Obama Delivers On His Promise Of “Skyrocketing Energy Costs”

The forecast for the summer driving season: Hit the road early. Not to beat the traffic, but to beat the higher gas prices expected in mid-July.

Goldman Sachs’ crystal ball is proclaiming that oil will soon soar to $135 a barrel, and likely have service stations jacking up fuel prices to $5 a gallon in New York just like the summer of 2008 that preceded the recession.

Indeed, analysts say Goldman and the other oil trading giant that also has the might to move prices, JPMorgan Chase, have already placed their energy bets for the summer. JPMorgan predicts oil hitting $130 a barrel in the coming weeks.



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14 Responses to Obama Delivers On His Promise Of “Skyrocketing Energy Costs”

  1. A K Haart says:

    In the UK we pay about $11 per US gallon. More for diesel.

    • Squidly says:

      OMG! … that is unbelievable. I can tell you this, if it ever got that high here there would be political blood in the streets.

      • Old Goat says:

        Ah yes, but the soft Brits don’t do that, they’re too busy watching reality tv and stupid soaps whilst they’re being taxed into oblivion, and their basic freedoms and national economy are being eroded and squandered under their very noses.

      • Jack says:

        One thing there certainly would be in the streets: more pedestrians. And nobody can argue that most Americans couldn’t do with the exercise!

    • jack bacchus says:

      a point entirely unrelated to funding the building of all those lovely non-base load wind farms of course

  2. Andy Weiss says:

    The price around here (DC area) has recently dropped 30-35 cents a gallon. It doesn’t look like this drop in price should last very long.

    • Wayne Ward says:

      The price only dropped because the summer version of federal and local govt regulations kicked in, which drives cost down slightly.

  3. mohatdebos says:

    The “war on the poor” continues. Karl marx supposedly lamented that communism would never appeal to Americans because the proletariat had reached middle class status. Now if we can just drive the middle class into poverty, they will support all of these “progressive”, left wing causes, including a big government that squeezes its citizens into liveable “rabbit hutch” cities. Don’t you all want to live in sustainable cities designed by our intellectuals????

    • Paul H says:

      Create a crisis so that people look to govt to step in and “save” them. The EU has been using this tactic for years.

  4. RVDL says:

    in april 2001 crude oil (Brent) was 25,55 US Dollars , Gold was 260,48 US Dollars 1 Ounce. That means 1 ounce gold = 10,19 Barrels crude oil.
    in may 2011 crude oil 114,98 US Dollars, Gold 1536.90 US Dollars.
    1 ounce gold = 13,36 Barrels crude oil.

    Crude oil is getting cheaper.

    • Jack says:

      No, it’s just that gold is getting more expensive! Currency debasement is the inevitable outcome of Keynesian economics.

      • RVDL says:

        No, you need more dollars to buy the same things because there are more dollars in circulation. That doesn’t mean gold is getting more expensive. It means the dollar getting worth less.

  5. Curiousgeorge says:

    The Progressive playbook recommends that the population become pissed off enough at the never ending pokes with a sharp stick, that they turn on their trainers. Thereby justifying harsh measures to quell the expected rebellion. Obama will keep poking us till he can declare a National Emergency – thus suspending the Constitution, and putting FEMA in charge. This will continue to escalate due to popular backlash until we have the full-on police state dictatorship that Obama is seeking prior to the next election.

  6. Jim says:

    Meanwhile Saudi Arabian Prince Alwaleed bin Talal announced yesterday he wants to see oil prices
    drop to the $70-$80 a barrel range in a move to prevent western
    countries developing their own alternate fuels at home like natural gas, shale oil etc.

    So now is the time to remove the gouging investment bankers that drive up prices artificially in the “free market”and for the US gov to negotiate direct on behalf of US consumers to have a stable price of $70-$80 / barrel with the Saudi’s for the next 10 – 20 years.

    Why the hell do we need markets when all agree that an indexed linked $70-$80 / barrel is best for all involved. So the next time there is a crisis and a tornado hits the gulf of Mexico the oil price remains the same instead of going through the roof for a media hyped non-event.

    It is time for energy price stability, it is there for the taking, Saudi Arabian Prince Alwaleed bin Talal has pretty much put it out there for the taking. It is only a matter of time before OPEC countries have to go outside the commodities market for their own long term survival, Prince Alwaleed has seen the light first, high fluctuationg oil prices are a long term disaster.

    Airline companies will probably be the first to take up the Prince’s offer.

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