Gas Prices

[Randy&Bonnie]

..

[Gus738]

so we can safely say that at $4 a gal its about 250 a month?

[smooth1]

I usually put in 15 gallons a week. So $260.00 (ish) when gas was at it's highest, and now around $190.00 with premium being about $3.10 here in central Florida. I only use Shell, or Chevron stations.

[Gus738]

Thank you! yeah near me in "salinas" its at $3.09 so around 200-250 depending how hard we drive then... cool

I usually put in 15 gallons a week. So $260.00 (ish) when gas was at it's highest, and now around $190.00 with premium being about $3.10 here in central Florida. I only use Shell, or Chevron stations.

[nc211]

We're still in the $3.30 range for regular, but it's dropping. Ike really messed us up, or so we're told. You know me, I'm not convinced, not after a month.

We're about to see if "speculators" really were to blame for the $147 a barrel prices this week. Opec is going to test us, with an emergency meeting to cut production, by as much as 2 million bpd "barrels per day". I hate opec, I think they're a corrupt organization, and this meeting and effects should be exploited to the general public for the EXACT foundation why we should drill for our own, and get serious about alternatives "or at least continue down that path at todays rehteric levels". Opec wants oil to stay between $70-$90 a barrel, bare minimum. I think that's still too high, by about $20 to $30 dollars, especially during an economic meltdown and recovery. Opec clearly has a hand or two on the wheel of this country's economic condition. Housing crisis hurt us, badly, but the $147 a barrel "and all the spook-press associated wth it", is what broke the economy.

So, we'll see how involved speculators are now in oil. I wouldn't be suprised if oil spikes up again from this news, but I also wouldn't be suprised if it doesn't. With the witch-hunt going on in Wall Street, I think those "speculating" on such an impactful sector to the overall health of the economy, might be too scared to try anything. We've got to get the "mobility factor" back into check, before anyone is going to assign any of their disposable income to other things, things that will create the recovery. We can throw a quad-zillion dollars at the markets, but if we're all still stuck in the garage and/or airport terminal, no recovery is to be had.

So, we'll see what happens this week. I'm quite interested to get back on the box at the office and find out what's happened with Iraq's oil fields. They were suppossedly holding the world's largest oil auction last week, with Shell and Exxon Mobile in the lead bid. Iraq was selling off a sizable time-window to production rights to a 75 billion barrel field. It's not in the press anymore, for fear of stoking the whole "we invaded for the oil" argument. Me personally? I say get the damn oil. We're there, we've stayed there, we haven't abandoned them "when many said we should", we're financing them "even with their $80b surplus", we're investing in them. I say get the oil, I say it's a justified return. I don't mean for us directly, I mean for taking a big chunk out of Opec's ability to manipulate the world's economic engines. Think about it. If we "the non-opec population" can gain control of some of Iraq's oil production, well, that's HUGE! For those of us on here that follow this stuff, I'd say be ready for a bumpy ride, or a pleasent suprise.

[nc211]

It's Wednesday, there's been quite a lot of press about OPEC's pending production cuts...and oil is still holding in the $68-$70 window!

I hope nobody invests in oil, as it's starting to be revealed that many of our enemies have banked HEAVILY on the prices remaining north of $100 to sustain their "programs". One shining light in this economic meltdown could be the fact that we bankrupt others that hate us, in the process! I'm talking about Iran, Venezuala, and Russia. Oddly enough, in light of the pending negative results for these countries on the oil collapse, they're now trying to structure another OPEC set up for natural gas... The only way to stop these evil empires "outside of conflict", is to not buy oil stocks, let it flatline to the hopefully correctly predicted levels of $35-$40 a barrel. Then, we'll see them scramble to make their national debt payments and burn through their reserves, and start begging the world "especially the #1 consumer" to start driving again, start rebuilding the economy. Oddly enough "and I know this is horrible to say in light of so many job cuts, possibly me included", there might be a silver lining in this for the best interests of our great nation. Apparently, we're not the only nation that has restructured their economic base during the past 5 years of massive consumer spending and inflated values! But, we're much better at weathering the kick-back storm that always appears from these types of periods in history. Iran, Russia, and the others, aren't!

Moral of the story: let's continue conserving, rebuilding our savings account, and sit tight close to home for a bit longer. Go mow the grass, catch up on your favorite TV shows, take another "staycation" and check out what's new in your town. If we sit tight and let things shake out, we could very well come out ok. It's gonna hurt in the short term, but in the long term, we could be back to the good ole' days of cheap gas!

[jcrome04]

If America's economy fails... BIG impact on the world economy.

[nc211]

Here are a few clips from some articles I'm seeing that suggest my theory...

At the beginning of the year, OPEC producers felt confident that strong economic growth and tight supplies would keep oil prices high. When oil crossed the $100-a-barrel threshold in February, the cartel's president blamed speculators and said there was not much OPEC could do.

But now, panic is gripping producers as prices drop. Oil is down by half since July, and the speed of the decline has stunned oil-rich governments that have become dependent on high prices.

History suggests that OPEC will face a tough time propping up prices as oil consumption slows and the world teeters on the edge of a global recession, analysts said

The cartel, which controls 40 percent of the world's oil exports, has found it difficult in the past to get all its members to abide by production cuts. When prices fall, producers have an incentive to increase their output to maximize revenue, not stick with OPEC quotas.

The group's 13 members earned $730 billion from oil and gas exports last year, up 12 percent from the previous year, according to OPEC statistics. This year they are on track to hit $1 trillion.

Iran and Venezuela, for example, need $95 a barrel to balance their budgets, according to various estimates.

Saudi experts estimate the kingdom needs oil at $50 to $55 a barrel to balance its budget.

Russia are also threatened by a prolonged period of lower prices. Last month, the Russian government sent a high-level delegation to attend an OPEC meeting as observers, a sign that Moscow is anxious.

[SW03ES]

Our economy isn't going to fail. The steps that have been taken will keep that from happening. But we are in for a long haul here I think, but we've been here before.

The scary thing is that China is going to continue growing while we stagnate for a year or two...

[dcfish]

$2.34 here

[nc211]

The scary thing is that China is going to continue growing while we stagnate for a year or two...

Not necessarily SWO, the industry data we're seeing and hearing about China is starting to mimick our own economic indicators for a bumpy ride. Property values over there have begun to reverse course as well, which was the initial trigger to our current condition. We're not sure if they'll hit a full recession, like we are, but the feeling is their growth will go completely flat while the world corrects the on-going errors of current. The two question at the moment though for China are in thier oil positions, and product safety. It's bluntly obvious now that several investment banks truly were trying to manipulate the oil sector over the summer to stay afloat, but when they ran it up to a point of forcing folks to stop spending their excess income on anything but gas, and parking their cars, oil imploded and the cash-runners took their profits and split. Unfortunetaly for the i-banks, they were too heavy in that sector and put too much on the bet of $200 a barrel. It's fascinating to me to watch actually. When oil hit the $120 price point, the tumbling of i-banks began. There was simply no other sectors for them to run to, and simply ran out of runway and crashed.

We're not sure yet if China's players were, or have, made bets of similiar fashion. It wasn't until recently that the government suspended the subsidies on oil... We're also not sure what impact of their product safety record will have on the consumer's mind. I for one, try to avoid "buying China", if possible. Even if it's an extra $5-$10 bucks.

[JENunnez]

YEA, finally premium under $3.00.

[dcfish]

$2.27 last nite..............

[realisticdropcard]

i feel sorry for people that actually pay for gas :whistles:

[smooth1]

ok, the line has been tossed in, so I'll bite,

"Oh?,,,,What ever do you mean...actually pay for gas?"

[dcfish]

$2.19

[jcrome04]

Youuuuu jeeeeerrrkkkkkk

Do you need an assistant? I'll move here!

[smooth1]

Guess what?? I saw 2.19 today also! :P

[nc211]

......well folks, here we are..election day...and gas prices are the lowest they've been in a couple of years!! I can remember when gas hit the $2.00 mark back in 2004, and I was ticked! Now, I'm thrilled! Now, let's see what the post election bounce to the state of confidence in our markets bring. It could be a double edge sword, or it could be the beginning of a wonderful era of returning cheap gas prices! We'll just have to wait and see...but for now, it sure is nice to be back in the sub-$2's....

[dcfish]

$1.97 ....................

[sidex]

$1.97 ....................

1.97$ for the gallon?

[dcfish]

Yep!!!

[sidex]

Hey, you are happy people. In my country the gallon costs 3.5$

[jcrome04]

I remember when it was up to $4.97 pr premium up here! Haha.

I hope it gets under $2 here!

[nc211]

I just want to bring to everyone's attention who are feeling the fear of this economy thanks to all of these negative reports coming out from analysts. Some are saying we'll lose 2 million jobs next year, and only regain 500k in 2010. Some are saying well lose 1 million next year, and regain 1.2 million in 2010. Almost all are saying it's economic doom and gloom for the next 12-18 months. Are we in for some bumpy times? You betcha'. I for one have been tossed onto the fire myself, thanks to my boss deciding to retire EARLY at the end of Jan, and the home office deciding to close this office. They've given me the option to move to Chicago and do the same job I do here, which would equate to a significant step backwards in our standard of living, amongst other hardships to my family. BUT, I want to point something out to you all regarding all of these forecast reports from these "professional economists". Many of these are being written by the same folks who just a few months ago insisted oil would be $200+ by this time and that we would never see sub $100 prices again, ever. And they're also the ones who said 3 years ago that the economic financial engine of this country was the strongest, safest, and most solid that it had ever been in our national history, while Guss the bus-driver with is $40k income was closing on his $500k McMansion. So, don't let all of this negative junk get you down too much. Yes, we have a problem with the housing market. Yes, we've (the government and tax payers) have taken on a lot of debt with this bailout, but don't think of it as a bailout, think of it as an "investment" with the potential of huge profits back to the government and taxpayers. We'll get through this, and the band will start to play once again. Probably in 12 months or so, is my guess. Just remember, these analysts are reporting this stuff with yesterday data. The thing about "data", is that it doesn't take into account the key element of any sucessful outcomes.....the human element. Plus, when you use a benchmark from the peak of the chart, any downturn will look even worse. But when you use a benchmark from just a few years ago "say 2004", we're actually readjusting to that level. Not all of this 1918 crap, which is just horsesh*t to bring up. We've come A LONG way from the great depression, and short of a few nukes going off in NYC and DC, I doublt it'll ever happen again. Well, certainly not right now anyway, and not from this correction.