Green Room

Video: Will gas prices drop soon?

posted at 12:01 pm on February 23, 2013 by

Maybe not soon soon, but not too far off, according to Tom Kloza from Oil Price Information Service.  We’re producing more domestic crude than in the past 20 years, so this isn’t a crude supply issue; it’s a bottleneck at the refinery stage.  Thanks to an “inordinate” amount of routine maintenance taking place at the same time, we’re underproducing gasoline, which is driving the speculative prices up.  As demand decreases and the refineries come back to full capacity, Kloza tells CBS that we’ll see gas prices drop — perhaps as late as April 15th, or possibly a month sooner:

Recently in the Green Room:

Blowback

Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.

Trackbacks/Pings

Trackback URL

Comments

If W was in office everyone would want his head on a stick.

Cindy Munford on February 23, 2013 at 1:15 PM

I question the refining being in great shape, didn’t we just have a thread on Hess closing their refinery in N.J. and getting out of that end of the business?

Cindy Munford on February 23, 2013 at 1:18 PM

We’re producing more domestic crude than in the past 20 years,

But i thought Obama was killing domestic oil supply???

red_herring on February 23, 2013 at 2:03 PM

no, inflation will keep gas prices high

commodore on February 23, 2013 at 2:15 PM

Cindy Munford on February 23, 2013 at 1:15 PM

Some still do.

abobo on February 23, 2013 at 3:30 PM

Since the money supply is growing at a far greater rate than domestic production of fuel, and since central banks are being forced to devalue their currency because of the fiscal failures of our governments, I’m going to say, no:

Appx 200 million barrels of domestic oil production per month

Vs.

Appx 85 billion dollars of Fed Bank monetizing per month.

Putting it all together, the Fed’s balance sheet will increase from just over $2.8 trillion currently, to $4 trillion on December 25, 2013. A total increase of $1.17 trillion.

Too many dollars chasing too few goods.

Weight of Glory on February 23, 2013 at 3:32 PM

Besides – Obumble WANTS high gas prices to justify his green energy scams.

dentarthurdent on February 23, 2013 at 3:39 PM

This week we had a 14 cent jump overnight. Regular is $4.26….
What little recovery we had is gone.

DanvilleMom on February 23, 2013 at 4:37 PM

“The New Normal” = “The Obama Normal”. Complete with boot-licking lsm/lefty types providing cover.

World events are potentially a factor… Yeah, like Barry getting re-elected. Dunces always miss the obvious.

RalphyBoy on February 23, 2013 at 4:41 PM

no, inflation will keep gas prices high

commodore on February 23, 2013 at 2:15 PM

Correct. It is inflation – how we are taxed, courtesy of Bernanke, to pay for all this excessive spending, that hasn’t let up since 2003. I expect prices will go higher than they ever have in B.O.’s second term, perhaps in just a matter of weeks, in fact. And these liberals claim compassion for the poor.

rickv404 on February 23, 2013 at 4:54 PM

I’m shocked that the Legacy Media is actually talking about the extremely high gas prices. Better late then never, I guess. If the president was Republican it would be the lead story every night, no question.

That being said, will prices return to the Bush era average of around $1.85 per gallon? If no, why not?

It’s $4.09 where I live here in the Chicago area.

visions on February 23, 2013 at 6:02 PM

We’re producing more domestic crude than in the past 20 years

But i thought Obama was killing domestic oil supply???

red_herring on February 23, 2013 at 2:03 PM

Obama can only control oil production on federal lands which now produce 17,000 fewer barrels per day than when he took office. The current US oil boom is happening mainly on private lands.

So yeah, we are producing more oil despite Obama.

Kataklysmic on February 23, 2013 at 7:23 PM

Video: Will gas prices drop soon?

…no!…for all the reasons already stated by Hot Arians…and if they do…the states or feds will tack another tax on it soon…

KOOLAID2 on February 23, 2013 at 8:22 PM

Video: Will gas prices drop soon?

Does the phrase “When heII freezes over” mean anything to you Ed?

SWalker on February 23, 2013 at 11:04 PM

This whole process is a huge steaming pile of bovine excrement.

Natural Gas which we have 500+ years of in supply…converted to methanol =’s gasoline.

We can tell the Saudis, the Mexi’s and Hugo to DROP DEAD!

We can be totally independent, create millions of high paying jobs and put the Aaaaaaarabs back into tents.

All we need to do is tell California and all the other boutique using morons of special blend gasoline to produce their own….and go to hell!

All we need to do is produce 5 Million more barrels a day. With Natural gas we can produce 10,000,000…why are we so friggin stupid?

Gas would drop to 1.50 per gallon….people would use / buy more thereby freeing huge amounts of money to expendable income and more local and federal tax revenue. Food prices would drop, airline tickets would drop and we’d be free from ME slavery.

Twana on February 23, 2013 at 11:32 PM

Since I drive a ” Guzzler ” I hedge the price by buying refinery stock .
Ok , I know but it makes me feel better .

Lucano on February 24, 2013 at 10:42 AM

The refinery problem is a direct result of unnecessary government interference: it would completely disappear if government meddling was stopped.

We now have proof that the envirowackos’ “boutique blends” do nothing more than run up costs and disrupt supplies.

When will we stop shooting ourselves in the foot in a futile attempt to appease a relatively small group of knowledge-impaired, scientific pretenders whose real agenda is to make life as miserable as possible for human beings??? These people will never be happy, so let’s stop trying to pander to them and instead make them pay the full cost of their own buffoonery, and leave the rest of us ALONE by repealing all of their senseless counter-productive regulations!!!

landlines on February 24, 2013 at 3:16 PM

CBS news, fake but accurate.

deimos on February 24, 2013 at 5:16 PM

Anyone who believes this crap about gas prices and why they are high is an idiot. They are a bigger idiot if they believe the prices will come down. The Marxist won’t allow it to happen. His policies are the reason they are high in the first place.

bgibbs1000 on February 24, 2013 at 6:06 PM