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09-10-2008, 10:31 PM
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Location: Los Angeles Area
3,306 posts, read 3,661,456 times
Reputation: 592
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Oil dropped despite IKE and a planned scale back in production by OPEC? If that doesn't indicate OIL is going to crash further I don't know what does.
It was hard to know what was happening with OIL back in June/July, but at this point it seems the run up from 100 to almost 150 was largely speculation.
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09-10-2008, 11:16 PM
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Location: Great State of Texas
86,068 posts, read 76,925,014 times
Reputation: 27653
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That was my guess back then when the chanting was going on for OPEC to send more oil. It didn't look to me like we were using that much more gas to drive the price up that high.
Some mighty fat pockets walked away from that table.
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09-11-2008, 01:06 PM
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Location: Chino, CA
1,458 posts, read 3,061,064 times
Reputation: 555
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Yup, I thought it was speculation as well... so... where is all this speculative capital moving to next? Or, are we Finally going to go back to real productive investments?
-chuck22b
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09-11-2008, 01:12 PM
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Location: Sanford, FL
732 posts, read 3,939,942 times
Reputation: 403
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If there are 42 gallons per BBL then wouldnt gas be $2.38?
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09-11-2008, 01:14 PM
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1,954 posts, read 4,940,616 times
Reputation: 1121
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Quote:
Originally Posted by Fnix
If there are 42 gallons per BBL then wouldnt gas be $2.38?
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Pst. Oil and gas are two different things.  |
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09-11-2008, 01:58 PM
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Location: The Great State of Texas, Finally!
5,380 posts, read 11,261,631 times
Reputation: 2524
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Quote:
Originally Posted by StoneOne
Pst. Oil and gas are two different things. |
Right. That's why when prices for sweet crude increase, gas prices increase but when oil prices drop, gas prices remain stagnant.  |
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09-11-2008, 02:06 PM
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Location: Columbia, SC
1,860 posts, read 4,610,251 times
Reputation: 797
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Quote:
Originally Posted by cobolt
Right. That's why when prices for sweet crude increase, gas prices increase but when oil prices drop, gas prices remain stagnant. |
Keep in mind that while oil almost doubled from last September to this July ($75 to $147/barrel), gas did not double from it's $2.80/gallon avg. last September to it's $4.10/gallon high this July. So now that oil is retreating, of course gas is going to retreat slower since it didn't rise proportionately as fast as oil did either.
If $100 oil/barrel sticks for a while, gas will average around $3.25/gallon w/in a month or so. |
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09-11-2008, 02:15 PM
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1,954 posts, read 4,940,616 times
Reputation: 1121
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Quote:
Originally Posted by cobolt
Right. That's why when prices for sweet crude increase, gas prices increase but when oil prices drop, gas prices remain stagnant. |
Gas prices are stagnant?
The station I regularly buy gas at was selling it for $4.05 at its highest in July. I filled up there right before Gustav came for $3.59. That's a decrease of over 11%. Other than a few consumer electronics, I challenge you to name another product on the market that's declined in price so quickly. |
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09-11-2008, 03:29 PM
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Location: Hope, AR
1,505 posts, read 2,900,038 times
Reputation: 254
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prices are dropping like a stone. We'll have $2.00 gas by end of 2009
Quote:
Originally Posted by Humanoid
Oil dropped despite IKE and a planned scale back in production by OPEC? If that doesn't indicate OIL is going to crash further I don't know what does.
It was hard to know what was happening with OIL back in June/July, but at this point it seems the run up from 100 to almost 150 was largely speculation.
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