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I had to take out a gas loan today...
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[QUOTE]Originally posted by Hobbes: [QB] Three days ago gas costed $2.43 a gallon. Yesterday when I got gas it was $2.70...and to think I was pissed off then. Today I drove home to $3.30 a gallon. With gas stations having long lines or "No Gas" signs. Watching CNN when they're covering news other than Katrina, they show gas stations at $4-$5 a gallon. [QUOTE]WASHINGTON � White House economic adviser Ben Bernanke (search) said on Thursday U.S. gasoline prices will likely rise further because of system disruptions following Hurricane Katrina, but will drop when supply lines return to normal. "There is a supply problem; there's been a reduction in the amount of gasoline available. People still want to drive, so the price is going to go up," Bernanke, chairman of President Bush's Council of Economic Advisers (search), said on C-SPAN television. "I think the good news is that this is not likely to be a permanent situation as these refineries and these transportation networks are brought back on line," he said. Gas prices should then return to levels seen earlier this year, Bernanke said. Gas prices were already high before the storm because of soaring global demand for oil, he said. Meanwhile, oil prices have moved relatively little in the past week as a result of the hurricane, because the global supply and demand for oil was not much affected, Bernanke said. "The amount of speculative activity is not that great and I'm fairly convinced that what's happening to prices is not much to do, or anything to do, with speculation. What it has to do with primarily is just the fundamental facts of supply and demand," he said in response to a viewer question. Bernanke said there is not that much the United States can do about escalating global demand for energy except develop alternative sources of fuel. "Higher oil prices, higher energy prices, make these alternatives economic," he said Crude held near $69 on the New York Mercantile and gasoline rode high at over $100 a barrel on Thursday. U.S. crude was 14 cents lower at $68.80 a barrel, below the record $70.85 hit on Tuesday. Gasoline futures on continued their relentless rise to a high of $2.465 a gallon.[/QUOTE]The Strategic Petroleum Reserve, a 700-million-barrel stockpile set aside for emergency use, could be used to counter oil shortages caused by Hurricane Katrina's devastation of the Gulf oil industry, which accounts for about a quarter of US output. I definitely think this qualifies to tap those reserves to help bring gas down. "I'll make a bold prediction ... in 12 months, you're going to see oil down to 35-40 US dollars a barrel," ... "It's a huge bubble, I don't know what's going to pop it but eventually it will pop - you cannot go against supply and demand, you cannot go against the fundamentals forever." - Steve Forbes Typically I put in $10 of gas in a week which gets me about half a tank. Last year it got me 3/4th a tank. I drive a '04 Mitsubishi Lancer which gets about 26-30 miles a gallon. Needless to say, I like many people budget my money and having to dump more into my gas tank takes away from putting it elsewhere it's needed. Bush supporters in DC blame it on consumers while Bush haters blame it on the current White House administration. I think of it a mix of both. I believe the White House should put more pressure on OPEC to produce more oil while funding alternative fuel sources. Most Japanese car manufacturers are making hybrid cars, the Toyota Prius gets like 60 miles to the gallon. Yet all GM seems to do, make a smaller Hummer that gets an extra mile or two per gallon. I've often felt the oil companies have tried to insist that hybrid cars aren't worth it, yet while Shell or Texaco is making record profits it's also driving the demand for hybrids. On the other hand, so many Americans own huge SUVs that guzzle gas like crazy. So apparently people demand lower prices but drive Hummers that get 4 miles to the gallon. [/QB][/QUOTE]
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