Gasoline May Soon Cost $10 a Gallon.

Big New Shock at the Pump Forecast by Two Analysts

Get ready for another economic shock of major proportions — a virtual doubling of prices at the gas pump to as much as $10 a gallon.

That’s the message from a couple of analytical energy industry trackers, both of whom, based on the surging oil prices, see considerably more pain at the pump than most drivers realize.

Gasoline nationally is in an accelerated upswing, having jumped to $3.58 a gallon from $3.50 in just the past week. In some parts of the country, including New York City and the West Coast, gas is already sporting a price tag above $4 a gallon. There was a pray-in at a Chevron station in San Francisco on Friday led by a minister asking God for cheaper gas, and an Arco gas station in San Mateo, Calif., has already raised its price to a sky-high $4.62.

Read moreGasoline May Soon Cost $10 a Gallon.

OPEC president sees $200 oil possible

ALGIERS (Reuters) – OPEC President Chakib Khelil does not rule out oil prices reaching $200 a barrel, even though supply is adequate, because the market is driven by the dollar’s slide, Algerian government newspaper El Moudjahid reported on Monday.

“Questioned about a possible rise which would go to $200, the minister did not rule out this eventuality, explaining that this rise is indexed from now on to the fall in the dollar or to the rise in the dollar,” El Moudjahid reported.

“In terms of fundamentals, stocks are high, demand is easing, supply is satisfactory. Therefore normally, without geo-political problems and the fall of the dollar, the prices of oil would not be at this level,” he was quoted as saying.

Khelil, a former World Bank official, is also Algeria’s Minister of Energy and Mines.

He added: “The prices are high due to the fact of the recession in the United States and the economic crisis which has touched several countries, a situation which has an effect on the devaluation of the dollar, and therefore each time the dollar falls one percent, the price of the barrel rises by $4, and of course vice versa,” he was quoted as saying in brief remarks to journalists on Sunday.

He added that: “If this (the dollar) strengthens by 10 percent, it is probable that (oil) prices will fall by 40 percent.”

If the U.S. economic situation improved from now to the end of the year “that would help the market to stabilize.”

“But I don’t think that an increase in production would help lower prices, because there is a balance between supply and demand and the stocks of gasoline in the United States have recorded a surplus and are at their highest level for five years.”

The independent El Watan newspaper reported Khelil as saying that if the dollar’s value on currency markets stayed as it was at present, then oil prices would be expected to remain at between $80 and $110 a barrel.

(Reporting by William Maclean; editing by James Jukwey)

Mon Apr 28, 2008 5:59am EDT

Source: Reuters

Energy producers in driving seat at Rome talks

ROME: Consumer countries and international oil firms keen to gain greater access to the world’s energy resources are likely to walk away empty-handed from talks with producer nations in Rome.

Record high oil, which struck $117 a barrel on Friday, has helped to drive up the profits of oil majors, but it has also increased the spending power of national oil companies and made them ever more reluctant to grant access to their resources.

“The relative positions of international energy companies and national energy companies are changing — and not in our favour,” Paolo Scaroni, chief executive of Italian oil and gas company Eni said in a speech at the opening of the International Energy Forum (IEF).

OPEC member Venezuela, under President Hugo Chavez, has spearheaded a global trend towards resource-holders seeking to maximise their returns from their energy wealth.

International firms have found themselves faced with tougher terms and shut out of the best energy territory.

During the 1970s, the international oil companies controlled nearly three-quarters of global oil reserves and 80 percent of production, Scaroni said.

Now, they control 6 percent of oil and 20 percent of gas reserves, and 24 percent of oil and 35 percent of gas production, he said. National oil companies hold the rest.

Read moreEnergy producers in driving seat at Rome talks

OPEC blames ‘mismanaged’ U.S. economy for soaring oil prices

OPEC, rebuffing calls from U.S. President George W. Bush to increase oil output, cited “mismanagement” of the American economy as a major factor driving prices up.Record prices are suddenly creating the sharpest tensions in years between the oil cartel and the United States, the world’s largest oil consumer. Two days after the president called for more oil on the global market, OPEC members, meeting in Vienna, Austria, chose to leave their production levels unchanged, declaring that the market has plenty of oil already.

The cartel’s president on Wednesday blamed financial speculators and American economic problems, which have helped lower the value of the dollar, for the high oil prices. After the meeting, oil prices settled above $104 a barrel, a record.

Bush, who had said this week it would be a mistake for the Organization of the Petroleum Exporting Countries not to raise production, was disappointed by the outcome of Wednesday’s meeting, according to the White House.

It is the second time this year that OPEC ignored public calls from the United States to boost supplies. In January, Bush traveled to Saudi Arabia and urged producers to open their taps. But the plea failed to sway OPEC. When the group met in February, it kept its production level unchanged.

Read moreOPEC blames ‘mismanaged’ U.S. economy for soaring oil prices

Oil hits record

The price of oil increases dramatically and will continue to do so.

Oil hits record as OPEC rebuffs Bush http://www.azstarnet.com/business/228364

All this fits into the plan to crash the economy, destroy the value of the Dollar, take away your money and to keep all of you in a survival mode.

There has been found enough oil in Alaska to keep the US economy running for 200 years!

Lindsay Williams, an ordained Baptist minister for 28 years, is witness that this is true.

Visit his homepage: http://www.lwoil.com/index.php and read his book: The Energy Non-Crisis

Why would they do that? To earn more money? Yes, but those guys already have enough money! It’s now all about power.

They want to control you utterly and totally.