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Old 05-04-2012, 08:41 AM   #1
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Oil just went below $ 100

I saw an article yesterday that the Saudi's were pumping more oil as the higher prices will lead to lower demand. Since then Oil has come down about $5.00 to $99.87 a few minutes ago. Who would have believed it? Hope it continues.


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Old 05-04-2012, 09:38 AM   #2
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Wholesale gasoline futures (NYMEX) are down almost $0.08 this morning as well. NYMEX energy & futures prices can be viewed HERE.


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Old 05-04-2012, 03:23 PM   #3
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So it will be a couple months before we see a drop for a day, then the rise back up?

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Old 05-04-2012, 03:38 PM   #4
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Consumption (gasoline) has been dropping, a little fact the media rarely picks up on unless it can be dramatized in some fashion. In response, it appears refinery production will also drop to keep prices as high as possible. Add that into the futures equations and you continue to get manipulated (outside the M-1 Model in most economic forecasts) prices for fuel......

Local prices here sit at 3.59 since the middle of April. It hasn't dropped a penny the past few weeks. Admittedly, it is lower than most of the rest of the country, but still......
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Old 05-04-2012, 04:19 PM   #5
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The Saudi oil minister said in an interview a few years ago that Saudi Arabia allways increased production of oil during a United Stated election year to drive down the price of gasoline if they wanted the sitting president reelected. He said it did not matter to them if it is a Democrat or a Republican, they are all the same. So thank Saudi Arabia for reelecting President Obama. I wonder what they get in return.
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Old 05-04-2012, 04:51 PM   #6
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Gas here has been dropping steadily for several weeks, dropped another 2 cents today and is now at $3.44. Demand is down some, supply is up but refineries are shutting down on a staggered basis to switch over to summer blends and that could cause some minor raises before it goes down any more. Really not all that high when you compare the cost of cars or rvs compared to 50 years ago, or bread or milk for that matter. Just a lot more visible and did not go up gradually but a whole lot in a short period of time. All just my opinion.
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Old 05-04-2012, 05:01 PM   #7
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Regular unleaded got up to $4.49 here in Cali a couple months ago, paid $4.13 a few days ago. Hoping this trend continues through the summer. Always nice when we leave the state and fuel instantly decreases by around 40 cents a gallon.
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Old 05-04-2012, 05:06 PM   #8
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It'll be back next week.
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Old 05-04-2012, 05:08 PM   #9
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Originally Posted by jwomack
It'll be back next week.
You have a 50% chance of being correct. I'm taking the other 50 %. Hope I win.

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Old 05-04-2012, 05:10 PM   #10
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oil or gas should be one of the highest things we buy ! we waste a lot of it.
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Old 05-04-2012, 05:17 PM   #11
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Coming south through GA yesterday (for work) I noticed where the Pilot at exit 60 (Tifton) is installing liquid natural gas tanks. Anyone else seeing these around the country?
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Old 05-04-2012, 05:33 PM   #12
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Lafayette, La has a new station being built by Apache that will have natural gas pumps. The city has transit busses that run on natural gas. They have their own pumps. Baton Rouge has stations also. On our way to Alaska in 2012 I saw natural gas pumps at Exxon station in Montana. I worked in Malaysia for 2 years. They have natural gas pumps at all stations. The majority of cars run on both gas or natural gas. Makes me wonder why they are ahead of the USA!!!! I read that GM is coming out with nat gas in the Sierra pick up in 2013.

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Old 05-04-2012, 09:40 PM   #13
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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!

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Old 05-05-2012, 12:10 AM   #14
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It's true that comparatively speaking, gas is cheaper than a lot of liquids we buy in comparative quantities. But it is also true we could really take some of these prices head on if we were collectively willing to change our behaviours even a little. Think about all the times you have seen a Hummer or other outrageously thirsty vehicle that will never see a scrap of time for it's intended purpose. If we chose vehicles to drive that fit the bulk of our needs, e.g. small commuter vehicles for those who commute to work and not use the Chevy Silverado to run to the grocery store to pick up eggs, we could drastically cut our consumption. We spend way too much time buying vehicles that excite us or give us "status" when in point of fact we should be buying vehicles based on intended use. I would also like to see insurance agencies make it easier to have more than one vehicle by allowing the owner to transfer insurance from one vehicle to another at need with premiums being based on the most expensive vehicle. As long as only one vehicle is on the road at the time, why should we have to insure all the vehicles all the time when we might only need spot use for a special vehicle that has a special use (i.e. towing a trailer). The right tool for the task is what it should be coming down to.

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