What's fueling this year's price run-up?No kidding?! Drive less? Buy greener rides? What is this world coming to?!
'I think the price of crude oil is high because it's become the darling of the investment community and the speculative community,' Kloza said. 'You have tremendous money flow coming into crude as an investment, into crude oil futures. And as long as that happens it's very difficult for crude oil prices to move lower.
'You know, $70 is about 12 or 13 times the cost of producing it. And more typically in the past it sold for three or four or five times the cost of producing it.'
But one thing that's not contributing is the driving habits of Americans, Kloza added.
The Energy Information Administration says it expects gasoline consumption to rise as much as 1½ percent over the same time last year.
Kloza begs to differ, saying: 'They probably base that on percentage of disposable income, but never underestimate the American public's ability to sort of scorn or spite the oil companies. I think, as prices get close to $3, people will drive less just because they're so annoyed.'
Wednesday, April 12, 2006
'Stormy' 6 Weeks Ahead For Gas Prices - CBS News:
- ► 2012 (26)
- ► 2011 (92)
- ► 2010 (20)
- ► 2009 (8)
- ► 2008 (78)
- ► 2007 (328)
04/09 - 04/16
- Post Not Backing Down On Story
- Uh, Wha?
- Oil And The Deficit
- Your (Republican, Conservative) Congress At Work
- Another General "Defects"
- McCain Courting Iowa Conservatives
- Analysts Say a Nuclear Iran Is Years Away - New Yo...
- And A Little Further East...
- Lenient Rule Set for Rebuilding in New Orleans - N...
- Autopsy Spurs Calls for 9/11 Health Care
- E-Mails Show Abramoff's Donation Leverage
- GOP Leaders Back Down On Immigration
- You Betcha!
- Outside Of The Box?
- Pants On Fire! Pants On Fire!
- More Bad News From Iraq
- Autopsy Links Cop's Death To 9/11 Dust - CBS News
- BushCo's Pants On Fire!
- Amen, Digby! Amen!
- "Pattern of... leaks"
- Bush and Cheney Discussed Plame Prior to Leak
- Bush Knew Niger Claims Were False When He Leaked Them
- Jason Leopold: Bush and Cheney Discussed Plame Pri...
- Hear Ye! Hear Ye!
- Lest We Forget
- It Just Keeps Getting Worse
- Hooray for Maine
- With One Filing, Prosecutor Puts Bush in Spotlight...
- My Way News - Phone-Jamming Records Point to White...
- Tax Cuts on Hold - New York Times
- The "Wonderful Life" Defense
- Why So Many Twisters This Year? - CBS News
- Prosecution Sees Setback at Terror Trial in Califo...
- Bush Admits He Lied To Congress
- Sunnis and Kurds Reject Iraqi Leader's Bid - New Y...
- Democracy in the Arab World, a U.S. Goal, Falters ...
- Across the U.S., Growing Rallies for Immigration -...
- 2 Exit Polls Show Berlusconi Losing
- Would you buy a used car from this man?
- Lawyer: Bush Left Leak Details to Cheney
- This is a wierd one
- ▼ 04/09 - 04/16 (43)
- ► 2005 (385)
- ► 2003 (7)