Andrew wrote:
> wrote:
> > what dictates the price tag at the pumps - today?
> > mho
>
> China's insatiable demand. China was a net oil exporter until
> recently -- now they import alot.
>
> China is driving up the price of everything that comes out of
> the earth -- copper, steel, zinc, oil ....

It's not simply that. The Chinese government is also heavily
subsidizing the cost of fuel at the pump. They don't want
demand to go down as an inherent reaction to high crude oil
prices, as they feel this will stunt economic growth. I hear
that unleaded goes for well under $2/gallon compared to the
typical $3 we're seeing in California.

Besides that, they've been willing to pay more than market
prices to secure crude oil deliveries. It runs counter to what
we might consider reasonable, but they want it that badly.