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gas prices down for the - now 35th straight day - now under $3.71

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$3.59 in Lexington, KY today.

Crude oil inventories down "much less" than expected - down 100,000 barrels vs 1.3 million expected.

Diesel inventories up 2.5 million barrels more than expected.

Gas inventories down 3.5 million barrels more than expected.

Oil up $5.00+...Priceless. Make sure to buy the stuff on your 5% gas rebate "MasterCard"! 😀
 
OPEC CEO did say that oil is way overpriced, it should be around $78 per barrel. Meanwhile, Shell is blowing up their facilities to keep prices artificially inflated. Oops, did I just say that out loud?
 
Originally posted by: Engineer
$3.59 in Lexington, KY today.

Crude oil inventories down "much less" than expected - down 100,000 barrels vs 1.3 million expected.

Diesel inventories up 2.5 million barrels more than expected.

Gas inventories down 3.5 million barrels more than expected.

Oil up $5.00+...Priceless. Make sure to buy the stuff on your 5% gas rebate "MasterCard"! 😀
Click to expand...

Best I saw was 3.6x on harrodsburg road, had to fill up yesterday anyway.
 
Originally posted by: BoomerD
You want to drill off the Kahleeforneeya coast? How about starting with that other holy grail, Florida? After all, we KNOW the Gulf Coast sits on top of some major proven oil fields.
Hell, that'd be good for Floridian tourism...
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Why not? We need to drill off both coasts. I imagine high gas prices are hurting Florida tourism more so than oil rigs located out of sight over the horizon.
 
Originally posted by: SSSnail
OPEC CEO did say that oil is way overpriced, it should be around $78 per barrel. Meanwhile, Shell is blowing up their facilities to keep prices artificially inflated. Oops, did I just say that out loud?
Click to expand...

WTF! Those bastards!
 
Originally posted by: Turin39789
Oil is finite. As world oil supply decreases, the value of oil increases. When supplies start to run out, it will be a good thing that we didn't drill now for a price drop.
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We've got something like over 100 years worth of known recoverable crude off the coasts and in oil shale at current consumption levels. There's likely more deposits out there as well that have yet to be discovered. Brazil just found two deposits off their coast and are already working towards extracting oil from them.
 
Oil is finite? The US sits on top of the worlds largest reserves in the form of oil shale in the Wesern US. it dwarfs anyone in the middle east, and the world for that matter.
 
Originally posted by: Elstupido
Oil is finite? The US sits on top of the worlds largest reserves in the form of oil shale in the Wesern US. it dwarfs anyone in the middle east, and the world for that matter.
Click to expand...

Heh... it's all part of a master plan for world domination. Why get high on your own supply rite?
 
Originally posted by: Baked
Originally posted by: SSSnail
OPEC CEO did say that oil is way overpriced, it should be around $78 per barrel. Meanwhile, Shell is blowing up their facilities to keep prices artificially inflated. Oops, did I just say that out loud?
Click to expand...

WTF! Those bastards!
Click to expand...

Seriously, check the WSJ, I read it on the plane yesterday. On one hand, you have OPEC CEO says oil price should be at $78 per barrel. The next column, Shell's plant is being "attacked in Nigeria". FREAKING NIGERIA!!!!

Here, let me help...
The drop began after Chakib Khelil, president of the Organization of Petroleum Exporting Countries, told reporters in Jakarta, Indonesia, that the oil markets were being supplied with plenty of oil to meet demand, and that prices were being inflated by geopolitical tensions.

"Comments out of somebody like this definitely carry a lot of weight, especially with the market so nervous," said Neal Dingmann, senior energy analyst at Dahmlan Rose & Co.
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Enters Shell...
The Movement for the Emancipation of the Niger Delta (MEND), a rebel group, said "detonation engineers backed by heavily armed fighters" sabotaged two of Shell's pipelines early Monday.

After a helicopter flyover of the area, Shell confirmed that parts of its large Nembe Creek "trunk line" were damaged, company spokeswoman Caroline Wittgen said. The company shut down some production "to limit the amount of crude that will spill into the environment," she said.

Hours later, it declared "force majeure," a legal term meaning it could not meet its supply obligations in the region because of the attack.

"[Shell] is working hard to repair the line and restore production," Wittgen said.
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Yeah... uh huh.
 
Originally posted by: SSSnail
Originally posted by: Elstupido
Oil is finite? The US sits on top of the worlds largest reserves in the form of oil shale in the Wesern US. it dwarfs anyone in the middle east, and the world for that matter.
Click to expand...

Heh... it's all part of a master plan for world domination. Why get high on your own supply rite?
Click to expand...
ingenious! we use up everyone elses oil first... then, BAM! $1000/barrel for anyone wanting to buy from us!!!
 
I would buy more crap with the money I'm no longer spending on gas. Specifically it would make the decision of new laptop vs full size motorcycle very simple, I'd go for the laptop first because part of the cycle's appeal is the good mileage and I don't drive that much anyway.
 
I would continue on my current course. As of now this means selling my Grand Cherokee and buying a TDI Jetta. However, it's not only for the gas prices. I'll be modding it to hopefully ~200HP. 😀
 
In other news, Exxon/Mobil 2Q profits marks the biggest in any company history... again. 😀

?Congratulations to Exxon Mobil and Chevron ? for reminding Americans why they cringe every time they pull into a gas station,? said Senator Charles Schumer, Democrat of New York.
Click to expand...

?Our earnings reflect the size of our business,? Kenneth P. Cohen, Exxon?s vice president for public affairs, said on a conference call with journalists. ?We hope people will focus on the reality of the challenge we are facing.?
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I'd believe him if it were revenue and not profit.
 
Originally posted by: rh71
In other news, Exxon/Mobil 2Q profits marks the biggest in any company history... again. 😀

?Congratulations to Exxon Mobil and Chevron ? for reminding Americans why they cringe every time they pull into a gas station,? said Senator Charles Schumer, Democrat of New York.
Click to expand...

?Our earnings reflect the size of our business,? Kenneth P. Cohen, Exxon?s vice president for public affairs, said on a conference call with journalists. ?We hope people will focus on the reality of the challenge we are facing.?
Click to expand...

I'd believe him if it were revenue and not profit.
Click to expand...

The oil companies' profit margin for 2007 was 7.6%. In other words, they have to spend 92 cents of every dollar to make 8 cents (rounded). Exxon alone paid $100 billion in taxes and royalties for 2007 ($30 billion in taxes).
 
Originally posted by: Queasy
Originally posted by: rh71
In other news, Exxon/Mobil 2Q profits marks the biggest in any company history... again. 😀

?Congratulations to Exxon Mobil and Chevron ? for reminding Americans why they cringe every time they pull into a gas station,? said Senator Charles Schumer, Democrat of New York.
Click to expand...

?Our earnings reflect the size of our business,? Kenneth P. Cohen, Exxon?s vice president for public affairs, said on a conference call with journalists. ?We hope people will focus on the reality of the challenge we are facing.?
Click to expand...

I'd believe him if it were revenue and not profit.
Click to expand...

The oil companies' profit margin for 2007 was 7.6%. In other words, they have to spend 92 cents of every dollar to make 8 cents (rounded). Exxon alone paid $100 billion in taxes and royalties for 2007 ($30 billion in taxes).
Click to expand...

yet they still manage to record more profit than any company, ever. It's obvious why, again. They should not be trying to downplay it - it makes it worse in my opinion. It's like having our company execs say they're working hard for their money while on the golf course.
 
Originally posted by: rh71
Originally posted by: Queasy
Originally posted by: rh71
In other news, Exxon/Mobil 2Q profits marks the biggest in any company history... again. 😀

?Congratulations to Exxon Mobil and Chevron ? for reminding Americans why they cringe every time they pull into a gas station,? said Senator Charles Schumer, Democrat of New York.
Click to expand...

?Our earnings reflect the size of our business,? Kenneth P. Cohen, Exxon?s vice president for public affairs, said on a conference call with journalists. ?We hope people will focus on the reality of the challenge we are facing.?
Click to expand...

I'd believe him if it were revenue and not profit.
Click to expand...

The oil companies' profit margin for 2007 was 7.6%. In other words, they have to spend 92 cents of every dollar to make 8 cents (rounded). Exxon alone paid $100 billion in taxes and royalties for 2007 ($30 billion in taxes).
Click to expand...

yet they still manage to record more profit than any company, ever. It's obvious why, again. They should not be trying to downplay it - it makes it worse in my opinion. It's like having our company execs say they're working hard for their money while on the golf course.
Click to expand...

Ok, if Exxon made $11.7 billion in the first quarter in profit, that means they spent ~$146.25 billion in the first quarter just to make that $11.7 billion (assuming an 8% profit margin). The fact remains that Exxon has to spend a mind-boggling amount of money to make that profit. That's hardly an example of working hard for the money while on the golf course IMHO.
 
oil's down another $5 today thanks to the 'weak' economic report of 'only' 1.9 growth, which is about twice last quarter's but less than the expected 2.4%.

wait, make that $3 down
and
nationally gas is averaging $3.926

I filled up two days ago for $3.77.
 
Originally posted by: Turin39789
Originally posted by: Engineer
$3.59 in Lexington, KY today.

Crude oil inventories down "much less" than expected - down 100,000 barrels vs 1.3 million expected.

Diesel inventories up 2.5 million barrels more than expected.

Gas inventories down 3.5 million barrels more than expected.

Oil up $5.00+...Priceless. Make sure to buy the stuff on your 5% gas rebate "MasterCard"! 😀
Click to expand...

Best I saw was 3.6x on harrodsburg road, had to fill up yesterday anyway.
Click to expand...

Back up to $3.75 today.

 
Gas is $3.61 in downtown Raleigh, NC where I'm working this summer. 15 miles away, near where I live gas is $3.85. There's been this wide spread for the last month or so now. I've never seen such large price variation in such a small area.
 
Originally posted by: ObiDon
Originally posted by: BlahBlahYouToo
Originally posted by: Amused
Illinois has some of the highest prices on average because of special formulations required by the state (ain't government control cool?)

Price yesterday: $3.72 for reg at the Shell on Washington and Veterans in Springfield.

Cheapest in town is 3.65
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dude, $3.65 is CHEAP. even $3.72 is below avg.
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no doubt. i'll look when i go out later today, but i don't think even regular is under $4 in the portland area.
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wow, this morning my local shell and 76 are at $3.99 and $3.95.
i would like to take this time to call dibs on lincoln navigators and marks in addition to the h3s and escalades that i already claimed 😉
 
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