Oil at $89.21 ppb @ 5:45 AM EDT

Oil-Price ^ | 10/6/2008 | DGHoodini

[DGHoodini]

$85 ppb...Here we come!

[Man50D]

Let me know when it gets to $60 ppb.

[abb]

Gasoline: $2.15

[DGHoodini]

You really think you’ll need me to tell you? :)

[DiogenesLaertius]

We have a permanent shock to worldwide aggregate demand. The US will have to start living within its means now as 2 bubbles have collapsed and leverage is no longer infinite for us to print money.

A worldwide recession clearly means less demand for oil and thus, cheaper oil.

[DoughtyOne]

I predicted we’d be seeing $70 a barrel a lot sooner than we would think about six weeks ago. So far the jinx isn’t working.

[DGHoodini]

Actually, I expect we’ll start seeing OPEC gettin their backs up, once it starts looking like we’re going to break below $80...buty we’ll see if they can really be able to hold that price point, by cutting back on production quotas without wholescale cheating by it’s members.

[NoGrayZone]

This morning my gas station had gas at $3.64!!!!! I forget the last time it was so “low”. Wooohoooo!!!

[abb]

Below $3 in Mississippi.
http://www.mississippigasprices.com/

[dirtbiker]

$3.37 here, down from 3.43 just Saturday.

[Man50D]

You really think you’ll need me to tell you? :)

I didn't know it was at $89.21 until you posted this thread!

[AmericaUnited]

YEA BABY! The good news... gas will soon go under $3. The bad news... that’s only good news if you have a job.

[NoGrayZone]

Lucky! Can’t wait to see that up here!

[Man50D]

This morning my gas station had gas at $3.64!!!!! I forget the last time it was so “low”. Wooohoooo!!!

When is the last time you thought that price was high?

[thecabal]

Yeah, but if oil prices get too low, it going to force certain entities to take drastic measures to protect their profits?

[Jeff F]

Paid $3.27 yesterday. Part of me thinks that is great, the other part remembers when, not so long ago, that would have been outrageously expensive.

[NoGrayZone]

It seems every few days, the price drops. The other 2 stations I pass are very very slow to drop their prices.

[DGHoodini]

Yeah...But a silver lining, if you want to see it that way, is if the US goes into a long recession, we aren’t going to be buying much chinese goods, who in turn, will face recessionary forces, have massive layoffs, and reduce *their* consumption of oil too. Further bringing down demand and therefore, cost.

What we need to convcentrate on, is making sure that as our industry recovers, we are using our own developed power resources, and reducing our need for imp[orts. Further enhncing our prosperity, and security, as we recover

Put the Dems in sacks, and throw them in the river. >Bo)

[DGHoodini]

Point taken. :o)

[NoGrayZone]

Ummmm, I can't remember that either, lol. It seems like we've been living with outrageous gas prices forever.

[ovrtaxt]

It gives Israel another excuse to protect it’s existence. Not that they need low gas prices to do so, it just makes it easier for the world to bear.

And if they think Obama might win, do you think they’ll deal with Iran before the election? It might throw the national security vote into a whole different group of voters.

[Dallas59]

Gas prices 3/30/2004



Good ole days...

[NoGrayZone]

Yes, it is very odd to be woohooo’ing gas over 3 bucks! What a strange time we live in.

[RSmithOpt]

It’s gonna go below $70 in the next 2-6 weeks. BTW the DOW futures are off -227 this morning around 10,080. Going below 10,000 is the big psych barrier. Here
we goooooo........

[familyop]

So the bombing in Iran can start soon. ;-)

[doosee]

Many years ago the free world should have reacted to OPEC by simply pegging food commodity prices to oil. You raise oil $50 a barrel, wheat, corn, rice etc goes up the same amount. Due to weak political leadership worldwide, the western world has allowed itself to be financially raped while the greed of OPEC has grown.

[ovrtaxt]

Yep- see post 21!

[Battle Axe]

Down to 3.55 in Indiana.

[familyop]

Agreed.

[jsh3180]

The severe deflationary panic we are now in the midst of is going to be extremely painful for all. The fact that oil is headed south is not going to be bringing that much cheer. I’ll even take it a step further, as assets deteriorate in price, people will begin to think of the days of $140 oil as the “good old days”. Cheap oil won’t help much as the credit crisis spreads and jobs are lost and people take a beating like has not been seen in 70 years.

[Renegade]

$3.09 here in SOUTH Jersey !

[television is just wrong]

price at those stations are higher cause they haven’t got the new lower price gas yet?

[DGHoodini]

Fellin a bit low on the Can-do spirit? Watch out! You’re beginning to sound like a Democrat. Like there aren’t windows and vistas opening up as we see older ones close down. Buck up old son. New horizons await!

[doosee]

No, they just havent changed their signs yet. :}

[BallyBill]

Glad I filled the Heating Oil tank last month!

[DallasBiff]

Looks like js bought a ton of oil contracts when it was $145 and is now crying.

[Leisler]

Christmas.

[Leisler]

How can that be, Congress and President Bush signed “Treehugger” Paulson’s bill?

[Leisler]

Well, you live in Jersey. They have to do something for you bastards.

[LibLieSlayer]

94% of ALL Americans that want a job... have one.

LLS

[MarkL]

Gasoline: $2.15

Is that wishful thinking, or did you actually see it? The local Quik Trip near my home had unleaded regular for $2.95 a gallon as of yesterday.

Mark

[NRG1973]

We have a permanent shock to worldwide aggregate demand.

We do indeed have a shock to worldwide demand, but there is no way that it is permanent. China and India are still industrializing at a dizztying pace and will continue to drive up global demand for crude oil. In both countries, less than 80% of the citizens directly consume refined oil products. Within 20 years those numbers will double...and India's population is increasing, so that will make the situation worse.

[RSmithOpt]

It's gonna take more time for the shake down for the credit derivatives boondoggle...that's a global issue without a doubt. Then, the market here will over correct on the downside from where I postulated to come back and settle around 9600...I figure looking 6-8 months out.

BTW, the $1 trillion dollar band aide was a vain attempt to unclog the global greed toilet.

The October surprise is upon us.

[abb]

Is that wishful thinking, or did you actually see it? The local Quik Trip near my home had unleaded regular for $2.95 a gallon as of yesterday.

Wholesale RBOB on the NY Merc this morning. Should have noted that in my original post.

[mplsconservative]

$3.06 here in MN on Saturday. Let’s get it below three bucks!

[Leisler]

I wish it was greed, greed is a constant. It was delusion. Mass popular delusion by some of the wealthiest, most educated people in the world.

Of course Socialism, all locked together under one uber plan, will work.

Rinse, lather, repete. (just change the names and the fashions)

[1curiousmind]

Lindsey Williams, a guy who’s been claiming for years that the “oil crisis” is all a plot by the world’s “elite” predicted $50/barrel back in June/July.

http://www.youtube.com/watch?v=wQDw9M_2dGw

He claimed that this will be done (yes, intentionally) to crush Iran.

Crrrrraaaaaazy stuff. :-)

[RSmithOpt]

Yup...Its WAS GREED...with a boatload of deceit hanging from it....this is about the gov seizing power and control too and the socialist agenda. OBammy is elbows deep into the establishment of Marxist rule in the US.

The masses have been duped and are terribly ignorant.

[never4get]

Last time gas was selling in this area of price nationwide retail avg price was about $2.95. Mind you, for quite some time we have seen the price hovering in the $95 p barrel range, and one would have thought on avg nationwide prices would have dropped to the $3.25 per gallon at the pump. That never happened as the retailers and suppliers are keeping the extra profit Of about $.15 to $.25 a gallon in their own pocket, not translating to the pump price. Let's face it, even if prices per barrel go down in todays market the retailers and suppliers will not translate that reduction in full to the pump and they will keep the savings as increased profits. Nothing you can do about that, you have to buy gas.

I have one station - retailer in my neighborhood who is selling his gas about a dime below the other operators, more in line as to what you would expect from past barrel price translated to retail price, and he is making a killing. At one point he had a sign out that said “I don't gouge”...People in my neighborhood are thanking him by going to his station and the other operators are slowly decreasing their prices due to lost business. Yet, 10 miles away from me you can drive through neighborhood where the retailers are keeping the prices at the pump way up and not passing the price decrease on.

[Humble Servant]

I’m at $3.15.