Watch autour of Dallas and Fort Worth traffic, you would never know that the United States had any kind of crisis of gasoline. Many drivers on motorways apparently believe that Texas has already approved the speed limit proposed 85 mph.
Most don't realize that driving a vehicle that is rated at 30 mpg on the road at 85 miles an hour will reduce its consumption of fuel by about 35 percent. What is the gas that they are currently paying $3.79 cost $5.11 in reality. It is reasonable to assume, too, that if we really interested in the cost of gas, we would do everything we could to limit the damage costs. This is not. Complain about price but seem reluctant to do anything on their subject.
Americans think that they know who to blame for the high price of gasoline. The usual culprits are people who drive too fast, inefficient engines, OPEC, and even China. Of course, those who are all factors, but it's like the blame of the housing bubble on the timber industry or a glut of carpenters. It is not a great mystery that is responsible for the increase in gas prices. As I and others have written in the past, the greatest culprits are speculators, the futures markets to their own pockets of game. We all know that. What may come as a shock is that they are facilitated by the Federal Reserve.
This explains why the market for oil and gasoline currently costs consumers and the industry much more than necessary. Until recently, it was impossible to say if speculators were accurate in telling the media this strong world demand for oil has caused prices on the arrow again, pushing the gasoline prices $1 per gallon above where they were at this time last year.
It is true that rail traffic is up in the sign of a strengthening economy U.S.—a - and it is also true that the cargo around the world are back to pre-Great volumes of recession. However, MasterCard (MA) and some oil analysts are saying that domestic consumption of gasoline fell anywhere from 3% to 3.7% in the last five weeks; for a country which burns sometimes 400 million litres of petrol per day, this is no drop. In the future trading, such a decline in demand should perform a reduction in the costs comparable to what buyers are willing to pay for fuel for resale. That does not occur.
During this time, the media continue to say that gasoline prices are directly related to the pricing of oil, which is not quite true. Oil and gasoline are sold to different sets of buyers. It is necessary to buy crude for refining and sells gasoline retail; It is legitimate hedgers. Then there are speculators, who jump on the market for profits on all fuels. To prove once more that in the investment banking business, really nothing is known of oil, Goldman Sachs (GS) advised customers on 11 April to get rid of their holdings of commodities, including oil. The guardian cited Goldman advice as warning: "record level of speculative trading of crude pushed their prices so much in recent months as short-term, reward risk promotes it is more required of these products.".
"Save levels of speculative trading of crude" have pushed oil prices? Funny, all we have heard is that the price of oil of today are justified due to unusually large demand, the growth in the economy of the world.
The same day, the Financial Times reported that in March, the Saudis "strangles back their oil production" - which seems to contradict their promise to replace all oil lost to global markets because of the Libyan Revolution. According to analysts, the Saudis produce a supplement of 300,000 barrels per day, which is enough to satisfy buyers. This assessment is certainly true in the United States. We started this year with 333 million barrels of oil on part. Today, we have 359 million barrels. Some shortages.
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