The two charts below are proof that the United States is no longer in control of our energy future. We think we are in control due to our decades of hubris and high opinion of ourselves. The first chart shows miles driven in the U.S. You can plainly see that we are driving less miles today than we did in 2008 before the financial collapse. The other chart shows gasoline prices over the last five years. You can see the intitial collapse in gas prices immediately after the financial implosion. But then you see a relentless upward progression of gas prices. Miles driven has continued on a slight downward slope, but gas prices have gone up 120% over this time frame. You would think the law of supply and demand no longer works.
But it does. We are so myopic that we ignore the rest of the world. Worldwide oil supply has peaked. Demand from China, India and the rest of the developing world continues relentlessly upward. Oil will flow to the highest bidder. Ask Iran. It doesn’t matter if you buy a car that gets better gas mileage (no one is doing that) or turn off the lights, or turn the heat down. Prices are going up and there isn’t a damn thing you or Obama or Romney can do about it. We are not in control.
You now also know why we have so many troops and warships in the Middle East.
Kill Bill says:
Worldwide oil supply has peaked. Demand from China, India and the rest of the developing world continues relentlessly upward. Oil will flow to the highest bidder. Ask Iran. It doesn’t matter if you buy a car that gets better gas mileage (no one is doing that) or turn off the lights, or turn the heat down. Prices are going up and there isn’t a damn thing you or Obama or Romney can do about it. We are not in control. -admin
Now that I can get thru my rho rostral.
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21st February 2012 at 1:11 pm
Stucky says:
” … my rho rostral ” —- KB
WTF? Kill Bill is now speaking in tongues?
KB, you better get your Jonesey ass back to the boomer thread and defend your honor. You are getting your ass handed to you. I’m sure a contrite and humble spirit will be your salvation.
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21st February 2012 at 1:21 pm
Kill Bill says:
You are getting your ass handed to you.
rho is the symbol most used for ‘Density’ and Rostral is basically ‘Skull’ As for boomer mythology its just irrational. Dont argue with an idiot they will beat you with experience.
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21st February 2012 at 1:25 pm
Bob says:
Peak Oil belongs in the same crock with global warming — not proven by a long shot, with a host of known and unknown variables to sort through, and only plausible under static conditions. In the future, nature and/or technology may put the lie to both concepts.
In a full-blown economic depression, gasoline prices will likely plunge in spite of any middle east conflict(s) that intervene. We have already seen oil prices swing between $143 and $36 over the course of 4-5 years, and things look to get even wilder going forward.
Hot debate. What do you think?
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21st February 2012 at 2:50 pm
Stucky says:
“Peak Oil belongs in the same crock with global warming ….” —– Bob
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I take it you’re new here?
Been to a proctologist lately? You’re gonna need one.
Nice knowing ya … Bob.
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21st February 2012 at 3:01 pm
Stucky says:
The reason WHY we are “not under control”.
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21st February 2012 at 3:05 pm
Bob says:
Let’s see…
* an informed perspective on the world that I agree with…
* A wide variety of Interesting, pertinent topics…
* Intelligent, clear-headed commentary…
* A lively group of commentators…
Yeah, I’ll be on TBP indefinitely. Thanks for the Sweet Old Boy welcome!
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21st February 2012 at 3:17 pm
Administrator says:
White House Comments On Surging Gasoline Prices
Submitted by Tyler Durden on 02/21/2012 13:50 -0500
Just when we thought that when it comes to nonsensical announcements Europe is second to none, here comes the White House and takes the cake:
WHITE HOUSE SAYS RISE IN GASOLINE PRICES CAUSED BY VARIETY OF GLOBAL FACTORS, INCLUDING UNREST IN SOME PARTS OF WORLD, FAST GROWTH IN OTHERS – RTRS
Uhm, would the “unrestful” parts of the world be those that have an above average US drone presence.
As a reminder, we did note over the weekend that inflation is about to become the biggest concern of “investors” everywhere:
Oddly enough, one very crucial item missing is once again surging inflation courtesy of trillions in stealthy central banks reliquification, sending crude to the highest since May 2011, and the most expensive gas price in January on record.
Sure enough…
Rising U.S. gas prices have been fueled by a number of factors in world markets, including unrest and rapid growth in emerging markets, the White House said on Tuesday.
White House spokesman Jay Carney said recent increases in gasoline prices were “clearly the effect of a variety of factors on the global price of oil,” including unrest in some parts of the world and economic growth in countries including India and China.
“The fact that this is happening only underscores the need … to have a comprehensive energy policy,” Carney told reporters.
U.S. gasoline prices jumped in January, leading overall consumer prices higher and offering a reminder of the risks energy costs pose to the economic recovery.
After rising throughout January, the national price for regular unleaded gasoline in the United States rose to $3.58 a gallon in the week through last Monday, according to the Energy Information Administration. It had started the year around $3.32 a gallon.
The people demand more Solyndras!!!
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21st February 2012 at 3:38 pm
Administrator says:
$106 per barrel. Inflation is well contained according to Bennie.
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21st February 2012 at 3:42 pm
Administrator says:
It’s a figment of you imagination that gas is up 17% in the last year. Would the BLS lie to you?
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21st February 2012 at 3:45 pm
Administrator says:
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21st February 2012 at 4:17 pm
Administrator says:
The 1% own stocks. The 99% have to fill up their gas tanks.
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21st February 2012 at 4:59 pm
GreasedUpWillie says:
“The 1% own stocks. The 99% have to fill up their gas tanks”
Admin – That comment is the most on the mark thing I have heard this year. I am going to have to steal that one. Theft is the sincerest form of flattery
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21st February 2012 at 5:10 pm
Kill Bill says:
WHITE HOUSE SAYS RISE IN GASOLINE PRICES CAUSED BY VARIETY OF GLOBAL FACTORS, INCLUDING UNREST IN SOME PARTS OF WORLD, FAST GROWTH IN OTHERS
Morons. Saber rattling and sanctions DO NOT lower fuel prices.
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21st February 2012 at 7:54 pm
DaveL says:
“White House spokesman Jay Carney said recent increases in gasoline prices were “clearly the effect of a variety of factors on the global price of oil,” including unrest in some parts of the world and economic growth in countries including India and China.”
I’m surprised that Jay didn’t say that one factor in rising price is that they did not release enough oil from the strategic petrolium reserves last year.
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21st February 2012 at 9:17 pm
SSS says:
I continue to be amazed at the rise in the stock market despite all the negative economic factors beating Main Street residents over the head, in addition to the global political tensions. Rising gas and food prices here and abroad, the Euro crisis, Iran sanctions, a wave of Arab springs, a stalled economy, persistent unemployment, failed stimulus programs, etc.
Is Wall Street completely oblivious to all this? What the hell is driving the market up?
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21st February 2012 at 11:04 pm
Kill Bill says:
Is Wall Street completely oblivious to all this? What the hell is driving the market up? -SSS
I would wager ZIRP
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21st February 2012 at 11:12 pm
llpoh says:
SSS – You ask “What the hell is driving the market up?” It is DaveL’s $16k/month credit card bill.
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21st February 2012 at 11:42 pm
wilhelmina walker says:
don’t you all get what administrator is talking about,get with the program,we are being deceived at every turn just for the sake of the 1%,we don not have any say in these matters,we are just sheep waiting for the slaughter……..I must conclude to better myself and hopefully others,to the real facts,F….K wall street and all their cronies ie Washington that are ruining our beloved country,and trying to run the world……..
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21st February 2012 at 12:24 am
Kill Bill says:
You ask “What the hell is driving the market up?” It is DaveL’s $16k/month credit card bill. ~~llpoh
I did not know that porn was so expensive.
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21st February 2012 at 1:13 am
Cranky ballsack says:
Isn’t it amusing that the people who think peak oil is “bunk” don’t actually understand what the fuck it is. Pretty much the same as the fucktards who think Climate change is bunk because this winter was colder than last winter etc. etc….
Peak oil = end of cheap oil and the exponential rise of oil prices no matter what technology you throw at the problem
Climate change = The warming of the planet by a small amount due to pumping huge amounts of carbon into the atmosphere over a very short period. This will cause weather uncertainty and extremities. Live in a wet place? it’s going to get wetter, live in a dry place? it’s going to get dryer. etc etc
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21st February 2012 at 7:03 am
Bob says:
Thanks Cranky. Here is what I do understand:
Peak Oil — This is a static supply side argument that has mostly ignored the possible effects of changes in demand. China and India have propped up oil demand over the past few years, but both economies are cooling off. The rest of the world seems to be headed for more than just a cooling off. At the very least, the calculations produced by all the linear thinking on this subject need to be recalculated.
Global Warming — Have the planetary cycles of global warmings and ice ages been repealed? Isn’t it possible that the Earth is experiencing one of its periodic climate shifts all on its own, with very little influence from the human race? Compared to volcanic eruptions, man-made particulates seem to be only a minor part of the equation — a rounding factor that is part of a change taking eons to cycle through.
The Earth is not a fragile place. There is a lot about it we still don’t know. We are the fragile part of the equation.
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21st February 2012 at 10:41 am
ron says:
When your profits are so high,why go back down.its all about money,if anything your playing right into theyre hands with this peak talk.
Global warming,who says this isnt exactly how its supposed to be. its about taxs and control.Go ahead just swallow this crap hook line and sinker.
I thought admin. and others would see right through this crap.You actually think were going to run out?yes demand is high,so is are profits.I think there is other problems coming,like a break down of society or having the money to buy gas.
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21st February 2012 at 11:21 am