OIL DOWN more than 10% - Lower Prices to come on LI (New York: to buy, heating oil)

[I_Love_LI_but]

Originally Posted by Gpsma

Then don't drive if you cant afford it.

The one thing about high gas prices...lessens the riff-raff on the road.

With LI Bus on the ropes, the so-called "riff-raff" in Nassau may be walking IN the roads because they can't all fit on the sidewalks!

[I_Love_LI_but]

Originally Posted by suzook

Where does it say I cant afford it?

Or that you are riff-raff?

[pequadude]

the gas station by my house just lowered thier price by 2 cents!

[Walter Greenspan]

At the close of today's trade:

Wholesale Gasoline $3.06-35/100, down 5.89¢ per gallon

Wholesale Heating Oil $2.91-37/100, up 1.54¢ per gallon

Product value $126.16, down $1.22 per 42-gallon barrel

Crude Oil $98.97, up $0.76 per 42-gallon barrel

Crack Spread $27.19, down $1.98 per 42-gallon barrel

Retail gasoline prices tend to be at a $0.75 to $1.25/gallon premium to the wholesale gasoline price as traded on the New York Mercantile Exchange, which would mean that a wholesale price of $3.06/gallon would indicate a retail price of $3.81 to $4.31/gallon, depending on where in the U.S. the retail pump might be located.

[suzook]

Originally Posted by pequadude

the gas station by my house just lowered thier price by 2 cents!

Lmfao!!!!!!!

[Lancet71]

News 12 ran a report the other day and they estimated that gas prices will go down by about .50 by the beginning of June. Well if so, at least it's a start.

[Walter Greenspan]

It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.

Weekly High, Low & Closing Price, $-gallon, Wholesale Gasoline

[Interlude]

Originally Posted by Walter Greenspan

It looks like most of that 50 cent a gallon price decline has already occurred in the wholesale market ... with more to come if Obama's opening of domestic drilling proves to be more than a disingenuous political ploy.

What is more domestic drilling going to achieve? I mean, other than to placate investors who (falsely) believe that we have a supply problem?

[Lancet71]

Originally Posted by Interlude

What is more domestic drilling going to achieve? I mean, other than to placate investors who (falsely) believe that we have a supply problem?

Well let me take a stab at this one. It would add to the world supply or more specifically decrease the amount of oil we need from outside sources. That would mean a drop in price! Simple enough?

[Taz Crazy]

gas is down another 2 cents by me. woo-hoo!