AUGUSTA, Maine — A state survey indicates heating oil prices have risen 7 cents per gallon over the past week in Maine.
The Governor’s Office of Energy Independence and Security said Monday that the average price in its weekly survey is $3.86 per gallon.
Director Ken Fletcher called for a debate into the “potential role of speculation in the oil markets.” He said there may be valid supply and demand reasons for the price increase, but he noted that many analysts believe speculators are driving prices higher at a time of sluggish demand and adequate global supplies.
As always, heating oil prices varied across the state, ranging from a high of $4.17 in central Maine to a low of $3.62 in southwestern Maine.
Must be Bush’s fault.
actually it was a a repeal of a law while bush was president that allows rampant speculation
It was the Commodities Modernization Act of 2000 that started all of this nonsense. And guess who’s funneling in money, thru Super PAC’s, to both Lil’ Ricky and ‘Which side am I on today’ Mitt ?
thieves
Nothing but greed motivating this. The greed of these “speculators” is going to put this economy into the toilet.
The economy was already in the toilet, now it’s being flushed.
Thank you mr obama
Hey, we could build a pipeline from Canada to Texas refineries.
Get plenty of oil and put lots of people back to work.
Oh no, we’re told our taxes would be better spent speculating on solar.
Like Solyndra, and their CEO’s are getting Big bonuses?
Oops . . . Nevermind.
the shale oil that would be going through that pipeline would be sold abroad.
and it there is NO shortage of gas or fuel — its being sold abroad– enjoy the friuts of capitalism
Why anyone would want to pollute America’s farmlands with the tar sands pipeline so that oil companies can make more $$ is an enemy of humanity. Why doesn’t Canada figure out an alternative to sell that oil to China by transporting it through its own country? That’s where it will wind up anyway.
Why are any of you surprised? Obama is doing exactly what he said he would do. You people don’t understand that high oil prices are good for you.
In 2008, Steven Chu, Obama’s future
secretary of energy lamented, “Somehow we have to figure out
how to boost the price of gasoline to the levels in Europe.” The
president, when asked whether he thought $4-a-gallon gas prices
were good for the American economy, said, “I think that I would
have preferred a gradual adjustment.”
why are any of you suprised, its CAPITALISM at its best
”
Analysts also noted that escalating prices seemed linked more to speculation about possible future supply deficits than any actual shortages. Suspicions about rising stockpiles of oil stored on ships at sea were also clouding the true level of available supplies.
“In our view, the recent price increase was predominantly based on expectations and concerns, amplified by renewed inflows of money into the exchanges,” said a report from JBC Energy in Vienna. “Only a minor share appears to be due to physical activity, which at the margin – and this is crucial – is taking barrels out of the market and not consuming them.”
”
o Despite the rising prices, there seemed to be ample supplies available. A report showed U.S. crude stockpiles growing more than expected last week, suggesting demand remains sluggish.The American Petroleum Institute said late Wednesday that crude inventories rose 3.6 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., had predicted an increase of 1.7 million barrels.”–“Inventories of gasoline added 314,000 barrels last week while distillates rose 630,000 barrels, the API said.””In other energy trading, heating oil rose 2.5 cents to $3.29 per gallon and gasoline futures added 1.08 cents to $3.2738 per gallon. Natural gas added 1.8 cents to $2.661 per 1,000 cubic feet.”Futures is Speculation — enjoy it tea partiers, it’s CAPITALISM at it’s best
Freakin Bush! Freakin Obama! Freakin Baldacci! Freakin LePage!………….It’s getting old people, and easy to point a finger. Perhaps we should point it at ourselves for the amount of CONSUMING of these resources that we do? I don’t care what your Political opinions are, they’re just that. A Liberal doesn’t make this world any better, a Conservative doesn’t make this world any better, Independent, Green…etc. WE HAVE TO ACT! As long as we consume, these people get their Money and continue to raise prices knowing that we aren’t going to change.
The solution is easy, just earn enough money that the increases in costs of petro products doesn’t have any significant impacts on ones wallet. While everyone is complaining I’m working to keep above the fray. Go 1%’ers
It is a darn shame that the Wall Street Speculators are allowed to get away with what they are doing to oil prices. All this is doing is putting more hardships on poor people in Maine to heat their homes. It is also sad that Congress will not do anything about it. This is a disgrace to the people.
7 cents?!?! I live in Caribou and it went from $3.89 to $4.09 over the weekend!
2012 – Obama has come up with a comprehensive energy policy which will take a few years before we see results.
2008 – Obama supports higher gas and oil prices as a way to wean America from oil.
Is this who we want to be in charge of energy policy?
This sounds a lot like his comprehensive health care reform which was also intended to reduce costs.