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Hmmmmm....Our late night news just said that Gas prices are steeply rising in the upcoming week here.....
Yes, read the link I posted. Refinery issue.
Ours was holding steady at $2.12 at least this morning. By the way, when I say $2.12, I'm rounding UP from $2.119. To me, if it's $2.119, it's more accurate to say "$2.12" than "$2.11."
Not sure why Saudis want to drive the US oil producers out of business, I think in the long run it's in the best interest of the world to keep all the producers in business so there are no disruptions.
Oil producers always produce at or close to capacity. It's just what they do. There's no conscious planning here, only profit maximization.
Gas prices are down, and they are about to fall even further -- perhaps to less than $2 a gallon.
"There will be thousands, even tens of thousands of stations below $2 by the time we're into football season," said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks retail prices for AAA.
You probably should read an article or two about why gas prices are falling.
By non-partisan, educated accounts it's due to US oil drilling which has sparked a production war.
Yes and US Oil Production is up under Obama and not by huge numbers. Saudi Arabia has to worry when it costs them about less than $10 a barrel to pump and that is not happening soon. They will always make a profit even if it slides to $ 20 a barrel.
And cyclic as it is, then American producers will rev back up the pumps. Our oil will still be here 2 years from now.
That's not a business you can sustain multi month losses. Capital investments are very high, profits are dependent on long term sustained production. Idling billions of dollars of equipment and whatever is not going to work out well.
Well, to be objective, it's not like the oil is going to disappear or sour like milk if we don't pump it right now. What's not to like? ME is selling their oil real cheap. We buy it and save ours for a rainy day.
Which is worse, buying real cheap oil from Saudi Arabia and capping off our wells for a while or putting in the Keystone pipeline which will overload our Texas refineries with Dilbit crap from Canada, be exported and raise the price at the pump for Americans?
I like the Saudi option.
And when oil goes up who is going to be interested in putting their money on red when they know OPEC has a magnet under black?
We can make diesel from coal for about the equivalent of about $50 or $60 barrel oil. This requires a huge capital investment that needs sustained long term production to be profitable. It's a huge risk and private investors are just not interested becsue of that. It's the same thing with oil production.
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Is There A Political Election Soon?
