Oil, gas prices take a sudden tumble

CNBC ^ | 4/1/04

[LizardQueen]

Ah, ok. That makes sense. So it would just drop the prices in those areas by increasing the pool they can pull from. But then it might raise it in other areas by increasing the competition for the gas?

LQ

[shield]

bmp

[international american]

No outside influences, eh??

[RetiredArmy]

The news came as Congress was criticizing the Organization of Petroleum Exporting Countries for deciding to cut back its production by 1 million barrels of oil a day and Democrats were howling at the Bush Administration for doing nothing about rising fuel prices.

What do they want him to do to OPEC? Invade Saudi? Invade Iran? They would howl about that also and scream it was ALL FOR OIL!!! Suddenly, they feel your pain over high gas prices! Stinking liberals. I wish they'd all just move to the Soviet Union where they could be among their own kind.

[HungarianGypsy]

One of today's headlines in our paper was that gas prices were going to go up because of OPEC. What a difference a day makes. Think they'll change the story in tomorrow's paper?

[rwfromkansas]

no.....in a VAN down by the river

RIP Chris Farley

[Not A Snowbird]

Another democrat talking point they won't be talking about any more.

Yeah, they'll replace it with: "He's trying to kill us all by ruining our air!" (/sarcasm)

[CedarDave]

Went up from $1.62 to $1.68 here this afternoon. Glad I don't need to drive to S. CA anytime soon!!

[SeeRushToldU_So]

$1.55 is the lowest I have seen in GA.

[Lokibob]

Here in the west is a brand of gas called Mirastar. Mirastar uses Alaskan and Canadian crude only, nothing from the middle east.

My local Mirastar is co-located with Walmart and gives a 3 cent /gal break if you use the Wallyworld gift card.

Even in Hawaii, Mirastar uses Australian and Indonesian crude, rather than ME oil. Just food for thought.

[Euro-American Scum]

Have gasoline prices peaked? Maybe.

They went up a dime a gallon in the last couple of days in San Bernardino County, CA.

[Amelia]

Damn! And I just filled up yesterday!

[deport]

Damn! And I just filled up yesterday!

---

I did the same and noticed today the price was up 8 cents/gal at that station. I bet they don't drop it anywhere near that much that fast...... It went from $1.579 to $1.659.

[Cheetah1]

was $2 a gallon in Key West two days ago

[sarasota]

The Dems so want it both ways. Don't they see the absurdity of that? Oh wait, kerry can explain it from each side of his mouth.

[Not A Snowbird]

The Dems so want it both ways.

It is amazingly funny to watch them!

[teletech]

was $2 a gallon in Key West two days ago The local stations here in West Suburban Chicago vary up and down 5 to 8 cents sometimes. Right now its 1.89 a gallon.

[Wolfstar]

Around $2.07 per gallon for 87 octane here in Southern California. Sigh.

[Wolfstar]

Costco in Torrance, $1.99

Really?! Cool. I live near there and am a member of Costco. Thanks for the info.

[Veritas_est]

OK folks, have any of you ever heard of The Eugene Island Oil Mystery?

Is there really an oil shortage?
Are we really dependent on OPEC oil?
Do you believe any of this report?

THE MYSTERY OF EUGENE ISLAND 330 Eugene Island is a submerged mountain in the Gulf of Mexico about 80 miles off the Louisiana coast. The landscape of Eugene Island is riven with deep fissures and faults from which spew spontaneous belches of gas and oil. Up on the surface, a platform designated Eugene Island 330 began producing about 15,000 barrels of oil per day in the early 1970s. By 1989, the flow had dwindled to 4,000 barrels per day. Then, suddenly, production zoomed to 13,000 barrels. In addition, estimated reserves rocketed from 60 to 400 million barrels. Even more anomalous is the discovery that the geological age of today's oil is quite different from that recovered 10 years ago. What's going on under the Gulf of Mexico?

It is difficult to avoid the conclusion that the oil reservoir at Eugene Island is rapidly refilling itself from "some continuous source miles below the earth's surface." In support of this surmise, analysis of seismic records revealed a deep fault which "was gushing oil like a garden hose."

The deep-seated oil source at Eugene Island strongly supports T. Gold's theory about The Deep Hot Biosphere. Gold holds: "that oil is actually a renewable, primordial syrup continually manufactured by the earth under ultrahot conditions and tremendous pressures. As this substance migrates toward the surface, it is attacked by bacteria, making it appear to have an organic origin dating back to the dinosaurs."

The apparent deep-seated oil source at Eugene Island and Gold's ideas make petroleum engineers wonder about a similar situation at the seemingly inexhaustible oil fields of the Middle East.

"The Middle East has more than doubled its reserves in the past 20 years, despite half a century of intense exploitation and relatively few new discoveries. It would take a pretty big pile of dead dinosaurs and prehistoric plants to account for the estimated 660 billion barrels of oil in the region, notes Norman Hyne, a professor at the University of Tulsa in Oklahoma. "Off the wall theories often turn out to be right," he says."

(Cooper, Christopher; "It's No Crude Joke: This Oil Field Grows Even as It's Tapped," Wall Street Journal, April 16, 1999. Cr. C. Casale.) From Science Frontiers #124, JUL-AUG 1999. © 1999-2000 William R. Corliss

Link to THE MYSTERY OF EUGENE ISLAND 330