US Gasoline Pump Prices Hit All-Time High

Oil went over $37 a barrel today and that means that
European pump price increases can not be far off.

Le Monde this evening showed the price increases of
other primary materials, driven up by Chinese buying.

For instance

1) spot prices on steel coil went up sharply from
$350 = $450 a ton

2) Sea shipping rates have gone from $2000 to $5000
a ton during 2003

3) copper from $1600 to $3000 a ton in 2003

4) nickel from $5000 to $14000 a ton in two years

5) coal from $30 to $50 a ton in a year.

I.e; troubles ahead.

Earl

****







Gasoline Pump Prices Hit All-Time High


By Richard Valdmanis

NEW YORK (Reuters) - U.S. average retail gasoline prices hit an all-time
high on Tuesday as a tight-fisted OPEC ( news -web sites ) policy and rising
demand constricted supplies, according to the American Automobile
Association.

The average price for regular gasoline at the nation's pumps was $1.738 per
gallon, up a tenth of a cent from the previous record hit in late summer
2003, according to the motorist group's survey of more than 60,000 stations.

"Unstable gasoline prices make budgeting for fuel costs extremely difficult
for families and businesses," AAA stated in a release, urging new policies
to simplify production and distribution of fuels.

Energy prices have been on the rise in recent months, with U.S. stockpiles
lingering near their lowest levels since the 1970s amid an economic recovery
that has spurred higher demand.

Oil producer group OPEC, which controls roughly half of the world's exported
crude, is mulling whether to further cut global supplies starting April 1,
adding to a series of cuts that have brought oil prices to nearly $40 a
barrel.

The U.S. government on Monday predicted prices would average a record $1.83
per gallon in April and May during the run-up to the summer driving season
when Americans typically take to the road.

The head of the Energy Information Administration, Guy Caruso, said at an
oil industry meeting in San Antonio on Monday that he was "really concerned"
about thin U.S. gasoline inventories, which are running about 13 million
barrels lower than the agency had projected.

The volatile gasoline landscape has drawn the attention of lawmakers from
both political parties, making it a likely issue in this presidential
election year.

Democratic Sen. Ron Wyden of Oregon on Monday reintroduced a bill requiring
the Federal Trade Commission to act on what he called anti-competitive
industry pricing policies.

The FTC earlier this month opened an informal probe into California's retail
gasoline prices -- the highest in the nation -- at the urging of Democratic
Sen. Barbara Boxer of California.

Oil and gas refiners have denied using any anti-competitive practices,
instead blaming high prices on tight supplies caused by dozens of different
gasoline-blending rules for metropolitan areas and the lack of enough
imports of the motor fuel.

Republican Sen. Chuck Grassley of Iowa said soaring gasoline prices are a
good reason for the Senate to pass a stalled energy bill.

AAA added in its release that state and federal government officials need to
take another look at policies that have resulted in more than 15 different
varieties of gasoline being used across the United States each summer.

"While these 'boutique' fuels have helped clean the air, they also have
seriously hampered the efficient production and distribution of gasoline,"
AAA said.

AAA is the largest motorist and travel group in the United States, with
about 47 million members.

Glad I bought all my coal and copper last year.

"Earl Evleth" wrote in message
...


Oil went over $37 a barrel today and that means that
European pump price increases can not be far off.

Le Monde this evening showed the price increases of
other primary materials, driven up by Chinese buying.

For instance

1) spot prices on steel coil went up sharply from
$350 = $450 a ton

2) Sea shipping rates have gone from $2000 to $5000
a ton during 2003

3) copper from $1600 to $3000 a ton in 2003

4) nickel from $5000 to $14000 a ton in two years

5) coal from $30 to $50 a ton in a year.

I.e; troubles ahead.

Earl

****







Gasoline Pump Prices Hit All-Time High


By Richard Valdmanis

NEW YORK (Reuters) - U.S. average retail gasoline prices hit an all-time
high on Tuesday as a tight-fisted OPEC ( news -web sites ) policy and
rising
demand constricted supplies, according to the American Automobile
Association.

The average price for regular gasoline at the nation's pumps was $1.738
per
gallon, up a tenth of a cent from the previous record hit in late summer
2003, according to the motorist group's survey of more than 60,000
stations.

"Unstable gasoline prices make budgeting for fuel costs extremely
difficult
for families and businesses," AAA stated in a release, urging new policies
to simplify production and distribution of fuels.

Energy prices have been on the rise in recent months, with U.S. stockpiles
lingering near their lowest levels since the 1970s amid an economic
recovery
that has spurred higher demand.

Oil producer group OPEC, which controls roughly half of the world's
exported
crude, is mulling whether to further cut global supplies starting April 1,
adding to a series of cuts that have brought oil prices to nearly $40 a
barrel.

The U.S. government on Monday predicted prices would average a record
$1.83
per gallon in April and May during the run-up to the summer driving season
when Americans typically take to the road.

The head of the Energy Information Administration, Guy Caruso, said at an
oil industry meeting in San Antonio on Monday that he was "really
concerned"
about thin U.S. gasoline inventories, which are running about 13 million
barrels lower than the agency had projected.

The volatile gasoline landscape has drawn the attention of lawmakers from
both political parties, making it a likely issue in this presidential
election year.

Democratic Sen. Ron Wyden of Oregon on Monday reintroduced a bill
requiring
the Federal Trade Commission to act on what he called anti-competitive
industry pricing policies.

The FTC earlier this month opened an informal probe into California's
retail
gasoline prices -- the highest in the nation -- at the urging of
Democratic
Sen. Barbara Boxer of California.

Oil and gas refiners have denied using any anti-competitive practices,
instead blaming high prices on tight supplies caused by dozens of
different
gasoline-blending rules for metropolitan areas and the lack of enough
imports of the motor fuel.

Republican Sen. Chuck Grassley of Iowa said soaring gasoline prices are a
good reason for the Senate to pass a stalled energy bill.

AAA added in its release that state and federal government officials need
to
take another look at policies that have resulted in more than 15 different
varieties of gasoline being used across the United States each summer.

"While these 'boutique' fuels have helped clean the air, they also have
seriously hampered the efficient production and distribution of gasoline,"
AAA said.

AAA is the largest motorist and travel group in the United States, with
about 47 million members.

"Earl Evleth" wrote in message
...


Oil went over $37 a barrel today and that means that
European pump price increases can not be far off.

Le Monde this evening showed the price increases of
other primary materials, driven up by Chinese buying.

For instance

1) spot prices on steel coil went up sharply from
$350 = $450 a ton


Spot prices tend to do that esepcially when the old
price was close to being an historical low.
Steel prices have been depressed for decades
which is why European companies like Corus
have been struggling. The Chinese have finally
stopped dumping steel on the market and a modest
recovery is underway.

2) Sea shipping rates have gone from $2000 to $5000
a ton during 2003

3) copper from $1600 to $3000 a ton in 2003


Which puts it at the prices being brought in 1989
but lower than those of 1995

4) nickel from $5000 to $14000 a ton in two years


Having been at $11,000 in 1999, recessions reduce
prices and strikes (Sudbury) push em up.

5) coal from $30 to $50 a ton in a year.


What grade of coal and what market ?

The long term current prices of thermal coal in the US are around the
same as they have been for the last 10 years
at between $31 and $36 per ton. There was a
collapse in Asian spot prices to around $26 a
ton a few years ago as a result of dumping by
the Chinese. That market has recently rebounded

Metallurgical coal prices have recovered to around
$50 - which is the same price it went for in 1980 !

Bottom line is Asia is finally emerging from recession,
the rise in prices is a GOOD sign.

Keith

Thanks for that Earl - I'm just off down the pub to drown my sorrows at 6p a
pint more than it was last week. Aaaaaarrrrrggggghhhh

On Tue, 23 Mar 2004 17:46:39 +0100, Earl Evleth
wrote:

Gasoline Pump Prices Hit All-Time High

When the price is adjusted for inflation, gasoline was significantly
more expensive in 1980.

http://inflationdata.com/Inflation/I..._Inflation.asp

Gordon

In article ,
"Keith Willshaw" wrote:


have been struggling. The Chinese have finally
stopped dumping steel

More liek using something like 1/3 production

"Earl Evleth" wrote in message
...


The average price for regular gasoline at the nation's pumps was $1.738
per
gallon, up a tenth of a cent from the previous record hit in late summer
2003, according to the motorist group's survey of more than 60,000
stations.

Still dirt cheap then.

On 23/03/04 20:05, in article ,
"Gordon Forbess" wrote:

When the price is adjusted for inflation, gasoline was significantly
more expensive in 1980.


The problem is that people don't think that way, they see prices
as they newly are and what they were.

Some items actually drop in price in time, for instance memory chips.

We get use to pay a lower price and think that is normal

We also plan our other spending taking into account that
some things are cheap. If they become more expensive, that
cuts off the spending on other things.

So using inflation correct prices to rationalize that
"that price is justified" doesn`t fly that well.

Earl

On 23/03/04 21:32, in article , "Mark Hewitt"
wrote:

Still dirt cheap then.

Does the consumer think that? Paying more takes money from
his or her other spending.

It does have an effect on other consumption items.

Earl

Earl,

World oil is priced in dollars. You folks in France are using the euro
which has appreciated about 50% in the last couple of years, while oil
has gone up by about the same amount (in dollars). Therefore there has
been an insignificant change in the price of oil in Europe.

OTOH, you folks who drive in France have been paying the equivalent of
$4 to $5 per gallon (about 1 to 1.5 euro per liter) for years. The
American price is going up, and is approaching half the price at the
European pump. We have a long way to go before American gasoline prices
reach those in Europe.

John Bermont
--
------------------------------------------------------
* * * Mastering Independent Budget Travel * * *
http://www.enjoy-europe.com/
------------------------------------------------------

Earl Evleth wrote:

Oil went over $37 a barrel today and that means that
European pump price increases can not be far off.

Le Monde this evening showed the price increases of
other primary materials, driven up by Chinese buying.

For instance

1) spot prices on steel coil went up sharply from
$350 = $450 a ton

2) Sea shipping rates have gone from $2000 to $5000
a ton during 2003

3) copper from $1600 to $3000 a ton in 2003

4) nickel from $5000 to $14000 a ton in two years

5) coal from $30 to $50 a ton in a year.

I.e; troubles ahead.

Earl

****







Gasoline Pump Prices Hit All-Time High


By Richard Valdmanis

NEW YORK (Reuters) - U.S. average retail gasoline prices hit an all-time
high on Tuesday as a tight-fisted OPEC ( news -web sites ) policy and rising
demand constricted supplies, according to the American Automobile
Association.

The average price for regular gasoline at the nation's pumps was $1.738 per
gallon, up a tenth of a cent from the previous record hit in late summer
2003, according to the motorist group's survey of more than 60,000 stations.

"Unstable gasoline prices make budgeting for fuel costs extremely difficult
for families and businesses," AAA stated in a release, urging new policies
to simplify production and distribution of fuels.

Energy prices have been on the rise in recent months, with U.S. stockpiles
lingering near their lowest levels since the 1970s amid an economic recovery
that has spurred higher demand.

Oil producer group OPEC, which controls roughly half of the world's exported
crude, is mulling whether to further cut global supplies starting April 1,
adding to a series of cuts that have brought oil prices to nearly $40 a
barrel.

The U.S. government on Monday predicted prices would average a record $1.83
per gallon in April and May during the run-up to the summer driving season
when Americans typically take to the road.

The head of the Energy Information Administration, Guy Caruso, said at an
oil industry meeting in San Antonio on Monday that he was "really concerned"
about thin U.S. gasoline inventories, which are running about 13 million
barrels lower than the agency had projected.

The volatile gasoline landscape has drawn the attention of lawmakers from
both political parties, making it a likely issue in this presidential
election year.

Democratic Sen. Ron Wyden of Oregon on Monday reintroduced a bill requiring
the Federal Trade Commission to act on what he called anti-competitive
industry pricing policies.

The FTC earlier this month opened an informal probe into California's retail
gasoline prices -- the highest in the nation -- at the urging of Democratic
Sen. Barbara Boxer of California.

Oil and gas refiners have denied using any anti-competitive practices,
instead blaming high prices on tight supplies caused by dozens of different
gasoline-blending rules for metropolitan areas and the lack of enough
imports of the motor fuel.

Republican Sen. Chuck Grassley of Iowa said soaring gasoline prices are a
good reason for the Senate to pass a stalled energy bill.

AAA added in its release that state and federal government officials need to
take another look at policies that have resulted in more than 15 different
varieties of gasoline being used across the United States each summer.

"While these 'boutique' fuels have helped clean the air, they also have
seriously hampered the efficient production and distribution of gasoline,"
AAA said.

AAA is the largest motorist and travel group in the United States, with
about 47 million members.