OIL and Gas

Gasoline May Soon Cost a Sawbuck
Big New Shock at the Pump Forecast by Two Analysts

By DAN DORFMANSpecial to the SunApril 28, 2008
Get ready for another economic shock of major proportions — a virtual doubling of prices at the gas pump to as much as $10 a gallon.
That's the message from a couple of analytical energy industry trackers, both of whom, based on the surging oil prices, see considerably more pain at the pump than most drivers realize.
Gasoline nationally is in an accelerated upswing, having jumped to $3.58 a gallon from $3.50 in just the past week. In some parts of the country, including New York City and the West Coast, gas is already sporting a price tag above $4 a gallon. There was a pray-in at a Chevron station in San Francisco on Friday led by a minister asking God for cheaper gas, and an Arco gas station in San Mateo, Calif., has already raised its price to a sky-high $4.62.
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Opec says oil could hit $200
By Carola Hoyos in London
Published: April 28 2008 13:56 Last updated: April 28 2008 20:03
Opec’s president on Monday warned oil prices could hit $200 a barrel and there would be little the cartel could do to help.
The comments made by Chakib Khelil, Algeria’s energy minister, came as oil prices hit a historic peak close to $120 a barrel, putting further pressure on global economies.
His remarks suggest Algeria wants Opec to continue to resist calls by US and European leaders for the cartel to pump more oil to help ease prices. But Mr Khelil blamed record oil prices on the weak dollar and global political insecurity.
He told El Moudjahid, Algeria’s government newspaper: "I don’t think that an increase in production would help lower prices, because there is a balance between supply and demand and the stocks of gasoline in the United States have recorded a surplus and are at their__ highest level for five years.

Hey OK then why except for gouging by the oil companies is gas so damned expensive if their suuplies are at the peak levels highest in 5 years. I am sure this is all the fault of the Bush Oil Barons.
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What the US needs to do is go back to gas rationing force the auto makers to produce 50 mile per gallon cars. Outlaw big autos and especially those with hugh engines. I see the ads showing cars racing away boasting of their power it't back to the 60s all we need are the tail fins.
We could show that the public means business if for one day a week we all stop using our cars except for emergency use. It would bring the oil companies to thier knees. Don't use A/Cs unless boiling hot open the windows use fans. I didn't have an A/C in my house until 1967 or in my car until that date either. Put windows back in the schools push out the bricks put in windows that open. Never had aircondition in school or college or work place either. Open the windows let nature in, if too noisy then pass and inforce some noise legislation. Lets get some of these trucks off the road and get the railroads delivering the goods like they used to, remember railway express.?
Reduce the national speed limit to 50 mph ( with smaller engines and cars it won't seem out of place). #! don't elect McCain as he will only continue the Bush policy of letting market( meaning you and me) forces determine price. I am for price fixing to avoid excess profits to the oil companies and that goes for food producer also. Forget ethanol it takes gallons of water and electricty to produce and total cost is more then it sells for. Farmers wouldn't be making it because it cost more to make then they can sell it for. But big subsidies by the Bush crowd makes it profitable for them. It has produced higher food prices because of the demand for corn to make it. Corn and corn syrup ( for sweeting) is in everthing just watch the dairy prices soar because it costs more now to feed the cows do to ethanol production. Cereals forgetaboutit. There is a lot that can be done if we only had the leadership and backbone to do it. Unfortunately the nations backbone has grown soft with all the easy and indulgent living it has been enjoying
( huh). And we don't have leadership in Washington from either party.
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Comfort Foods Doing Well!

Published: April 29, 2008

LONDON (Reuters) - Stock futures eased in Europe on Tuesday, suggesting Wall Street may fall later on a busy day for earnings, following a pessimistic economic outlook from investor Warren Buffett.
The major indexes ended Monday virtually flat after Buffett's forecast of a long, deep U.S. recession offset gains made after confectioner Mars Inc teamed up with Buffett's Berkshire Hathaway Inc to buy chewing gum maker Wm Wrigley Jr for $23 billion.