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But I thought consumer spending was back after the tag team of Bernake / Obama cured cancer, ended global warming, and stopped the recession.
Wal-Mart shares are plunging as the firm reports a 'total disaster' in its February sales. Bloomberg obtained internal emails that note:
Without doing any hard analysis of the situation, I wouldn't be surprised if this had something to do with the elimination of the payroll tax holiday...the same payroll tax holiday that the GOP fought to kill at the end of 2011.
This post was edited by cstory80 17 months ago
This comment made me laugh.
It's totally ironic but not altogether untrue. The economy has stabilized, but especially for the poorest, there are real barriers to an impressive recovery that solves long-term problems. Alas, we don't have the political will to do anything about it.
MeMBeR SiNcE 9/11/2011
MaY GOD BLesS ThE U.S.C. TROJAN'S, AnD AMeRiCA,---FoR ALLL ETeRNiTY!!!
No, but gas prices are up due to the printing of money so the dollar can lose value.
This post was edited by sec13graphics 17 months ago
"...an economy hampered by restrictive tax rates will never produce enough jobs or enough profits" JFK
Gas prices are up due to global recovery (increased demand) and several refineries temporarily being shut down to switch over to the summer blend of gas (decreased supply).
Sales at Costco seem to be doing fine.
You are too funny!
It jumped $0.63 in the last 3 weeks out here!
If you are ignorant about the subject, it is not a good idea to laugh at others that are familiar with the subject and explaining it to you.
If you'd like, I can provide several more links. This is not even really debatable.
This post was edited by Morethanafan 17 months ago
Hawaii and California (especially in the summer) get to grab their ankles regarding gas prices. Hawaii because it is an island. California because it has a unique blend (especially in the summer). It is more costly to make. Also, if there is some disruption to refining of the unique blend, other refineries are generally not set up to pick up the slack.
Problem about that statement is refineries make seasonal changes and have temporary closures all the time. Yet they do not always come with such severe price shocks. The unsubstantiated assertion of increased demand doesn't exactly further the aforementioned argument either.
"It’s not all supply or demand.
"The rising gasoline prices come even as the United States now produces more than half the oil it consumes. In fact, the nearly 800,000 barrel per day increase in U.S. production output from 2011 to 2012 reflected the largest one-year jump since oil drilling began in 1859.
The U.S. Energy Information Administration projects that U.S. oil production will rise from 6.89 million barrels per day in November 2012 to 8.15 million by December 2014. At the same time, the International Energy Agency has lowered its estimates for global demand for oil. Lacking demand, OPEC, the oil-exporters cartel, has reduced production.
(A clear contradiction of your demand up + supply down thesis).
It all argues for lower oil prices, or at least less volatility in the price of oil and thus gasoline.
The utilization of higher gas prices = better and improving economy is also a bit silly.
Last time I checked... higher gas prices -> reduced income people can spend on consumer goods + higher business costs due to freight/ production price increase = bad for the economy.
Might be good to evaluate a bit yourself instead of jumping the gun and telling others that they're ignorant about a particular subject.
Theyre baaaacccck. Like locusts ravaging fertile crops, gasoline prices are soaring again and eating away at the purchasing power of ordinary Americans. And again, financial speculators appear to be a big part of the story.
Are you serious? Are you literate? I asked in another thread, how old are you? My article expressly states:
"-- Some refineries are switching over from winter to summer fuel, which is more expensive to produce.
"-- A Hess refinery in New Jersey that supplies 7.5 percent of the Northeast's gas is closing.
"-- Midwinter maintenance has led some refineries to go offline temporarily.
"-- Demand for gas is up, fueled in part by the return of more people to working."
What about the above list did you not understand? No one claimed that it was seasonal refinery shutdowns alone that lowered supply. That was a contributing factor. There were also other refinery shutdowns.
Your article apparently agrees with what I claimed. It says:
'Other forces are at work as well.
'Nearly 1 million barrels a day of capacity has been turned off with eight refinery closures or announced closures on the U.S. East Coast and the Caribbean over the past year.
' “What the market is really pricing in is potentially a new era of tighter gasoline supplies that are heavily reliant on imports,” said John Kilduff, a partner in the energy trading firm Again Capital in New York. “We might not ever turn back from these high prices. This isn’t episodic.”
'Another factor is that refiners that turn oil into gasoline have chosen to switch to their summer blends much earlier than normal. This switch, which stops or slows production for a period of time, usually happens closer to the Spring Break driving season in mid- to late March.
'Last year, gasoline prices peaked on April 5 and 6, so AAA is hoping that an early switchover may also mean an early peak to gasoline prices and that they may tumble later in the year.
'The trade association for refiners, the American Fuel & Petrochemical Manufacturers, is unaware of any large-scale early switch away from winter fuels, said Joanne Shore, the group’s chief industry analyst.
' “We don’t have information on that explicitly,” she said, noting that the association doesn’t keep real-time production data. California, Shore said, switches to summer fuels earlier than the rest of the nation, adding that some California refiners are undergoing maintenance and it’s been “one of the factors that has tightened (up) the Southern California market a bit.” '
Even if you did not read or understand my article, did you read and understand your own? Is this a joke on your part?
' "The rising gasoline prices come even as the United States now produces more than half the oil it consumes. In fact, the nearly 800,000 barrel per day increase in U.S. production output from 2011 to 2012 reflected the largest one-year jump since oil drilling began in 1859.
'The U.S. Energy Information Administration projects that U.S. oil production will rise from 6.89 million barrels per day in November 2012 to 8.15 million by December 2014. At the same time, the International Energy Agency has lowered its estimates for global demand for oil. Lacking demand, OPEC, the oil-exporters cartel, has reduced production.'
...shows a total ignorance of the subject. It is not a matter of how much crude is pulled out of the ground. It is how much gas is refined. Based on your post, you apparently do not understand the difference. Let me help you. you cannot put crude oil into your car. No matter how much crude oil is pulled out of the ground, if there is a bottleneck at the refineries, gasoline prices will go up. In fact, if a lot of crude oil is being produced but there is a lack of refining capacity, crude oil will go down in price as gas goes up in price creating a larger price spread. Speculators play that spread daily. Before you argue demand and supply, you must understand what the commodity is. Here, it is refined gas, not crude oil. That is as basic as it gets.
"Last time I checked... higher gas prices -> reduced income people can spend on consumer goods + higher business costs due to freight/ production price increase = bad for the economy." This quote has nothing to do with the cause of gas prices going up. What are you babbling about?
This is an area for which I have expertise. I find it amusing that you believe that you have any concept about what we are discussing. You have no clue. What have you done? Taken a high school economics class and you think you understand world petroleum markets? You have no effing clue.
Please stop avoiding my question. How old are you? Your youth really shows. You like to argue everything and know very little about that which you argue.
Yeah, well, I'm in Arizona.
And the refinery retooling line is stale and used up. It's price fixing plain and simple.
I am not as familiar with AZ gas. It is possible that prices are being "fixed" but I doubt it.
@ your wannabe T Boone Pickens Persona.
If you really knew as much as you claim about energy/ oil sector, you wouldn't have had to rehash those things. How about YOU read and listen for once (granted it might be a hard task but try nonetheless). I explicitly acknowledged those things and also stated these things, while not ubiquitous, aren't exactly out of the blue events. Read any 10Q/ 10Q reports and similar events take place more often than not.
Furthermore, my objection was via this particular quote of yours:
"Gas prices are up due to global recovery (increased demand) ". Right... that is why OPEC and various other blue chip oil companies are cutting production levels . This is a trend most "experts" are already privy of. Yet you pull a 180. Smooth.
How much do I know about this field? A majority of my stock portfolio is in Oil/ Energy company. So yea, seeing as how I have financial incentive, I do read the filings pretty closely. Not to mention I have 2 different relatives who work(ed) as Buyside Analyst in funds that focused on the Oil/ Energy sector. So I don't need your "expertise" which I see to be on a pretty rudimentary level and I hope are not lightweight boiler plates you use to bill clients.
Lastly, your persistence in trying to start the ageism angle was already acknowledge in the other thread BEFORE you went on your diatribe. Again, if you actually stepped up your reading comprehension game and not opt for such selective reading, you might have caught it.
OPEC cut back because there is a lot of supply of CRUDE OIL (you seem to have missed the distinction between crude oil and refined gas) relative to demand because of the extra oil from the U.S. As far as reading10Qs and 10Ks (I assume you meant 10K rather than repeating 10Q), my largest personal holding is a refinery, Valero Oil (VLO). I do read its 10Qs and 10Ks as well as listen to the quarterly analyst call.
I love the "my relative is a..." argument. Did their knowledge impute to you by osmosis? By the way, I do not need a relative to demonstrate my knowledge of securities. I am CEO of a securities broker-dealer. I am futures licensed and was in senior management of a firm that did quite a bit of futures trading. Trust me, you do want to get in a pissing contest regarding qualifications, especially if you need to name your family to show your qualifications and you have trouble understanding the distinction between crude oil and refined gas.
Hey, I am actually enjoyed the discussion, so let's not get too personal. Thought we could leave that behind with the passing of some folks from this board...
That does not explain how the prices in FL are only a few pennies lower than in CA - I filled up in CA on Saturday and then in FL on Monday and it was only .04 difference in price. Also note that CA has the highest gas tax in the country as well.
This gas situation is not just being driven by markets/recovery/demand.
PS - I do like that FL has higher speed pumps without those stupid gaskets.
Another $0.03 since Monday...that's a total of $0.65. Diesel is only $0.03 higher than the cheap 87 octane.
...and the FL gas station was not in a high-end neighborhood or close to the airport, either.
I was visiting family in Kendall (West Miami) which is a pretty standard, middle-class neighborhood.
I suspect that there is quite a bit of this going on. It's not like it hasn't been done before - just ask Enron.
Gas prices may have gone up between Friday and Monday. You may have gone to a cheap station in CA (ARCO if they are still cheap) and expensive one in FL. I agree that it is unusual though. Something that you will notice, as you drive north in Florida, gas prices get cheaper. I suspect that it cost more to transport gas to Southern Florida.
You are not too far from me. I work in Miami (on Brickell) and live in Weston.
That is good news for Diesel drivers
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