Fuel/Oil market prices

[Drew Dowdell]

Spin off from another thread. I'll update material swings in price.

Something that will probably make the news today:

The spot price for oil just fell over $4.80 a barrel to be under $120. Currently sitting at $118.58.

RBOB Gasoline is down 11 cents a gallon to $2.97.

[Sixty8panther]

Still hoping for $2.50 by next year.

you know what they say.... hope springs eternal

[regfootball]

election is coming up, duh. the people profiting from high gas prices found big resistance and pressure from forces when it went north of 3.50. they were reminded not to bite the hand of the american public that feeds. they were reminded that all sorts of legislation would be put in place to end their gravy train if they didnt do it themselves. who's gonna buy a car to use the gas they sell when the price is too high. so gas will drop....and cheney and bush and their buddies will still have plenty of time to make out like bandits before they go.

[Drew Dowdell]

Required reading for C&Gers

[loki]

Required reading for C&Gers

not surprising. have you done what it recommends yet? i've been looking for some, thinking of buying some from the mint, and maybe some dollars online... 20 coins for a slight rebate.

[Drew Dowdell]

Euros, due to my medium term plans.

[Intrepidation]

Sounds like we're heading for another depression.

[Drew Dowdell]

My original desire to go to Europe because it sounded like a fun and interesting thing to do is turning into a move of financial asylum.

[A Horse With No Name]

Sounds like we're heading for another depression.

You might read the book "generation debt."

Things are going to really suck for your generation, DF.

[A Horse With No Name]

My original desire to go to Europe because it sounded like a fun and interesting thing to do is turning into a move of financial asylum.

For those of us with families to take care of here, there is almost nowhere to run away to and "hide"

Chris

[Drew Dowdell]

Oil finished the day at 120.31, RBOB Gasoline at $3.0073

[gm4life]

Good news.

[mustang84]

I don't know, I think Europe is headed down our path soon. There are already growing fears of a recession there too.

The next couple years, I think we are going to reassess our reliance on the global economy. As shipping costs continue to rise, factories overseas will be shut down and work will move back to North America. Wal-Mart has slowly been pulling back on Chinese-made products, and more companies are re-opening plants in Mexico.

China has been building away like the US did at the turn of the century, but they are so reliant on the world markets for their industry and economy that they are going to feel even more pain than ourselves, IMO. China and India have not yet developed enough of a middle-class to sustain themselves if the Western markets collapse; as long as transportation costs continue to rise, the booming economies of the East will suffer with us, probably even moreso.

Edited August 5, 2008 by mustang84

[loki]

another part of the lessening of gas $ are that the companies are reinvesting their huge profits into the refineries.

a Governor candidate in missouri's primary would like to have a refinery in missouri... she's an educated economist but has been in Jeff City for something like 15 years. she's the treasurer right now. sadly the polls are against her to make it past the primary. she also wants to reduce the state's budget by $200-300 million.

[Drew Dowdell]

I don't know, I think Europe is headed down our path soon. There are already growing fears of a recession there too.

The next couple years, I think we are going to reassess our reliance on the global economy. As shipping costs continue to rise, factories overseas will be shut down and work will move back to North America. Wal-Mart has slowly been pulling back on Chinese-made products, and more companies are re-opening plants in Mexico.

China has been building away like the US did at the turn of the century, but they are so reliant on the world markets for their industry and economy that they are going to feel even more pain than ourselves, IMO. China and India have not yet developed enough of a middle-class to sustain themselves if the Western markets collapse; as long as transportation costs continue to rise, the booming economies of the East will suffer with us, probably even moreso.

There might be a recession in Europe but not nearly as bad as what will happen here. England and Ireland are in for a walloping, but Germany with their fiscally conservative habits <it's sort of culturally ingrained to not use credit cards>, will probably weather it relatively easily. The U.S. will suffer because of it's gasoline/automotive based infrastructure and high fuel costs. Europe can at least turn to the rails if automobile use becomes too expensive. Even AirFrance trying to combat high jet fuel costs by buying railroad companies in order to offer alternative <cheaper> service to their customers.

In one of the biggest, most blatant shifts of wealth to the rich ever constructed, the federal government is now going to bail out private investors <rich people and hedge funds> with taxpayer dollars. Somehow we all seem to be ok with that.

I feel like I'm getting out of here in the nick of time and to the safest <financially> place I can think of that has friendly faces.

[Drew Dowdell]

another part of the lessening of gas $ are that the companies are reinvesting their huge profits into the refineries.

a Governor candidate in missouri's primary would like to have a refinery in missouri... she's an educated economist but has been in Jeff City for something like 15 years. she's the treasurer right now. sadly the polls are against her to make it past the primary. she also wants to reduce the state's budget by $200-300 million.

Saudi Arabia has not been able to maintain it's previous oil production levels.

Russia has not been able to maintain it's previous oil production levels and has reduced it's shipments to Czhek republic by 50%

Venezuela has not been able to maintain it's previous oil production levels.

Mexico has not been able to maintain it's previous oil production level and will switch from net exporter to net importer by 2015

Indonesia and Malaysia have not been able to maintain their previous production level and have already switched from net exporter to net importer.

The gas companies have been granted permits and full access to build a few new refineries already...... ever get the feeling they don't want to because they know something about where future oil production will be by the time the refinery is built?

[daves87rs]

The only thing I can tell you is in the next five years, things are going to get very ugly in this U.S....

We are going to take a beating bad, including the war in Iraq....

[Sixty8panther]

Iraq has noting to do with this... it's negligible.

Remember how some people used to dismiss the fact that the U.S. was deindustrializing? Remember how some people used to praise the so- called "service economy"? They would say things like, "The U.S. capital markets are the most efficient in the world."

To which we now reply, "Oh, really?"

Like I've said a MILLION times....

You CAN NOT OUTSOURCE YOUR G.D.P.!!!!

How many times I got into masice arguments with my college professors

and in the end they could not answer my question to full satisfaction:

Are we all going to deliver pizza, work at the car wash & bag groceries?

Cause that is the "service economy" reality....

[Drew Dowdell]

Oil opened down $2 at $118

RBOB Gasoline drifting around $2.98

[Intrepidation]

In one of the biggest, most blatant shifts of wealth to the rich ever constructed, the federal government is now going to bail out private investors <rich people and hedge funds> with taxpayer dollars. Somehow we all seem to be ok with that.

This shows just how badly the government, esopecially the current administration, runs our country, and how bad our economic situation is going to get.

[loki]

This shows just how badly the government, esopecially the current administration, runs our country, and how bad our economic situation is going to get.

and the main party's "elected" candidates.... i've heard neither have over 45%. i think alot of people are thinking they're gong to hold their nose and vote.. and that is still not going to help us.

[SingleStylish]

While pressure in the commodity markets has reduced the level of spending, nothing has done more to curb American appetite for stuff than overladden use of credit. Credit, not energy, is the real issue that faces America. If you don't have you can't have it. America just isn't used to hearing NO anymore! (Which spills over into a lot of other things too.)

[Drew Dowdell]

Well... both really.

Much of the "wealth" of the last 7 years was on paper only.

[CSpec]

I've been hearing more and more that the old white knight Alan Greenspan is much to blame for starting the credit crisis when he crashed rates down to 1.00%.

[Drew Dowdell]

I've been hearing more and more that the old white knight Alan Greenspan is much to blame for starting the credit crisis when he crashed rates down to 1.00%.

not so much starting it as enabling it.

No, starting it was when you started seeing those ads for "Borrow up to 125% of the value of your home!" and "Get a mortgage for $300,000! No proof of employment required!" and "Put no money down and pay only when it's comfortable for you!"

[daves87rs]

not so much starting it as enabling it.

No, starting it was when you started seeing those ads for "Borrow up to 125% of the value of your home!" and "Get a mortgage for $300,000! No proof of employment required!" and "Put no money down and pay only when it's comfortable for you!"

Yep. And now it is time to pay...

[Drew Dowdell]

Oil close down another $2 today to finish at $116

RBOB Gasoline relatively unchanged, finished at $2.9523

[Drew Dowdell]

Oil rose to $118 yesterday, opens today at $115

RBOB Gasoline still hovering in the high $2.90s, the lower priced crude probably still hasn't hit refineries yet.

[Drew Dowdell]

Oil fell $3.35 out of the gate this morning opening at $111.67

RBOB Gasoline down 9 cpg to $2.8265 which translates to a pump price of approximately $3.42 per gallon depending on location.

The dollar has risen against the Euro over the past week to 0.67 Euros to the Dollar after hovering in the .63 range for months, highest since late February 2008. Higher dollar values generally translate into lower price per barrel of oil.

In related news, China has doubled the tax on vehicles with engines over 4 litres from 20% to 40%.

And in news good for oil prices but bad news for GM, oil prices have sharply curbed auto sales growth in China.

[daves87rs]

I 'm wondering if it has a chance to drop below 100 bucks...that would be interesting....

[Delta Force79]

The price of 87 octane has finally dipped bellow the $4 mark for the first time here in lower Westchester County, NYC area in the last 5, 6 months. Granted not across the board though, most places are still above the $4 mark, however my friend said he filled up for $3.89 or $3.99 can't remember off hand. My driving has become limited to about once or twice a week due to gas prices and my current financial situation. So this drop is a bit of relief, however it needs to drop more.

[Drew Dowdell]

Crude jumped 4.19 a barrel today on U.S./Russia tensions.

RBOB Gasoline up 10 cents.

[daves87rs]

It's not going to stay cheap for long...

[FUTURE_OF_GM]

I really can't wait until this green scare relieves us of what little freedom we have left...

Displacement taxes? Fuel usage tax?!? A crime to live more than 5 miles from work?!/!?

Then, after they zap 9pun intended) the fun out of our car hobby, they'll start dictating how we live. NO houses over 900 square foot! No stand alone houses! NO property ownership of over 1 acre. NO excessive use of electricty to heat!

All the while, the fat cats like Al Gore live in their mansions and fly around in their gas guzzling personal jets preaching for the rest of us to change...

Looks like my gun hobby is about to see some substantial investment.

Edited August 22, 2008 by FUTURE_OF_GM

[FUTURE_OF_GM]

It's not going to stay cheap for long...

Yep, and the sad part is that it's not even a supply issue.

[Drew Dowdell]

Well... it kinda is, but not in the way you're thinking.

[Cory Wolfe]

The lowest I've seen gas since it started going down is $3.43 a gallon. Hopefully it continues to go down. *remembers the days of sub $3/gal.*

Edited August 23, 2008 by blackviper8891

[loki]

The lowest I've seen gas since it started going down is $3.43 a gallon. Hopefully it continues to go down. *remembers the days of sub $3/gal.*

i was in HS when it was $.99 driving the wagon around getting ~17mpg now i've moved to the MC getting ~20mpg and gas has 3x'ed since then.

i'd have to have a "prius" to be getting the same miles/$

Edited August 23, 2008 by loki

[loki]

i saw gas was trading right around $2.75 today.

[Drew Dowdell]

Oil has slid to $109/bbl

RBOB Gasoline is at $2.702

Dollar is up to .69 to the Euro and climbing

[mustang84]

These slipping oil prices bode well for automotive stocks. Ford is up nearly 5% today, and GM is up 7%.

[regfootball]

glad i didn't buy that tinny small car. keep those gas prices coming down so i can buy another fuel drinker!

[Sixty8panther]

Kick @$$.

Not that I'm going to buy another Banana Boat, but the B-59

will hopefully be back on the road somethime before year's

end... even if I get it running in the middle of winter it WILL

see the road at least once a week when it's running again.

[daves87rs]

I'm not ready to believe, sorry.....

[Drew Dowdell]

Oil tanked to $102.35 today. We'll likely see it dip below $100 this month.

RBOB Gasoline is down to $2.65 a gallon. Add about 45 cents to the RBOB price to get the approximate pump price.

[Teh Ricer Civic!]

Well, slowing global economies, a recovering dollar etc etc.

Now the determining factor will likely be OPEC.

[Sixty8panther]

Let's not get distracted & complacent... we still need to drill

Alaska like a craftsman cordless through a ceiling tile.

[Teh Ricer Civic!]

Let's not get distracted & complacent... we still need to drill

Alaska like a craftsman cordless through a ceiling tile.

we dont HAVE to drill. We just need it on the table so we can tell the rest of the world to screw off if the prices get too high again (and make the price go down).

[Drew Dowdell]

Oil tumbles $4.35/bbl to $96.94 out of the gate on news of Lehman filing for Bankrupcy protection/Bank of America aquires Merrel Lynch for $50 billion.

Before you all start cheering.... this is a very bad thing for the economy because it shows that the government is now unwilling/unable to do any more bailouts.

[daves87rs]

Not looking good....