So why is the price of gas in the US going up if..

[R_C]

...the US does not buy oil from Libya and Libya supplies only 2% of the world's oil ?

Let us pray that young Saudi Arabians continue to be happy with being ruled by a "King" and his family....forever.

[Cultcha]

Re: So why is the price of gas in the US going up if..

- Pure Greed

- As demand for countries like China and India explode the price has no where to go but up.

With that said it serves no good to anyone for continued rising prices to stall this so called economic recovery and plunge us back into recession/depression.

Interesting times indeed!

[Magician]

Re: So why is the price of gas in the US going up if..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Rollin_Calf</div><div class="ubbcode-body">
Let us pray that young Saudi Arabians continue to be happy with being ruled by a &quot;King&quot; and his family....forever. </div></div>

Yuh seet!
As someone who uses 11,000 litres of kerosene per hour while at work, that would be bad for business!

[RichD]

Re: So why is the price of gas in the US going up if..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Magix</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Rollin_Calf</div><div class="ubbcode-body">
Let us pray that young Saudi Arabians continue to be happy with being ruled by a &quot;King&quot; and his family....forever. </div></div>

Yuh seet!
As someone who uses 11,000 litres of kerosene per hour while at work, that would be bad for business! </div></div> mi never know sey yuh inna di tilly lamp business

it sound more impressive when yuh call it Jet A what yuh flying now ?777?

[Magician]

Re: So why is the price of gas in the US going up if..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: RichD</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Magix</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Rollin_Calf</div><div class="ubbcode-body">
Let us pray that young Saudi Arabians continue to be happy with being ruled by a &quot;King&quot; and his family....forever. </div></div>

Yuh seet!
As someone who uses 11,000 litres of kerosene per hour while at work, that would be bad for business! </div></div> mi never know sey yuh inna di tilly lamp business

it sound more impressive when yuh call it Jet A what yuh flying now ?777? </div></div>

@ tilly lamp
You know seh afta all is Alladin country dis.

Mi a wheel de 340 still.

[johnnycakes]

Re: So why is the price of gas in the US going up if..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Kotch_Foot_Milo</div><div class="ubbcode-body">- Pure Greed

- As demand for countries like China and India explode the price has no where to go but up.

With that said it serves no good to anyone for continued rising prices to stall this so called economic recovery and plunge us back into recession/depression.

Interesting times indeed! </div></div>



KFM,
It's not altogether greed but the way capitalism works. The sellers can charge whatever the market will pay.
In the case of oil, it is traded on the stock market as a commodity. People buy the oil before it goes anywhere and the whims of that market decide the price.

Oil will continue to go up in price as that is what every commodity does. The big difference between oil and say hog bellies is that oil is non-renewable and we are somewhere around the half-way point in what there is in the ground. The rest becomes more expensive to extract and the price will rise even faster as we get closer to the last drop in the ground.

As for the price of oil affecting the depression /recession, maybe.

IMo and in the opinion of many of us on the left, capitalism has reached the saturation point. There are no new markets, no new revolutionary products to sell and capitalism has run out of steam (or oil) .

We need to have a more socially beneficial means of distributing the goods and services essential to a decent life but those at the top of the capitalist system who own and control the world will have to be dragged kicking screaming and killing all the way to give up their lives of splendor and make way for something better for the rest of us...

[Derek]

Re: So why is the price of gas in the US going up if..

And let's not fall into the trap of blaming it all on greedy Arabs.
They sell their oil relatively cheaply to BP, Shell, Chevron, Texaco etc, etc.
The Arabs get rich on it of course, but it's the big oil companies that make the exorbitant profit.

You might be surprised to learn that the World Bank makes a tidy change from oil too.

[Magician]

Re: So why is the price of gas in the US going up if..

A lot of the money is made on refining.
UAE for example, does not refine jet fuel. It ships crude to places like Singapore, where it's refined and shipped back for local use. Of course the price doubles in the process.

[Derek]

Re: So why is the price of gas in the US going up if..

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Magix</div><div class="ubbcode-body">A lot of the money is made on refining.
UAE for example, does not refine jet fuel. It ships crude to places like Singapore, where it's refined and shipped back for local use. Of course the price doubles in the process. </div></div>

Indeed!

[johnnycakes]

Re: So why is the price of gas in the US going up if..

Our man in the oil business, Wahalla would seem to be the one to answer this question but is conspicuously absent from the discussion.

I know he reads the fora so I have to assume he would have nothing good to say about the oil companies regarding the price of oil and would prefer to say nothing.