Oil's Biggest Drop in 17 years!

[StrangerGuy]

My cynical brain suggest a biggest single drop in 17 years couldn't possibly negate the combined rise for the over same period of time.

 

[Special K]

Originally posted by: rbV5

Originally posted by: boomhower
Am I the only one that thinks its odd that the price of gas changes even thought its the same gas that is already in the tanks of the gas station? And no I am not complaining about it just going up, down as well. Around here most stations seem to only get about a truck a week yet the price changes every day. Just seems odd.

Get this; Gasoline futures are traded just like Crude Oil futures...on the commodity market

For some reason, you never hear about their movements though. It's always oil futures that make headlines.

Heck, they have Federal Funds Rate futures. You bid on what you think the Fed will do at their next meeting.

 

[wwswimming]

most of the time when oil drops, gold drops.

sure would be interesting to see an analysis curve-fitting the price of
oil & precious metals over time.

i wonder if this will affect the price of tampons ?

 

[fishmonger12]

i hate you and everything you stand for.

stupidity. ignorance. call it what you will.

 

[Fritzo]

Originally posted by: Eli

Originally posted by: dud

Originally posted by: Eli

Originally posted by: dud
Listen, when the price of "oil" goes up we see a rise in the price of gas ... almost immediately. Now that the price of oil is declining I would expect the same.

Please don't defend the oil companies ...

No, we don't.

The oil companies have nothing to do with the price of oil.

Educate yourself.

Sorry Eli ... you being a moderator does not make you right.

I EXPECT the same drop when oil prices are falling as when they are rising!

Of course you expect the same drop when oil prices are falling as when they are rising. And you will see it.

In about 3 weeks. :laugh:

Again, the oil companies have nothing to do with this.......

He's actually right...

 

[Auric]

Originally posted by: dmcowen674

Originally posted by: dud
Listen, when the price of "oil" goes up we see a rise in the price of gas ... almost immediately. Now that the price of oil is declining I would expect the same.

Please don't defend the oil companies ...

You're kidding right?

ATers idolize not just the oil companies but all corporations.

Bisonpoops. I loathe not only corporations, but technology in general. That is not to say I am opposed to profitting from them while they dominate however. I are not an utter nincompoop, afterall.

 

[Pacfanweb]

Originally posted by: GagHalfrunt

Originally posted by: Ocguy31
You obviously dont realize that the price of gas doesn't follow oil futures immediatly. Oil FUTURES.

That's pure crap. Yes, they're dealing in futures, but price spikes are reflected at the pump immediately, price drops are not.

Exactly right. If the price rose 20 bucks a barrel on Monday morning, the price would reflect this increase by no later than Tuesday morning, more likely Monday afternoon.

I've watched this happen over and over during the surge in gas prices. It would stabilize for a week or so, then oil would go up and as soon as the oil went up, the gas prices did.

And the local gas stations had been creeping down the last two weeks, but they've been at 3.58 since at least Wednesday, and are still at that price as of about 8pm this evening.

 

[judasmachine]

well it did say oil for OCTOBER delivery.

 

[Pacfanweb]

Originally posted by: judasmachine
well it did say oil for OCTOBER delivery.

Yes, but supposedly they go ahead and raise/lower the price for gas already at the pumps to avoid big spikes up and down. I think this always works out in their favor, though.

 

[Engineer]

Originally posted by: Dulanic
Gas doesn't instantly follow oil...there is a delay.

Gas in Lexington, KY went up $0.26 the day after the $6.00 run up but fell $0.02 the day after the $6.00 fall. Go figure!

 

[Pacfanweb]

Originally posted by: Engineer

Originally posted by: Dulanic
Gas doesn't instantly follow oil...there is a delay.

Gas in Lexington, KY went up $0.26 the day after the $6.00 run up but fell $0.02 the day after the $6.00 fall. Go figure!

He forgot to mention that the "delay" is less than a day for increases, and as long as they can take for decreases.

I don't need any study done to know that prices increase almost immediately....anyone who has their eyes open can see that happens, just as you indicated.