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COLUMBUS, Ohio (AP) -- Oil prices hit four-year lows Friday as employers cut the highest number of jobs in 34 years. The continuing decline in prices is so dramatic and so sudden that it is raising the prospect that gas prices could soon fall below $1 a gallon.
Return to $1 gas? Energy prices evaporate - Yahoo! Finance (http://finance.yahoo.com/news/Return-to-1-gas-Energy-prices-apf-13760041.html - broken link)
So much for the pil companiy conspiracies.Guess low demand works. Now its congress and the big three conspracy if that goes thru.I mean it can't get any better than tax payers paying to have the cars built ands then having to pay again for them.
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Originally Posted by texdav
... it can't get any better than tax payers paying to have the cars built ands then having to pay again for them.
and then by the time they are built, distributed and bought... they can pay a bundle for gas, if there is any being shipped to USA by then...
The real question is what is the TRUE value of oil? What would it cost in a stabilized economy?, Will it continue to trade in Greenbacks? Is OPEC ready for a change in their std of living (hopefully not MORE palaces)?
I expect a whip effect, tho I hope it takes a few yrs. I suspect it will take less than one yr, once it starts to climb again. It seems EVERYONE was out driving on the freeway tonight (4 hrs of heavy traffic on a 200 mile drive). I think there was significant price effect from speculation and ENRON style 'load shifting'. There are a lot of players, and once China finished their Olympic Propaganda, lots of stuff SANK, production, steel demand, construction (also coincided with OTHER issues...).
Unfortunately, there will be some more wars fought over energy.... too bad our 'capitalistic' society is going to suffer from this. But... lots of oil and alternative power contracts are drying up, just when we should be planning for the future. It happened 25 yrs ago too.... "Who needs new sources, oil is cheap...." (not for long... JMHO)
But the Country moves by truck. And diesel prices thanks to the new epa required crud (ultra low sulfer fuel runs like !) plus the fact no news medias gets on the stick about high fuel prices. Right now here, the cheapest gas (87 octane, but in reality only 84-85) is $1.559 a gallon but diesel is a full dollar more! You can keep expecting everything you buy to keep going up in price as the cost to haul it is still too high.
I love the fact that gas is less than half what it was earlier this year.
I'm also afraid that the cheap gas is going to make it far too easy for us to step up demand and dependence, then in a year or two, it'll be $5 per gallon instead of $4.
We need to completely eliminate our dependence on foreign crude oil.
I would not go out and get a big Hummer just yet...
Exxon is still breaking it's last record on profit each time they close a quarter...
Make you wonder just how much it REALLY cost them to make a gallon???
I would not go out and get a big Hummer just yet...
Exxon is still breaking it's last record on profit each time they close a quarter...
Make you wonder just how much it REALLY cost them to make a gallon???
Yeah, that is interesting.
Even so, I wish every single one of us could somehow cut down our use of gasoline by about 50%. I don't know that there's any other way to really make positive changes.
The recent whipsaw in energy prices greatly aggravated the current recession. Unfortunately, the effects will still be felt for the next year because it takes time for energy price changes to percolate to other products, like food and electricity. My grocery bill has not declined. My local utility has already locked itself into a fuel supply contract that will last for one more year. It was forced to buy fuel at the very peak, and will not be able to lower its rates for one year.
I just hope that the lower prices will not kill attempts to diversify energy sources. Oil is too fundamental to the economy for the economies own good, and we need to control the whipsaws, not just with fancy financial instruments, but by developing alternative, competing sources of energy.
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)? 
" (not for long... JMHO)
!) plus the fact no news medias gets on the stick about high fuel prices. Right now here, the cheapest gas (87 octane, but in reality only 84-85) is $1.559 a gallon but diesel is a full dollar more!
You can keep expecting everything you buy to keep going up in price as the cost to haul it is still too high.
