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Poll: When will gas drop below $2 a gallon again

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Originally posted by: oboeguy
Never, unless somebody finds vast amounts of easy to pump stuff really soon.
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Is that even the issue? Are we actually having oil supply issues? Or is it an artificial shortage, caused by OPEC being lame and Americans freaking the hell out and buying 5 times as much as they need and storing it?
 
I don't remember exactly when, I know it was less than 10 years ago... regular gas was 78 cents here in San Antonio. Those were the days 😛
 
Originally posted by: joshsquall
Originally posted by: oboeguy
Never, unless somebody finds vast amounts of easy to pump stuff really soon.
Click to expand...

Is that even the issue? Are we actually having oil supply issues? Or is it an artificial shortage, caused by OPEC being lame and Americans freaking the hell out and buying 5 times as much as they need and storing it?
Click to expand...

Personally, I don't know anybody storing it.
 
Originally posted by: DainBramaged
Originally posted by: joshsquall
Originally posted by: oboeguy
Never, unless somebody finds vast amounts of easy to pump stuff really soon.
Click to expand...

Is that even the issue? Are we actually having oil supply issues? Or is it an artificial shortage, caused by OPEC being lame and Americans freaking the hell out and buying 5 times as much as they need and storing it?
Click to expand...

Personally, I don't know anybody storing it.
Click to expand...

Come to the east coast.. specifically the southeast. I see 5 or 6 people doing it everytime I go to the gas station. Even at these prices.
 
Originally posted by: Fraggable
Never. Now that the oil companies are charging it and people are buying it, there's no reason to drop prices substantially. We'd all have to quit using so much of it and make the quantity demand drop to get a price cut.

When was the last time a product's price spiked and then came back down to or below where it started when people kept buying it all along?
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right.

when it was $2.70+(prices are around here!) people were complaining about it. Since it went up ot $3.50 a gallon for a while everyone was saying how they missed the $2.70!

So i figure they will drop it to somewhere around $2.60 or so.
 
If anyone has seen a graph of the prices...the decrease in prices seems to be related to the speed of the increase. It took several months to get into the high $2's from the mid $2's and then a week to jump up over $3...so I'd say a couple of months to get back around $2.
 
Originally posted by: Bassyhead
I doubt it, might get cheaper but I dont know about under $2
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I think it'll get cheaper...but I'd be pretty damn surprised if it got under $2 ever again. A dollar just isn't worth as much anymore.
 
Originally posted by: laurenlex
Never. The cheap and easy to pump stuff is all gone.
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Also, not to mention that certain "Big Oil" men are running the country and parts of the world. What do you really expect?
 
Originally posted by: jpeyton
The market can easily handle gas prices over $2. The oil companies know this. We've already adjusted to it. The sudden jump to over $3 is more likely a temporary one due to market fears over the hurricane, but it will recede back to $2.50 as we approach the holidays.
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i agree

the real "test" will be the intermediate term, 2-5 years. will it slowly rise to ~$5/gal? or will it hover between $2.50-$3.50 during that time period?
 
Originally posted by: joshsquall
Originally posted by: oboeguy
Never, unless somebody finds vast amounts of easy to pump stuff really soon.
Click to expand...

Is that even the issue? Are we actually having oil supply issues? Or is it an artificial shortage, caused by OPEC being lame and Americans freaking the hell out and buying 5 times as much as they need and storing it?
Click to expand...


a) OPEC is pumping as much as they can. OPEC does not want the price of crude at $60 a barrel because it will encourage other sources to come online and compete with OPEC. OPEC is happy with a $40 ceiling and would keep a barrel of oil right there if they could. in other words, at $60 a barrel you'll see supplies of energy competing with OPEC increasing, and OPEC itself increasing production once they get more wells online. more supply tends to lower prices.

b) the demand for gasoline and other oil-derivatives is long run elastic. if the price of gasoline stays high, people will change their behavior and substitute to other things. rather than drive a big SUV they'll drive a smaller hybrid. rather than live way out in the boonies they'll shorten their commute. they might even start taking some form of mass transit. the chinese will switch from the easy and fast to set-up oil fueled generators to something else, like water and nuclear power. in other words, demand will decrease. decreasing demand tends to lower prices.
 
Cheapest I found before this spike was $2.619 a gallon. I predict it will drop to somewhere between $2.90 and $3.10 a gallon when it stabilizes.
Now the question is, is the shortage of supply due to something Opec and others are doing, or is it because there isn't enough of the easy to pump stuff to keep up with demand.
If it's #2 we could be paying $6 a gallon in a few years.
 
I hope it never does.

I wanna see SUVs being used to create artificial reefs on a more regular basis.

Take your Eddie Bauer interior and eat it 😛
 
Originally posted by: ElFenix
Originally posted by: joshsquall
Originally posted by: oboeguy
Never, unless somebody finds vast amounts of easy to pump stuff really soon.
Click to expand...

Is that even the issue? Are we actually having oil supply issues? Or is it an artificial shortage, caused by OPEC being lame and Americans freaking the hell out and buying 5 times as much as they need and storing it?
Click to expand...


a) OPEC is pumping as much as they can. OPEC does not want the price of crude at $60 a barrel because it will encourage other sources to come online and compete with OPEC. OPEC is happy with a $40 ceiling and would keep a barrel of oil right there if they could. in other words, at $60 a barrel you'll see supplies of energy competing with OPEC increasing, and OPEC itself increasing production once they get more wells online. more supply tends to lower prices.

b) the demand for gasoline and other oil-derivatives is long run elastic. if the price of gasoline stays high, people will change their behavior and substitute to other things. rather than drive a big SUV they'll drive a smaller hybrid. rather than live way out in the boonies they'll shorten their commute. they might even start taking some form of mass transit. the chinese will switch from the easy and fast to set-up oil fueled generators to something else, like water and nuclear power. in other words, demand will decrease. decreasing demand tends to lower prices.
Click to expand...

Fact or personal speculation?
Source? (from a reputable economist in the field)
 
Originally posted by: joshsquall
Well, it's been just over 2 months, and gas is currently $2.05 a gallon in my area. Looks like a lot of you may soon be wrong.
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$2.05 in Virgina and $2.47 in Phoenix. State taxes do not differ that much... so what gives?
 
wow, it is rare that you see a poll where almost 200 people have voted and 40% of the choices do not even have a single vote.
 
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