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

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WhipperSnapper

WhipperSnapper

Lifer
Oct 30, 2004
11,442
32
91
We have surpassed the 1500 post mark. Unfortunately I think that half the posts are bickering back and forth over Chicago gas prices.
 
Engineer

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Gas steady at $3.67 ($3.57 or less with discount) in Lexington today. Oil prices are up again I see. Looks like the mid $3.xx and higher range is here to stay awhile.
 
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Oil back up over $100

http://news.yahoo.com/s/ap/20110609...jb3JkaW9uX2J1c2luZXNzBHNsawNvaWxyaXNlc2Fib3Y-

Oil rises above $101 after OPEC output unchanged



Oil prices rose above $101 a barrel Thursday in Asia, extending gains from the previous session after OPEC leaders unexpectedly left crude production quotas unchanged.

Leaders of the Organization of Petroleum Exporting Countries, a cartel that controls about 35 percent of global crude output, surprised investors by deciding not to boost production quotas at a meeting Wednesday in Vienna.

Analysts had expected an increase of between 1 million and 2 million barrels per day.

Saudi oil minister Ali Naimi called the meeting "one of the worst ever."
 
D

dmcowen674

No Lifer
Oct 13, 1999
54,889
47
91
www.alienbabeltech.com
Now they are back to saying they are out of oil

and the conflicts in the Middle East

and worrying about Hurricanes that don't exist yet.

Only can you have such excuses in this corrupt Industry and get rewarded for it.


6-10-2011

http://finance.yahoo.com/news/Oil-n...1.html?x=0&sec=topStories&pos=3&asset=&ccode=

Oil prices hovered near $102 a barrel Friday in Asia amid anxiety that global supply may not be able to meet growing energy demand.

World oil demand is expected to outpace supplies later this year by the widest margin since 2007.



OPEC has decided not to increase oil production but Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway -- which will drain spare capacity in the cartel that controls more than a third of global output.


In addition, ongoing conflicts in the Middle East and North Africa and the U.S. hurricane season are adding to the risk of reduced supplies.

"Declining spare OPEC capacity makes the oil market fundamentally bullish even though there is no real shortage. The oil market landscape is price supportive in the near-term," said Victor Shum, an analyst with energy consultancy Purvin & Gertz in Singapore.


Shum said crude price could easily swing back to the $110-$120 per barrel level seen in early May.
 
M

mizzou

Diamond Member
Jan 2, 2008
9,734
54
91
SA may flood the market again to get rid of the jitters and make people less prone to beleive that oil is scarce right now.

Get ready to buck up though if we find out SA cant even get close to its proposed quota
 
B

BlahBlahYouToo

Lifer
Jul 10, 2007
12,041
3
0
trending downward.

The average per-gallon gas price in the United States has dropped nearly 17 cents in the past three weeks, and likely will continue to drop further, according to a survey published Sunday.

The Lundberg Survey found the average price of a gallon of self-serve regular gasoline as of Friday was $3.74.

Prices so far this year peaked on May 6, when the price hit $4 per gallon nationwide -- just 11 cents shy of the all-time record set in July 2008. On May 20, the last survey conducted, the price was $3.90. That means there has been a drop of nearly 26 cents per gallon over the past five weeks.

"There's a very good chance that pump prices will continue down, because there is an oversupply of gasoline at a time when our demand is weakening from unemployment conditions," as well as reports of a possible output hike from Saudi Arabia, said publisher Trilby Lundberg.

The crude oil price is below $100 per barrel, she said. The closing price on June 10 was $99.29.

But Lundberg said she believes that even without increased output from Saudi Arabia, "we will still see lower prices at the pump, because supply is high and demand is weak. ... There's a very good chance it will continue falling."

However, the current price is about a dollar higher than a year ago, as are diesel prices, she said.

The drop would likely have been greater, she said, but for increasing ethanol prices.

Within the selection of cities updated, the highest average price was found in Chicago, at $4.29 a gallon. The lowest was Jackson, Mississippi, at $3.41.

Here are the average prices in some other cities:

- Charleston, South Carolina $3.49

- Albuquerque, New Mexico $3.55

- Denver $3.63

- Atlanta $3.66

- Philadelphia $3.77

- Los Angeles $3.93

- Boston $3.84
Click to expand...
 
Engineer

Engineer

Elite Member
Oct 9, 1999
39,230
701
126
Down to $3.59 in Lexington (not counting discounts). Again, still to high and kicking economy's ass. Just hope it lets up enough to keep economy from slipping into recession (like 2007-2008).

I wouldn't give a Woo Hoo to paying $3.39 a gallon although I suppose it's better than what we were paying a few weeks/month ago. Big Oil has now convinced you that $3.39 is CHEAP.

Edit: Oil down to $98 on Saudi output boost.
 
Last edited:
Thump553

Thump553

Lifer
Jun 2, 2000
12,839
2,624
136
SOB-here in CT the prices zoomed up fast but are doing their usual glacial slow drop. I buy at the cheapest station I can find in my area. In the last two weeks it's come down (at most) a dime and is now about 3.93 or thereabouts.
 
First

First

Lifer
Jun 3, 2002
10,518
271
136
Saw it for $3.99 at the only gas station I looked at this morning in West LA. I'm sure it's lower elsewhere.

Honestly Dave, get a life.
 
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