Gas Prices down to $1.15?

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schuerm26

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http://seattletimes.nwsource.com/html/businesstechnology/2003257679_oilconsumers14.html


The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.


More in the link.
 
[quote name='dopa345']I was wondering why there was such a drop in gas prices.[/quote]

I noticed that too. On the way to work I drove by the most expensive pump in town, and it was down to $2.78. Helped start the day right, sho' 'nuff.
 
Gas prices lower around fall / winter, as they use a "different formula", which states can regulate.
 
[quote name='mykevermin']$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.[/quote]where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48
 
[quote name='LiquidNight']where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48[/QUOTE]

Sam's clubs in San Antonio are down to 2.25. On base at Lackland it is 2.42
 
[quote name='CaseyRyback']The article did not even mention the recent finds in the Gulf which are supposed to be huge.[/QUOTE]

I have seen quite a few article that those have been exaggerated in how much there is there. But even the pro article agree it is going to be about 5 years before we see any of it.
 
[quote name='mykevermin']$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.[/QUOTE]

Down to an average of $2.23 aorund here, but from what I've seen from two local news reports people are still far from ecstatic over it, with many saying it's still not low enough.
 
[quote name='mykevermin']$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.[/quote]

So you are saying because people are happy it's gotten down to around $2.00 there won't be anymore price changes? Do you honestly think that's how gas prices work?
 
[quote name='Duo_Maxwell']Down to an average of $2.23 aorund here, but from what I've seen from two local news reports people are still far from ecstatic over it, with many saying it's still not low enough.[/QUOTE]

Interesting observation. It may well be the case; it's not like I've taken any official polls. I do, on the other hand, eavesdrop very well. ;)

Using that technique, people seem to be quite happy about $2.15.
 
It's now below $2.00 in various states, apparently.

(Saw it on the miracle box.)
 
Not gonna happen. OPEC depends on the oil money to drive their economies. If oil goes that low, they'll hold back on production to make prices go back up.
 
Had a price war over the weekend in DeKalb, IL, got down to $2.13 a gallon.

Back up to $2.44 now, which is still the cheapest around.
 
[quote name='mykevermin']Interesting observation. It may well be the case; it's not like I've taken any official polls. I do, on the other hand, eavesdrop very well. ;)

Using that technique, people seem to be quite happy about $2.15.[/quote]


People should be happy that the gas prices are going down. Maybe happy isn't the right word, how about slightly less pissed off. Which is how I feel. I'm sure glad that gas is down, but I'm not satisfied yet.

BTW, $2.03 here in OKC.
 
I filled up for 1.98 in OKC this morning, so don't be so sure it won't go lower.

and EZB, go suck a cock with that silly bastard shit. When I want your opinion, I'll look down in the toilet and ask cheese.
 
I'm holding off on buying a car until gas is under $2...I just don't find it worth it with gas as expensive as it is, so this is very good news :D
 
[quote name='whoknows']I'm holding off on buying a car until gas is under $2...I just don't find it worth it with gas as expensive as it is, so this is very good news :D[/quote]

good for you. Just do us all a favor and don't buy some 10 mpg SUV. I get sick and tired of people buying them when gas is cheap and then bitching about how the government is a bunch of thieves when gas goes back up.
 
[quote name='Veritas1204']good for you. Just do us all a favor and don't buy some 10 mpg SUV. I get sick and tired of people buying them when gas is cheap and then bitching about how the government is a bunch of thieves when gas goes back up.[/QUOTE]
Yeah, I'm trying to save money on gas, so no, I would rather walk then burn my money on gas by buying an SUV.
 
[quote name='LiquidNight']where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48[/QUOTE]


In Ohio its $2.05 a few days ago, cheapest in the country.
 
Cheapest gas here is 2.16 at Sams. But from what I've heard, their gas is horrible. It kinda looks like the average around here is about 2.22. I seriously doubt it'll ever get back to 1.15, but I would like to see it drop to 1.75 or lower at the very least.

Though I have noticed that since they switched to "10% ethanol" gas, my fuel consumption has become total shit. I've heard the same from many friends as well. With that being the case, it seriously needs to drop...
 
Good news, the cheapest in my area is $2.79, but that was a few days ago, so hopefully it's lower today. Still hoping it goes down to at least $2 per gallon.
 
[quote name='LiquidNight']where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48[/QUOTE]

Got some a week ago or so on the VA-NC border for $2.33 a gallon, so $2.15 isn't so farfetched. But I do agree somewhat with myke in that at this point we are pretty happy with $2.15 whereas just 8-10 years ago it was 89 cents. But it's a pretty competitive market, so I guess we'll see. I hope the drops in price don't discourage the trend toward hybrids and alternatives to gasoline.
 
[quote name='elprincipe']Got some a week ago or so on the VA-NC border for $2.33 a gallon, so $2.15 isn't so farfetched. But I do agree somewhat with myke in that at this point we are pretty happy with $2.15 whereas just 8-10 years ago it was 89 cents. But it's a pretty competitive market, so I guess we'll see. I hope the drops in price don't discourage the trend toward hybrids and alternatives to gasoline.[/quote]

I'm about 15 mins from the VA-NC border, and it usually is cheaper there. Cheap smokes to hehe
 
[quote name='HumanSnatcher']I'm about 15 mins from the VA-NC border, and it usually is cheaper there. Cheap smokes to hehe[/QUOTE]

I don't smoke, but it was quite a nice break from the 50+ cents more expensive we have up here in Northern Virginia (just passing through on the way back from the Outer Banks).
 
[quote name='schuerm26']Are you saying The Bush Administration has it's hands in lowering the prices to make things look better for the Elections?[/QUOTE]

Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.
 
If gas ever hits and maintains that price that would be nice.
Do you think products whose prices increased with the fuel, will now drop back down in price? fuck no.
 
[quote name='ZForce915']Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.[/QUOTE]

I seriously doubt that. What good would it do when he's still got two years left in office? It's not like the citizens of this country would believe that...

Oh shit, I forgot the general populace...anything is possible, isn't it?
 
[quote name='CappyCobra']If gas ever hits and maintains that price that would be nice.
Do you think products whose prices increased with the fuel, will now drop back down in price? fuck no.[/QUOTE]

Welcome to the world of capitalism: people will charge what they can get away with.
 
I saw someone back into a parking space at Walgreens yesterday. It was a Hummer SUV thing, it was huge! Took him 10 minutes to park the thing that could hold like 15 people.

How many people do you think were in the car? Yep only one. Asshole.
 
Gas prices will go up once winter hits and people start pumping heat into their homes.

But anyway, the cheapest around my area of PA is 2.41...but it's crap gas. Luckily the Sunoco isn't much more at 2.60
 
[quote name='ZForce915']Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.[/quote]

That is ridiculous.
 
[quote name='Brak']It's now below $2.00 in various states, apparently.

(Saw it on the miracle box.)[/QUOTE] It's still around $2.10 here, though I haven't been out yet today.
 
It was $2.10 in my neck of the woods yesterday. I honestly neer thought it would get under $2.00 again but it just might. Either way, I'm not getting too excited because it will eventually go back up.

What's this about some huge finds in the gulf?
 
[quote name='schuerm26']Are you saying The Bush Administration has it's hands in lowering the prices to make things look better for the Elections?[/QUOTE]

Yeah, I don't know how I ever got the idea that the Bush family could influence OPEC.

050426_BUSH-ABDULLAH_ex.jpg
 
[quote name='E-Z-B']Yeah, I don't know how I ever got the idea that the Bush family could influence OPEC.
[/QUOTE]

I forgot that Chavez & Bush are bestest buddies.
 
[quote name='CocheseUGA']I forgot that Chavez & Bush are bestest buddies.[/QUOTE]

I have a hard time stomaching the conspiracy theories here. I don't think it's controversial to argue that big businesses, being the domain of the wealthy, do favor Republican candidates (I dare you to give me a reason why a big tax-cut gettin' fat cat would support a liberal candidate, aside from the odd anomaly who cites "ethics").

That said, many of us chastised the oil companies more than OPEC and oil-producing nations itself during the post-Katrina gouging last year. I know that, even if I disregard how nauseating a speculative market is (like oil), the rising cost per barrel was part of my ire; the brunt of it, however, were the oil companies who posted record quarterly profits approaching $10 billion in four months time. If they want to make money, that's fine, but to take advantage of price increases in what you buy to hide even larger profit increases for yourself and your company is despicable. It shows, quite clearly IMO, that the well-being of the average American is not as important as fat-ass quarterly dividend checks. Surely capitalism is dependent upon competition for these financial resources, but such vampirism would surely lead to its demise even faster.

Rambling, am I? Sure looks like it. At any rate, if we can't figure out if the oil-bearing nations are the biggest enemies, or if the oil-refining companies are the biggest enemies, even if both are, all things being equal, more likely to support a right-wing candidate than a left-wing one, then we have no argument of conspiracy. It's even more speculative than what the avilability and price of oil will be tomorrow. ;)

I know that lowering gas prices will not do anything to increase the supply of oil nationwide, and will make people feel more comfortable buying automobiles that will assist in ensuring that our grandchildren will have no oil-based automobiles on their highways. It does not, however, make me feel any more comfortable about the current direction of the nation, about the corruption and poor planning for international actions in our government, the gross misspending of our government, and the egregious abuses of authority of our government. If you are the kind of person who is rethinking who you were going to vote for based upon the decreasing price of oil, then please, I beg of you, please...find another issue to weigh your opinion on. Only a fool would let a spur of the moment, highly unexpected, and likely tenuous, change in economic direction be their sole motivation behind whom they vote for.

EDIT: Cochese, I don't know how true this is (since my mother told me this, and she's very very very very conservative, and thus unreliable ;)). Evidently, all Venezuelan oil that comes into the US is sold to Citgo; if Chavez really wanted to fuck up the American economy, he could start a price war by encouraging Citgo to sell oil at crazy prices. Then again, this is all true if (1) they only distribute through Citgo and (2) they could legally get away with "dumping" oil. That's a conspiracy I believe in more than the general election conspiracy.
 
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