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Automotive News & Views How does gas at $4 and higher impact you?
2183 messages, Last post on Nov 21, 2009 at 5:13 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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On the New York Mercantile Exchange, where oil futures seemed destined to breach $200 just a few months ago, pessimism was an understatement. "At this point, all we can say with any degree of confidence is that crude oil ... will not trade below zero," trader and analyst Stephen Schork said Friday in a tongue-in-cheek analysis of the market's swoon. Crude has been in free-fall, shedding two-thirds of its value since July, and gasoline prices have followed. Some say oil could be headed below $40 a barrel, and gasoline below $1.50. Motorists in Independence, Mo., on Friday said they were paying $1.37 for a gallon of gas. The pump price for regular unleaded fell 3.1 cents overnight to an average of $1.989 a gallon nationally, according to auto club AAA, the Oil Price Information Service and Wright Express. Now when was it US soothsayers predicted we would see $2 gas again?
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Replying to: dave8697 (Nov 22, 2008 6:31 am) Nope, wrong assumption. I'm driving vette for fun and Japanese appliance for everyday commute. Would I buy another Chevy? Hell NO!!! 2 years old car have lots of minor issues, broken wheels, leaking roof & etc. Dealer services are awful and extremely unfriendly. Lexus dealership treats me with respect. If GM or Ford could build BMW with Lexus quality and bring dealership services up to Lexus level, I'll be first in line for GM car. |
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Replying to: gagrice (Nov 22, 2008 10:20 am) |
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ha Do ya think it is possible that somewhere may actually see sub $1 gas before we reach the bottom? There a few locales that are sub $1.50 now. How low will it go? |
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Replying to: tankbeans (Nov 16, 2008 11:28 am) " That's just crazy. I don't know where you live, but up in MN E85 is running about $0.40 less than rug. Then again our state requires 10% Ethanol anyway and I think they subsidize it to some small degree. " My sympathies, yesterdays fill up of rug $1.67 smelling $1.50 . Apologies for predicting 1st quarter of '09 but the oil market doth love it's extremes. But I do love me a good steak. Other fuels are getting screwed, but it's been an on going trend. Post on Tank  Subsidities are always so foolish aren't they?
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I filled up yesterday for 1.59 RUG and E85 was $1.85. I generally fill up at the same BP gas station once a week and I haven't seen any one at the E85 pump in weeks.
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Replying to: dieselone (Nov 26, 2008 6:03 am) |
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Replying to: steve_ (Nov 20, 2008 8:14 am) " Once they get it or raise taxes to get it they don't give it back. Two examples pop into my head right off. The death tax was repealed, at least until 2011. (and Mass. just voted against eliminating the state income tax by about 2 to 1; go figure). " By and large the first statement rings true. IIrc, The 9/10 of a cent gasoline tax and the tire tax were instituted during WWII as temporary taxes to reduce domestic consumption by which I can infer the war to end all wars must still be going on. Rather than repeal on the estate tax, it was deferred under the budget sunshine laws. Regarding 2010 , as Dustin Hoffman said in Little Big Men, it's a good day to die. Who knows what lies in store for 2011? Repeal of stepped up cost basis ? I suspect it will be ugly. Trillion deficit this year and next. To misquote the belated Sen. Dirksen, (cough and preparing gravelly voice), a trillion here and a trillion there....
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Replying to: nippononly (Nov 21, 2008 7:25 pm) "Sometimes paying a little more for something now can save a lot of money and heartache down the line.... " Ask and ye shall receive. Granted the stock market is only a prognosticator for the economy but some statistics from 2008. The bear market losses have only been exceeded by1929/1933 and 1937/1938.The Dow is having the second worst year since 1901.(only 1931 was worse ).This is the S&P's worst year since 1930. 1/3 of the S&P 500 could no longer qualify to be admitted to the S&P 500. Business Week points out that of 11,585 mutual funds covered by Morningstar, 11.584 are down on the year. The one that isn't down is not up but flat for the year. Of the S&P 500 all but ten are down for the year.$200/bbl, lmao. Darn economics being so sensible and all. And darn that consumer confidence. Yes you can . Good luck and good night. Oh and the oil market doth love it's extremes. (real world knowledge) Said with the upmost gracious smile and respect. |
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Replying to: duke23 (Nov 26, 2008 9:23 pm) FYI WWI was the war to end all wars.
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