Got Gas? U.S. Economy to Worsen as Gas Prices Skyrocket

[Fingolfin269]

I paid just shy of $3/gallon (regular unleaded) over the weekend. Ugh. Make it stop.

 

[Rebel44]

I paid just shy of $3/gallon (regular unleaded) over the weekend. Ugh. Make it stop.

Thats less than half of what I pay for gas

 

[blackangst1]

To be honest, I'd laugh my ass off if everyone switched to electric cars just to see the oil companies pay. Regulations are shit and the oil companies can pretty much get away with murder. For some fucked up reason, banks and oil companies can't do wrong, and it's fucking sickening.

you do realize, dont you, that oil companies dont set oil prices OR gas prices.

Right?

 

[zephyrprime]

Brazil just made a big find of oil a few weeks ago. 8.3B barrels discovered but it will probably rise to maybe 33Billion barrels of light sweet crude, the third largest field in the world. The well is 7200 feet underwater making it even deeper underwater than the BP well that blew in the gulf of mexico. And that's just the well. The reserve is even deeper under the seabed.

This field is what they call "presalt". It's deep underground under a layer of rock salt. There are similar geological formations to this in the southeastern coast of the US and in he west central coast of African that haven't been tapped yet but now it looks like there might be something worth drilling for off these areas. There's still oil to be had but getting it isn't easy.

Great article bout this field here:

Great article about it here: http://discovermagazine.com/2010/se...just-beginning/article_view?b_start:int=0&-C=

 

[Londo_Jowo]

http://money.cnn.com/data/commodities/

Oil (Light Crude)
Feb. 2011 contract
$ / barrel Floor 88.86 -2.00 -2.20%



An inventory report showing a bigger-than-expected build up of crude supplies was also weighing on prices. Inventories grew by 2.6 million barrels last week, according to the Energy Information Administration, surprising analysts who were expecting supplies to fall by 2.2 million barrels.
Gasoline inventories were also up, rising by 4.4 million barrels and topping analysts expectations of an increase of 2.8 million barrels.

 

[WhipperSnapper]

So, will car dealers find themselves stuck (again) with pickup trucks and SUVs that they can't sell? It's about $3.10 in my area. If it's $3.10 now, what's it going to be like this Summer?

I hope that the auto companies start making cheap hybrids for the little people soon.

 

[dmcowen674]

So, will car dealers find themselves stuck (again) with pickup trucks and SUVs that they can't sell? It's about $3.10 in my area. If it's $3.10 now, what's it going to be like this Summer?

I hope that the auto companies start making cheap hybrids for the little people soon.

Gas jumped 25 cents overnight here, heading towards $5 now.

 

[Engineer]

Gas jumped 25 cents overnight here, heading towards $5 now.

Saudi's thinking oil is too high...signals production increase to put the brakes on.

 

[dmcowen674]

Saudi's thinking oil is too high...signals production increase to put the brakes on.

You know there is no shortage of oil right?

The tanks are already overflowing with oil and tankers holding oil in storage for over two years already with no where to go.

Where would they put even more oil?

 

[Londo_Jowo]

You know there is no shortage of oil right?

The tanks are already overflowing with oil and tankers holding oil in storage for over two years already with no where to go.

Where would they put even more oil?

Sounds like a good reason to raise the price of gas in the Chicago area.

 

[dmcowen674]

Originally Posted by dmcowen674
You know there is no shortage of oil right?

The tanks are already overflowing with oil and tankers holding oil in storage for over two years already with no where to go.

Where would they put even more oil?

Sounds like a good reason to raise the price of gas in the Chicago area.

Splain Lucy

 

[Tom]

oil is falling like a rock

 

[blackangst1]

oil is falling like a rock

Yep down to $86

 

[dmcowen674]

oil is falling like a rock

Yet Gas prices still rising, what's with that???

 

[Londo_Jowo]

Yet Gas prices still rising, what's with that???

Not what AAA's report shows.

http://fuelgaugereport.opisnet.com/ILmetro.asp

 

[Tom]

Yet Gas prices still rising, what's with that???

everybodi in Chicago cut your gas consumption by 20% and see what happens.

 

[Engineer]

Not what AAA's report shows.

http://fuelgaugereport.opisnet.com/ILmetro.asp

Don't know about that but gas in Lexington, KY fell to $2.79 at a few stations and went back up to $3.15 yesterday (damnit). :hmm:

 

[Londo_Jowo]

Don't know about that but gas in Lexington, KY fell to $2.79 at a few stations and went back up to $3.15 yesterday (damnit). :hmm:

Gas in the Richmond Texas has fluctuated by 2 or 3 cents in the past couple of weeks. I filled up this morning for $2.69/gal (including a .10/gal discount).

 

[WhipperSnapper]

They say that gas prices shoot up like a rocket in response to an oil price hike and float down like a feather in response to an oil price decrease.

 

[dmcowen674]

1-31-11

http://news.yahoo.com/s/afp/20110131/ts_afp/commoditiesenergyoilprice_20110131101255

Oil price nears $100 on Egypt crisis


World oil prices rose to within a whisker of $100 a barrel Monday on fears that violent unrest in Egypt could disrupt the flow of oil through the [COLOR=#366388 ! important][COLOR=#366388 ! important]Suez [COLOR=#366388 ! important]Canal[/COLOR][/COLOR][/COLOR] on its way to the West, analysts said. Brent North Sea crude for delivery in March struck $99.97 a barrel in Asian deals. Crude last hit $100 dollars in October, 2008.


============================================
Gas jumped 50 cents overnight, many stations over $5 now.

 

[Londo_Jowo]

Gas jumped 50 cents overnight, many stations over $5 now.

Gas hasn't changed here as of yet, guess it sucks to be you as usual.

 

[The-Noid]

This thread needs to either quote WTI or Brent. It goes back and forth.

I vote for quoting Brent because WTI is basically worthless now for hedging.

70% of the world's hedging uses Brent as the benchmark, only the USA uses WTI.

Dave will continue to quote whichever is higher, there should be some kind of convergence soon though.

 

[Londo_Jowo]

This thread needs to either quote WTI or Brent. It goes back and forth.

I vote for quoting Brent because WTI is basically worthless now for hedging.

70% of the world's hedging uses Brent as the benchmark, only the USA uses WTI.

Dave will continue to quote whichever is higher, there should be some kind of convergence soon though.

Brent crude will always be higher due to the fact it's sweet crude (low sulphur content) and has a lower density than WTI.

Dave will always lie about the gas prices, he should change his username to Chicken Little.

 

[The-Noid]

Brent crude will always be higher due to the fact it's sweet crude (low sulphur content) and has a lower density than WTI.

Dave will always lie about the gas prices, he should change his username to Chicken Little.

Yes always higher, easier to refine if memory serves me right (you know better than me, I am sure) however I can't find many times on my screens where the divergence is over 11% like it was at the open today.

Prices should converge at least a bit tighter between WTI and BC.

 

[AznAnarchy99]

It just hit $3.65 a gallon here. God this sucks.