WE ARE ALL GETTING SCREWED

1. Depending on the Jobox you can spend $550 which equates to about 8 fillup ($3.5 * 20gal tank * 8 fillups). This way he wont have to pay for gas and he could make his money back in less than a year.

2. You've made so many mistakes during this thread it is kind of funny. You've repeadedly said demand was down and now finally you're saying demand is up. This is also after you said supply had fallen but that you meant to say demand had fallen. And then you say that you have no idea what global demand is but now global supply is up? AND then in you're last post demand is up again.

I honestly think you've confused yourself you don't know whether global demand/supply is up or down and even if you could figure that out you can't figure out if gas prices should be up or down as a result.

3. The genius you are then goes to say "Today is the first time that gas has gone down over the last month." I'm not sure if you live across the street from a gas station and you're talking about the price on the gas over there. However if you're talking about crude oil prices (you know $120 per barrel) well that price has fall NOT ONLY TODAY but also on 4/29, 4/30, 5/1 AND today.

4. Lets review this article now...

First off you realize this guy is a writer and he makes it blatantly obvious by the end of his article that he really has no idea how anything works. He complains about the Federal Reserver lowering interest rates and mortgage rates going up...that alone shows he is clueless. He really has a hard time looking at the BIG PICTURE. Like you know the US$ has depreciated by 30% since 2002 but crude prices are up 500% (gas at the pump is up much less than that in the US), and he says THAT CAN'T BE. He doesn't take into account the HUGE rise in global demand since then.

While US demand is down, worldwide deman is up. Demand has been outstripping supply for a long time now. So while global supply might be up 2.5% it is still not enough to make up for the continued short fall. Think of it this way. If global deman has been 100 gallons and supply has only been 90 gallons and demand goes up by 2% to 102 gallons and supply goes up 2.5% to 92.3 gallons there is still a squeeze.

Here is the deal. Global demand is up 2%. Supply is also up. Also yes the price of oil has gone down but that as you the smarty should know is that does not mean gas at the pump is down. Today marks the first day that the national price at the pump has actually gone down. I am ready to hear the article debate.

The guy wins an award for business journalism from the UCLA business school and he is a writer for business weekly a very reputable magazine and now he is the guy who does not know anything. What are your credentials.

Iraq produces far less oil than the US does. The US is sitting on the largest supply in the world. We could dictate the price (not cost)of oil if allowed to by our own government. We can also drill, pump and refine oil today with safety margins vastly superior to just 10 years ago. Why shouldn't we. I have a gasoline driven car, but I don't have a wind-driven or solar powered one. You probably don't either.

Mtn Dew wrote:

Last I checked a barrel of oil was actually DOWN in relation to gold, meaning the falling dollar has a lot to do with the increase at the pump.

The price of oil doesn't drive the dollar, it's the other way around. Oil is priced in dollars, as the dollar falls the price of oil goes up.

The Federal gas tax is 18 cents per gallon. The average state tax is about 22 cents per gallon. The total of 40 cents is paid by you before any money goes to Exxon (or Mobil, or any other corporation the socialists would like to demonize). If a gallon of gas costs $3.50, $.40 of that is a "sales" tax and the real cost of the gas is $3.10. Out of that $3.10 of revenue received by Exxon, they pay about 22 cents in corporate taxes (thank you Mr. Figures for figuring out the precentage for us all, even if your logic was flawed). That 22 cents makes the government's windfall from a gallon of gas 62 cents. After all the other costs of getting the gas to you are subtracted, Exxon makes about 31 cents per gallon. By my calculation, the government benefits twice as much as Exxon from a gallon of gas. So who is really gouging the consumer?

To the poster who criticized Jimmy Carter for gasoline price controls: Yes it was a stupid thing for him to do, but it was also stupid when Nixon did it in '73. Both parties are equally stupid, they just express their stupidity differently.

Not sure about that...i would need to see the numbers but according to this

http://www.infoplease.com/ipa/A0872964.html

Iraq has far more reserves than the US.

The US could produce more oil but remember we arent allowed to drill in certain places like the Arctic National Wildlife in alaska

The US has far more capacity to produce more oil and laws severely limit any increase, you are correct. Remember, Cuba and Venezuela et al are pumping oil in the gulf 50 miles from FL. Let's pump it, refine it, burn it in the meantime and let the brilliant environmentalists work on our solar, hydrogen, vegetable oil, and wind driven cars at the same time. I drive a Ford Escape Hybrid getting 31 miles/gallon over 3 years (double my previous car).

Drilling in the Arctic National Wildlife won't make a huge difference. US oil production has been in general decline since 1970 (we have 1/2 the daily production now that we did then). The North Slope in Alaska was a huge find and it only reversed the declining trend for about 5 years from 1980-85. We are not going to go from producing 5 million barrels a day to 7 or 8. There is not a lot of untapped conventional oil. Uncoventional is a different story, but ramping up production of shale oil is a long ways off or may never happen.

BostonSweetLou wrote:

Not sure about that...i would need to see the numbers but according to this

http://www.infoplease.com/ipa/A0872964.html

Iraq has far more reserves than the US.

The US could produce more oil but remember we arent allowed to drill in certain places like the Arctic National Wildlife in alaska