There is an effect of international arbitrage (i.e. all of the real estate investment moved to the energy sectors) but it wouldn't last if they would be building more refineries.

But, what the hell do you expect from an oil president whose cabinet members have had tankers NAMED after them?

Cheap gas? ROFL!!!

P.S. The prices will never go down because the companies have realized a system that works for artificially high prices. They may level off, but that's only going to be bits and pieces, likely at $8/gallon (Q2 2009) to $12/gallon in 2010. But, the gas prices shouldn't worry you. The cost of basic goods, like food, which will be JACKED because of transport costs, is what you should be scared of. This carries over to everything everywhere costing a fortune.

[qeuqheeg222]

i love the people who think if we dig up the gulf and alaska ranges will change anything in the equation of big oil speculation..exxon has already told everybody in the last big wig meetin that they aint gonna up production levels until 2012 so they can maintain their profit margins for annual growth...remember that ethanol shit was supposed to git r done to???...they really fear SOLAR POWER...god forbid everybody producing all their own electricity for the fuckin ac,without paying the almighty utility monopoly.....

[Oli]

Blaming greedy oil companies for the rising price of gas is simply irresponsible. The profit margins of a few selected industries are as follows:

Periodical Publishing 24.9%
Shipping 18.8%
Application Software 22.5%
Tobacco 19%
Water Utilities 10.2%
Major Integrated Oil and Gas 9.5%
Hospitals 1.4%
Drugstores 2.8%

http://mises.org/story/2940