Libya and fuel prices

[luckydave215]

You guys better buy fuel now before it hits a zillion/gallon.
The army seems to be fighting on the side of the rebels now in Libya, is Iran next?
I'm pretty low on fuel right now, I think I'll go tomorrow and top up (1400 gallons or so) while it's still $3.90 instead of $12.00.

 

[Glory]

Thanks to our government we buy our fuel from the people that hate us.

JM

 

[Passages]

Don't know about 12/g but I can see 5-6 if things don't settle soon. 145/brl in 08 lead to marina diesel of 5.15/g. We are what??? 90's/brl now? We have a ways to go.

 

[34Hatt]

Don't know about 12/g but I can see 5-6 if things don't settle soon. 145/brl in 08 lead to marina diesel of 5.15/g. We are what??? 90's/brl now? We have a ways to go.

Oh no now you did it

It can Happen Fast at least 2 months before splash plenty of time for things to get MORE SCREWED UP!!!

 

[captddis]

Pisses me off that we are at the mercy of a bunch of third world savages.
The weenies that refuse to drill our own oil, gas and coal piss me off even more! The lefty loons and appeaser in chief must having a party right now.
The Chinese are going to be drilling in Texas and the FL straits but we can't!!!

 

[worldsaway]

Pisses me off that we are at the mercy of a bunch of third world savages.
The weenies that refuse to drill our own oil, gas and coal piss me off even more! The lefty loons and appeaser in chief must having a party right now.
The Chinese are going to be drilling in Texas and the FL straits but we can't!!!

Totally agree. It is so frustrating that we have resources that we could be using, but certain groups prefer to keep us dependent. (and broke)

 

[Maynard Rupp]

We will never be secure or have stablized prices for fuel if we keep buying oil from people that hate us.
We need to drill in ANWR. That place is a barren wasteland; not the green and cut little park that the liberals would have you believe. Nex, we need to angle drill the Great Lakes. That procedure is very safe and doesn't have any equipment near the water. The eastern Gulf of Mexico is also a very good area to suck oil from. I saw the liberals marching on Ft. Meyers Beach last year and they were screaming about the unsightly rigs spoiling their view of the Gulf. These rigs will be 125 wiles west of that shore. Do they realize that this earth is round and they will never see those rigs?

 

[Boatsb]

The earth is round?


What else did Al gore leave out?

 

[SKYCHENEY]

Drill Baby Drill

 

[Genesis]

Libya is trouble because their crude is of exceptionally high quality (very low sulfur content among other things.) But that's not the real problem.

The real problem comes if this spreads to Saudi Arabia. And it might.

 

[TopHattandTails]

Great timing for the kingdom today- they announced a saignificant youth jobs program and housing program. Coincidence... I think not. Pre-emptive anti coup attempt.

 

[jmencel]

In 2009 Libya produced 1.6 million barrels a day, which is pretty far down the pecking order. Even Norway produces more (2.4 mil). Us Canucks produce 3.3 million, whereas the BIG producer is RUSSIA (9.9) followed by the Saudi's a 9.8 and the USA at 9.1. As long as these plus Iran, China, Mexico, UAE, Brazil, Kuwiat, Venezuela, Iraq, Nigeria, Algeria and Angola keeping on pumping (all bigger producers than Libya) there's no need to put a mast and sail up on top of the Hatt just yet !

 

[Canuck Dennis]

What happened to the investigation into speculation in the oil prices, was going on last year.?? there is a surplus of world supply but the cost keeps climbing..will kill the economy again if hits 120 bbl..serious recession then. a real depression.

 

[Kim Beatley]

Can you fix a sail to an outrigger?

Or, maybe it is just time for a Bloody Mary at the dock!!

 

[kwerges]

I believe the news said that crude topped $100 a barrel today...

 

[krush]

It's all rigged and show. I wonder how many tankers are sitting around full of crude to reduce supply.

Speculation is partly to blame

 

[rsmith]

It's all rigged and show. I wonder how many tankers are sitting around full of crude to reduce supply.

Speculation is partly to blame

I hear in the persian gulf off Qatar it looks like a supertanker parking lot.

 

[TopHattandTails]

Krush nailed it - this is mostly speculation. Libya produces ~2% of the world output daily. Not significant. Saudi will pick up that slack in a heart beat, if some other OPEC nation doesn't beat them to it (gotta love cartels). If oil hits $125 bbl, it probably wont be a blip on the recovery radar. at $125 range, that is 2% of GDP increase. Yes, that will be noticed in the data, but not on the street, but if we're back to "good" times, we should be in the 3% GDP growth. that would equate to a six tenths of a percent decline in our growth, or projected growth might be 2.94%, instead of 3%. Now at $150 bbl, we will start to notice a slow down in the recovery - still not a recession. But at least at my dock - we will be burning ZingZang Bloody juice instead of fuel for a while, since there would be no economic reason for fuel to be over $2.85 a gallon...ever!

 

[bigbill]

price at a commercial supplier (not a marina or fuel dock, this is by truck)in the new orleans area was $3.15 yesterday, this morning it is $3.20, i will be picking up 125 gallons this afternoon, (hope it doesn't go up before i get there) i will post what i got it for either tonight or tomorrow.

 

[krush]

I'm gonna convert a hatt to coal.