Episode 117 – Gas Price Sham, Political Scams

Glenn takes us down the Rabbit Hole in this episode, berating everyone for the gas price increase sham, explaining how the laws of supply and demand have no relation to the increase in gas prices. The talk expands from there into those hedging the market, and how that drives up prices, and rather than tap into the Strategic Petroleum Reserve, the President could make a few phone calls to Wall Street and put the brakes on this. At the 15:30 mark, Jeff and Glenn get into a deep discussion of how technology and the new style of communication may have actually sent us backwards politically. As we are able to communicate en mass more easily now, we seem to be talking at each other, through posts and one way communication, but we’re losing the ability to talk to each other, and that’s so pervasive in our poiitics and policies (i.e. Wisconsin). At the 28:00 mark, another fascinating discussion of the 2012 race — the positioning, the messaging and why so many in the GOP side are doing an awkward dance of ‘will they get in or won’t they?’ The GOP, that used to have a habit of giving the nomination to the person who’s next in line (i.e. Bob Dole) now finds its constituencies in disarray, and a bizarrely open nomination process.

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2 responses to “Episode 117 – Gas Price Sham, Political Scams

  1. the price of oil in the future directly reflects the price of gas today. If oil will be higher in the future than gas will be higher in the future. If gas is more expensive in the future than gas in the present will be more expensive because if you know the price of something willl be higher in the future it makes sense to buy it now up to the higher price and store it until the price rises. It is an arbitrage. If you don’t like higher gas. Stop buying it.

  2. Not sure I agree with your analysis jonj but if your message is that people should stop complaining, then we do agree.

    Not sure how the price of oil in the future means that Mobile should raise the price of gas today. They bought that gas months ago when it was much cheaper, at a lower cost. The arbitrage is the oil company taking advantage of the dynamic in the short term to raise prices and reap greater profit. In the long run yes, they should raise prices if the underlying commodity price (oil) goes up – but that should happen on a future time line not the present.

    At the end of the day – we live in the free market – which we all need to accept – the idea of tapping the strategic oil reserves for a minor reduction in supply and a minor inconvenience to consumers is exactly the type of reactionary short term thinking that has lead us to a $14Trillion national debt.

    A crisis is Iran closing the straights. Not a partial disruption to less than 2% of the worlds oil supply.

    Tapping the reserves is voter pandering at its finest.

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