Gas prices..wtf

[GRAMPS SS]

wow i wish we had these prices.....at least they are going down for NOW...

National Unleaded Prices
Lowest US Price 1.89
MINNEAPOLIS, MN
Average Price 2.39
Nationwide

[Silver03SRT]

Where did you get that information? I looked on www.gasbuddy.com and looks like $2.33 is the lowest

[Car Guy]

We will easily see $1.99/gallon gas (IF NOT LOWER!) by X-mas if not sooner :) , and just last night my cousin in Phoenix, AZ sent me a picture of DEISEL fuel at $2.49/gallon .....:headbang

Now that the gas prices are on the way down I hope to hear REJOICING equivalent to the amount of bitching when it was $4/gallon.....:shades

[GRAMPS SS]

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

skroll down till ya see it...

[GRAMPS SS]

We will easily see $1.99/gallon gas (IF NOT LOWER!) by X-mas if not sooner :) , and just last night my cousin in Phoenix, AZ sent me a picture of DEISEL fuel at $2.49/gallon .....:headbang

Now that the gas prices are on the way down I hope to hear REJOICING equivalent to the amount of bitching when it was $4/gallon.....:shades


justin you know it will go back up after the election....or in jan when who ever is sworn in...it can't stay low for ever...the oil companies will whine and want the gov to give them relief for there loss in revenue....

[Car Guy]

I don't think it will go back up again to where we saw it in past months, at least not anytime soon. Also, the theory that it’s low because of the election is BS.....:wow

[GRAMPS SS]

I don't think it will go back up again to where we saw it in past months, at least not anytime soon. Also, the theory that it’s low because of the election is BS.....:wow

no...i said AFTER the election it will go up..

[Car Guy]

I know you were referring to after, and that's what I was disagreeing with you on.....:thumbsup

[subliminal1284]

I just saw on the news the oil companies are pissed the price has dropped and they are talking about slowing production to make the price go back up.

[nismodave]

Im currently filling 55 gallon drums of 93 oct. Please PM me if interested in gas.

[88Nightmare]

I just saw on the news the oil companies are pissed the price has dropped and they are talking about slowing production to make the price go back up.

that doesnt make sense. arent they the ones who control the price? :confused

[Prince Valiant]

I just saw on the news the oil companies are pissed the price has dropped and they are talking about slowing production to make the price go back up.It isn't the companies...it's OPEC (all members are basically state run oil companies...but it's run by and for the profit of their gov't). Venezuela and Iran in particular are both looking to slow production to maintain high prices.

Venezuela is in particular trouble since if oil continues to drop, they'll be in massive trouble financially because of how they've structured the sale of their oil (IE, extra cheap to countries they consider friendly knowing they'll make it up selling to guys like us, the US, knowing it'll maintain profits. But at 80/bucks a barrel or less, their screwed).

[88Nightmare]

so why have the prices been going down? not that im complaining, I just wondered why....

[Car Guy]

Supply + demand my friend, supply is still there but demand is down so prices are reflecting that.....

[Prince Valiant]

my best guess would be several factors are at play...number 1 being worldwide economic slow-down. Companies will cut back on production (meaning less final products shipped, less unfinished products ship b/w various factories, less raw material shipped) which has a fairly dramatic effect on consumption.

Then due to pessimistic view on oil futures, there is a sell-off of current stock. When you buy futures (people betting that the price is low today, and will go for more in the future, hence profit), THAT oil gets held off the market (it's been purchased and held to sell in the future)...if people believe the economic slowdown will slow consumption drastically enough to drive prices down further, then they want to get rid of their oil now to mitigate losses. This adds supply that had been previously pumped to supply currently being pumped, making it seem like a temporary boost in production.

Also, the effect of high prices HAS been catching up and changing some habits...the amount of miles driven a month in the US has gone down on the order of 1.4 BILLION miles a month vs last year...this might seem like a LOT, but it's only about ~1/3 the daily oil consumption in the US. Still, it really eases supply restrictions and the effect of local shortages all over the US.

Yes, more factors are certainly at work...but those would be the ones I'd say are the main factors at work for us right now.

[GRAMPS SS]

i say open the oil field here...hell we have enough crude under the U.S. then we know what to do with...and then drill some more holes in the ground...we have refineries....get them running full speed.....would open more jobs....

makes sense to me