Crude oil dropped below 60/bl

[halik]

Yay cheap gas!

edit: It's still dropping ...weee

 

[ProfJohn]

Someone should start a "drive for a $1 gas" thread.

 

[TallBill]

Originally posted by: ProfJohn
Someone should start a "drive for a $1 gas" thread.

This is it

 

[StepUp]

I'm paying $1.xx... does that count?

 

[Muse]

I haven't put any gas in my car since July 18th when I paid 4.399. I plan on gassing up at Costco Friday. I'm a rollerskating and bike kind of guy.

 

[StageLeft]

Just one more step to 200 oil. I think it may drop lower into the 50's fairlý quickly now that the sub-60 cherry is broken, although it may not start that fall immediaþely.

 

[CPA]

Originally posted by: ProfJohn
Someone should start a "drive for a $1 gas" thread.

We should ask Dave to start that thread.

 

[Thump553]

I just filled up yesterday and realized the price per gallon was less than half what I paid mid-summer.

I wonder if anyone will come up with a study showing how much damage this oil speculation bubble caused our economy. My feeling is that it was a major cause of decreased corporate profits this last quarter (outside of the oil sector), which depressed earnings are helping press the stock market down.

 

[shira]

What I want to know is: How come the spread between the three major gasoline octane grades is now signivicantly larger than it was before oil begain its precipitous price decline? Specifically, the typical spread in the price per gallon used to be:

87-octane price = x
89-octane price = x + 10 cents
93-octane price = x + 20 cents


Now I see

87 octane = x
89 octane = x + 20
93 octane = x + 30

So the oil companies have jacked up the price of 89 and 93 octane by 10 cents a gallon relative to what the price used to be. Methinks we're still getting gouged.

 

[TallBill]

In Illinois we still get screwed because of the 15% ethanol mandate, plus crazy taxes. $2.40 still aint bad though.

 

[BrunoPuntzJones]

And to think I shorted oil at $76 a barrel a few weeks ago

 

[Genx87]

I believe we are at 1.79 for regular in MN.

I paid 2.09 for premium the other day. It was nice to fill up for 25 bucks.

 

[EagleKeeper]

Originally posted by: TallBill
In Illinois we still get screwed because of the 15% ethanol mandate, plus crazy taxes. $2.40 still aint bad though.

You are holding equal to CA.

 

[GoPackGo]

One has to wonder if the price oil and gas going down was at first with the expectation of Obama winning and now with Obama winning?


Hard to tax those "windfall profits" now they are gone.

 

[OCGuy]

Originally posted by: GoPackGo
One has to wonder if the price oil and gas going down was at first with the expectation of Obama winning and now with Obama winning?


Hard to tax those "windfall profits" now they are gone.

Shhhh....they are listening. You've said too much.

 

[soccerballtux]

Originally posted by: GoPackGo
One has to wonder if the price oil and gas going down was at first with the expectation of Obama winning and now with Obama winning?


Hard to tax those "windfall profits" now they are gone.

You guys don't seem to understand how this works. Refineries make money on the way down. They lose on the way up. Right now they're taking some profits but trying to pass on as much of the savings to the consumer. They're terrified Obama is going to do something about it.

 

[dmcowen674]

Originally posted by: CPA

Originally posted by: ProfJohn
Someone should start a "drive for a $1 gas" thread.

We should ask Dave to start that thread.

Enjoy the cheap stuff, it won't last long.

How come you guys have such a short memory?

Republican brain defect?

 

[eleison]

Originally posted by: Muse
I haven't put any gas in my car since July 18th when I paid 4.399. I plan on gassing up at Costco Friday. I'm a rollerskating and bike kind of guy.

Wish I could ride my bike more.. but alas, its fall and the temps are just too cold in chicago :-(

 

[techs]

Originally posted by: Skoorb
Just one more step to 200 oil. I think it may drop lower into the 50's fairlý quickly now that the sub-60 cherry is broken, although it may not start that fall immediaþely.

Actually, by having a deep bottom in the price of oil, it makes any alternative, or economically expensive energy creation projects look unprofitable. Hence cancelling them and making future ones look risky.
Hence, maybe it IS part of the drive for $5.00.

 

[GoPackGo]

Originally posted by: techs

Originally posted by: Skoorb
Just one more step to 200 oil. I think it may drop lower into the 50's fairlý quickly now that the sub-60 cherry is broken, although it may not start that fall immediaþely.

Actually, by having a deep bottom in the price of oil, it makes any alternative, or economically expensive energy creation projects look unprofitable. Hence cancelling them and making future ones look risky.
Hence, maybe it IS part of the drive for $5.00.

The drive for $4 killed the economy...globally.

What would the drive for $5 do?

 

[MiniDoom]

Originally posted by: eleison

Originally posted by: Muse
I haven't put any gas in my car since July 18th when I paid 4.399. I plan on gassing up at Costco Friday. I'm a rollerskating and bike kind of guy.

Wish I could ride my bike more.. but alas, its fall and the temps are just too cold in chicago :-(

haven't filled up since may. my car won't even start anymore (not that i care ) I was going to say some good winter gear will keep you warm, but I'm sure a Chicago winter doesn't compare to a DC winter.

 

[StageLeft]

Originally posted by: GoPackGo

Originally posted by: techs

Originally posted by: Skoorb
Just one more step to 200 oil. I think it may drop lower into the 50's fairlý quickly now that the sub-60 cherry is broken, although it may not start that fall immediaþely.

Actually, by having a deep bottom in the price of oil, it makes any alternative, or economically expensive energy creation projects look unprofitable. Hence cancelling them and making future ones look risky.
Hence, maybe it IS part of the drive for $5.00.

The drive for $4 killed the economy...globally.

What would the drive for $5 do?

Certainly wouldn't help!

OPEC is has already cut production because it is bleeding at these prices, although a conspiracy idea about longterm $5 sounds fun, in reality these countries that make up OPEC are not worried as much about 2015 as they are about 2008 and 2009. Their budgets in some cases are in dire straits. They cannot afford to watch oil crash so that it slows alternative energy R&D.

 

[CLite]

Originally posted by: Skoorb
Certainly wouldn't help!

OPEC is has already cut production because it is bleeding at these prices, although a conspiracy idea about longterm $5 sounds fun, in reality these countries that make up OPEC are not worried as much about 2015 as they are about 2008 and 2009. Their budgets in some cases are in dire straits. They cannot afford to watch oil crash so that it slows alternative energy R&D.

For some of OPEC that is correct. For countries like Saudi Arabia that is flatly incorrect.

Also regarding the windfall profits/etc., for companies that have upstream business (i.e. extracting oil) like Exxon they benefit from high prices. Companies like Valero do not have an upstream business and rely on their downstream business (refineries) to make profits. High oil prices absolutely kill companies like Valero while benefting companies like Exxon.

That all said the paranoia that surrounds the thought of the oil companies effecting the spot market price of oil is pathetically funny. First of all most operate on longterm contracts and secondly they don't controll the demand nor the supply of oil nor the sanity of the spot market speculators.

 

[alien42]

i hope we are adding to the government controlled portion of the national oil reserve while the prices are low. imagine if we had sold a large portion when oil was above $100 and restocked at these levels, a much better investment then the $700b bailout/rescue.

 

[techs]

Originally posted by: GoPackGo

Originally posted by: techs

Originally posted by: Skoorb
Just one more step to 200 oil. I think it may drop lower into the 50's fairlý quickly now that the sub-60 cherry is broken, although it may not start that fall immediaþely.

Actually, by having a deep bottom in the price of oil, it makes any alternative, or economically expensive energy creation projects look unprofitable. Hence cancelling them and making future ones look risky.
Hence, maybe it IS part of the drive for $5.00.

The drive for $4 killed the economy...globally.

What would the drive for $5 do?

I fwe've learned ANYTHING about the greedy corporations is they are hell bent for profits even at the expense of their own companies bankruptcy.
Right, Lehman?