Oil Prices And Pain At The Pump

I was beginning to think about the price of crude oil the way I do about rent: It never goes down.

This past Wednesday and Thursday saw the barrel price of light, sweet crude oil rise to and above $100 for the first time ever in the New York Mercantile Exchange, even though any sane human would probably err on the side of caution when it comes to buying crude oil futures.

Market indicators — India and China are looking to use less oil as the price soars, the value of the U.S. dollar is dropping like a brick in a pool, there is geopolitical turmoil in oil producing nations, and fears of a U.S. economic recession — suggest that the overpriced barrel of crude oil is a bubble ready to burst, like Kramer’s oil filled rubber ball in that “Seinfeld” episode.

So why did the price of crude oil break the century mark last week?

Well, according to numerous financial news reports out of New York and the United Kingdom it is because of some guy named Richard Arens, a New York broker who specializes in crude oil. He made a bid to purchase 1,000 barrels of crude — that is the least you can buy at one time — for $100 each. He then immediately sold them for $99.40, for a loss of $600.

The speculation is that Arens wanted to cement his place in history as the first to throw down a Benjamin for a barrel of oil.

I know what you are thinking: What do I care if some jackass in New York wants to blow $600 on a meaningless historical mark.

Well, you should care because crude oil makes up about 60 percent of the gasoline our automobiles chug, and the soaring price of a barrel of crude hits us right in the wallet, whether it’s paying for gasoline or food that is trucked into Las Vegas.

The increase in the price of oil is insane. During the past five years, the price of crude oil has quadrupled. In 2007, crude oil prices rose 50 percent — to give you an idea of the craziness, it broke $80 a barrel for the first time … in September.

Analysts have touted a number of factors as to why the price of crude oil has risen, note my list above, but a lot of blame needs to be placed on commodity brokers and futures speculators.

After Arens’ bid for a slice of meaningless history, the price of a barrel of oil settled below $100 on Wednesday. But on Thursday, before anyone knew what Arens was trying to do, the price of crude oil jumped to $100.09, another record high.

If those investors had known what Arens had done, would anyone have offered to buy a barrel for more than $100? Probably not.

On Friday, the barrel price fell to $97.91.

In case you are wondering, The Associated Press reported the price of a gallon of gasoline rose 2.2 cents Friday.

Meanwhile, as I watched the presidential candidates make their speeches Thursday night after the caucuses in Iowa, I began to wonder why I didn’t hear any of them talk about this issue considering it has a direct effect on all of our lives.

And just so you know, the federal government’s Energy Information Administration predicts the nation will see record-breaking gasoline prices again in the spring.

It will be up to us to deal with the problem, and that means finding ways to spend less on gasoline. Here are some tips from the driver advocacy group AAA:

• Inflate your tires to the proper pressure because it changes with the seasons.

• Don’t speed, especially on surface streets where you are more likely to expend more fuel by speeding up and braking frequently.

• Make a list of errands and do them at the same time on the shortest possible route.

• Ride a bike, walk, take a bus or car pool.

• Make sure your vehicle’s fluids and filters are clean.

And you can find the station selling the cheapest petrol before leaving your house on the Internet using AAA’s Gas Price Finder at www.aaa.com/gasprices.

Hit n’ Run

I saw this license plate frame on a car parked at a local casino: “Think you’d driver (CQ) better with that cell phone up your (expletive).”

With spelling like that methinks you’d better have gotten a discount on that license plate frame.

If you have a question, tip or tirade, call Francis McCabe at (702) 387-2904, or send an e-mail to roadwarrior@review journal.com. Include your phone number.

ad-high_impact_4
News
Henderson police bodycam footage of officer-involved shooting
Henderson police released body-worn camera footage of an officer-involved shooting in a grocery store parking lot at 2667 Windmill Parkway on Aug. 12, 2018. (Henderson Police Department)
Robotics takes off at Las Vegas Academy
Las Vegas Academy’s robotics team made it all the way to the world competition last year, the first year the team competed. Zackary Perry describes how they programmed their robot to compete. The team is an example of what Tesla wants to have in every school in the state. (Meghin Delaney/Las Vegas Review-Journal)
Bicyclist suffers major head trauma in hit-and-run
A bicyclist was hospitalized with life-threatening injuries after a Thursday morning hit-and-run crash near the school formerly known as Agassi Prep. Police said the bicyclist was hit by a white SUV, which fled the scene. The injured man suffered multiple injuries including major head trauma. As of 9 a.m., Lake Mead remained closed between Martin Luther King and Revere Street while police investigate.
Las Vegas artist Dave Dave dies at 42
Dave Dave talks about his art and his life in 2016. (Michael Quine/Las Vegas Review-Journal)
Dave Dave, whose dad set him on fire in 1983, dies
Dave Dave, a respected Las Vegas artist who was badly scarred as a boy when his father tried to burn him to death in Southern California, died at Sunrise Hospital on July 15. He was 42. When he was 6, Dave's father tried to kill him by setting him on fire. He was given a sleeping pill and his bed at a Buena Park, California, motel was doused with kerosene. “I remembered being in a lot of pain,” Dave told the Review-Journal in 2016. “When stuff happens to you at that young of an age, you tend to block it out, but I remember the pain was excruciating.” Dave, who was born David Rothenberg, became close friends with Michael Jackson, who met him after the attack, which burned more than 90 percent of his body. “I wanted to meet him, and he wanted to meet me, and that just turned into a lifelong relationship that never ended,” Dave said. “It was amazing being friends with Michael Jackson. He was an amazing person.” Dave attended ArtCenter College of Design in Pasadena, California, and collaborated with various artists around Las Vegas, eventually selling his art to private collectors. Despite his challenges, he continued to live, thrive and create. Dave Dave
Homicide detectives investigate woman's death
Las Vegas police were called to Tahiti Village Resort early Wednesday after calls that someone had been shot. Police found a woman’s body between a parking garage and boiler room on the resort's property. A guest first reported hearing gunfire. There are no witnesses, but police will examine surveillance videos and look for clues. The woman was not identified, but a purse was found near the body. She did not appear to be a guest at the resort.
LVMPD Discusses Ross Dress for Less Shooting
LVMPD Assistant Sheriff Charles Hank discussed the 15th officer-involved shooting of the year at a press conference at Metro headquarters on Tuesday, Aug. 14. The active-shooter incident took place at the Ross Dress for Less store at the 4000 block Blue Diamond Road in the south Las Vegas Valley. (Madelyn Reese/ Las Vegas Review-Journal)
Metro Asst. Sheriff Brett Zimmerman on Aug. 8 officer-involved shooting
Metropolitan Police Department Assistant Sheriff Brett Zimmerman met with media Monday to discuss the details of the 14th officer-involved shooting of the year. (Madelyn Reese/ Las Vegas Review-Journal)
Clark County School Board president Deanna Wright on travel expenses
Clark County School Board President Deanna Wright says she followed proper expense protocol in trip to Florida last year.
Matt Kelly Elementary School hosted its third annual Back-to-School Red Carpet Program
Matt Kelly Elementary School hosted its third annual Back-to-School Red Carpet Program where community and business leaders joined to welcome students back with an inspirational welcome. Bizuayehu Tesfaye/Las Vegas Review-Journal @bizutesfaye
Shooting leaves 1 dead in southeast valley
A man was found fatally shot in the doorway of a squatter apartment after an argument ended in gunfire on Sunday night. Officers responded about 10:30 p.m. to the Silver Pines apartments and discovered the man in a breezeway in one of the buildings. The wounded man died at the scene, despite the efforts of another person, who tried to administer medical aid. Witnesses saw a man and a woman flee the scene, but were unable to give police a clear description.
North Las Vegas unveils new school crosswalk
North Las Vegas councilman Isaac Barron talks about the new school crosswalk in front of CP Squires Elementary School Monday, August 6, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
LVMPD Briefing on OIS #13
Assistant Sheriff Tim Kelly held a press conference to discuss details of the 13th officer-involved-shoot for the department in 2018. Video shows the moments before the suspect was shot. The shooting, which has been edited out, occurred as the suspect lunged at an officer outside the apartment. (Madelyn Reese/Las Vegas Review-Journal)
Sedan and semitrailer collide in south Las Vegas
An early Wednesday morning crash has left one person in critical condition. A sedan and semitrailer collided around 4 a.m. at the corner of Spencer Street and Serene Avenue. Police do not believe impairment is a factor in the crash. Spencer has been blocked off north of Serene while police continue their investigation.
Cybersecurity Professionals Flock to Las Vegas for Black Hat
Black Hat USA, the largest annual cybersecurity conference, is expecting a record 17,000 attendees during its six-day run at the Mandalay Bay Convention Center this week. One thing attendees have in mind is making sure they don't get hacked while they're there. (Madelyn Reese/Las Vegas Review-Journal)
Police chase ends with suspects captured in east Las Vegas
An early Tuesday morning chase ended with a car crash in an east Las Vegas neighborhood. Police were pursuing the vehicle, which they say was involved in robberies in Las Vegas and North Las Vegas, when the driver crashed at Owens and Statz Street. A man was taken into custody. A woman was ejected from a vehicle and taken to a hospital with non-life threatening injuries. The intersection at Mojave Road and Owens Avenue was shut down while police officers searched for the suspect and investigated. The intersection will remain closed for most of the morning.
Record number participate in Touro University Nevada White Coat Ceremony
Three hundred sixty-five medical students received their white coats during the Touro University Nevada White Coat Ceremony at the M Resort in Henderson Monday. The ceremony was developed to honor students in osteopathic medicine, physician assistant studies, nursing, occupational therapy and physical therapy as they accept the professional responsibilities inherent in their relationship with patients. (K.M. Cannon/Las Vegas Review-Journal)
Stop for school buses, urges CCSD
Clark County School District Police Department hold a mock traffic stop at Centennial High School in Las Vegas, Monday, Aug. 6, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Work Begins at Las Vegas Community Healing Garden
Crews moved the wooden Remembrance Wall at the Las Vegas Community Healing Garden on South Casino Center Boulevard Monday. Construction on a permanent wall is set to begin within the week. (Madelyn Reese/Las Vegas Review-Journal) @MadelynGReese
Man wounded outside Cottages apartment
Las Vegas police don't have a motive after a man was shot early Monday morning outside a northwest valley apartment. The man's mother called police to say her son had been shot. She called police around 1:15 a.m. Other people were inside the apartment but no one else was injured. Police are still looking for the shooter.
Ride new Interstate 11 segment in one minute
Interstate 11 opens to the public Thursday, providing sweeping views of Lake Mead, art deco-style bridges and a mural illustrating the construction of Hoover Dam. (K.M. Cannon/Las Vegas Review-Journal)
Miss El Tiempo 2019
Miss Teen El Tiempo and Miss El Tiempo 2019 were crowned at Sam's Town Saturday, August 4, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
Las Vegas Woman Raises Awareness for Anxiety and Depression
Cassi Davis was diagnosed with anxiety and depression after the birth of her second child. After seeking help and support, she felt that there wasn't enough for support for those living day in and day out for those with mood disorders. She created the Crush Run, set for Sept. 22, to raise money for the Anxiety and Depression Association of America and bring together a community of people who live with the same conditions she does. (Madelyn Reese/Las Vegas Review-Journal)
North Las Vegas marks the opening of Tropical Parkway connector
The City of North Las Vegas, Nevada Department of Transportation and other partners celebrated the opening of the Tropical Parkway connector to Interstate 15 and the Las Vegas Beltway. The stretch of road will make access easier for distribution centers for Amazon, Sephora and other companies moving into an 1,100-acre industrial area rising near the Las Vegas Motor Speedway. (K.M. Cannon/Las Vegas Review-Journal)
Bighorn sheep with West Temple in background at Zion National Park
A bighorn sheep walks through Zion National Park (National Park Service)
Adult Superstore location closes after 45 years
The Adult Superstore on Main Street has closed its doors for good after 45 years. The shop, which offered a multitude of adult toys, novelty items and movies, opened in 1973. Four other locations remain open. A note on the front door tells customers, “We can’t fully express our sorrow.” Adult Superstore was awarded Best of Las Vegas adult store by the Review-Journal in 2016 and 2017 .
Funeral held for Las Vegas corrections officer
Department of Public Safety Correctional Officer Kyle Eng died July 19 after a fight with an inmate at the Las Vegas Jail. A funeral was held for Eng at Canyon Ridge Christian Church Monday, July 30, 2018. (Marcus Villagran/Las Vegas Review-Journal) @brokejournalist
What Back-To-School Shopping Is Like For a CCSD Parent and Teacher
Laura LeBowsky, a CCSD special education teacher and mother of two, set out to shop for her children's supply lists at her local Walmart and Target. She was looking for deals to try to keep the total under $150, while also allowing Chloe, 8, and Brady, 6, some choice in what they wanted. (Madelyn Reese/ Las Vegas Review-Journal) @MadelynGReese
Businesses struggle to fill food manufacturing jobs
Chelten House is a family-owned food manufacturing company from New Jersey. They created a facility in Vegas five years ago and have struggled to find experienced workers in the area. (Marcus Villagran/Las Vegas Review-Journal)
LeBron heckler crosses line, altercation erupts
NBA superstar LeBron James, his wife, Savannah, and daughter Zhuri were at Liberty High School to watch Bronny James in action Wednesday night. But an unruly fan wearing a Michael Jordan Chicago Bulls jersey heckled the newest Los Angeles Laker. The man screamed at event security with LeBron and his family about 150 feet away. The man had to be restrained, triggering a brief altercation with security. James and his family were escorted out a side door along with Bronny's team, the North Coast Blue Chips. Event officials canceled the game between the Blue Chips and Nike Meanstreets.
TOP NEWS
News Headlines
Add Event
Home Front Page Footer Listing
Circular
You May Like

You May Like