Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”
While Venezuela, one of the US sources, can increase supply, Adam Kritzer reports that Venezuelan President Hugo Chavez, despite ideological disagreements with President Bush, has offered to dialog but has been repeatedly rebuffed. Kritzer also cites the Wall Street Journal which reported Exxon Mobil CEO Rex Tillerson chiding President Bush for not doing more to increase production at home. With regard to Alternative Energy, “the numbers indicate that funding has hardly budged over the duration of his presidency . …read more

Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”
. . . the ongoing US military effort [in Iraq] requires 3 million gallons of imported gasoline per day to sustain its operations. Disregarding the cost to taxpayers- estimated at $1 Billion per week due to the army’s unique fuel specifications- this means that the net effect of the US military effort has been an increase in demand for oil and a decrease in supply. One expert has speculated that if not for the Iraq War, the current price of oil …read more

Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”
The Bush Administration’s aggressive foreign policy has also contributed to the surge in oil prices. When the USA invaded Iraq in 2003, the justification was that Saddam Hussein was harboring weapons of mass destruction, and secondly, that he was oppressing the citizens of Iraq. Conspiracy theorists snickered, believing instead that the war was related to oil . . . Regardless of whether this is true, the US presence in Iraq should have ultimately stabilized Iraqi oil production, right? Not exactly. In …read more

Adam Kritzer at CurrencyTrading.net has written an article on “8 Ways the Bush Administration Has Caused the Oil Price Boom.”
Adam Kritzer notes that the Dollar has depreciated 37% against its chief rival, the Euro. Against the Canadian Dollar (Canada being the biggest source for the US of imported crude is at 1.8 million barrels per day (Energy Information Administration), there has been a 19% deterioration of the US Dollar. In March 2007, the exchange rate was US$ 0.8507 to one Canadian Dollar; in March 2008, it took US$ 1.0135 to purchase one Canadian Dollar. The US has …read more

With the price of gas going up on a week-to-week basis (Energy Inforation Administration), it is good economic practice not to go below half a tank on your gas. This way, you will always have half of your gas at the lower price of the past week and will be spending gas at a price lower than the current higher price.
One other way is through prepaid gas (detail’s in Miranda Marquit’s Yielding Wealth). However, you have to figure out if, with the fees you have to pay to open & maintain an account, you are still below the …read more

Average gasoline prices in the US ($ 4.079 as of 23 June) dipped a bit from the previous week (about $0.003), but still more than a dollar increase from a year ago. The expectation is gasoline prices will continue to rise.
While the fuel truck is pumping fuel into the gas station’s storage tank, sediment that normally builds up in the storage tank is stirred up. If you fill up while the fuel truck is pumping into the gas station’s storage tank, you might be picking up some of the sediment and transferring it into your car’s gas tank.
image …read more

Average gasoline prices in the US ($ 4.079 as of 23 June) dipped a bit from the previous week (about $0.003), but still more than a dollar increase from a year ago. The expectation is gasoline prices will continue to rise.
The trigger on the hose for filling up has three settings: low, middle, and high (for pump speed). While you are pumping, the fuel releases vapors. A gas pump hose has a vapor return device which sucks up the vapor back into the underground storage. At a low trigger setting, less vapor is released. At …read more

Average gasoline prices in the US ($ 4.079 as of 23 June) dipped a bit from the previous week (about $0.003), but still more than a dollar increase from a year ago. The expectation is gasoline prices will continue to rise.
For safety, gas stations have their storage tanks underground. Temperature affects fuel: the colder, the denser the fuel. Fuel expands as the temperature rises. During winter (or in cold zones), it might not make much of a difference. However, in sunny places or during summer, ground temperature can really rise during the day …read more

An article in the New York Times (14 June 2008) reported that Saudi Arabia, the world’s largest oil exporter and the US’ second largest source of crude, announced that it was increasing its production level by 500,000 barrels per day.
This move of Saudi Arabia is not entirely a response to the economic problems of countries reeling from the high prices of oil. Even as oil exporting countries are already riding the crest of record profits from oil, this increase in production level will generate even more profits on top of record profits. This is the market mechanism that …read more

An article in the New York Times (14 June 2008) reported that Saudi Arabia, the world’s largest oil exporter and the US’ second largest source of crude, announced that it was increasing its production level by 500,000 barrels per day.
In a previous post, we dug up statistics from the Energy Information Administration which showed that, based on the respective shares of Refining, Distribution & Marketing, Taxes & Crude Oil in pump price, it is the crude oil which has caused most of the increase in price (from a 52% share in the retail price of gas in March 2007 to …read more