gas prices beginning to rise

Candidate for thread of the year?

LOL

 

Time will tell...

Gas prices may jump at the pump after Syria airstrike

Gas prices may be on the rise following the U.S. airstrike in Syria.

Oil prices hit a one-month high on Friday after the United States fired missiles at a Syrian government airbase, sending shockwaves through global markets and raising concerns that the conflict could spread in the oil-rich region. As of Friday morning, the average per-gallon price for gasoline was $2.39, or an increase of about one penny from Thursday, according to gas tracking site GasBuddy.

Gasoline prices had already inched higher this month, rising 4.2 cents to reach an average cost of $2.33 per gallon in the week ending April 3, GasBuddy said. Even before the Syria strike, consumers were forecast to pay more at the pump over the next few months, given the annual cycle of higher driver demand in the summer and as gas stations introduce a more expensive fuel blend, the AAA said.

“As we’ve seen in the past, oil prices hate turmoil,” said GasBuddy senior petroleum analyst Patrick DeHaan said in a statement on Twitter. “It is too early to know how severe or how long the impact to oil prices may be.”

The U.S. equities appeared to be unphased by the attack, with U.S. stock index futures flat on Friday morning. Still, oil, gold, foreign exchange, German and U.S. 10-year bonds reacted strongly to the attack. Traders are likely to be “jittery” on Friday, Shaw and Partners senior wealth manager James Audiss told Bloomberg News.

Brent crude futures were up 68 cents at $55.57 a barrel at 1012 GMT after reaching an intraday peak of $56.08, the highest since March 7, shortly after the missile strike was announced.

“The larger concern for market participants is the prospects of deeper involvement for the US and other allies in Syria,” TD Securities analysts said Friday in a report. “With Russia condemning the attack, an escalation of tensions between the U.S. and Russia (and perhaps Iran) will be closely watched as a barometer of risk appetite.”

U.S. West Texas Intermediate (WTI) crude futures were up 70 cents at $52.40 a barrel, having reached an intraday high of $52.94.

“Oil markets are back in bullish mode after the setback of the previous weeks. This news flow seems to bring geopolitical risks back on the radar,” said Frank Klumpp, oil analyst at Stuttgart, Germany-based Landesbank Baden-Wuerttemberg.

Although Syria has limited oil production, its location and alliances with big oil producers in the region mean any escalation of the conflict has the potential to increase supply-side fears.

Other analysts were more cautious, saying the conflict in Syria had no bearing on oil fundamentals and that the political risk premium could fall as quickly as it had appeared.

“Typically these kinds of events don’t really matter more than a few days, and this one definitely shouldn’t either,” said Peter Boockvar, chief market analyst for economic research firm The Lindsey Group, in a note.

Oil markets remain oversupplied, even with efforts led by the Organization of the Petroleum Exporting Countries to cut supplies to prop up prices.

Russia, which is part of a deal between OPEC and non-OPEC oil producers struck late last year to rein in supplies, said on Friday it was too early to say whether a deal could be extended into the second half of the year.

The government has held discussions on a possible deal extension with domestic oil producers, Russian Energy Minister Alexander Novak said.

 

Yet when Obama was president gasoline hit $5 per gallon.

 

http://bbs.clutchfans.net/index.php?threads/trump-gas-price-spike-thread.281967/

Did you even look?

 

What do you believe causes the price of gasoline to rise and fall?

 

You gotta back away from this one. Pretty much anytime someone tries to tether their political views to economic trends it forces a lot of corrupted manipulation of data in contradiction of well proven patterns and creates a trade-off between winning a temporary factional argument and effectively understanding and implementing efficient allocation of resources. Commodity pricing in particular is based on anticipated usage versus existing stored inventory and any operational constraints on extraction and transport logistics, you'd have to ignore a lot of thoroughly calculated and globally published data, which is then updated and acted on daily, to instead base it on Eurocentric diplomatic bias or abortion policy.

 

Bro, such deep analysis.

So basically you can't explain it. Got it. Step aside, kid.

 

Geopolitical uncertainty does make oil prices tick up slightly but there's still an over supply issue globally.

 

This is a questionable theory, especially in the sense that you assert it happens every time. Oil prices dipped significantly for a large part of the 1980s with a Republican president, the energy industry and Houston itself partially contracted as a result, but the economy as a whole expanded somewhat consistently. This is also completely unnecessary argument to make if you want to support liberal policies or candidates.

 

Well, I am. I assumed you were liberal because you went out of your way denigrate Republican incumbents based on some pretty specious logic. Knowing that you aren't, or that you're too insecure or self-deluded to allow your arguments to be objectively scrutinized in the context of your political views, makes this entire thread of yours that much more unnecessary.

 

Even with a war there are way too many drillers going crazy. They are going to kill this industry or just make it a race to the bottom.

 

That's not any kind of a fact, and you've spent more time deflecting relevant rebuttals and attacking Republicans (or people you just falsely alleger are Republicans because they disagree with you) than documenting or explaining your poor argument.