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Automotive News & Views How does gas at $4 and higher impact you?
2175 messages, Last post on Nov 05, 2009 at 3:05 PM
You are in the Automotive News & Views Forum. Your Hosts are steve_ & claires
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Replying to: berri (Jan 12, 2009 6:18 pm) for example, if demand is lower, why explore for more? there is plenty of existing source.
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Replying to: explorerx4 (Jan 12, 2009 6:51 pm)
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If you haven't seen the January 11, 2009 60 Minutes show about high oil prices go to YouTube and type in "60 Minutes The Price of Oil". They blame rampant speculation for the $147/bbl. price this summer. Exactly what some of us were saying all along. |
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Replying to: kernick (Jan 12, 2009 5:08 pm) In October 2008 I left for Florida on a 3000 mile trip. Gas was down to $3.55 when I left. There was nothing relatively cheap about it. $75 to fill up my Silverado before leaving and $60 more into the tank later in the day, and then twice more in the next day. Unfortunately, none of my other vehicles would have sufficed for the trip. I made the same trip in March 2008 and spent $390 on gas in a 9 day stretch. People who have to drive a full size truck for their everyday needs had to deal with this cost constantly. I had a car for daily use. How much gas is still carried on credit cards at 18% interest that was bought last summer? It has been determined that almost 70% of all oil price increases were part of a grand scheme to enrich a few at the expense of the masses. Thanks to changes in commodity trading rules the same screwing may not be back this summer.
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Replying to: dave8697 (Jan 13, 2009 4:50 pm) Did Congress actually change any rules dealing with that speculative run-up in oil prices? I thought they just talked about it. Something about forcing buyers to have a facility to receive any oil they purchase. |
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With the price of oil at about $37 per barrel gas should be down around 75 cents wholesale. The glut of oil is taking its toll on the producers. Dubai has stopped work on their tallest building in the world for lack of funds. There are supertankers sitting full waiting for the price to go up. Even pirates are feeling the pinch. The Somalis only got $3 million for a $100 million load of oil in a tanker. Of course they proceeded to capsize their boat and 5 of them drowned taking their share of the money to Davey Jones Locker.
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Replying to: gagrice (Jan 14, 2009 6:38 pm) imagine how much the value of the cargo on that ship droppped! 
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Replying to: berri (Jan 12, 2009 7:32 pm) not that i think you are wrong, you could be right OR wrong. |
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Oil is still dropping in price. $36 and dropping. Will we go as low as 10 years ago when the dot.com bubble burst and oil hit $10? Anything is possible as duke pointed out. Oil loves the extremes. From the Indian Ocean to the South Atlantic to the Gulf of Mexico, giant supertankers brimming with oil are resting at anchor or slowly tracing racetrack patterns through the sea, heading nowhere. The ships are marking time, serving as floating oil-storage tanks. The companies and countries leasing them for that purpose have made a simple calculation: the price of oil has fallen so far that it is due for a rise. http://www.iht.com/articles/2009/01/15/business/15oil.php |
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Survivors of Gas station explosion mourn the tragic loss of precious gasoline.
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