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Oil Prices Hit Lowest Levels in 18 Mos.
AP via Yahoo! Finance ^ | Tuesday January 9, 9:12 am ET | AP

Posted on 01/09/2007 7:10:40 AM PST by Labyrinthos

LONDON (AP) -- Oil prices fell about $2 a barrel Tuesday to their lowest levels in 18 months in a market expecting more mild weather and rising inventories in the United States...

(Excerpt) Read more at biz.yahoo.com ...


TOPICS: News/Current Events
KEYWORDS: energy; energyprices; oil
Yet the price of gas in my area has barely moved in weeks.
1 posted on 01/09/2007 7:10:42 AM PST by Labyrinthos
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To: Labyrinthos

$2.19 a gallon right around the corner from my house. It's still a stick in the eye, just not a sharp one.


2 posted on 01/09/2007 7:12:20 AM PST by stm (Believe 1% of what you hear in the lamestream media and take half of that with a grain of salt)
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To: Labyrinthos
I can tell you why - because I replaced my 45+ year old oil furnace with a new high tech efficiency one.

And it hasn't snowed because I got 4 new snow tires, a snow blower and rented skis for the season...
3 posted on 01/09/2007 7:12:51 AM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: Labyrinthos

It will drop by about 10 cents around mid March and then up 20 in time for Memorial Day Weekend.


4 posted on 01/09/2007 7:13:29 AM PST by WakeUpAndVote (Got towel?)
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To: stm; Labyrinthos
Oh let's not get too excited here. Another convenient crisis will come along soon to jack the price back up.
5 posted on 01/09/2007 7:14:16 AM PST by Enterprise (Drop pork bombs on the Islamofascist wankers. Praise the Lord and pass the hammunition.)
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To: 2banana

Please don't purchase any spring toys and we'll have it made.


6 posted on 01/09/2007 7:14:17 AM PST by 3dognight
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To: stm
"to their lowest levels in 18 months"

OK. What was the price of gasoline 18 months ago?

7 posted on 01/09/2007 7:15:50 AM PST by robertpaulsen
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To: Labyrinthos

Bush's fault.


8 posted on 01/09/2007 7:15:55 AM PST by Mike Bates (Irish Alzheimer's victim: I only remember the grudges.)
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To: stm; All

$2.25/gal up here in southern Wisconsin. I've had natural gas heating CREDITS for four months running. I have a bill due this month...for $37.00! Wa-Hoo!

Find your cheapest local gasoline here:

http://www.gasbuddy.com/


9 posted on 01/09/2007 7:17:18 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Labyrinthos
Yet the price of gas in my area has barely moved in weeks.

What major city are you near?


10 posted on 01/09/2007 7:18:36 AM PST by thackney (life is fragile, handle with prayer)
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To: 2banana

So YOU'RE the reason Wisconsin lakes aren't freezing? Knock it off, will ya? I want to go ice fishing! ;)


11 posted on 01/09/2007 7:18:36 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Labyrinthos

Exactly. Gas here has been $2.20 for the past 30 days. With respect to price per barrel, pump prices sure go up faster than they come down.


12 posted on 01/09/2007 7:19:14 AM PST by Quilla
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To: Diana in Wisconsin
So YOU'RE the reason Wisconsin lakes aren't freezing? Knock it off, will ya? I want to go ice fishing! ;)

Keep it up and I will go out and buy a new wave runner, upgrade my AC and we will have the coldest summer in memory...

13 posted on 01/09/2007 7:20:23 AM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: Quilla

Oil prices up $1.42 today = gas JUMPS $.21

Oil prices down $2.11 today = gas creeps down $.01


14 posted on 01/09/2007 7:20:34 AM PST by RockinRight (To compare Congress to drunken sailors is an insult to drunken sailors. - Ronald W. Reagan)
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To: robertpaulsen
OK. What was the price of gasoline 18 months ago?

On July 4, 2005, the average price of regualr gas in NY was $2.269, which is $.22 per gallon less than what I paid at 7:00 a.m. this morning.

http://www.eia.doe.gov/oil_gas/petroleum/data_publications/wrgp/mogas_history.html

15 posted on 01/09/2007 7:23:25 AM PST by Labyrinthos
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To: RockinRight

Past time to start sucking the gulf and ANWAR dry. Also, start drilling off of OUR shores and get off that ME umbilical.


16 posted on 01/09/2007 7:24:09 AM PST by NCC-1701 (To boldly go where no FReeper has gone before. Live long and prosper.)
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To: 2banana

LOL! I'm making a Citizens Arrest, and Algore is going to have you sent to one of his Re-education Camps. ;)


17 posted on 01/09/2007 7:24:14 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Diana in Wisconsin
...and Algore is going to have you sent to one of his Re-education Camps.

Would that be Harvard or Yale?

18 posted on 01/09/2007 7:28:03 AM PST by facedown (Armed in the Heartland)
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To: facedown

His choice. :)


19 posted on 01/09/2007 7:30:20 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Quilla

My theory is that the economists at the oil companies are always trying to find the highest price that the consumer is willing to pay without significant reduction in demand. They tried $3.00+ per gallon and found that demand dropped and wiped out the added profit. The price slowly dropped to about $2.499 a gallon in suburban NYC, the impact upon demand (as compared to $1.999 a gallon) is negligible, and people have accepted that price as the new standard. Therefore, there is no reason whatsoever to drop the price below the standard that people are obviously willing to pay.


20 posted on 01/09/2007 7:40:22 AM PST by Labyrinthos
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To: Diana in Wisconsin

Sounds like the ice fishing is pretty slow.


21 posted on 01/09/2007 7:42:36 AM PST by billhilly
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To: 2banana

I would sure like to see someone look into the LIHEEP program that spends billions year after year subsidizing heating oil. Maybe we should be buying better furnaces and insulation or even replacing old housing instead.


22 posted on 01/09/2007 7:43:59 AM PST by ClaireSolt (Have you have gotten mixed up in a mish-masher?)
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To: facedown

It doesn't matter, because algore was above going to class.


23 posted on 01/09/2007 7:47:25 AM PST by ClaireSolt (Have you have gotten mixed up in a mish-masher?)
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To: Labyrinthos; Diana in Wisconsin

I suspect your theory is very close to reality. However, after checking local prices at gasbuddy.com (from Diana's link), I noticed that one lone station in our area has dropped their price to $2.10 per gallon. I'm praying for a gas war. ;-)


24 posted on 01/09/2007 7:51:23 AM PST by Quilla
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To: thackney

Great chart, m'friend!


25 posted on 01/09/2007 7:52:13 AM PST by SAJ (debunking myths about markets and prices on FR since 2001)
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To: Labyrinthos
Halliburton wants to influence next month's election.

No wait -- that can't it.
26 posted on 01/09/2007 8:04:56 AM PST by BenLurkin (O beautiful for patriot dream, that sees beyond the years)
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To: Labyrinthos
My theory is that the economists at the oil companies are always trying to find the highest price that the consumer is willing to pay without significant reduction in demand.

Care to apply your theory to more than a couple of years? Try 1998-1999 for starters.

27 posted on 01/09/2007 8:24:28 AM PST by thackney (life is fragile, handle with prayer)
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To: thackney

What happened in 1998-1999?


28 posted on 01/09/2007 8:50:51 AM PST by Labyrinthos
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To: Labyrinthos
Oil below $10 a barrel, gasoline below $1 a gallon

U.S. Weekly Retail Gasoline Prices, 1993 to present
http://tonto.eia.doe.gov/dnav/pet/hist/mg_tt_usw.htm

U.S. Weekly Spot Price Crude Oil
http://tonto.eia.doe.gov/dnav/pet/hist/wtotusaw.htm
29 posted on 01/09/2007 9:03:57 AM PST by thackney (life is fragile, handle with prayer)
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To: billhilly

Well, it can still be accomplished if you're wearing a wet suit, LOL! :)


30 posted on 01/09/2007 11:25:36 AM PST by Diana in Wisconsin (Save The Earth. It's The Only Planet With Chocolate.)
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To: Labyrinthos

Bulk gasoline is a different index. It is at $1.47, which is below the $1.55 or so it has been at for months.


31 posted on 01/09/2007 11:29:03 AM PST by RightWhale
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