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Spike in gasoline prices points to speculators

The Salt Lake Tribune -- Like locusts ravaging fertile crops, gasoline prices are soaring again and eating away at the purchasing power of ordinary Americans. And again, financial speculators appear to be a big part of the story.

The national average pump price hit $3.74 for a gallon of unleaded gasoline Tuesday, up a sharp 44 cents per gallon from just a month ago, according to the AAA’s Fuel Gauge Report. In Utah, the average was $3.39, up 53 cents from a month ago.

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Submitted Feb 20, 2013 By: skb69sa

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BM4225 Champion Author Atlanta Posts:10,124 Points:2,096,070 Joined:Aug 2006	Message Posted: Feb 21, 2013 8:18:42 AM Ignore BM4225 Report Abuse Don't forget we need more corn for Ethanol because the content must now be 15% because it is in writing, and we can not be reasonable to cut it back to use it for food.
slowtrain Champion Author Georgia Posts:3,672 Points:949,875 Joined:Aug 2008	Message Posted: Feb 20, 2013 2:46:29 PM Ignore slowtrain Report Abuse Make them pay $1000 per gallon.
GatorGuy Champion Author Columbia Posts:2,233 Points:1,208,970 Joined:Jan 2009	Message Posted: Feb 20, 2013 2:39:54 PM Ignore GatorGuy Report Abuse Choot em!
SUV2009 Champion Author Orlando Posts:4,418 Points:1,144,190 Joined:Oct 2009	Message Posted: Feb 20, 2013 2:38:28 PM Ignore SUV2009 Report Abuse Does not matter we cannot do anything about it.
Alaydown Champion Author Los Angeles Posts:5,121 Points:824,370 Joined:May 2007	Message Posted: Feb 20, 2013 2:15:21 PM Ignore Alaydown Report Abuse A spike in prices points to market conditions that warrant the higher prices. Change the market conditions and prices will fall as usual. Obama is in control of these market conditions that increase prices. [Edited by: Alaydown at 2/20/2013 5:17:13 PM EST]
briinnc Champion Author North Carolina Posts:2,705 Points:834,820 Joined:Jan 2010	Message Posted: Feb 20, 2013 2:04:40 PM Ignore briinnc Report Abuse Politicians don't care,, until someone starts rattling the pig trough.
nigelb Champion Author Virginia Posts:8,465 Points:1,392,730 Joined:Feb 2008	Message Posted: Feb 20, 2013 1:57:31 PM Ignore nigelb Report Abuse mrmike75 - Good idea but the House RepubliTWITS and Tea Tards would oppose any attempt to regulate gas prices. 75% of Big Oil political contributions go to RepubliTWITS so they have been bought and paid for! The speculators must be regulated. Raise the margin requirement and make them take delivery on their contracts. Sadly, the pinhead Republicans idiots will oppose any regulation, just as they opposed regulating Wall Street and the banks after the financial collapse. The GOP has the interest of big business and the very wealthy (read big contributors) at heart, not those of the middle class. Vote them out in 2014!
TheThorn All-Star Author South Carolina Posts:827 Points:786,125 Joined:Sep 2008	Message Posted: Feb 20, 2013 1:52:39 PM Ignore TheThorn Report Abuse speculators APPEAR - sorry but duuuuhh heard some chatter about making speculators take delivery on their purchases. bet that would would fix the prob real fast
mrmike75 Veteran Author Las Vegas Posts:491 Points:62,570 Joined:Jun 2011	Message Posted: Feb 20, 2013 1:47:57 PM Ignore mrmike75 Report Abuse Why don't the feds regulate gas prices and put a cap on them to stimulate the economy....
Spirits All-Star Author Florida Posts:911 Points:372,800 Joined:May 2008	Message Posted: Feb 20, 2013 1:41:38 PM Ignore Spirits Report Abuse Some people just don't catch on very fast.
TNT2EC Champion Author Wisconsin Posts:4,999 Points:1,514,560 Joined:Oct 2008	Message Posted: Feb 20, 2013 1:40:35 PM Ignore TNT2EC Report Abuse I have been saying this for weeks and the Salt Lake Tribune is only now figuring this out. Great reporting skills there.
regasaz Champion Author Phoenix Posts:5,775 Points:1,282,380 Joined:Dec 2006	Message Posted: Feb 20, 2013 1:40:15 PM Ignore regasaz Report Abuse I keep waiting for Obama to blame these increases on "Bush" - we all know that Obama is not reponsible for anything.
Asbury09 Champion Author Iowa Posts:7,218 Points:1,531,280 Joined:Jan 2009	Message Posted: Feb 20, 2013 1:37:46 PM Ignore Asbury09 Report Abuse you don't say
BIGREDNM Champion Author Albuquerque Posts:3,607 Points:848,710 Joined:Oct 2010	Message Posted: Feb 20, 2013 1:36:55 PM Ignore BIGREDNM Report Abuse More like pure greed.
blazerbob91 Champion Author Milwaukee Posts:6,150 Points:1,884,645 Joined:Aug 2005	Message Posted: Feb 20, 2013 1:36:51 PM Ignore blazerbob91 Report Abuse Screw the consumer
djwhit Champion Author Ohio Posts:3,017 Points:1,209,430 Joined:Jul 2009	Message Posted: Feb 20, 2013 1:29:47 PM Ignore djwhit Report Abuse THANKS TO OBAMA AND THE OIL CO's........OBAMA HAS DONE NOTHING ABOUT THE OIL COs FOR 4 1/2 YRS NOW......OBAMA IS FULL OF IT.......
FuelPump Champion Author Los Angeles Posts:21,471 Points:3,415,975 Joined:Apr 2003	Message Posted: Feb 20, 2013 1:29:41 PM Ignore FuelPump Report Abuse And this surprises who????
no8c Champion Author Ohio Posts:2,809 Points:706,575 Joined:Jul 2008	Message Posted: Feb 20, 2013 1:27:01 PM Ignore no8c Report Abuse Thanks for posting this article!
mycar2 Champion Author Akron Posts:2,115 Points:2,359,090 Joined:Apr 2004	Message Posted: Feb 20, 2013 1:26:00 PM Ignore mycar2 Report Abuse why don't they have controls to curb the spikes, they do on the stock exchange
BossPal All-Star Author Illinois Posts:547 Points:240,560 Joined:Mar 2012	Message Posted: Feb 20, 2013 1:25:36 PM Ignore BossPal Report Abuse We have $4.59 regular gas in chicago now and We all are resposible,and if we keep buying gas at the higher price they will continue to raise the price..forcing some to switch to buying electric cars,which would make oil lose some profits and therefore raise the price of gas even higher and higher forcing more people to buy more alternative fueled cars (CNG,Hybryd,Electric) therfore creating more jobs.... yeah right. just a thought LOL
daytonabiker All-Star Author Florida Posts:926 Points:203,770 Joined:Oct 2012	Message Posted: Feb 20, 2013 1:23:46 PM Ignore daytonabiker Report Abuse nationalize the oil in Iran,Iraq, saudi Arabia lave Qatar alone
carefrey Champion Author Orlando Posts:5,540 Points:1,160,460 Joined:Sep 2009	Message Posted: Feb 20, 2013 1:23:18 PM Ignore carefrey Report Abuse That's what it usually is.
spdude Veteran Author Oakland Posts:446 Points:378,120 Joined:Mar 2006	Message Posted: Feb 20, 2013 1:22:49 PM Ignore spdude Report Abuse When they lose their shirts the government will bail them out.
tpguess Champion Author San Diego Posts:1,601 Points:372,585 Joined:Jan 2012	Message Posted: Feb 20, 2013 1:20:03 PM Ignore tpguess Report Abuse Of course it has nothing to do with Obama policies
sjhman Veteran Author Atlanta Posts:410 Points:278,270 Joined:Sep 2008	Message Posted: Feb 20, 2013 1:19:54 PM Ignore sjhman Report Abuse The worst
toxigas Champion Author Oakland Posts:1,217 Points:408,265 Joined:Oct 2011	Message Posted: Feb 20, 2013 1:18:29 PM Ignore toxigas Report Abuse Another slow news day...
Alaydown Champion Author Los Angeles Posts:5,121 Points:824,370 Joined:May 2007	Message Posted: Feb 20, 2013 1:17:33 PM Ignore Alaydown Report Abuse A spike in prices points to market conditions that warrant the higher prices. Change the market conditions and prices will fall as usual.
DMG86 Rookie Author Dallas Posts:85 Points:74,475 Joined:May 2007	Message Posted: Feb 20, 2013 1:14:14 PM Ignore DMG86 Report Abuse Just wish gas prices would stay under $4!
srchr Champion Author San Jose Posts:7,259 Points:1,621,025 Joined:Apr 2008	Message Posted: Feb 20, 2013 1:13:44 PM Ignore srchr Report Abuse thin margins enable speculators; build more refineries to hinder them
joezIN Champion Author Gary Posts:1,663 Points:331,810 Joined:May 2011	Message Posted: Feb 20, 2013 1:12:14 PM Ignore joezIN Report Abuse hedge funds
gasokie Champion Author Oklahoma Posts:3,448 Points:1,326,225 Joined:May 2007	Message Posted: Feb 20, 2013 1:12:08 PM Ignore gasokie Report Abuse People who whine about "speculators" don't seem to grasp marketing or wall street or how marketing products work. Gasoline is like cattle on the hoof, a commodity. People have traded commodities for centuries without ever laying a hand on the item traded. It may be a strange action to some, but it still works in the best economic system every invented.
beck12j All-Star Author Dayton Posts:971 Points:335,310 Joined:Mar 2011	Message Posted: Feb 20, 2013 1:11:19 PM Ignore beck12j Report Abuse speculators ARE EVIL
BeaconLite Champion Author Ottawa Posts:1,948 Points:371,225 Joined:Sep 2009	Message Posted: Feb 20, 2013 1:08:31 PM Ignore BeaconLite Report Abuse We would be better off without speculators.
gas_too_high Champion Author Columbus Posts:11,549 Points:1,934,415 Joined:Aug 2005	Message Posted: Feb 20, 2013 1:06:55 PM Ignore gas_too_high Report Abuse As an explanation for higher gasoline prices this early in the year, speculation makes a whole lot of sense, unlike news stories about "refinery changeover," which doesn't happen in February. GTH
tonoplast All-Star Author Lexington Posts:823 Points:449,185 Joined:Apr 2011	Message Posted: Feb 20, 2013 1:04:26 PM Ignore tonoplast Report Abuse So what's new? Major fuel suppliers should be regulated, as other necessary public utilities are. That would assure reasonable profits but prevent speculation, disruption of supplies, and assure intelligent planning for the future. Why oh why isn't this part of the eternal discussion on energy prices, huh??
singlemom27 Champion Author Ventura Posts:3,118 Points:641,160 Joined:Apr 2011	Message Posted: Feb 20, 2013 12:59:33 PM Ignore singlemom27 Report Abuse it should be illegal
NightRider Champion Author Dallas Posts:1,405 Points:76,875 Joined:Apr 2012	Message Posted: Feb 20, 2013 12:56:06 PM Ignore NightRider Report Abuse Yes, OK. Are we like beached whales? Is there something that can reasonably be done?
JWHITE1937 Champion Author Massachusetts Posts:2,529 Points:997,980 Joined:Aug 2006	Message Posted: Feb 20, 2013 12:55:22 PM Ignore JWHITE1937 Report Abuse AMEN, NASCAR9, end of speculation!
hibsaw Champion Author Mississippi Posts:8,047 Points:1,682,940 Joined:Feb 2008	Message Posted: Feb 20, 2013 12:54:25 PM Ignore hibsaw Report Abuse Many of us have been blaming the speculators for years. As long as the problem is tied up in Court, what can we do? Take it or leave it is our only option.
nascar9 All-Star Author Tacoma Posts:976 Points:532,480 Joined:May 2008	Message Posted: Feb 20, 2013 12:52:36 PM Ignore nascar9 Report Abuse I've said it before but here it is again. Make speculators take delivery of the oil before they can resell it.
FogCitySpotter Champion Author San Francisco Posts:2,493 Points:522,400 Joined:Apr 2007	Message Posted: Feb 20, 2013 12:52:04 PM Ignore FogCitySpotter Report Abuse Ok
BigDartMike All-Star Author Ohio Posts:581 Points:118,260 Joined:Dec 2011	Message Posted: Feb 20, 2013 12:51:29 PM Ignore BigDartMike Report Abuse Not news, Captain obvious. Now what are wwe going to DO ABOUT IT?
boldrph Champion Author Topeka Posts:18,382 Points:3,452,615 Joined:Oct 2002	Message Posted: Feb 20, 2013 12:51:08 PM Ignore boldrph Report Abuse gas price goes up every spring. no surprise here at all
peapaw Champion Author Ohio Posts:4,046 Points:689,745 Joined:Jun 2011	Message Posted: Feb 20, 2013 12:49:58 PM Ignore peapaw Report Abuse If this is not stating the obvious I don't know what is.
oldiesman Champion Author New York Posts:6,437 Points:2,195,760 Joined:May 2006	Message Posted: Feb 20, 2013 12:42:45 PM Ignore oldiesman Report Abuse Aren't you forgetting OPEC?
g747 Champion Author Mobile Posts:4,551 Points:935,620 Joined:Jul 2009	Message Posted: Feb 20, 2013 12:39:16 PM Ignore g747 Report Abuse I really wished they had a real dose of their own medicine;to see how it really really feels. But only the colleagues in that profession paid 50 times more what they speculate on.All of us normal folks,we pay $2 bucks less @ the current rate.Commodities traders & collegues will be paying that for 5 yrs.Deciding can I pay the mortgage, or rent,medicine,church dues,country club dues,going out to social events with their snooty associates,do I have any disposeable income to invest,savings,nest egg for the future,will my marriage ends,can I make ends meet ?;all of those insecurities that we normal folks encounter everytime they spike-up prices,to make our lives miserable;you'll develop a thing call heart;to be more caring for all americans who face the fallout from your greedy missions!!!!!!!!.
Bugs2010 Champion Author Dallas Posts:3,426 Points:940,605 Joined:Mar 2010	Message Posted: Feb 20, 2013 12:38:37 PM Ignore Bugs2010 Report Abuse Why am I not surprised? And tomok, you got it right - stop the exporting.
tarheelcoastie Champion Author Greensboro Posts:5,206 Points:1,113,105 Joined:Jan 2009	Message Posted: Feb 20, 2013 12:38:17 PM Ignore tarheelcoastie Report Abuse Sad to say, time for gov't mandated price controls on fuel and energy products. I bet Exxon will break their previous record for most profits ever this year!
honkerman Champion Author San Jose Posts:44,311 Points:2,398,070 Joined:Jul 2004	Message Posted: Feb 20, 2013 12:37:58 PM Ignore honkerman Report Abuse REQUIRE DELIVERY OF CONTRACTS! Do not allow roll overs at always higher prices, which enriches speculators at expense of economy and all consumers. It's NOT rocket science, but requires regulators to have some balls in the public interest.
tomok Champion Author Portland Posts:33,059 Points:2,347,460 Joined:Aug 2006	Message Posted: Feb 20, 2013 12:34:24 PM Ignore tomok Report Abuse Spike in gasoline prices points to speculators, manipulators, banks AND Big Oil and Big Gas selling fuel and natural gas on the world market for higher prices. The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! The price at the pump needs to go down to $2/gallon - $3, $3.50/gallon or *$4.00 is Not the new low! More Refineries are Not the answer, Stop exporting fuel is! Take care of the domestic fuel market first and above all else! Drive vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money. The price of fuel at the pump is too high!