Stupidity of the Day – Gas Prices

Gas Prices.

     …and I could probably just stop right there and leave it at that …but I won’t.

     Do people realize that the price of gas is simply a speculation of imaginary circumstances as thought up by investors in world stock market oil futures? That the price of oil has nothing to do with anything really tangible.

     Yes, you could argue the whole Middle East/North Africa thing going on, but do people realize how little oil the world gets from Libya? That most of the price increase is speculation in imaginary coups, protests and government failures that haven’t happened, but might happen, but may not, but could, but probably won’t. There is no more or less oil or gas (or petrol) in the world today than there was a week ago, a month ago, or before the Egyptian debacle happened – I know, except was used in that time, but you know what I’m saying.

     It’s idiotic, in my opinion, or just the world we live in today where speculation is worth more than reality. Interesting. So, what if a guy with a lot of money and a vivid imagination steps in (and I’m talking A LOT of money)?  …oh yeah, almost forgot – I was reading this today.

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6 comments on “Stupidity of the Day – Gas Prices

  1. So true. The speculators want the price to go through the roof so they can live comfortably. The normal people don’t matter.

  2. It’s so true, and would be a joke if it weren’t so idiotic (if that makes any sense). Trouble is, even if we, mere “people”, do realise that it is speculation that causes the price to rise – what the hell are we suppose to do about it at the gas pump?
    Quite frankly – I think it gives dodgy dictators more credit than they are worth to speculate so. As you say, Libya’s contribution to the world supply of oil is fairly minimal – yet here we are, pumping up the price – and Ghaddafi’s ego whilst we are at it…. bah.

  3. You’d think that people would notice that these “crisis” situations always happen right before the summer travel season gets underway. DUH! But really in a way our dependence on foreign oil spurs part of the hysteria. Because of good hearted but misguided people who hate the “evil oil” industry. We have not built a refinery in the US in almost 30 years. Now THAT is something to worry about.

  4. Petrol went from $1.35 on day to $1.52 the next. That is a price per litre.

    Makes no difference how idiotic the whole thing is – I still have to put petrol in the car. 😦

  5. I don’t think all this oil talk (in fact any commodities talk) makes one jot of difference. In my experience when “market experts” start making forecasts, the oil industry (or whatever) and especially the government treat the numbers forecast as a target to reach.

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