Have gas prices risen worldwide in line with U.S. Gas prices ?

Question

It's very likely just a coincidence, but I think it's at least ironic that gas prices have never gone up as much as they have this year, not even close, and most of us americans are cashing those economic stimulus checks, and handing over the green to the Arabs.

No other commodity behaves price-wise like gas. They buy the crude, then refine it as gas and sell it. If oil FUTURES go up, gas prices go up, while it's still in the gas stations underground tanks ! They haven't even bought it, refined it, delivered it to the stations.

If the orange groves in florida experience an icy winter, the crop is reduced, and AFTER the bad/reduced harvest, the price is higher due to natural forces of supply and demand.

And how come no politician talks about taking the oil companies to task over manipulating the supply by colluding to reduce refinery production ? .. With any significant measure of success in this area, you'd cream the guy that catches Bin Laden and defeats the Terrorists !!!

Answer 1

It is a world wide crisis for the most part unless you live in a country that exports the majority of its oil.

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Answer 2

Did you catch the segment about this topic on the CBS Early Show today (6/10/08)?  I think the reporter's name was Dan Brown (please correct me if I'm wrong).  If I have time I'll add the link to the story.

This reminds me of my Economics classes.  It is Supply and Demand leaping out of the textbook and into our daily lives.   There are unlimited wants and limited resources.

Answer 3

We are inflating our price for gas by our trading the shares of Oil.

Just check it out on the stock market.

EDIT : This may be all she wrote for us !

Suspension or regulation on trading shares of oil is all that will help at this point.

Of course that will hurt the people who's investment portfolios include Energy shares !

Answer 4

YES