Barrel Price July 29th

[Smokey1226]

So far is down $3.3x, which in price terms is 8 to 12 cents drop.

:thumbsup

[PureSound15]

Very exciting to see it at 120.xx right now, I hope the trend continues.

[Smokey1226]

My guess would be, we will see it slowly work its way down to 108-112 range, then take a hike to 115 again around christmas time. Then after the President stuff, you will see it fall off pretty quickly.

[That_Guy]

ive been telling everybody that the prices that we are paying right now is just froth.. surprise surprise

[mrz28M6]

gas went down 19 cents this morning here in cali!!!

[Smokey1226]

Well the barrel price pulled back about a $1.00 so its down only 2.50/barrel but every little bit counts i guess!

[Yooformula]

I really love the barrel price updates we get here. I fill up according to what the Smokey report of the week is!

[GTSLOW]

How long does it usually take for the prices at the pump to change after the new barrel prices come out?

Also has anyone heard anything about this? BS? Real?

http://en.wikipedia.org/wiki/Bakken_Formation

You might find this interesting. Seems we should be using this oil.

Remember folks telling you all about the congress not allowing the development of our own oil (for politically correct and/or environmentally correct reasons) while we have to pay over $4.00 a gallon?

Just poking around the Internet recently, I 'Googled' the search 'Untapped U.S. Oil Reserves,' and the result (like the current price of a gallon of gas). Highlights:

1. Ever heard of the Bakken Formation? The U.S. Geological Service issued a report in April ('08) that only scientists and oilmen/women knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.

'This sizable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada . For years, U.S. oil exploration has been considered a dead en d. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! That's enough crude to fully fuel the American economy for 41 years straight.

2. [And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO, people!]

U.S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
-8-times as much oil as Saudi Arabia
-18-times as much oil a s Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen


- and it's all right here in the Western United States .

HOW can this BE!? HOW can we NOT BE extracting this!? Because we've not DEMANDED Legislation to come out of Washington allowing its extraction, that's why!

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'Big Oil' will drop its price - even with this find? Think again! It's all about the competitive marketplace, and if they can extract it (here) for less, they can afford to sell it for less - and if they DON'T, others will. It will come down - it has to.

[Z06 KID]

why are prices going down so much lately.

[That_Guy]

why are prices going down so much lately.

because the media and the weak dollar way over inflated the prices.. thus this "froth" that i was talking about

[Smokey1226]

I really love the barrel price updates we get here. I fill up according to what the Smokey report of the week is!

just helping out some friends! :thumbsup



Btw: as for how long does it take for the price to reflect. Basically, lets say you have 3000gallons left in your tank, you just drop a load of 8000gallons of the cheaper stuff. You basically have to wait untill you sell 3k gallons before you can change. Because otherwise you would be taking a loss on those 3k gallons which is obviously bad news bears.

So in the real world, it really depends how much you have left in the tank. We need a tanker currently, so we are in good shape. You could see a change as early as late tomorrow.

On the other hand, when my Dad and I went shopping today we seen a bunch of stations getting tankers right now, which means they are getting yesterdays price which in turn means they arent getting the cheaper gas. They might have to stay price high untill they can order again.

We've had that happen, and DAMN does that suck!

[GTSLOW]

AAHHH thank you for the insite. This would explain some places with a ten cent difference that are usually close to the same.

[Smokey1226]

AAHHH thank you for the insite. This would explain some places with a ten cent difference that are usually close to the same.

There was a big sue fest just south of us in Waterford, when a station did the opposite of what i said, and bite the bullet and lowered its price LOWER than what they paid for the fuel and the other stations in town went after them. The station then had to PROVE what amount of fuel was in the tank, when they got their last load, how much was in the tank before, what their price was before and then what they went too. (all of this is printed out automaticly when you do a price change)

And in court they lost, and had to paid big Fines. Now people thought it was BS they got sued, but on the other hand.....they have no IDEA how little money you make on gas, and for people like us trying to make it.....that would kill us.


The biggest places you see this happen is around stations like a Andy's, who has unbranded gas and pays less for gas then someone who is a "Shell/Citgo/BP/ECT ect ect" because they don't pay for the name. Then all of the Branded stations down the street have to try to match their price or else a ton of business.....but in turn they make nothing, go out of business and one of their Cousins take over <<<<<<LOL sorry, but its true!

[swift steve]

edit

[Smokey1226]

and yet your station is like $.10 higher than most in milwaukee, sheesh, whats going on, actually not doing anything than wondering why there is such a huge difference in prices and thinking you are the best person to shed light.

im a little confused with your comment, but incase you were wondering. Within 5 miles north of us, and 15 miles south of us were the cheapest if not tied for the cheapest.

So ill just pretend you didnt say that.

Again, we pay different costs than Milwaukee stations, anyone that thinks im BSing can stop on in and ill prove it. Or better yet, stop in at the Terminals down by Brown deer and ask them. There ya go....anyone that thinks im blowing smoke, before you say anything go down to the terminals and ask them!

All of burlington's stations, all of Waterford's Stations, all of Lion's stations, all of East Troy, all of Muskego's, all of South New berlins stations....were all the same price, so why would i make this up?

AND...our diesel is cheaper than any Milwaukee station's ive seen. $4.55

[lasttimearound]

3.55 or 4.55?

[Smokey1226]

3.55 or 4.55?

good call, $4.55

[lasttimearound]

i was going to say, sh*t, im moving down there.

[Smokey1226]

i was going to say, sh*t, im moving down there.

lol, i wouldnt of boughtn my Corolla if it was only $3.55 maybe in 5 months though!

[Silver03SRT]

How long does it usually take for the prices at the pump to change after the new barrel prices come out?

Also has anyone heard anything about this? BS? Real?

http://en.wikipedia.org/wiki/Bakken_Formation

You might find this interesting. Seems we should be using this oil.

Remember folks telling you all about the congress not allowing the development of our own oil (for politically correct and/or environmentally correct reasons) while we have to pay over $4.00 a gallon?

Just poking around the Internet recently, I 'Googled' the search 'Untapped U.S. Oil Reserves,' and the result (like the current price of a gallon of gas). Highlights:

1. Ever heard of the Bakken Formation? The U.S. Geological Service issued a report in April ('08) that only scientists and oilmen/women knew was coming, but man was it big. It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota; western South Dakota; and extreme eastern Montana ... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska's Prudhoe Bay, and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.' says Terry Johnson, the Montana Legislature's financial analyst.

'This sizable find is now the highest-producing onshore oil field found in the past 56 years,' reports The Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' And it stretches from Northern Montana, through North Dakota and into Canada . For years, U.S. oil exploration has been considered a dead en d. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL! That's enough crude to fully fuel the American economy for 41 years straight.

2. [And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO, people!]

U.S. Oil Discovery- Largest Reserve in the World! Stansberry Report Online - 4/20/2006 Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction.

They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:
-8-times as much oil as Saudi Arabia
-18-times as much oil a s Iraq
-21-times as much oil as Kuwait
-22-times as much oil as Iran
-500-times as much oil as Yemen


- and it's all right here in the Western United States .

HOW can this BE!? HOW can we NOT BE extracting this!? Because we've not DEMANDED Legislation to come out of Washington allowing its extraction, that's why!

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels. Untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'Big Oil' will drop its price - even with this find? Think again! It's all about the competitive marketplace, and if they can extract it (here) for less, they can afford to sell it for less - and if they DON'T, others will. It will come down - it has to.

From what I gather this the united states has the largest deposit of oil shale which cannot be used to make gas. Thats just what I got from what little I read.