- #1631 of 2183
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Re: How about $20 per barrel oil?? [gagrice]
by steve_ HOST
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Dec 04, 2008 (3:17 pm)
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Replying to: gagrice (Dec 04, 2008 1:56 pm)
That was an interesting story - the guy said that Gulf got out of the production biz back in the 80's and quit refining in '92. Now they are just a fuel aggregator. Daily News Tribune
Maybe we should rename this discussion "I Don't Like $1 a Gallon Gas, Why Do You?"
Naaaaa.
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- #1632 of 2183
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Re: How about $20 per barrel oil?? [larsb]
by gagrice
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Dec 04, 2008 (4:06 pm)
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Replying to: larsb (Dec 04, 2008 2:28 pm)
Probably not as likely to happen. In 1998 when oil hit $10 people were still flush with money riding high on the dot.com bubble. People now will just have an easier time getting to work in that old Plymouth that Uncle Herbert left them in his will.
Just don't start the craze by going out and getting a new Escalade. 
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- #1633 of 2183
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Re: How about $20 per barrel oil?? [gagrice]
by oldfarmer50
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Dec 04, 2008 (4:20 pm)
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Replying to: gagrice (Dec 04, 2008 4:06 pm)
"...Just don't start the craze by going out and getting a new Escalade..."
Heck, now that my lawn has died from being watered with cheap gas, I'm planning on covering my yard in SUVs just to keep the dirt from blowing away. 
Analysts at Merrial Lynch have echoed the low price projection saying $25 oil is possible.
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- #1634 of 2183
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Re: How about $20 per barrel oil?? [oldfarmer50]
by gagrice
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Dec 04, 2008 (4:55 pm)
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Replying to: oldfarmer50 (Dec 04, 2008 4:20 pm)
It just goes to show that anything is possible. The longer I hang around the more it seems like times past. OPEC ain't gonna like cheap oil. But they will keep pumping to feed their habit. The Whole World will feel our economic downturn.
It does give you kind of a warm fuzzy feeling after all those months that we cheered for $2 gas coming back, and we got our wish and then a lot more. All the $200 per barrel naysayers except Larsb seem to be hiding. Brent oil is at $41 today. Not that far to $25 or $20. I don't look for $1 gas in CA with 64 cents tax on a gallon.
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- #1635 of 2183
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Re: How about $20 per barrel oil?? [larsb]
by andre1969
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Dec 04, 2008 (6:22 pm)
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Replying to: larsb (Dec 04, 2008 2:28 pm)
$1 gas means pollution and waste both go back through the roof and SUV CRAZE HERE WE COME AGAIN
Not with any luck. The way the economy is going, people might be able to afford the gas, but they ain't gonna be able to afford the monthly note on some big hulking SUV.
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- #1636 of 2183
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Re: How about $20 per barrel oil?? [larsb]
by explorerx4
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Dec 04, 2008 (6:34 pm)
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Replying to: larsb (Dec 04, 2008 2:28 pm)
you used way more fuel than i did over the thanksgiving long weekend.
i filled up on wednesday after work, and my car was blocked in until sunday night.
heading out to michigan this weekend to say a final goodbye to someone while they are still alive rather than after they are gone. the gas consumption will probably even up, eventhough my trip will be a lot shorter, but is it that big a deal?
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- #1637 of 2183
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Re: How about $20 per barrel oil?? [andre1969]
by gagrice
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Dec 04, 2008 (6:38 pm)
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Replying to: andre1969 (Dec 04, 2008 6:22 pm)
ain't gonna be able to afford the monthly note on some big hulking SUV.
I think that is right. I think a lot of vehicles were being bought with low interest equity loans. Loans that went beyond the value of the home. Just part of the overall problem. In reality people were cheating Uncle Sam by deducting the interest on their vehicles as it was a home loan.
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- #1638 of 2183
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Re: How about $20 per barrel oil?? [gagrice]
by boaz47
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Dec 04, 2008 (8:31 pm)
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Replying to: gagrice (Dec 04, 2008 6:38 pm)
I think you are right again. My ex boss re-financed his house about three times in 06-07. Today that isn't going to happen because the housing market took a hit. Loans are hard to get so people will only get what they can afford. I don't plan on selling my Tahoe for a sub compact but I haven't put gas in the SUV for more than a month. But I don't plan on getting another car right now either. $4.00 gas made me consider investing in something even more fuel efficient than my little 4 banger Pontiac, it gets maybe 25 in town and maybe 28 on the road. But at $1.88 that isn't a concern any more. So $4.00 gas made me nervous and far less social. $2.00 gas gives me peace of mind and I visit my friends more. It is a sad world when we have to hide behind doors because we can't afford to go anywhere. I still believe I would spring for a 20k EV if I could get one that can go at least 125 miles on a charge as a second car or even one that will only get around town if it is under 5 or 6k.
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- #1639 of 2183
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Re: How about $20 per barrel oil?? [boaz47]
by steve_ HOST
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Dec 04, 2008 (8:38 pm)
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Replying to: boaz47 (Dec 04, 2008 8:31 pm)
I dunno - a friend of mine wants to refi, and if the government drives rates down to 4.5%, he'll do it. And he'll take some money out for remodeling. We both have Countrywide loans and our mortgage broker went out on her own when BofA bought Countrywide, and she sends us mailers every few weeks.
$2 gas does seem "reasonable" while the reports of $1.6x gas in some parts of the country sounds downright cheap.
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- #1640 of 2183
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Re: How about $20 per barrel oil?? [steve_]
by gagrice
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Dec 04, 2008 (8:53 pm)
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Replying to: steve_ (Dec 04, 2008 8:38 pm)
My wife's loan on the old house just got transferred to Countrywide. They called today wanting to do something. She told them no thanks. They are just trying to generate cash with refi loans. They tack $5000 onto your loan and knock half point off your loan. If you plan to keep the house 30 years it is a good deal.
Can you believe I saw $1.65 at an indy station today. Just makes me want to drive all over the county in my Sequoia..
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