Get ready for $4.00 a gallon gas!!!!

[jasonluckydog]

NEW YORK (AP) -- The price of oil is poised for another run at $100 a barrel after a global economic rebound sent it surging 34 percent since May. That could push gasoline prices to $4 a gallon by summer in some parts of the country, experts say.

Flying, shipping a package and ordering a pizza all likely would get more expensive in the new year if that happens and companies pass along higher energy costs. Some economists say rising energy prices will slow economic growth.

The U.S. is the world's largest oil consumer, but prices since spring have been on a roll primarily because of rising demand in developing countries, especially China. China's oil consumption is expected to rise 5 percent next year; that compares with less than 1 percent growth forecast for the U.S.

Benchmark oil for February delivery rose $1.54 on Friday to end the year at $91.38 per barrel on the New York Mercantile Exchange. It reached $92.06 earlier in the day, the highest since Oct. 6, 2008. Nationwide gasoline pump prices now average $3.072 per gallon.

http://finance.yahoo.com/news/Oils-surge-in-2010-paves-the-apf-1258480888.html?x=0

disgusting....Time for a fuging moped and I travel 32 miles a work 5-6 days a week, that raise I got will be nothing now.

[Dpantherman]

[Jangler]

$4.00?

[Jangler]

Yeah, a bike will keep food prices down. And those cool clothes the kids like to wear? yeah a bike should keep those prices down too.

[jasonluckydog]

$4.00?

Man your easy to amuse...

A pig walks into a bar

The pig ask for a beer

The bartender looks at the pig

and says sorry we dont serve food.

:dita:

[Dpantherman]

Hey i gotta do something

[jasonluckydog]

I like the Carolina blue you chose, very nice.

[Jangler]

Gas has gone up almost 30 cents in the last month, good thing there is no oil man in the oval office, the price might be $5 already.

[jasonluckydog]

I had a $20.01 on me got 5 gallons and 1 pack of smokes....bullshit

[Jangler]

Isn't convenient that the Government doesn't count rising food and fuel prices in determining inflation.

[charlotte49er]

Just a couple of day ago the ex-CEO of Shell Oil said the US should expect $5.00/gallon gas by 2012! He said fears over 2012 will push the gas prices up there!

He's probably right, the the oil companies will take advantage of people's fear to raise prices. I saw gas prices jump 10 cents in 2 days here in Charlotte.

Remember back in 1999 when people said that all the automation would stop working when it turned 200! I remember filling up New Years day.

Ex-Shell Oil boss: $5-a-gallon gas possible by 2012

After a couple years of relatively low gas prices, $5-a-gallon gas could come as soon as 2012, predicts former Shell Oil President John Hofmeister, according to CNN Money. He gave his forecast in a television interview.

John Hofmeister when he was president of Shell Oil

The good news is that $5 is his worst case prediction. Other analysts, including Tom Kloza of Oil Price Information Service, see gasoline reaching $5 a gallon in the new decade, but not by 2012. A gallon of regular gas averaged $3.06 a gallon yesterday, AAA reports.

The predictions take into account a growing global economy tightening the world's oil supply. Holfmiester, seen the photo at right from 2006, cites China's and India's growth and President Barack Obama's crackdown on offshore drilling as the primary reasons for the short-term gas hike.

There's little that Americans can do to affect the price of oil, according to CBS News. According to the EIA, while it will take developed countries like the United States, Japan and Europe until after 2020 to reach 2007 levels of oil consumption, the developing economies of the world will bring us back to pre-2007 levels of oil consumption by the end of this year.

[mr beauxjangles]

Isn't convenient that the Government doesn't count rising food and fuel prices in determining inflation.

"Core inflation" - measured using the PCE index - is designed specifically to exclude volatile prices like gas. The Fed started using the PCE a while ago instead of the Consumer Price Index to guide monetary policy. I'm an economist and pretty much every one I know uses the CPI which includes food and gas. That includes multiple economists and statisticians that work for various federal govt agencies. It's like the various definitions of unemployment. You just have to know what you're looking at. It's not some sinister plot to deceive the American public. Ok sorry for Tinderboxifying this post. I'lll go away now.

[SCP]

So when Bush was in office, high gas prices were all his fault. Will Obama get the same blame for $4 + per gallon gas?

nope.

[charlotte49er]

"Core inflation" - measured using the PCE index - is designed specifically to exclude volatile prices like gas. The Fed started using the PCE a while ago instead of the Consumer Price Index to guide monetary policy. I'm an economist and pretty much every one I know uses the CPI which includes food and gas. That includes multiple economists and statisticians that work for various federal govt agencies. It's like the various definitions of unemployment. You just have to know what you're looking at. It's not some sinister plot to deceive the American public. Ok sorry for Tinderboxifying this post. I'lll go away now.

I get medicare disability. This makes the 3rd straight year with no COLA! (Cost Of Living) increase. WHY? Because the government doesn't take in account Gas and Food prices when figuring up the Cost of Living!

They say both are too volatile to include. If it goes up one year they have to pay more, but what happens if one or both go down? Then the Government would have to cut the payment. I guess I understand this. 5 years ago we were paying $4.35/gallon for gas. But when was the last time that food actually came down and stayed down?