Oskar Frampton III
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Oskar Frampton III in Oskar Frampton III - Media Watcher,

Media Watch: Tempers Flaring On Oil

The comment section!

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I love reading the consumer comments as they watch oil prices going every which way. I was perusing Yahoo news reporting the tick tocking of crude oil prices, and the comments are worth their weight in gold.

Trace 21 hours ago  

Four weeks ago or approximately there about, gas prices in the Louisville Ky, Southern Indiana area was around $2/gal. That's when oil was dropping and around $50 a barrel. Then one day last week, oil jumped about 3 bucks a barrel and gas jumped 25 cents the same day to around 2.25. Then the very next day, oil fell back like 8% on a weak market & reports of over supply. Funny thing is, gas prices didn't fall back. Then, two days ago, oil edged up a couple bucks and gas jumped another 25/30 cents per gallon to settle at 2.47/2.49 around the area. As I'm reading today's paper, oil was setting at $48.84 as of close of yesterday's market and yet we are paying 49 cents more per gallon than when oil was $50/barrel.

As we all know, when oil rises, gas prices almost always follow within 24 hours. However, when oil drops, prices at the pump do not! Just as gas goes up nearly instantly after oil does, gas should drop in the same manner. We all know this will never happen though. All consumers are being taken advantage of in this scam!

Here is another anomaly. If you travel 20 miles west of Louisville to Corydon, Indiana, gas is $1.91! Can someone explain this. It used to be that rural areas were always more at the pump due to the cost to ship the fuel further from the distribution hubs. This no longer holds true. Why is that?

As today's market has closed, oil is up again to about $51/barrel. I expect gas will go up yet again as a result of today's market oil increase.

Then this, a classic right from the old proletariat:

Patrick 3 hours ago  

This just proves that the markets are manipulated artificially in my opinion. The stock market is the devil and a big joke. Its catered to the wealthy becoming wealthier period.

This one is priceless:

J 21 hours ago 

The only body that should be allowed to buy or sell oil are refineries. They in themselves know whether or not they need more or less oil. This would give a truer indicator of supply and demand - but OH NO, we need to allow speculators and hedge fund people to drive (mostly) the price of crude. Actually it is a pretty simple solution to the gyrations in the oil market. Why do we need a futures market to price oil, just let needed quantity dictate the price.

And lastly, this colorful guy:

Lefty 22 hours ago 

Now is the time to straighten out the energy policy of the US while the price is low and

end the price manipulation of traders and Big Oil running oil prices for their profit:

1) End all subsidies to Big Oil to produce oil & natural gas- they obviously do not need help.

Big Oil maximized their profits by importing highest cost Saudi oil & capped US wells.

2) End the subsidies to the Ethanol producers that raise the price of fuel while lowering the

MPG. We also inflate the cost of corn and animal feed at the same time which is stupid.

3)Raise the 20+ year old Federal tax on gasoline to invest in roads bridges while the consumer

can afford it - not when the bloom is off the fracking rose and prices go back to $90/bbl.

4)Tax Americans that waste energy by adopting fuel guzzler taxes while prices are low. The rich

are indifferent to fuel costs for the plane, the yachts, many houses and the RV that gets 3 MPG.

The Saudis are betting that prices will be restored to $80-$90/bbl and are protecting their market share by continuing to produce, rather than using the Big Oil strategy of creating an artificial shortage to raise prices. They bet on the long term and so should the US, while we can.

Fracking for Oil & Nat gas allow that production to be the "swing producer depending on price.