In a word: ‘No’. While the Kingdom announced it would turn on the spigot in case the Iranians turn theirs off, that just won’t be enough to stave off higher oil prices.

There has actually been little impact on global oil supply because of the tougher sanctions on Iran. The US market is well supplied – enough oil in storage tanks to cover 57.5 days of demand.

Just tell that to the speculators on Wall St. Goldman Sachs says that heavy speculation does have an effect on oil prices. In fact,

Goldman’s oil analyst wrote in a note last month that every million barrel equivalent of oil futures that was net long the market adds 10 cents to the price of oil. The market is currently net long US benchmark crude, or WTI, by 258,406 contracts which is equivalent to 258 million barrels of oil. At 10 cents per every million barrels, that would mean speculation is currently adding $25.80 to every barrel of oil — without the excess speculation, oil would trade at around $81.52.

Which way do you see oil prices going?

It’s coming and you can’t do anything about the price, but there are some things you can do to use less of it.

These are not 7 ‘secret tips.’ You have heard them all before.

1. Have your tires checked. Wheel alignment and tire pressure are both important.

2. Check for the best deals in your area. GasBuddy.com can help. You can also get an ap for your mobile phone.

3. Don’t speed. You can reduce consumption by 7% for every 5 miles you cut back on the highway.

4. Get a tune-up to burn your fuel most efficiently.

5. Do not ride your brake. Use it for stopping.

6. Take advantage of gas card benefits.

7. Drive as smoothly as possible.

You’re welcome :)

Oil prices rose today on the news that European diplomats had reached a preliminary agreement to issue new economic sanctions on Iran. Progress on sanctions had been held up by the envoys from Greece, who have now dropped their objections. While debate on the specifics of the sanctions is ongoing, all countries in the EU are resolved to proceed.

Two weeks ago, debate over these new sanctions on Iranian oil prompted to government in Tehran to threaten to close the Strait of Hormuz. The threat was promptly backed up by a 10-day series of war games and the tests of some new weapons system.

The Iranian government has yet to respond to this latest news, but this move by the EU is sure to increase tension even further.

That’s the word from Wright Express (via Automotive Fleet).

In a new report from Wright Express (WEX), the company said fuel prices are as low as they’re going to get and are likely to rise in the coming weeks. The company said experts believe that despite current economic woes and reduced demand, fuel prices will remain strong for the rest of the year.

Retail gasoline prices dropped more than 25 cents during the month of September, but WEX said some experts believe prices have hit bottom. Last week, wholesale gasoline prices were at $2.50-$2.70 per gallon, but the week ended with some markets back above $3.00 per gallon.

We have been watching the wholesale market closely, and we can see the apparent firming of prices. Check out the CME chart of wholesale gasoline futures.

The subject near and dear to my heart was mentioned briefly in the Republican candidate debate on Wed. night.

Michelle Bachmann noted that gas was $1.79/gal when Obama took office, and she says it’s possible to get back there. (News Flash Rep. Bachmann: Gas was $0.35 when I bought my first car. Kept hoping we would get back there, but..)

Don’t forget the day that President Obama took office, gasoline was $1.79 a gallon. It’s entirely possible for us to get back to inexpensive energy.

Gov. Huntsman from Utah said we are paying for more than just the gas of gas when we fill up our tanks. The price includes tax shipping and handling, so to speak.

When you add up the cost of troop deployments, when you add up the cost of keeping the sea lanes open for the importation of imported oil, the bulk and distribution and terminaling costs (ph), it’s $13 a gallon, so says the Milken Institute.

All agreed $2 gas would be better for everybody and better for the economy.

Get real people! $2, $3, $4 gas at a price over which we have no control or guarantee! I’d just like to know what it will be so I can budget and plan the rest of my life. Let’s hedge.