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Post Info TOPIC: Gas surges past $3 a gallon


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Gas Surges Past $3 A Gallon

NEW YORK (CBS News) Gasoline prices jumped back above $3 a gallon at the pump Monday even as oil prices waffled amid conflicting reports about the economy and crude supplies.

The spike may seem sudden, but gas prices are finally playing catch up with soaring crude prices, reports CBS News correspondent Anthony Mason.

Yes, $3 a gallon gas is back, though we're still well short of the all time high -- $3.22 set this past May.

But that could be tested soon, adds Mason, with crude rising relentlessly for the past month at the New York Mercantile Exchange and now threatening to crack $100 a barrel.

The national average price of a gallon of gas rose 1.5 cents overnight to $3.004, and has jumped almost 25 cents in three weeks, according to AAA and the Oil Price Information Service.

"The consumer has been relatively isolated from these prices," said Amanda Kurzendoerfer, commodities analyst at Summit Energy Services Inc. in Louisville, Ky.

But, she said, if oil prices don't retreat, gas prices could reach $3.50 or $4 a gallon by next summer.

Crude, meanwhile, pared earlier losses of more than $2 a barrel Monday after the Institute for Supply Management reported that the economy's services sector grew at a faster-than-expected rate in October. The report helped equity markets rebound from earlier lows, and moderated concerns about the economy driven by the situation at Citigroup Inc., which warned Sunday it would take additional losses of $8 billion to $11 billion due in part to its exposure to risky mortgage debt. The announcement came as Citigroup CEO Charles Prince resigned, and reignited worries that the problems facing the subprime mortgage industry could spread, affecting the broader economy.

"Weekend news that another top banking head handed in his resignation due to subprime woes ... is roiling the markets," said Edward Meir, an analyst at MF Global UK Ltd., in a research note.

Energy investors worry that a slowdown in the economy would curb demand for oil and petroleum products.

Light, sweet crude for December delivery fell 15 cents to $95.78 a barrel on the New York Mercantile Exchange Monday, but alternated frequently between gains and losses.

Other energy futures were mixed. The contract for December gasoline fell 2.35 cents to $2.416 a gallon on the Nymex, while December heating oil rose 0.28 cent to $2.5765 a gallon.

December natural gas fell 26.6 cents to $8.152 per 1,000 cubic feet. In London, December Brent crude fell 29 cents to $91.79 a barrel on the ICE Futures exchange.

Conflicting news on oil supplies and demand contributed to the market's uncertainty. Iraqi crude exports rose by nearly 200,000 barrels a day in October to 1.84 million barrels a day, according to PVM Oil Associates Ltd. in Vienna. In addition, Russian oil output rose 0.6 percent last month compared to the previous month, marking a new post-Soviet high of 9.93 billion barrels a day, PVM said.

A separate survey of analysts by Dow Jones Newswires suggests OPEC raised crude oil production in October by 1.24 percent, or 382,000 barrels from the previous month to 31.23 million barrels.

But the International Energy Agency on Monday said global crude oil demand will rise to 98 million barrels a day in 2015 from the 84 million barrels a day now, Dow Jones Newswires reported.

Prices were pressured Monday by an easing in tensions abroad. Kurdish rebels released eight Turkish soldiers Sunday, moderating concerns about whether Turkey will launch attacks on guerrilla bases in northern Iraq. Escalating tensions in the Middle East could disrupt oil supplies out of the region.

Despite Monday's swoon, analysts think some traders and investors will try to push oil prices to the psychologically important $100 level this week. Crude prices are within the range of inflation-adjusted highs set in early 1980. Depending on the how the adjustment is calculated, $38 a barrel then would be worth $96 to $103 or more today.

"I wouldn't see this sell-off today as the start of a correction," Kurzendoerfer said.

Nevertheless, the Washington Post reports that many veteran oil analysts see the current round of price increases as a bubble that could quickly burst in the face of increased production by OPEC, a warm winter, a slowdown in the economy or a decline in demand for gasoline.

2007 CBS Broadcasting Inc. All Rights Reserved.



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Uke


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My neighborhood quickie-fill shows ALL grades up by four cents per gallon...

Unleaded regular: $3.09; middle $3.19, and the high-octane $3.29! Ouch! Big vehicle/lower MPG
vehicle drivers are still filling their tanks at the so-called 'cheap' places...

Meanwhile...ain't nothin' ta do BUT keep drivin' or figure out how ta save a few bucks by driving only when ya hafta!


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Uke wrote:

My neighborhood quickie-fill shows ALL grades up by four cents per gallon...

Unleaded regular: $3.09; middle $3.19, and the high-octane $3.29! Ouch! Big vehicle/lower MPG
vehicle drivers are still filling their tanks at the so-called 'cheap' places...

Meanwhile...ain't nothin' ta do BUT keep drivin' or figure out how ta save a few bucks by driving only when ya hafta!




Meanwhile people sit around the tables drinkin'
their $4.00 mocha frappaccino latte grande's
bitchin' about $3.00 per gallon gas.
Alberta's raising the levy on the
poor starving petroleum companies.
What next, eh ?
Oh well. Carry on. Pakistan is
close enough to Iraq it won't cost
that much fuel to move the big
democracy implementation machine over.



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Uke


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Pakistan? Why Pakistan? I say the US oughta get out of everywhere we're not wanted, and get back ta takin' care of our own backyard!

Get back ta manufacturing, farming, and trade.
After all that's how we got ta where we were, before we started invading other people's backyards...and mindin' their bizness!

We ALL need ta sacrifice a bit...ta get back where we oughta be. Right here at home.


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Professional Asshole

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I just watched the CNN Money report. Looks like oil closed at over $96.00+ a barrel. Holy fuck!

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Unstable & Irrational

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Fuel heating oil is $2.90 a gallon. I admitt, I haven't paid for gas in 4 months. Lent my truck out and haven't bothered to get it back.

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Uke wrote:

Pakistan? Why Pakistan? I say the US oughta get out of everywhere we're not wanted, and get back ta takin' care of our own backyard!

Get back ta manufacturing, farming, and trade.
After all that's how we got ta where we were, before we started invading other people's backyards...and mindin' their bizness!

We ALL need ta sacrifice a bit...ta get back where we oughta be. Right here at home.




True enough Uke. My sarcasm may have revaled the more cynical side of this writer's feelings. No offense intended especially to my peaceful buddies stateside such as yourself. Let them people overseas settle there own issues. Just looks like that Musharif is going down the same road as ole Sadaam and that will doubtless drive oil prices higher if it fails to set off some thermonuclear volleyball.

Saw a car on the tube all electric uses no gas .01 cent per/mi. to operate and looks comfortable, waiting for approval from the transport regulatory bodies for insurability legalities and see nothing stopping it other than someone pulling strings. Automakers ? Oil companies ? In cahoots with legislators, no doubt. Chickenshit bullshit.








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Unstable & Irrational

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I have put a deposit down on the Smart car. I am suppose to get it in Jan

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Professional Asshole

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Freddie Krueger wrote:

I have put a deposit down on the Smart car. I am suppose to get it in Jan



Formerly known as the UTU car...



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The Forum Celestial Advisor

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Since there is no stability in the world,
got to pretty much expect unstability,
meaning all the plan "A's" are plan "B's"
soon the be plan"C's". Plan "C" is going
to rob your wallet.

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Unstable & Irrational

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My SMART car has arrived, I will pick it up tomorrow.

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Uke


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Just passed the gas 'n' go...prices are down a few cents, but still hovering above $4/gal.

The cheapest? Good ol' 87 octane is $4.19/gal.

Mid grade [89 octane] is ten cents higher, and 92 octane is ten cents more.

Crude is still going for $130/bbl. A barrel is equivalent ta 42 gallons. Why? I'll be damned if I know! But the entire world follows that measurement standard when talking oil.


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Professional Asshole

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Buckethead wrote:

I just watched the CNN Money report. Looks like oil closed at over $96.00+ a barrel. Holy fuck!



And to think this was only 8 months ago...



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