Oil breaks $120 HIGHERGAS looking more possible

if you add to that the fact that consideration on dropping biodiesel production is being considered to lower food prices the chances of gas prices jumping up really quick is pretty logical i'd say. anybody else have the same ideas?

It is so freakin hard to tell. I don't think it will make it unless something weather or Iran related happens in the next 9 days.

I don't believe average gas will rise to $4.00 in the next few days. So short away.

it doesnt have a few days, it has a few weeks...this prop ends june 1

prices are already jumping up and over 4 dollars a gallon all over the country, just a matter of time to see if june 1 is to early, tho i really doubt it...

The Key here is "national unleaded average price for a regular gallon of gasoline". which is below the amount projected. (from reuters)

WASHINGTON, May 6 (Reuters) - Regular-grade gasoline in the United States is expected to average at a record $3.66 a gallon this summer but peak at $3.73 per gallon in June, the Energy Information Administration said on Tuesday.

here in San Fran where prices are usually one of the highest, it's right at $4...most places are at $3.99 though...i agree with what davidh is saying, it's the national average which means the high prices here are more than balanced out by the really low prices in jersey.

Yall what is funny is I was looking at the national average now and i saw this artical that says that the aaa national average hits $2.68 and it was from march 2005

It's been stuck in the $3.61 range for a few days now. I don't think it'll happen by June 1st, but I definitely think it will happen this summer, possibly even within June. I saw an article this morning saying we should take a tip from third world countries and start riding scooters. (I think I'd rather ride a bike. A family member had a scooter and was very careful on it, but a lady in a Cadillac or other big car like that hit him and it totally changed his life.)

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I don't think gas can increase that fast. From here, it'll have to go up about 1.5 cents/day, every day, from now until June 1. An increase of 1.5 cents in a day is possible. But not *every day* for the next 3.5 weeks.

In my opinion.

Riding a bike is quite enjoyable. For my last job I had to drive everyday, then switched jobs (appears just in time as that's when gas skyrocketed from about 3.30/gal here to around 4) so now I alternate between bus and bike. However, if you're in a bike-unfriendly city, then not much you can do about it.

This is never going to happen by June 1st. Anyone is crazy to buy this one, I have it shorted at 62.50 so I'll make out alright. The summer MIGHT see 4 dollars, not May. Short of civil war in Saudia Arabia, this prop is a sure loser.

I agree it is a short but you will lose money because this prop will rise till the end. This stock is a hard one to predict. I just covered...now I am going to buy,,,just sold it...bought again...crap...sold...bought and sold, shorted, covered and bought again. Making a sandwich and going to bed. Sold.

Shorted.

For the love of Baby Jesus can we please drill in Alaska, the Gulf and our surrounding area. We are never going to fix the energy crises by relying on the Middle East (actually 49% of our oil comes from Canada). We need to secure our independence on oil and then progressively pursue alternate energy sources. We are just chasing our tail right now. I am a Democrat at heart but it is time our nation faces the reality that the only reason we are in an energy crisis today is because of democratic, politically charged agendas of the left. In the name of green we are single handedly delaying the science of a more energy efficient world and starving the poor (an unforgivable atrocity that will never be recognized by our lazy media). America is burying itself in bullshit science and trying to convince the masses that we are in a tailspin of destruction. If we don't open our eyes soon and realize that Gore is mostly wrong we as a nation will keep feeling the pinch. As of now, our nation is incapable of having a real discussion about Global Warming and energy. I am a science major with an unnatural interest in Global Warming. I am extraordinarily open minded and terribly interested in facts. I am getting more concerned by the day that America cares nothing about facts but only with what they hear.
I am sorry I embarked on a little tirade but I am getting so frustrated with politics and the games that they are playing with us. Especially the Democrats. Obviously people will automatically dismiss me as a nutjob, I don't mind but at least tell me why I am wrong, I will never get angry and I always and consistently admit when I am wrong.
I am a believer in a more energy efficient and environmentally friendly world fueled by creative minds. What concerns me is that we are getting less creative and more politically sensitive. All I ask is that we become more scientifically curious and less willing to blindly accept the opinions of the majority. Opinions dominate our culture without us realizing it.
By the way, the polar bears are fine. Their numbers are up drastically and they have survived way worse warming periods than this.
I was going to somehow try to incorporate the ps3 stock into my Global Warming rant but I just realized that it is nearly impossible.

at a stretch, ps3's and other gaming all detract from american awareness towards the current situations and create a more and more uncaring society through the younger generations. The kids, who actually are getting older every day, dont give a crap about politics or the environment much so all the politicians etc. out to make money there have it easy instead of actually having to fight hard to make backward legislation. plus, that shit exploits all the 3rd world countries and creates pollution at the same time, all making more fuel for more controversy.... basically all electronics.... so ppl will keep buying more of it and stick their heads in their computers 'n' ps3's more and more and more, just depends on which is a nicer box.

This kid w/o a ps3 would like to help the victims of the cyclone in Mynamar (sp?), endorses Obaba (but isn't old enough to vote). This kid's parents still are using a POS windows 98 because they cant figure out how to get rid of it (that probably helps the african computer-melters).

Does that make you feel better?

"The enemy is US". In the 70's we embarked on energy independence after the last oil crisis, only to have the effort gutted by politicians of both major parties. And yet, we keep voting in the same old political hacks. IF we were to demand a 20-30 year program for energy independence, starting now, we could have it and it would spawn whole new industries right here in the good old USA. But the voters must demand it.

I hate to be the bad guy... but ive always been told to keep my threads related to the area they are posted in. in that case, should this thread be posted under "energy and the environment"?

or the ps3 thread or the delete thread...

it's spun off course by a lot i suppose, back to topic.... oil has got to go up more 'n' more cause since apparently we have so much oil right now and driving is at an all time low it can pretty much only go up? right? it's still climbing steady all over and over 4 bucks in a hellava lotta cities right now.

----------------------------------------------------------------------------------------------------------------------------why am i not allowed to post new forum topics? gaaaaaah!!!!!

Oil won't rise fast enough to break 4 bucks by june 1st in my opinon it's time to sell!!!!

And why should I trade based on your opinion?

guys,

I'm gonna hold this long until memorial day weekend, I think there will be profiteering enough to get us there. if it doesn't happen by saturday of memorial day weekend I will short it

I would go short on this because I dont think the AVERAGE will rise fast enough before JUne 1st because some states will have lower prices, thus leveling it out a little...

Also, one might never know when oil futures might drop!!!!

The national average, as reported on the website linked from the prop page, has been going up 1.8 to 2.7 cents a day for at least the past week. Today's price is $3.776, which is close enough to get there: in 16 more days at an average rate of 1.8c increase per day you will end up at $4.06 or so.

Anyone know of a coming temporary "fix" that will damp down the increases for a few days, enough to hold it under $4 before June 1? The gas tax thing would have done precisely that but it's looking dead.

the prize of gas here is $3.74 and going up

Saw gas for $3.86 as I took my dog to the Vet.

The geniuses who work for George W"orst ever" Bush just wrote,

"The projected prices for crude oil in 2008 will result in higher prices for all petroleum products. Regular-grade gasoline is expected to average $3.52 per gallon in 2008, or 71 cents above the 2007 annual average price. The monthly average regular-grade gasoline price is projected to peak at $3.73 per gallon in June. "
( http://www.eia.doe.gov/steo )

Since http://www.fuelgaugereport.com/ already shows gas 4.6c above their imaginary June "peak" what would YOU do? I'd be long in this prop is what I would do.

Here's the issue with HIGHERGAS:

we're really playing against the clock here. Not many will say that we won't see the USA Average price reach $4/gallon at some point this summer. But the question is whether it will happen before the end of month or not.

The one resource I've been looking at the past couple of days is www.gasbuddy.com who has customizable historical charts for gas prices within North America (thanks to scojac over at ppxcomm for this link). Taking the past month for gas prices for the USA average, and assuming prices will rise at the same rate as the past month, it will reach $3.975 by month end. However, any kind of quick jump will likely put it over the $4 mark. This weekend is the Canadian long weekend which is followed by the US long weekend. Either of these have the potential to really jump the prices at the pumps.

One thing I find interesting is looking at the 18-month chart at gasbuddy, we see that the price dropped dramatically in June of last year. Anybody remember if there was some price freeze or other effect to reason why summer prices were lower than spring prices?

I believe that last may and early june their were calls to strip the oil companies of all their tax relief, and tax incentatives and to tax their profits, because prices kept going up shortly there after and with no explanation prices started drifting downward. not saying the two are connected but.....