Gas Prices Dropping

PatMaGroin

Diabloii.Net Member
Gas Prices Dropping

$2.42 here. And I hear tell that they may drop another 20 cents this weekend, from the store director at a grocery store here that also runs a gas station.

How are prices looking for you guys?

Do you think they'll stay this low, go down more, go back up?

Why the drop? Llad, care to weigh in please sir?
 
llad12, care to fill us in on how OPEC killed oil prices in the 80's? Do you think this is again the same thing? Coal-to-oil is now a viable technology.

Are they trying to make oil a cheaper alternative in order to kill coal-to-oil? I'm starting to think that's what's happening.
 

FlimFlan

Diabloii.Net Member
Who pays for gas? I haven't for 2 years since I have been working for the company out of the US. I guess it was good timing on my part.
 
I do. About $2.89 at Costco. Only Californication has higher gas than Idaho right now. And it's due to a few jack Mormons in Utah. They own the pipeline. Bunch of thieves.
 

Amra

Diabloii.Net Member
I am not sure what it is here now. I'll have to check.

What is this.... an election year ploy? Dick Cheney call your office!!

Evil Conservative Inc said:
Coal-to-oil is now a viable technology.
Wasn't that created by the Germans during WWII?

Evil Conservative Inc said:
Bunch of thieves.
I call for price controls!! :soapbox:
 

Merick

Diabloii.Net Member
NOOOOO. Does this mean no more fluff pieces on the news about my "pain at the pump"? I don't want to live without seeing a dozen yokels buying gas being asked if gas prices are too high every day.
 

EliManning

Diabloii.Net Member
Yeah, it's awesome how cheap gas is getting. Now a gallon only costs a dollar more than it's worth based on supply and demand, and only 2.30 more than it costs to produce.
 

Amra

Diabloii.Net Member
EliManning said:
Yeah, it's awesome how cheap gas is getting. Now a gallon only costs a dollar more than it's worth based on supply and demand, and only 2.30 more than it costs to produce.
Well, the various levels of government do need to get their fair share of taxes.
 
Plus this is a capitalism and they can charge whatever we'll pay willingly.

If Eli wants to rail against people making a killing, go yell at the bottle water people. Or lawyers. Or anybody making any kind of profit. Better yet, let's get rid of profit entirely. Yeah, let's all be commies! It worked for the Soviets. Oh wait, they're gone...
 

llad12

Diabloii.Net Member
PatMaGroin said:
$2.42 here. And I hear tell that they may drop another 20 cents this weekend, from the store director at a grocery store here that also runs a gas station.

How are prices looking for you guys?

Do you think they'll stay this low, go down more, go back up?

Why the drop? Llad, care to weigh in please sir?
Corrections always occur in markets. What goes up ... must come down.

As I have said many times in the past, oil and gas prices are one of most volatile commodities on the market.

With the exception of marketing runs for political reasons, supply and demand, in general, rules the day.

From Bloomberg

Sept. 8 (Bloomberg) -- Crude oil and heating oil tumbled to five-month lows, and gasoline fell, on signs that U.S. fuel inventories will be sufficient as economic growth in the world's biggest energy consumer slows.

``The geopolitical picture is quieter than it has been and there is no fundamental reason for prices to rise,'' said Michael Fitzpatrick, vice president for energy risk management at Fimat USA in New York. ``There is ample crude oil around, refineries are operating at high levels and the economy is slowing, which will depress demand.''

Crude oil, heating oil, diesel and gasoline supplies last week were above the five-year average, according to the Energy Department. The faltering U.S. housing market will be a drag on economic growth, an analyst survey showed. Concern that sanctions would be imposed on Iran after an Aug. 31 deadline to stop uranium enrichment helped to bolster prices last month.

Crude oil for October delivery plunged $1.07, or 1.6 percent, to $66.25 a barrel on the New York Mercantile Exchange, the lowest close since April 4. Prices fell 4.2 percent this week.

Heating oil for October delivery slipped 4.44 cents, or 2.4 percent, to $1.8432 a gallon, the lowest closi/quoteng price since March 28. Gasoline for October delivery declined 3.19 cents, or 1.9 percent, to $1.6098 a gallon, the lowest close since Feb. 28.
A reprinted Jan 2006 article from IHS Energy (concerning reserve revisions and discoveries outpacing consumption) might also give a little more insight into the current situation.



Finally just remember this fellas: If you like/dislike the prices now ... stick around, they will change.

What goes down ... also goes back up :wink2:
 

skihard

Banned
Just saw it for $2.36 on my way home first time in nearly a year it's been that low, time to fill the Expedition
 

SquareRootOfBob

Diabloii.Net Member
It was around $3.20 at the height of it all, but we've settled down to $2.76 recently, with prices only going lower.

hacchantal said:
$2.42???? Holy! It was around ... 89 cents here last I checked (Canadian)
$0.89 CAD/liter = $3.01 USD/gal
 
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