Oil just went below $ 100

[jablair]

Of course we could just drill and develop all the oil we already have here in the good old USA. Oh no the sky would fall, the rivers dry up and the world die. Geez drive the vehicle of your choice for whatever reason you choose the vehicle, intended use or ego, go ahead. The rest is all bull crap. And as usual a few wanting to tell others how to live and then enforce their choice by some kind of government mandate.

[blackf3504dr]

Originally Posted by jablair

Of course we could just drill and develop all the oil we already have here in the good old USA. Oh no the sky would fall, the rivers dry up and the world die. Geez drive the vehicle of your choice for whatever reason you choose the vehicle, intended use or ego, go ahead. The rest is all bull crap. And as usual a few wanting to tell others how to live and then enforce their choice by some kind of government mandate.

I agree 150% ! And as far as when you compare the price of gas to other commodities gas isn't that expensive... Keep in mind (most) of those other commodities prices are high because of the price of oil being high... No matter if it's due to transportation costs or oil being used in the production of said commodity.
Personally, I think it's time to end the CAFE ratings and let the free market decide what people drive. If I want to drive a Hummer or a (GAG) Prius that should be MY decision not some bureaucrat in DC... But I digress.....

[Steve N Sal]

We're in the roller coaster season. Memorial Day is coming so it will be going back up. Then come down a bit then 4th of July so of course back up again then back down a bit. Then Labor Day, well you get the jist of it. Believe me we'll never see reasonable prices again. They have everyone where they want us and regardless of what we own/drive they know we have to travel to get where or what we need.

[baraff]

Gas prices seem to have no relation to oil prices any more. The prices here in Chicago's west 'burbs jumped .10 yesterday. ($4.26 at the local Speedway station).
It's all about greedy oil companies as far as I can tell. The laws of supply and demand don't apply.

[Dogpatch]

Originally Posted by BFlinn181

Fuel prices seem high, but if you put it in perpective with other things we buy, it's not too bad. 30 years ago if anyone told me we'd be buying bottles of water, when water fountains and taps had if 'free' I'd call you crazy. Cost out the price of a gallon of water bought in 12 -16 oz. bottles! Or how about a stadium beer? What would be the price per gallon? Movie theatre soft drinks? I used to have my students go home and read labels and calculate the cost per gallon of household liquids. Perfume and super glue were often over $1500 a gallon!

I thought I had seen everything when I pulled in to a 7-11 in Florida and they were charging for air! I thought "Are you friggin kidding me"????

Just so's you know, we live in a resort/lakes area of BC. Every summer here gas goes up because of the tourism. It sucks to be here then. Our current price for gas is $1.29 per litre or as you guys know it $5.80 per gallon!!

[Jack1234]

Dog patch.......FYI.....the conversion on a liter to a US Gallon is 3.78...... So $ 1.29 x 3.78 = $4.88 p/gallon.

Cheers

[Dogpatch]

Originally Posted by Jack1234

Dog patch.......FYI.....the conversion on a liter to a US Gallon is 3.78...... So $ 1.29 x 3.78 = $4.88 p/gallon.

Cheers

AHHH That's right. There are 4.5 liters in an Imperial Gallon. I forgot! It's tough when you live in a country that never really adopted a complete metric change!

[JacknKay]

Why is it that ARCO can sell at $3.99, while Shell and Chevron are at $4.20? Gas is Gas right?

[steelheadbluesman]

IMHO: Oil market pricing in recent years has become something other than the classical 'supply-demand' equation that described the market during the first half of the last century, possibly even through the eighties. That's an old and probably obsolete model, still arguable but not effectively. These days, energy markets are run by way smarter people and priced more on a 'whatever the traffic will bear' model with a little "supply side manipulation" on a regional basis, to maximize profit margins regardless of the real supply that should be available (do prices come down significantly or for very long when there is a pipeline glut, and full tankers are roaming off the coast waiting for space to unload? No....) And do prices come down significantly or for very long when demand slacks off? Not really. So much for classic 'supply and demand'.

Have you noticed that when oil jumps significantly, the prices jump at the pump immediately? But then when oil drops, even significantly, it takes weeks for the pump prices to come down.... Why is that? Profits? Yes, and (fair and reasonable) profits are a good thing.... But when the economy and its citizens are suffering, and 'Big Oil' keeps making record net profits year after year, something seems a bit broken.... Sadly, commodity markets are being manipulated.

If I'm 'Big Oil', I love the idea that people will need to conserve and cars will get smaller and more efficient, while at the same time population growth and industrial development will continue to grow, because guess what -- My oil reserves will last a lot longer, and I will get paid even more for it at the pump for many, many more years. Sometimes life's a beach - all sunny and warm - especially if you are 'Big Oil'. Bottom line? It will cost us more, no matter what.... Just my 2 cents.

[blackf3504dr]

It looks like this post is turning into a "I hate big oil" ... Yep, lets blame big oil companies for everything from making a profit (and by the way, who gets to decide what a fair and reasonable profit is anyway ? the government, you, me ?) to our national debt.

[RustyJC]

Originally Posted by blackf3504dr

It looks like this post is turning into a "I hate big oil".....

Unfortunately, the great majority of these threads do. After all, Big Oil is a convenient whipping boy. One can just blame everything on big oil and obviate the need for critical investigation, thought and analysis.

Rusty

[Dogpatch]

Originally Posted by blackf3504dr

It looks like this post is turning into a "I hate big oil" ... Yep, lets blame big oil companies for everything from making a profit (and by the way, who gets to decide what a fair and reasonable profit is anyway ? the government, you, me ?) to our national debt.

I have an opinion on this. We live in a resort area and every tourist season, the gas price goes up and it's cheaper to buy it out of town. This has nothing to do with the price of oil, but greediness on behalf of the station owners and/or oil companies. You know this as you get about 25 minutes away from the lakes, I can buy gas for almost $.22US per gallon cheaper. I feel like I should at least get a kiss when I bend over at the pumps where I have to buy gas.
The other question I have is if the price of oil drastically drops and holds low, why does it take 2 weeks for the station to drop it's price at the pump?

I might add(which doesn't make me any happier) in Canada, a HUGE part of gas price goes to the tax man.

[62_inrightlane]

Originally Posted by Clifftall

You have a 50% chance of being correct. I'm taking the other 50 %. Hope I win.

When you have a 50 / 50 choice the statistics say that 70% of the time you will chose wrong!

[Wanabee FTer]

Originally Posted by 62_inrightlane

When you have a 50 / 50 choice the statistics say that 70% of the time you will chose wrong!

There is a 83.2% chance you are right about that!