Tuesday, January 25, 2011

Gas Hit Record High For January At $3.11. What Should We Do About It?

We all know that gas price is a major factor in our future economic recovery. It effects every aspect of our lives from food prices,plastics and just going from point A to B. This new record high for January is big news, but you wouldn't know it if you read the paper or watch the news. See demand is low right now because of this long recession in America. Obama must fix this now or we will not have a recovery. It does seem fitting that Obama stopped our domestic drilling, causing gas prices and speculating to go higher. This time it might not be a bubble like it was when it went to $4 for that short time. If Obama would open us up to more domestic drilling it would start dropping gas and oil prices down immediately. That's the good side of commodities speculating, it works both ways. Even just a strong debate among our leaders would cause speculators to bail out. It's what they do. And that debate has to start now if Obama ever has a hope of getting re-elected in 2012. Obama needs to first undo what he did with the Gulf oil embargo. Next he needs to make it up to our domestic oil producers by letting them produce more of our countries oil. It isn't doing anyone any good sitting under the ground. We also have a chance of loosing it if we don't take it, slant drilling. We all know that this wont end well for the Democratic Party if they, as Obama said..."this will necessarily make our energy prices go up".  I'd like to know what you think about the price of gas,oil and how we should fix it? The price of oil is over $100 per barrel. The worlds economy and our own is based on cheep energy. Whether you like it or not our economy is driven by the price of oil. And we have put too much of our economy in the hands of other nations to control. We need to get out of the grip of our debtor nations and OPEC.


  1. Chris, the price of oil is over $100??? No its not. And certainly US drilled light sweet crude is not.

  2. Chris, is $3.11 a record high??? Really.

    i thought 4.12 was the record. You know under Bush.

  3. A record high for January Joe. See the difference? If January is at a record high then what will the summer look like? You are right that the record high for gas was $4.12 for a short time in the Summer under Bush. But that bubble was short lived and burst quickly. Oops oil is at $94.80 today. My bad. This is what the experts are predicting if we stay on this path that Obama has put us on. Obama has done everything he can to slow down our demestic oil production. Oil prices could more than double from present levels to higher than $200 per barrel, Jim Rogers, the US investor who co-founded the Quantum Fund with George Soros, warned yesterday.

    Mr Rogers, who at the beginning of 2009 urged investors to sell sterling, said crude prices were set to rise because the world was running out of known reserves of oil. "Maybe there is a lot of oil in the world, but if there is, we don't know where it is or how to get to it," he said, He suggested that prices would pass $150 per barrel and probably $200 per barrel.

    Does anyone know what Obama is doing to change this economic disaster? Other then harming our demestic oil production with embargos on it.

  4. Eventually we will open up drilling on OUR soil or OUR economy will be in even more trouble. With other Nations demanding MORE (China India) we will be in competition for the World oil supply and like most competition we get in NOW we lose. Cannot afford to leave OUR oil fields unused. Government must allow Drilling either now or later. It will happen and the longer we wait the worse it will be for us.
    The next 20 years or so I do not see windmills or solor power as our main energy source. Do not see electric cars being of any real value for years yet.

    You would think that if the Navy can run ships for 20 to 25 years on one fill up of Nuclear Power more science would be involved in using it for Nations power but Enviormentalist would have a shit fit.
    Regarding our need for ENERGY: Government is not the solution BUT the Problem. In this case Reagan was once again correct! just my opinion!

  5. Chris, a record for Jan. Okay, but what if your wrong? What if the oil prices don't rise, and the Saudi's increase production like they say they are going to?

    And WTI is trading at $85.14

    but here's a strange thing...

    "Despite recent upticks in oil price, world prices are projected to remain between $70 to $90 per barrel in the medium term, with Opec producers stepping up sales from their ample spare capacity to meet any additional demand not supplied by non-Opec producers," World Bank said."

    guess everyone can't agree.

  6. Obama said demand is high and that is why gas prices are so high. But OPEC said demand is low and they are cutting production. I hope I am wrong along with most experts.


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