Oil eases toward $62 ($62.08/bbl)

Reuters ^ | October 6, 2005 | Jiwon Chung

[InvisibleChurch]

Why does the contraction for barrel (bbl) have two B's when the word only has one?

[Terabitten]

They took 30 years to go from $1.00 to $2.50 and we now have serious shortages because of poor profit levels during the eighties and nineties.

It took a third of that. In 1995, gas cost me around $.85 a gallon - sometimes I could even find it under $.80. In 2005, gas is hovering around $3.00 a gallon.

Prices hovered around $1.20 for quite a while. They didn't really spike up until the Iraq war (not establishing cause and effect, just for as a time reference). When the ground war started in Iraq in 2003, the prices went to around $1.50 and have steadily risen.

[kenth]

And, regardless of cause and effect, the dems are going to have a field day by pointing out the rise in fuel prices over the Republican held government. I just wonder if they'll use that political capital in '06 or hold it until '08. If they try to wait until '08, they run the risk of something bad happening like our fuel problems being solved and the economy growing further by leaps and bounds. lol.

[elli1]

Prices here had been down to $2.74 (two-three weeks ago) then started edging up...local range is $2.99-$3.06 as of yesterday.

[FreedomPoster]

Why, yes, yes I did.

[Trust but Verify]

We were WAY up after Katrina, then just when we got back down to the pre-Katrina prices, Rita hit and it went back up. But just for a few days before it started falling again. We are not yet back to the pre-Katrina prices, but it's going in the right direction.

The prices have caused us to examine our driving habits and find ways to cut back, but if push came to shove, we still have the money to buy gas without taking it from somewhere else. I do have compassion for people who are living on such a tight budget these prices are causing severe financial distress. With the heating season coming up, it is scary for those people.

[ManHunter]

Well, I'm with cynicom; gas prices here in Central PA haven't dropped in three weeks, but wholesale prices have been sliding. It's pretty obvious to me that every time the "traders" and "the market" "fear" anything, prices go up by ten percent, but recede by two - eventually. That has been the pattern for at least a year and a half.

[BlackbirdSST]

Supply and demand of crude and supply and demand of refined product are two different things.

True, to a point. Then in the real world where you can't overlook the fact that those that control the "supply" end of the unrefined product, are the exact same people that control the "supply" end of the refined product. No, the dead fish are piling up, and it stinks to high heaven. Blackbird.

[cynicom]

If all the "widgit" makers got together and stifled competition, they could charge what they liked. What keeps that from happening is that we do not need widgits to survive. Oil people will not kill the golden goose but will squeeze the goose for all it is worth.

[hawkaw]

I see oil dropped below 61 dollars a barrel this morning!

[TFMcGuire]

Somewhat in control. Destructive governmental interference keeps market forces from selling oil at a true market price.

[thackney]

Production is down

Importing is up

Stocks are down

Prices are up

Wow, what a surprise. It must be an oil company conspiracy.

[RightWhale]

The stock market is down again, too. Might be the pullback of oil stock prices driving it, but the whole board was mostly red again. Gold up a little. Natural gas down below $14, should pull back a lot more.

[TFMcGuire]

Ain't it the truth!
:)

[ChildOfThe60s]

Ah, I wax nostalgic about my 1961 Fiat 600D. That sucker got me through a couple of years of college. 40 mpg on any gas in any type of driving. The $2-$3 I spent each week on gas really helped my budget. Mine didn't have a luggage rack. But it had been bored out to 1100 CCs (hot huh?) and topped out at 65.