Moderators ThudMaker Posted October 16, 2008 Moderators Share Posted October 16, 2008 Just an FYI- I read somewhere earlier that oil was going to be about $60/barrel by the end of the year. At this rate, that prediction looks to be a decent assessment. With all the bad news that we're getting on the economy, perhaps we can at least take a bit of a deep breath knowing that maybe our monthly gas tank bill won't amount to a house payment. From $145 to $70, Oil Hits 14-Month Low FOXBusiness Oil plummeted to a 14-month low under the $70 level on Thursday after the government reported a bigger-than-expected jump in crude inventories. The benchmark oil contract was recently trading lower by $5.17 at $69.37 a barrel. Oil is now trading more than 50% off its midsummer high. The Energy Information Administration said crude stocks jumped by 5.6 million barrels last week, which comes in well above the 3.1 million barrel increase analysts expected. Gasoline futures followed crude Link to comment Share on other sites More sharing options...
Members Emprov Posted October 16, 2008 Members Share Posted October 16, 2008 Yep. The price of oil has more than been cut in half, and gas prices have gone down not even 25% over here. Link to comment Share on other sites More sharing options...
Members davidM Posted October 16, 2008 Members Share Posted October 16, 2008 i'm just enjoying gas thats less then 3 bucks a gallon now. When i'm driving a VW GTI i never thought i would put 60 bucks in there, i thought they only people who put 60 bucks in were people driving SUV's. oh how the times have changed. maybe if bush could win this war we could get gas below 2 dollars! go bush! j/k Link to comment Share on other sites More sharing options...
Members misterhinkydink Posted October 16, 2008 Members Share Posted October 16, 2008 I let 20lbs of air out of my tires. Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 16, 2008 Author Moderators Share Posted October 16, 2008 Yep. The price of oil has more than been cut in half, and gas prices have gone down not even 25% over here.I find that pretty interesting. It should be dropping faster. Maybe that's why the stocks are higher than originally thought, as the gas price is still quite prohibitive. Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 16, 2008 Author Moderators Share Posted October 16, 2008 I let 20lbs of air out of my tires. Link to comment Share on other sites More sharing options...
CMS Author Craig Vecchione Posted October 16, 2008 CMS Author Share Posted October 16, 2008 Just wait for OPEC to cut production by 60% and bounce the price right back up again. Cynical, ain't I?? Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 16, 2008 Author Moderators Share Posted October 16, 2008 Cynical, ain't I??Yes. Link to comment Share on other sites More sharing options...
Members lug Posted October 16, 2008 Members Share Posted October 16, 2008 I let 20lbs of air out of my tires. Good work! I bought a HUMMER and ride with the Airco on AND the windows down, going over 90 MPH whenever possible. Remember when all the "experts" said we'd never see below $100 a barrel again? What was that, like 2 months ago? Link to comment Share on other sites More sharing options...
Members guitargod0dmw Posted October 16, 2008 Members Share Posted October 16, 2008 I let 20lbs of air out of my tires. Because you filled them 20 psi over their recommended pressure in hopes of getting better mileage? Damn! Link to comment Share on other sites More sharing options...
Members walkerci Posted October 16, 2008 Members Share Posted October 16, 2008 Its headed for $60 USD per barrel. Here is the storying behind it all: "Once upon a time in a place overrun with monkeys, a man appeared and announced to the villagers that he would buy monkeys for $10 each. The villagers, seeing that there were many monkeys around, went out to the forest, and started catching them. The man bought thousands at $10 and as supply started to diminish, they became harder to catch, so the villagers stopped their effort. The man then announced that he would now pay $20 for each one. This renewed the efforts of the villagers and they started catching monkeys again. But soon the supply diminished even further and they were ever harder to catch, so people started going back to their farms and forgot about monkey catching. The man increased his price to $25 each and the supply of monkeys became so sparse that it was an effort to even see a monkey, much less catch one. The man now announced that he would buy monkeys for $50! However, since he had to go to the city on some business, his assistant would now buy on his behalf. While the man was away the assistant told the villagers, "Look at all these monkeys in the big cage that the man has bought. I will sell them to you at $35 each and when the man returns from the city, you can sell them to him for $50 each." The villagers rounded up all their savings and bought all the monkeys. They never saw the man nor his assistant again and once again there were monkeys everywhere." Now you have a better understanding of how Wall Street works. Link to comment Share on other sites More sharing options...
Members sludgebass69 Posted October 16, 2008 Members Share Posted October 16, 2008 I attribute the glut in oil reserves/lower consumption to nitrogen filled tires. Link to comment Share on other sites More sharing options...
Members Phantasm Posted October 16, 2008 Members Share Posted October 16, 2008 Come on guys... you all knew that gas prices would drop quickly in time for the election! After that's done, watch some excuse come up to push it back up again... Link to comment Share on other sites More sharing options...
Members davidM Posted October 16, 2008 Members Share Posted October 16, 2008 Come on guys... you all knew that gas prices would drop quickly in time for the election!After that's done, watch some excuse come up to push it back up again... Well we are due for another terrorist attack... so anyone care to predict which country we'll occupy next? what about mongolia? those pricks have been acting shady ever since Ghingis Khan died. Link to comment Share on other sites More sharing options...
Members Hearafter Posted October 16, 2008 Members Share Posted October 16, 2008 If $150/barrel = $4/gal, then $70/barrel should = $1.96/gal. *checks the Chevron station... damn, still $3.17 Link to comment Share on other sites More sharing options...
Members lug Posted October 16, 2008 Members Share Posted October 16, 2008 If $150/barrel = $4/gal, then $70/barrel should = $1.96/gal. *checks the Chevron station... damn, still $3.17 Holy Moly. we 're just starting to dip below $2.50 here. Link to comment Share on other sites More sharing options...
Members walkerci Posted October 16, 2008 Members Share Posted October 16, 2008 Come on guys... you all knew that gas prices would drop quickly in time for the election! After that's done, watch some excuse come up to push it back up again... Hard to tell. Shut in Gulf of Mexico product is coming back on line and peak demand season has passed. The speculators have floodlights on them and many of them have been completely destroyed by their own greed. The problem with cheap oil is that it wipes out demand for and investment in renewables (wind, wave, geothermal, and solar), alternate sources (methane hydrates), biofuels (not corn based ethanol), nuclear (uranium, plutonium, and thorium), and conventional fossil fuel exploration. At the end of the day, the USA is so energy rich it is mind boggling. So ask your Senators and Congressmen why we are in this mess and why they sat idly by while it happened. Don't forget to ask them why they turned private losses in to public debt while you are at it.:mad: Link to comment Share on other sites More sharing options...
Members Svi Posted October 16, 2008 Members Share Posted October 16, 2008 3.45 still here. BS. Link to comment Share on other sites More sharing options...
Members lug Posted October 16, 2008 Members Share Posted October 16, 2008 Link to comment Share on other sites More sharing options...
Members Jugghaid Posted October 16, 2008 Members Share Posted October 16, 2008 Holy Moly. we 're just starting to dip below $2.50 here. Really? We're still about $3.20 here. Link to comment Share on other sites More sharing options...
Members slapthefunkyfour Posted October 16, 2008 Members Share Posted October 16, 2008 $3.17 here. And i still live less than 15 miles from the gas refineries. dumb. Link to comment Share on other sites More sharing options...
Members JacieFB Posted October 16, 2008 Members Share Posted October 16, 2008 Hey! Chart Guy! This is a fun one. I started driving in '93. I remember paying $0.85 a gallon. Holding fast at $2.89 here. Link to comment Share on other sites More sharing options...
Moderators ThudMaker Posted October 16, 2008 Author Moderators Share Posted October 16, 2008 2.79 here Link to comment Share on other sites More sharing options...
Members SA Rios Posted October 16, 2008 Members Share Posted October 16, 2008 I'd rather have $4.00 gas than have $3.00 gas and 20% of my IRA evaporated. Link to comment Share on other sites More sharing options...
Members lug Posted October 16, 2008 Members Share Posted October 16, 2008 I'd rather have $4.00 gas than have $3.00 gas and 20% of my IRA evaporated. The two aren't mutually exclusive. Link to comment Share on other sites More sharing options...
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