Oil is Getting Crushed

Business Insider ^ | 10 December 2014 | Stefano Pozzebon and Myles Udland

[Chad_the_Impaler]

On Wednesday, Brent crude broke $64 a barrel while WTI crude broke $61 for the first time since 2009.

Both benchmark oil indexes were down more than 4%.

Brent got as low as $63.72. WTI got as low as $60.55.

Read more: http://www.businessinsider.com/oil-prices-drop-december-10-2014-12#ixzz3LW4F7cMt

[Baynative]

"If it drops as low as you say, look for these money hungry state gvts to start jacking up the gasoline tax. Then when it goes back up ,and it will, watch out."

**"Not in CA. Starting Jan 1, we have new carbon penalties to discourage driving. Gas will go up anywhere from $.40 to $1+ per gallon. They call this our new hidden gas tax."**

WA Ping

In Washington State, greenie Governor Jay Inslee has proposed an additional $1.17 gas tax to fight global warming. He feels that dropping prices make it easier for people to pay their fair share to save the planet and it will be little burden because everyone us used to paying well over $3.00.

In spite of story after story and report after report debunking Al 'jazeera' Gore's climate hype, Inslee is holding fast and marching on.

[Red Badger]

Must be all those Volts, Priuses and other hybrids causing this...............

[ripley]

Head spinning.

Time to hit the books.

Thanks.

:-)

IMHO

[PROCON]

Governor Jay Inslee has proposed an additional $1.17 gas tax to fight global warming

Do you have a link?

[VerySadAmerican]

I read last week that gas would go below $2 a gallon in some states. Right now it’s as low as $2.15 in Houston.

www.gasbuddy.com

[ontap]

If you are a conservative let me take this opportunity to invite you to Texas......I believe you can expect more of the same from your California government.

[who knows what evil?]

Under $2 per gallon at several locations in Oklahoma...getting close in several other states.

[VerySadAmerican]

Silver is up a few pennies. Think I’ll sell it and buy crude futures after oil goes back up. Buy high, sell low is how I usually do it.

[kaila]

His proposal will never pass, too much dominance of Republicans in the Legislature.

[Night Hides Not]

I feel your pain. I’ve got a small position in CRK, which has been hammered. The pain is lessened when I fill up my car.

[hosepipe]

Price of oil dropping.... EVEN THOUGH....
the price of oil is mostly TAXES...

WHAT happens (( IF )) the oil taxes are much reduced.. AS WELL?..
Federal, State, and local..

[nascarnation]

I wouldn’t say mostly.
Avg state + fed fuel tax is 49 cents for gas and 55 for diesel.
Now when it gets under a buck a gallon....

[Paladin2]

I forgot to add - , by country, .....

Here's something I found, but haven't read yet.:

http://www.oxfordenergy.org/wpcms/wp-content/uploads/2011/03/WPM40-AnAnatomyoftheCrudeOilPricingSystem-BassamFattouh-2011.pdf

[IYAS9YAS]

MI puts a 6% sales tax on top of their per gallon cut.

Not surprised.

[VideoDoctor]

At this rate gas will be below $2 a gallon soon.

Fear Not! They'll find a way to jack it back up. All they need is a NEW manufactured reason for a price increase.

[hosepipe]

I wouldn’t say mostly.

---

AH.. you’ve overlooked the price of licenses, permits, red tape, lobbyists, lawyers, and transportation..

[RayChuang88]

Unfortunately, at the rate things are going, we're going to have under US$3/gallon gas even in California even with the new tax. With China preparing to build pipelines from eastern Siberia to import Russian natural gas and crude oil, that could be bad news for OPEC (China in the longer run wants to buy petroleum products without dealing with the politically unstable Middle East).

[Paladin2]

"G iven the limited number of physical transactions and hence the limited amount of deals that can be observed by oil reporting agencies, the value of Dubai, the main benchmark used for pricing crude oil exports to East Asia, is often assessed by using the value of differential s in the very liquid OTC Dubai/Brent swaps market. "

Gotta love those SWAP Markets' "help" in pricing crude.....

[vpintheak]

Let it slide! More money for American pockets!
Still around $3.45 in Fairbanks!