Oil Prices Are Plummeting

Futuresource ^

[zencat]

Oil prices, already near four-month lows, fell again today. In fact, oil is now below $28/barrel.

http://www.futuresource.com/quotes/quotes.asp?fmt=s&type=future%2Cindex&symbols=cl&image53.x=13&image53.y=8

Falling oil prices have almost the identical effect as tax cuts on an industrialized economy. This could have a major economic impact as it costs less to produce and transport all goods and services.

More bad news for the Democrats.

[the gillman@blacklagoon.com]

Why are gas prices so high?

[mattdono]

I thought that Bush and Cheney would colluding with Halliburton to make tons of money?

Hmmm. Odd. </sarcasm>

[Choose Ye This Day]

Ummm...perhaps because current supply was refined from much higher-cost oil? Give it some time, man...

Meanwhile, Dascle is deeply saddened...

[q_an_a]

Nigeria and Venezuela both have had major supply problems; Black outs and summer shut downs added more empty storage tanks, the system took advantage by selling at higher prices even if there was plenty of oil in the pipeline.

One day the Saudi will be wondering why we are all so happy driving the Toyota hybrid engines, it is so we can punish them. The end of the stone age did not occur because of a lcak of stones. The end of the oil age will happen before most of us die. We can dance on their grave.

[EggsAckley]

I paid $2.19 per gallon for low test yesterday.

[zencat]

Actually from Labor Day, my gasoline prices are down 17 cents already. I was paying $1.66 in Missouri, and am now paying $1.49. While 17 cents may not sound like a lot, that's over a 10% drop in just 2 weeks.

[Eva]

There is absolutely no reason that most people in the oil industry that I have talked to, can site for the high prices. Some of them will give you bogus excuses, such as the blackout and the Arizona pipeline problem, but no legitimate explanation.

We live near two refineries where a lage portion of the oil for the west coast is refined, and yet we pay the highest prices in the state.

[G L Tirebiter]

I paid $2.19 per gallon for low test yesterday.

California? $1.39 today in GA. Down from $1.44 yesterday.

[Texas_Dawg]

We're all doomed.

[Labyrinthos]

While 17 cents may not sound like a lot, that's over a 10% drop in just 2 weeks.

Except when the price of oil goes up the impact at the pump is almost immediate, like a 17 cent increase in two days, but when the price of oil goes down, the impact of the pump is seen over a period of weeks.

[Enterprise]

It is a lot. Recently we paid about $2.00 a gallon before Labor Day. After Labor Day it dropped to $1.91. And yesterday I saw it at $1.85.

So, I have positive proof why gas prices are so high. They are caused by Holidays!

[Einigkeit_Recht_Freiheit]

Sorry, but it bad news for all of us. It may be a nice short terms boost for the economy, but oil is Americas additction and getting some good cheap stuff never helped any addict recover.

We need a massive nation-wide effort to switch to alternatives. The world spends $800 billion a year on oil (give or take) and most of it goes to our favourite global hot spot. It would take an estimated $5 trillion to generate all the worlds electricity with wind. That isnt a bad investment as far as I am concerned. If we add in some solar, buclear and biomass, it is even cheaper.

There is nothing American about oil. There is nothing about our way of life that requires we use oil as a source of energy. There are a lot of problems with oil, the most important of which is that we dont have very much of it. and the people who do hate us.

I dont need a climate change argument to convince me that oil is bad for America. But, being a student of Pascal`s wager, it tells me that the consequences of not acting and it being true are much worse than the consequences of acting and it being false.

Bring it on.

[EggsAckley]

Yeah, Santa Cruz. The whole coastal area is being reamed by the price of gas. It's obscene. Gas is cheaper up at Lake Tahoe, or Reno. Makes no sense.

[wayoverontheright]

Oil Prices Are Plummeting...

They are inching down compared to the CLIFF they will fall off when the market realizes that the former Russian federation countries' refusal to play ball and the Iraqi oil coming on line will soon deal the double death blow to OPEC.

The futures markets will start to function again as they did before OPEC, facilitating entry to market, and thereby increasing competition at all levels of the industry, from extraction to refining.

This will be the least expensive war we ever fought, in overall fiscal impact.

[wayoverontheright]

Oil Prices Are Plummeting...

They are inching down compared to the CLIFF they will fall off when the market realizes that the former Russian federation countries' refusal to play ball and the Iraqi oil coming on line will soon deal the double death blow to OPEC.

The futures markets will start to function again as they did before OPEC, facilitating entry to market, and thereby increasing competition at all levels of the industry, from extraction to refining.

This will be the least expensive war we ever fought, in overall fiscal impact.

[Texas_Dawg]

This will be the least expensive war we ever fought, in overall fiscal impact.

No kidding. People worrying about spending $87B or more on Iraq need to go look at our deficits as a percentage of GDP in WWII. We're nowhere even close to that.

[Steely Glint]

Gasoline prices are determined by refining and transportation costs and local, state, and federal TAXES.

Are gas prices high in your city? They aren't in mine, but we have a gasoline refinery here and low state and local gasoline taxes. If your community has worked hard to keep energy sources out/far away and has high local and state tax gasoline rates, guess what? You're screwed.

I used to work for Big Oil. They don't engage in conspiracies, aren't out to screw you over, and don't raise prices without a reason. (Sure, they're out to make money, but any business that isn't will go out of business rather quickly.) Heck, breakfast cereal companies have higher rates of return. If you want to look for conspiracies, you might try looking in the world of agriculture instead.

[Arrowhead1952]

I paid $2.19 per gallon for low test yesterday.

California? $1.39 today in GA. Down from $1.44 yesterday.

Here in Austin, TX we have prices for regular unleaded anywhere from $1.40 - $1.59. There is one station that had $1.37 yesterday. Bad news for the RATs.

[2timothy3.16]

Why are gas prices so high?

And home heating oil?