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Old 12-14-2008, 11:04 AM
 
Location: Tennessee
28,661 posts, read 48,778,022 times
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After eighty-six consecutive daily declines, the average price of gas nationwide has now increased for the past two days. Have gas prices bottomed?

NEW YORK (CNNMoney.com) -- Gas prices rose for the second consecutive day following eighty-six consecutive declines.

Uh-oh: Gas prices on the rise - Dec. 14, 2008
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Old 12-14-2008, 11:59 AM
 
48,509 posts, read 86,165,150 times
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Loclly ga just dropped yesterday and going by the same stations are ven lower today.$1.45 today and it was 1.52 earler in the week.
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Old 12-14-2008, 05:11 PM
 
Location: Marietta, GA
7,860 posts, read 15,204,647 times
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Not going up here...I just filled up with premium for $1.66/gal
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Old 12-14-2008, 10:41 PM
 
Location: Charlotte, NC (in my mind)
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It will go up in time for the holiday weekend and then it will go back down.
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Old 12-15-2008, 11:33 PM
 
Location: Visitation between Wal-Mart & Home Depot
8,308 posts, read 35,239,452 times
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Quote:
Originally Posted by John1960 View Post
After eighty-six consecutive daily declines, the average price of gas nationwide has now increased for the past two days. Have gas prices bottomed?

NEW YORK (CNNMoney.com) -- Gas prices rose for the second consecutive day following eighty-six consecutive declines.

Uh-oh: Gas prices on the rise - Dec. 14, 2008
Oil and gasoline have most certainly not bottomed. This is a little speculative blip following the Saudi announcement of enormous cutbacks. The perceived urgency will pass and oil prices will drop again. They will fall into the mid 30's and remain there for approximately three quarters. Over that time, gasoline consumption will return to pre-2008 levels. People will ecstatically fill their tanks and drive, drive, drive with a feeling that all is well in the world. Meanwhile, the oil companies that over-leveraged during the boom will downsize and some will die. There will be an enormous disincentive to develop oil prospects. Focus will move to natural gas. Companies that calculated their economics for producing assets at $100 oil will find that it makes more sense to shut the fields in rather than sell their oil at a 1/4 of what it was worth over the summer. The oil flowing from upstream will stop. We will experience a supply crisis and oil will hit $120 by 1st quarter 2010 and $200 by new year's day 2011.
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Old 12-16-2008, 09:37 AM
 
Location: Kansas
3,855 posts, read 11,990,289 times
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$0.15 jump in gas in KS over the weekend.
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Old 12-16-2008, 09:38 AM
 
2,153 posts, read 5,086,293 times
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$1.29 here.
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Old 12-16-2008, 11:56 AM
 
1,956 posts, read 4,863,565 times
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Quote:
Originally Posted by jimboburnsy View Post
Oil and gasoline have most certainly not bottomed. This is a little speculative blip following the Saudi announcement of enormous cutbacks. The perceived urgency will pass and oil prices will drop again. They will fall into the mid 30's and remain there for approximately three quarters. Over that time, gasoline consumption will return to pre-2008 levels. People will ecstatically fill their tanks and drive, drive, drive with a feeling that all is well in the world. Meanwhile, the oil companies that over-leveraged during the boom will downsize and some will die. There will be an enormous disincentive to develop oil prospects. Focus will move to natural gas. Companies that calculated their economics for producing assets at $100 oil will find that it makes more sense to shut the fields in rather than sell their oil at a 1/4 of what it was worth over the summer. The oil flowing from upstream will stop. We will experience a supply crisis and oil will hit $120 by 1st quarter 2010 and $200 by new year's day 2011.
I'd put money on that scenario, or something similar. The only thing is that I'd extend your dates by a year or two, as this recession is going to take a bit more time to work through.

I'm also not sure we'll hit $200 either (maybe $140 again). Alternative energy and fuel efficient technology investment will pick right back up again. And it will happen faster this time around, as the knowledge and experience gained during the recent explosion in oil prices hasn't actually gone anywhere. Alternative energy has simply been put on hold, and there are most definitely people who will want to pursue it once it becomes economic, which it will once oil heads north of $70.

Eventually, we will reach a tipping point where alternative becomes permanently cheaper than oil. And then, we'll be free from supply and price shocks - the next big breakthrough in economic activity.
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Old 12-16-2008, 12:00 PM
 
349 posts, read 800,725 times
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i'm scared. is anyone else scared?
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Old 12-16-2008, 01:07 PM
 
5,090 posts, read 10,043,741 times
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Quote:
Originally Posted by bblaine View Post
i'm scared. is anyone else scared?
boo!

I am teasing. Just a friendly.

So what are you scared of?
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