Oil price dives (Continuing )

Reuters UK ^ | Fri 3 December, 2004 15:42 | Reuters Staff

[Petronski]

I think they meant this:



Battered oil prices have dived another dollar (after weak U.S. jobs data deepened a slump) driven by easing worries about winter supplies.


Then again, who knows?

[kellynla]

"We need a daily check of Gas prices across the State...."
you asked for it
here it is! how's that for service! LOL
1.99 in Santa Ana
http://www.gasbuddy.com

[Petronski]

Put more accurately:

Battered oil prices have dived another dollar (after weak U.S. jobs data had already deepened a slump), driven by easing worries about winter supplies.

[Wolfstar]

Then again, who knows?

Ain't that the truth. After all, it's Reuters.

[Ernest_at_the_Beach]

Thanks, I am p[aying too much!

[Ernest_at_the_Beach]

Back in the home country Kansas side of Kansas City:

PRICE

STATION

AREA

TIME

THANKS

1.75

Phillips 66
9440 Mission Rd (95th & Mission Rd)

[blam]

"I just paid $2.02 at Sam's Club in Folsom this AM!"

Regular, unleaded is #1.83 a gallon here in Mobile.

[Dec31,1999]

Before the election there was a lot of uncertainty. Markets hate uncertainty; therefore the higher price. Barring a world wide recession, oil prices will remain at their high level or even go higher. The $20 barrel thing is gone forever, IMO.

[NormsRevenge]

$2.09 is the cheapest I could find yesterday as I drove around the South Bay...

[Faith-Hope]

I think I will begin to see unleaded in the $1.60 range here real soon. Nice.

Gas dropped where I live ten cents today. $1.63

[Petronski]

And where do you live?

[Ernest_at_the_Beach]

I have some Arco stations around going for $2.13 and Mobil stations at $2.19.....

Driving to Santa Ana would be a pain...

[RamingtonStall]

Ref: In addition to that, most people don't stop to think that with the dollar going down in value if all things were equal a commodity like oil would correspondingly go UP in cost. The falling oil prices are even more dramatic than they look to us here in the U.S.

Wow!

Even worse than even I had thought.

RamS

[JoeV1]

Of course you are right but the media thinks their version is more "interesting" then the truth.

[Grampa Dave]

When prices are dropping like they have been since Thanksgiving, it might be best to only fill up with half of a tank at a time if you have that option.

[RamingtonStall]

Before the election there was a lot of uncertainty. Markets hate uncertainty; therefore the higher price. Barring a world wide recession, oil prices will remain at their high level or even go higher. The $20 barrel thing is gone forever, IMO.

You are kidding, right?

The Talking heads would like for you and me to believe that the price of Oil went up for all of the reasons you stated and, quite frankly, your statements make perfect sense, EXCEPT for the fact that now the Price Manipulators have left and the prices are going South from $60 to $40 to ???

RamS

[70times7]

That makes a certain amount of sense, except that if all gas stations are constrained to similar extent by the actual cost of gas on the downward side, then one could make money by NOT jacking the price on the upside – at least not as greatly as the other stations – and pull in volume sales at a slightly increased margin of profit. This competition, at least in theory, should push stations to keep prices consistent with actual gas costs.

[70times7]

You're blaming the wrong party.

Although I did implicate both the stations and the manufacturers I wasn't blaming anyone, I was asking for an explanation. BTW, a 1 cent per gallon increase in gas translates to millions per year for my employer. It's only a penny - how could that be? I’m sure you can figure it out, bro!

[dangus]

Yes, except for the true cost of something is the cost of replacement, which has already jumped as soon as the price of oil jumps.

[70times7]

... so the price would come down right away on the downward side - cost of replacement applied. And all of those people waiting to fill their tanks would go to the station with the reduced price, just as you have said.