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The gas price disaster that didn’t materialize

Politico -- Remember the $6 we were all supposed to be paying for a gallon of gasoline about now?

It didn’t happen, despite the dramatic predictions from armchair pundits, political candidates and some in the media.

Instead, gasoline has settled around $3.40 a gallon as of Monday — rising for the moment, although perhaps nearing what some fuel-price experts consider a plateau of sorts. But credible analysts concede that too many variables are at play for any certainty.

“The real truth is no one really knows. There’s so many unknowables,” said Guy Caruso, former head of the U.S. Energy Information Administration under President George W. Bush.

Among the complex ingredients are possible future conflicts in the Middle East or a global economic crisis, as well as the strength of the U.S. dollar and

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Submitted Jul 17, 2012 By: angel4me

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mecforyou Champion Author Iowa Posts:2,962 Points:1,260,480 Joined:Jul 2007	Message Posted: Jul 20, 2012 5:03:58 AM Ignore mecforyou Report Abuse It will make it sometime
honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Jul 19, 2012 4:02:35 AM Ignore honda0105 Report Abuse Gassed01: pig oil greed?
honda0105 Champion Author Tallahassee Posts:18,609 Points:1,608,545 Joined:Nov 2008	Message Posted: Jul 19, 2012 3:54:24 AM Ignore honda0105 Report Abuse goes to show how much predictions are just that... a look in the crystal ball. Lemme see what mine says. Oops, can't tell, it just broke.
sparky808 Champion Author Honolulu Posts:2,993 Points:597,535 Joined:Sep 2011	Message Posted: Jul 18, 2012 11:19:23 AM Ignore sparky808 Report Abuse Thank you for posting.
Eugene_C Champion Author Columbus Posts:2,299 Points:155,995 Joined:Mar 2004	Message Posted: Jul 18, 2012 8:26:05 AM Ignore Eugene_C Report Abuse Speculative bubble popped again.
justmedc Veteran Author Michigan Posts:382 Points:174,045 Joined:Mar 2012	Message Posted: Jul 18, 2012 4:42:31 AM Ignore justmedc Report Abuse still should be lower than what it is!
1006 Champion Author Birmingham Posts:1,105 Points:1,354,315 Joined:Apr 2008	Message Posted: Jul 18, 2012 4:42:01 AM Ignore 1006 Report Abuse agree indie. there are some certainties of what he'll do - tax, tax, tax
RogerB Champion Author Indianapolis Posts:18,056 Points:2,623,135 Joined:Dec 2005	Message Posted: Jul 17, 2012 11:59:19 PM Ignore RogerB Report Abuse If the wrong person gets into the White House in November, watch out!
METEOR49 Champion Author Ontario Posts:2,167 Points:454,250 Joined:Apr 2011	Message Posted: Jul 17, 2012 10:23:10 PM Ignore METEOR49 Report Abuse WITH SUCH A GLUT OF OIL WHY ARE PRICES SO HIGH ?
Nicoalbum Champion Author Ottawa Posts:6,016 Points:1,187,900 Joined:Jan 2010	Message Posted: Jul 17, 2012 10:16:34 PM Ignore Nicoalbum Report Abuse I am still looking forward to see $6/gal. Canadian gas is already $5.50
bigdipperMS Champion Author Mississippi Posts:1,507 Points:535,800 Joined:Apr 2011	Message Posted: Jul 17, 2012 10:14:06 PM Ignore bigdipperMS Report Abuse If the World Economy improves, you can bet the price of gasoline will rise. We need to become energy sufficient in the USA.
eightiesgod Champion Author Ohio Posts:3,375 Points:1,231,885 Joined:Oct 2008	Message Posted: Jul 17, 2012 10:13:44 PM Ignore eightiesgod Report Abuse old
jrschl Champion Author Louisville Posts:2,962 Points:679,790 Joined:Jun 2011	Message Posted: Jul 17, 2012 10:08:22 PM Ignore jrschl Report Abuse Yes, yes. We all know how this is going to pan out.
jimedB Veteran Author Riverside Posts:395 Points:79,065 Joined:Jun 2012	Message Posted: Jul 17, 2012 10:07:18 PM Ignore jimedB Report Abuse Seems like predicting future gas prices is even less reliable than predicting the weather. What happened to the good old Farmers Almanac? They were able, in times before all the high tech stuff, to print a book that would be almost 80% accurate with weather forcasts for the coming year. Now they are about 50/50. So much for modern change.
OceansidePoms Champion Author Massachusetts Posts:1,680 Points:686,575 Joined:Nov 2008	Message Posted: Jul 17, 2012 10:04:39 PM Ignore OceansidePoms Report Abuse I do agree.... It is still too high, but I will not accept $6/Gallon, not in this lifetime! Not with what we can all afford right now! Speculation kills any good price run, but there are also a lot of variables as the article said... But I think the greed & speculation as well as companies like big oil, have much more impact than the variables... But that's only my opinion..
joel27nc Champion Author Raleigh Posts:10,532 Points:1,857,395 Joined:Mar 2008	Message Posted: Jul 17, 2012 10:01:40 PM Ignore joel27nc Report Abuse I hope gas prices start to drop again!
boatmen Champion Author New York Posts:3,080 Points:622,580 Joined:Jan 2011	Message Posted: Jul 17, 2012 9:59:53 PM Ignore boatmen Report Abuse They were all salivating at the thought of $6 Speculators, Big oil, Banks all the GREEDY Biches
Agarre Champion Author Richmond Posts:1,335 Points:263,785 Joined:Feb 2012	Message Posted: Jul 17, 2012 9:58:11 PM Ignore Agarre Report Abuse Indeed
clermont40miles Champion Author Cincinnati Posts:10,562 Points:1,770,920 Joined:Apr 2008	Message Posted: Jul 17, 2012 9:57:54 PM Ignore clermont40miles Report Abuse Speculation and hyperbole. That is the "news" business. Be vewy, vewy, vewy afraaaaaid!
A2J Champion Author Richmond Posts:3,070 Points:601,975 Joined:Aug 2011	Message Posted: Jul 17, 2012 9:56:31 PM Ignore A2J Report Abuse Ok
forget1thing All-Star Author Fort Worth Posts:711 Points:106,440 Joined:Jan 2008	Message Posted: Jul 17, 2012 9:55:06 PM Ignore forget1thing Report Abuse still too high but lets be thankful its not like in europe $5-$8/gal equivalent i would be happy with it around $2.50$2.70 with the way its been after 08 anyone remember when $1.85 was high? i remember when it hit that then fell to 99 cents at the at the time diamond shamrock now valero near my house boy would that be nice or after 08 here its high was 3.97 and fell all the way down to $1.29 cost me $28 to fill my 20 gal tank on e when light was on forever now i get about 4-5 gals on $20 so it could be and should be soo much cheaper
seabrz7 Champion Author California Posts:1,400 Points:224,810 Joined:Feb 2012	Message Posted: Jul 17, 2012 9:54:58 PM Ignore seabrz7 Report Abuse Maybe not that disaster, but it is still currently a disaster.
EmperorsFinest Champion Author Chicago Posts:1,564 Points:340,870 Joined:Jul 2011	Message Posted: Jul 17, 2012 9:53:05 PM Ignore EmperorsFinest Report Abuse Tubular
mgune9 All-Star Author Dallas Posts:914 Points:200,395 Joined:Feb 2012	Message Posted: Jul 17, 2012 9:51:37 PM Ignore mgune9 Report Abuse prices headed north again - hopefully not to those predictions
gd83goldwinger Champion Author South Bend Posts:1,428 Points:503,480 Joined:May 2011	Message Posted: Jul 17, 2012 9:47:09 PM Ignore gd83goldwinger Report Abuse I would like to see 3.40 it's closer to the 4 range.
texashoudini Champion Author Austin Posts:2,624 Points:1,095,855 Joined:Jun 2009	Message Posted: Jul 17, 2012 9:47:01 PM Ignore texashoudini Report Abuse It's still a disaster. Gas prices were looking good, but now are going up and for what reason? I have no idea unless it's speculation.
northeast2 Champion Author New York Posts:3,849 Points:1,007,200 Joined:Mar 2008	Message Posted: Jul 17, 2012 9:46:49 PM Ignore northeast2 Report Abuse It's all speculation. Like LIBOR.
Blue48 Champion Author Illinois Posts:7,300 Points:1,636,970 Joined:Feb 2007	Message Posted: Jul 17, 2012 9:45:00 PM Ignore Blue48 Report Abuse WE ALL LUCKED OUT!
RevDrCBJ Veteran Author Ann Arbor Posts:363 Points:187,010 Joined:Jul 2011	Message Posted: Jul 17, 2012 9:43:16 PM Ignore RevDrCBJ Report Abuse I just KNEW we'd be paying $5.00 a gallon by now. Not complaining, though. . .
saturn33mpg Rookie Author Pennsylvania Posts:11 Points:94,395 Joined:Jul 2010	Message Posted: Jul 17, 2012 9:42:20 PM Ignore saturn33mpg Report Abuse DEG wrote: "I suspect that Oil producers are attempting to rig the US election. Gas is probably going to go up rapidly after the election." I'm curious as to your reasoning.... I'm expecting BEFORE rather than AFTER the election. I assume Big Oil wants Obama out. If prices rise between now and the election, Obama will get blamed. (Of course, when the US prices at the pump were dropping through most of this past April, May, and June, I didn't hear anyone giving Obama credit for that change. But of course that's a different story.)
MacDad614 Champion Author Atlanta Posts:3,030 Points:1,175,895 Joined:Aug 2008	Message Posted: Jul 17, 2012 9:39:51 PM Ignore MacDad614 Report Abuse Stop the speculators and stop the collusion / price fixing. Prices are much higher in Canada because of the taxes on gasoline. Same with Europe. You could be a citizen of Venezuela and buy gas for pennies per gallon. [Edited by: MacDad614 at 7/17/2012 11:41:32 PM EST]
Tracer2008 All-Star Author Alberta Posts:540 Points:312,445 Joined:Sep 2008	Message Posted: Jul 17, 2012 9:39:41 PM Ignore Tracer2008 Report Abuse Prices can't sustain that level...
mstearno Champion Author Dayton Posts:8,061 Points:1,730,260 Joined:Jan 2008	Message Posted: Jul 17, 2012 9:37:36 PM Ignore mstearno Report Abuse he's not done yet
sillywagon Champion Author New York Posts:14,874 Points:1,440,145 Joined:Oct 2008	Message Posted: Jul 17, 2012 9:36:42 PM Ignore sillywagon Report Abuse Why is gasoline so much more expensive in Canada than in the USA? Are we supposed to be happy that we are paying the high price of $3.70 a gallon? Would I even be driving if prices got over $6.00 a gallon?
Jeeputtputt Champion Author Ohio Posts:3,002 Points:677,465 Joined:Aug 2009	Message Posted: Jul 17, 2012 9:34:02 PM Ignore Jeeputtputt Report Abuse keep speculating (talking) , it will
bvrbill Champion Author Eugene Posts:3,207 Points:517,550 Joined:Jul 2011	Message Posted: Jul 17, 2012 9:33:27 PM Ignore bvrbill Report Abuse "The truth is no one really knows". But, you can count on prices rising over time.
nztyraider Champion Author Nevada Posts:2,273 Points:692,575 Joined:Apr 2009	Message Posted: Jul 17, 2012 9:32:46 PM Ignore nztyraider Report Abuse Not yet anyway.
dllexport Rookie Author Toronto Posts:50 Points:42,705 Joined:Sep 2005	Message Posted: Jul 17, 2012 9:32:40 PM Ignore dllexport Report Abuse Don't complain. It's over $4.75/gallon north of the border
beachmanglen All-Star Author Tampa Posts:674 Points:495,275 Joined:Aug 2011	Message Posted: Jul 17, 2012 9:32:22 PM Ignore beachmanglen Report Abuse They're right, no one really can predict the market.
coughlin Champion Author San Jose Posts:5,180 Points:1,116,890 Joined:Sep 2009	Message Posted: Jul 17, 2012 9:32:21 PM Ignore coughlin Report Abuse We're half way through the Summer.
WIPACKERFAN Champion Author Chicago Posts:8,799 Points:1,842,475 Joined:Aug 2005	Message Posted: Jul 17, 2012 9:32:08 PM Ignore WIPACKERFAN Report Abuse Anything is possible.
wilbur_gas Champion Author Los Angeles Posts:1,702 Points:645,610 Joined:Mar 2011	Message Posted: Jul 17, 2012 9:28:57 PM Ignore wilbur_gas Report Abuse Well it ain't over yet!
DEG Champion Author Las Vegas Posts:17,615 Points:3,493,730 Joined:Jul 2003	Message Posted: Jul 17, 2012 9:28:07 PM Ignore DEG Report Abuse I suspect that Oil producers are attempting to rig the US election. Gas is probably going to go up rapidly after the election.
colaguy Champion Author Columbia Posts:3,171 Points:1,007,225 Joined:Oct 2008	Message Posted: Jul 17, 2012 9:27:50 PM Ignore colaguy Report Abuse thankfully
RAC110 Champion Author Massachusetts Posts:5,949 Points:1,851,545 Joined:Mar 2003	Message Posted: Jul 17, 2012 9:26:05 PM Ignore RAC110 Report Abuse $3.54 for getting gas today around here for Gulf
10k Champion Author North Carolina Posts:21,244 Points:2,253,045 Joined:May 2006	Message Posted: Jul 17, 2012 9:25:59 PM Ignore 10k Report Abuse gas prices ain't rising here-they are soaring here..somebody better look out their door-22¢ jump now, and our area never got anywhere near sub $3/gallon..nobama's campaign ramping up ??.. i was looking at pix of atlantic beach, nc's 75th anniversary celebration, and in the background of a pic taken in 1996, 16 years ago, was a sign advertising gas for $1.18..by my calculations, that means the price of gas has tripled in those 16 years-has your paycheck tripled during that time ??.. [Edited by: 10k at 7/17/2012 11:31:25 PM EST]
abcdMA Champion Author Worcester Posts:7,917 Points:1,574,005 Joined:Nov 2008	Message Posted: Jul 17, 2012 9:24:20 PM Ignore abcdMA Report Abuse prices peakedand dropped because the economy IS indeed in a recession. Second one in 3 years
drobbbb Champion Author Maryland Posts:3,470 Points:811,260 Joined:Dec 2010	Message Posted: Jul 17, 2012 9:23:42 PM Ignore drobbbb Report Abuse ok
CVA19 Champion Author Salem Posts:2,393 Points:608,700 Joined:Aug 2011	Message Posted: Jul 17, 2012 9:23:21 PM Ignore CVA19 Report Abuse How predictable by Politico to compare unbearably high gas prices to even more unbearable forecast prices, and suggest that we dodged a bullet.
5kvdave All-Star Author Los Angeles Posts:688 Points:350,000 Joined:May 2011	Message Posted: Jul 17, 2012 9:22:51 PM Ignore 5kvdave Report Abuse More B.S.