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dad0f3
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Posted - 02/22/2012 :  1:31:49 PM  Show Profile  Reply with Quote Report Abuse

Obama and Ed Begley Jr. approve...

http://tampa.cbslocal.com/2012/02/22/florida-drivers-shelling-out-nearly-6-a-gallon-at-some-gas-stations/

TAMPA (CBS Tampa) — Talk about pain at the pump! Some Florida drivers are spending nearly $6 a gallon to fill up their gas tanks.

According to GasBuddy.com, motorists are shelling out $5.89 for a gallon of regular gas at a Shell station in Lake Buena Vista, topping out at $5.99 a gallon for premium. It doesn’t get better at a Suncoast Energy station in Orlando, where drivers are paying $5.79 for a gallon of regular.

“Prices over in the Disney World area are much higher than any other place in Florida,” Jessica Brady, AAA spokeswoman, told CBS Tampa, adding that people regularly complain about gas prices in that area.

The Sunshine State is opening up its wallet, paying an average of $3.67 a gallon of unleaded gas, 12 cents more than the national average. And it’s only expected to go up.

“It doesn’t look like we will have relief at the pump anytime soon,” Brady told CBS Tampa. “I do think we will see prices surpass $4 a gallon. I think we will see that closer to spring time.”

One reason for the high prices is the conflict with Iran over the Strait of Hormuz. Iran has threatened to disrupt oil shipments through the waterway due to the European Union sanctions leveled against the country over its nuclear program, causing the price of crude to skyrocket. Trading on a barrel of crude today is a little over $106.

Another reason for the high gas prices: positive economic news. The drop in the unemployment rate and improved housing market numbers have caused gas and oil prices to rise.

“I know it frustrates quite a few consumers why positive news will lead to higher prices,” Brady told CBS Tampa. “It really just comes down to speculation.”

A third culprit behind the gas price boom is Greece. The EU’s bailout for the indebted country only adds to the global fuel demand.

And because of these reasons, Brady believes that Florida and the rest of the U.S. could see historical gas prices.

“I think this year we will see much higher highs.”


blueblood
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Posted - 02/22/2012 :  2:04:03 PM  Show Profile  Reply with Quote Report Abuse

Wonder why he's resigning? Not only did he cause the banking crisis, now it appears he has a hand in the oil crisis as well. 1.8Trillion dollars. Not paid by corporations, but by us. Yeah, we need more regulation. And really, explain who's side these guys are on once again

How the Dodd-Frank Act Harms the U.S. Energy Industry
http://finance.yahoo.com/news/dodd-frank-act-harms-u-172731138.html

Though many in Washington would deny it, taxing, spending, and borrowing are not the only ways federal policies can impact taxpayers and our economy. Regulating has become an expensive enterprise on its own. The Competitive Enterprise Institute's latest Ten Thousand Commandments Report has compiled research estimating the total annual cost of federal regulations to taxpayers and the private sector exceeds $1.8 trillion.

How has this burden grown so large? One way is by hiding regulations affecting many industries in legislation that would appear to apply to just one sector of the economy. A case in point is the 2010 Wall Street Reform and Consumer Protection Act, also called the Dodd-Frank law.

But one seemingly obscure part of Dodd-Frank is aimed not at banks or financial institutions; rather it is aimed at American energy. Section 1504 of the law would force oil and mining companies listed on the U.S. Securities and Exchange Commission to expand disclosure of payments to foreign governments while excusing foreign competitors.

What's wrong with disclosure? Nothing, as long as everyone abides by the same set of standards. And here is the painful rub with Section 1504: In essence, the rule would give foreign competitors--largely state-owned oil and gas firms--access to information about what American companies are paying to governments overseas, enabling them to outbid and outmaneuver in the global race for energy resources.

This rule would also come with a hefty price tag, according to some industry compliance observers. American companies would be forced to report all payments to foreign governments--from large contracts to small projects. Combined with proposals to strip our oil and gas industry of tax-saving provisions, many of which are available to a variety of businesses, the new disclosure law would put America's international oil companies (IOCs) at a sharp disadvantage against foreign rivals who won't have to face similar barriers-to-entry.

According to the Council on Foreign Relations, one reason China has been so successful in securing oil resources in Africa is that it has adopted a policy of "noninterference" and, reportedly, a penchant for paying bribes. If Section 1504 rules prove to further incentivize such behavior, then the well-being of economic liberty at home and in the rest of the world could actually be harmed rather than helped.

Yet, firms like ExxonMobil don't even rank in the top thirteen largest global energy companies (as measured by reserves), which are all state-owned. In fact, over 75 percent of global oil resources are controlled by government-owned National Oil Companies, or NOCs, including Gazprom (Russia), China National Petroleum Corp., and Petroleos de Venezuela, who won't have to comply with the rules.

American firms competing for scarce natural resources are already at a disadvantage, and this trend is projected to worsen. A recent Economist special report on "state capitalism" (an oxymoronic term if there ever was one) describes how the top-ranked NOCs are using their leverage and special treatment at home to expand their global reach. By contrast, American firms must deal with onerous and increasingly arbitrary U.S. tax policies, which make it more difficult for them compete on a global scale.

The United States has the second highest effective corporate tax rate of all Organisation for Economic Co-operation and Development countries, and proposals to repeal dual capacity (an essential tax credit that protects national oil and natural gas firms from being taxed twice on income earned and taxed abroad) would further undermine U.S. competitiveness in the energy space.

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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vegasmayor
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Posted - 02/22/2012 :  2:12:25 PM  Show Profile  Reply with Quote Report Abuse

"Another reason for the high gas prices: positive economic news. The drop in the unemployment rate and improved housing market numbers have caused gas and oil prices to rise."

Interesting.

Damned if you do, damned if you don't.
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dad0f3
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Posted - 02/22/2012 :  2:20:11 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
[br]"Another reason for the high gas prices: positive economic news. The drop in the unemployment rate and improved housing market numbers have caused gas and oil prices to rise."

Interesting.

Damned if you do, damned if you don't.


Don't buy it. 2011 was the worst on record for home sales and I highly doubt 2 months worth of sales in the new year are contributing factors. And as for the unemployment rate, it looks like that's going to increase when the BLS releases their numbers in March.
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vegasmayor
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Posted - 02/22/2012 :  2:30:08 PM  Show Profile  Reply with Quote Report Abuse

Don't buy it? You posted the article from which the quote came. Is the article credible or not?
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zapp2525
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Posted - 02/22/2012 :  2:38:55 PM  Show Profile  Reply with Quote Report Abuse

It will be $6 here this summer.......because they already said it would be.
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blueblood
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Posted - 02/22/2012 :  2:42:11 PM  Show Profile  Reply with Quote Report Abuse

It was revised down this week. (surprise surprise, as is their custom. Sales are at or near an all time low since the 1940's There's no silver lining there and foreclosures will be at all time highs this year with the bank settlement loosening up all the homes in suspense.

Monthly New Home Sales Since the Housing Bubble Began Pictures, Images and Photos

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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dad0f3
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Posted - 02/22/2012 :  2:42:23 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
[br]Don't buy it? You posted the article from which the quote came. Is the article credible or not?


The fact that gas is $6 in parts of Florida is credible. I just don't buy all of the reporters explanations for WHY it's $6.
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vegasmayor
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Posted - 02/22/2012 :  2:46:21 PM  Show Profile  Reply with Quote Report Abuse

I guess it's all about what source you get your information from...

By Lucia Mutikani
WASHINGTON | Wed Feb 22, 2012 1:36pm EST
(Reuters) - U.S. home resales rose to a 1-1/2 year high in January, pushing the supply of properties on the market to the lowest level in almost seven years in a hopeful sign for the housing sector.

The National Association of Realtors said on Wednesday existing home sales increased 4.3 percent to an annual rate of 4.57 million units last month, the fastest pace since May 2010.

It was the latest sign the housing market may be coming off the floor. While economists attributed some of the rise to unseasonably warm winter weather, they also said it signaled genuine improvement.

Sales were up across all four regions of the country, with the West recording the biggest gain -- an 8.8 percent increase.

"At least some of the improvement in the last few months could have reflected milder winter weather, but for the most part, it seems that the housing sector may have turned the corner," said Guy Berger, an economist at RBS in Stamford, Connecticut.

The tenor of the report was weakened somewhat by a sharp downward revision to December's sales data to show only a 4.38 million unit sales rate rather than the previously reported 4.61 million unit pace.

A brightening economic outlook, marked by a strengthening labor market and buoyant factories, is giving the housing market some lift. Confidence among homebuilders is near five-year highs and they are breaking more ground on new housing projects.

Residential construction is expected to contribute to growth this year for the first time since 2005.

Robert Toll, executive chairman of luxury homebuilder Toll Brothers, welcomed that progress even as his company announced a surprise quarterly loss on Wednesday.

"Since the new home industry is coming off several years of historic low levels of production, we are encouraged by the recent improvement," he said in a statement.

The data did little to lift sentiment in U.S. stock markets, which were down in early afternoon as investors fretted about a likely euro zone recession. Prices for U.S. government debt rose on concerns Greece might not be able to avert a messy default even with a fresh bailout.

INVENTORY DWINDLING

The U.S. housing market had been held back by an overhang of unsold homes, but steady sales gains are helping to whittle down supply.

The inventory of unsold homes on the market fell 0.4 percent to 2.31 million last month, the lowest since March 2005. That represented a 6.1 months' supply at January's sales pace, the lowest since April 2006 and down from 6.4 months in December.

However, inventories tend to fall in winter and the decline last month could also be reflecting delays in the process of bringing foreclosed properties to the market.

A supply of six months generally is considered ideal.

"We think the foreclosure process will accelerate, which will speed up the flow of distressed inventory. We expect supply to edge back to eight months this year," said Michelle Meyer, a senior economist at Bank of America Merrill Lynch in New York.

That would increase the downward pressure on prices. The median home sales price fell 2 percent to $154,700 in January from a year ago.

Other data on Wednesday showed demand for home purchase loans fell last week, despite mortgage rates holding near historic lows.

The Federal Reserve, which has suggested a number of ways other policymakers could step in to help the beaten-up market, is considering purchasing more mortgage-backed securities to drive mortgages rates even lower.

But some economists are skeptical that would do much good.

"I don't think the problem in the mortgage market is high interest rates or availability of liquidity. The problem is lack of jobs and very strict lending standards," said Sung Won Sohn, an economics professor at California State University Channel Islands.

Distressed properties, foreclosures and short sales, which typically occur at deep discounts, accounted for 35 percent of overall sales last month, up from 32 percent in December.

A third of pending existing home sales contracts were canceled, the NAR said.

(Editing by Andrea Ricci)

http://www.reuters.com/article/2012/02/22/us-usa-economy-housing-idUSTRE81F0UU20120222
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blueblood
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Posted - 02/22/2012 :  2:49:45 PM  Show Profile  Reply with Quote Report Abuse

Your a smart guy, but with most liberals you like to manipulate numbers. 1.5% from the lowest on record would be something only an agenda driven headline could defend and only when people are too stupid or simply don't know or don't care enough to investigate!

from the article
"I don't think the problem in the mortgage market is high interest rates or availability of liquidity. The problem is lack of jobs and very strict lending standards," said Sung Won Sohn, an economics professor at California State University Channel Islands.

Distressed properties, foreclosures and short sales, which typically occur at deep discounts, accounted for 35 percent of overall sales last month, up from 32 percent in December.

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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dad0f3
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Posted - 02/22/2012 :  2:51:35 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
[br]I guess it's all about what source you get your information from...

It was the latest sign the housing market may be coming off the floor. While economists attributed some of the rise to unseasonably warm winter weather, they also said it signaled genuine improvement.


No, not really. This doesn't displute anything. BB and I were both talking about 2011....
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blueblood
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Posted - 02/22/2012 :  2:54:02 PM  Show Profile  Reply with Quote Report Abuse

But it doesn't change the point that it is so bad, to say that it is improved is a meaningless statement when it is at an all time low. These are 1940 levels.

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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vegasmayor
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Posted - 02/22/2012 :  2:59:46 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by blueblood[/i]
[br]Your a smart guy, but with most liberals you like to manipulate numbers. 1.5% from the lowest on record would be something only an agenda driven headline could defend and only when people are too stupid or simply don't know or don't care enough to investigate!

from the article
"I don't think the problem in the mortgage market is high interest rates or availability of liquidity. The problem is lack of jobs and very strict lending standards," said Sung Won Sohn, an economics professor at California State University Channel Islands.

Distressed properties, foreclosures and short sales, which typically occur at deep discounts, accounted for 35 percent of overall sales last month, up from 32 percent in December.



Thank you for the compliment, but I didn't manipulate any numbers. I just posted an article that someone else wrote. Similar to what you and dad0f3 did. Unless you thought I actually wrote the article for Reuters. But I assure you I did not. And, for the billionth time, I am not a "liberal." At least not in the sense that you think of liberals.
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vegasmayor
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Posted - 02/22/2012 :  3:04:53 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by blueblood[/i]
[br]But it doesn't change the point that it is so bad, to say that it is improved is a meaningless statement when it is at an all time low. These are 1940 levels.



So when does it become not meaningless to say things are improving? I agree that we are at a low. No doubt. Those are facts. So given that fact, wouldn't any improvement count? Or does it only count when it hits a certain high? Or when a certain person/political party wants to take credit? All I'm saying is that if I get F's in school and all of a sudden start getting D's or C's, THAT is an improvement. It may not be A's and it may take time to raise my overall grade but any improvement is a step in the right direction.
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dad0f3
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Posted - 02/22/2012 :  3:07:21 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
And, for the billionth time, I am not a "liberal." At least not in the sense that you thinks of liberals.


Methinks thou doth protest too much. It's OK mayor. Embrace who you are.
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vegasmayor
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Posted - 02/22/2012 :  3:13:57 PM  Show Profile  Reply with Quote Report Abuse

Well I voted for a guy named Bush three times in my life if that tells you anything. So let the embracing begin.
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dad0f3
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Posted - 02/22/2012 :  3:16:46 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
[br]Well I voted for a guy named Bush three times in my life if that tells you anything. So let the embracing begin.


Yeah, but how many times did you vote for a guy named Obama?
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blueblood
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Posted - 02/22/2012 :  3:23:36 PM  Show Profile  Reply with Quote Report Abuse

The economy is improving some in spite of Obama and in spite of housing. It will not improve until housing at a minimum, returns to mid to early 2008 numbers, then it will start to become a contributor, instead of a drag. There is no evidence that will even begin before the middle to end of 13 and probably 14. Gas prices are going to drain this economic recovery and bring it to a flat line at best. America has and always will, be dependant on cheap fuel to sustain robust growth.

I am in no way rooting against the economy, and would love to see it take off, but it hasn't, nothing has been done to stimulate it and it is and will continue to sputter along. I wish it wasn't so, regardless of who is in office, I am for America first. This administration is for themselves and maintaining power first, and that is the problem. They understand community organizing, but not economics.

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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vegasmayor
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Posted - 02/22/2012 :  3:28:54 PM  Show Profile  Reply with Quote Report Abuse

Ha. Only once so far. And trust me, I'm not sold on doing it a second time. But November is a long way away and a lot will depend on his competition and the state of the country at that point. In 2008, things were heading south very quickly and I wasn't sure the other guy and his running mate were going to make any changes. Am I completely happy with the changes I got? Nope. But have I ever been completely happy with a President? Nope.

Contrary to your belief, dad0f3, I'm not here to pick fights. In fact you seem like someone I could have a beer and a healthy discussion with. And whether it seems so or not, I truly respect your opinion and I've learned quite a few things just reading your posts.
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dad0f3
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Posted - 02/22/2012 :  3:36:56 PM  Show Profile  Reply with Quote Report Abuse

quote:
[i]Originally posted by vegasmayor[/i]
[br]
Contrary to your belief, dad0f3, I'm not here to pick fights. In fact you seem like someone I could have a beer and a healthy discussion with. And whether it seems so or not, I truly respect your opinion and I've learned quite a few things just reading your posts.


Make it a Diet Coke and it's a date!

And thank you for the compliment sir.
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vegasmayor
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Posted - 02/22/2012 :  3:41:46 PM  Show Profile  Reply with Quote Report Abuse

A Diet Coke it is! On me.

And I agree with almost everything you just said blueblood. I still think it's unfair to say things like "it's improving in spite of Obama." But that's me going back to the old "buck stops here" mentality. We can't pick and choose. We either give the President credit for good AND disapproval for bad or we do neither.
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OneWorld
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Posted - 02/22/2012 :  11:36:28 PM  Show Profile  Reply with Quote Report Abuse

Yeah jobs are increasing, the ones that pay 8-10$ and hour :)
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blueblood
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Posted - 02/27/2012 :  07:41:51 AM  Show Profile  Reply with Quote Report Abuse




The real story you won't hear on network mainstream news. Go ahead, say it's Fox News, and therefore can't be true.

Green energy is great, but cannot be artificially forced unless you keep other energy prices artificially high! Therefore, you will pay, dearly, and it will all come crashing back down again, as soon as someone, or a majority finally make the effort to look through the total smoke screen of this regime and say, "enough".

Let no man pull you low enough to hate him.
-- Martin Luther King Jr.
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