Price of oil falling

[Explorer#2]

I dont know how nobody has posted this yet but the price of oil per barrel has been falling for the past few days. The price is down to about $120'ish a barrel thats down from a record high $135'ish.

http://www.msnbc.msn.com/id/12400801/

 

[adamwarner]

Yeah i've been noticing a slight drop at the pumps, but as everyone knows, the price of a barrel shoots up, gas has probably already gone up the day before in preparation, the cost goes down, and it takes a month for it to work its way back down to were it should be

 

[410Fortune]

Wow pumps went from $3.89 to $3.85 around here... be still my beating heart!!

I cannot believe we actually think $2.50 a gallon would be "cheap" for 85 octane these days... sucks cheap to me would be $1.50 again

 

[adamwarner]

I can still remember being a little kid, watching my grandfather pump gas and trying to figure out what number was going faster, the money or the gallons... i'd give anything to watch that race again!!!

 

[Paraphoe]

Wow pumps went from $3.89 to $3.85 around here... be still my beating heart!!

That really cracked me up, hahahahaha.



Seriously though, what are the chances we see a drop anytime soon? I am doubtful.

 

[Explorer#2]

Wow pumps went from $3.89 to $3.85 around here... be still my beating heart!!

Seriously though, what are the chances we see a drop anytime soon? I am doubtful.

Sorry for being the barer of bad news

 

[Paraphoe]

I'm not sure why you're offended. Neither one of our comments was a shot at you, more like at the system that allows prices at the pump to go up in a heartbeat and take weeks to come down. I'm just fed up with the entire situation.

 

[Explorer#2]

Dont worry im not offended just trying to point out a good thing and people say no its not a good thing

 

[Flounder]

Seriously though, what are the chances we see a drop anytime soon? I am doubtful.

Not down here, at least. The things I want to do to the owner/operator of the Shell station on Lancaster, though. Anyone who fills there is a fool unless there is an absolute necessity. (For those not in the know, the prices, on average, are $0.20-$0.30 more expensive than most other stations, which are at about $3.999 now).

 

[Paraphoe]

Not down here, at least. The things I want to do to the owner/operator of the Shell station on Lancaster, though. Anyone who fills there is a fool unless there is an absolute necessity. (For those not in the know, the prices, on average, are $0.20-$0.30 more expensive than most other stations, which are at about $3.999 now).

The one on the corner of Lancaster and Spring Mill? They should give you a complimentary bottle of lube every time you fill up there to make the rape easier. He gets away with it, though, because of all the rich kids at Nova heading towards 476 on the way home don't mind paying out the ass for the convenience of the station being right there. I think I've gotten gas there twice in my 3 years at VU and never put more than $10 in the tank.

 

[trj360]

There are a few gas stations near my house, all within 5 minutes I'd say. Today, one was 3.89, the next one was 3.85, and the third was 4.09, all for the cheapest gas. How the hell does someone stay in business 4.09 vs. 3.85?? Both have convenience stores and to be honest, the cheapest gas has the nicest store as of right now. If gas was 50 cents a gallon, I'd be practically the happiest guy right now, and go for a drive up and down the entire east coast just for fun.

 

[RockRanger]

Don't forget about the possible new refinary in the US. It is years away but it is a start.

http://www.siouxcityjournal.com/articles/2008/06/04/news/top/4e608d46402d5adb8625745e00110beb.txt

 

[Essex4x4]

My current price of gas is around $4.39 a gallon thats bad.
You guys are all excited over a few cents. Well look at the price last year, what i think i paid like $2.89-3.00. Now its almost 4.50 in some places. At that rate it will be at or above $6.00 by christmas.:thumbdwn:

 

[Flandry]

Don't forget about the possible new refinary in the US. It is years away but it is a start.

http://www.siouxcityjournal.com/articles/2008/06/04/news/top/4e608d46402d5adb8625745e00110beb.txt

There's also the Bakken oil field in North Dakota/Montana. From Bloomberg:

The U.S. Geological Survey's Leigh Price, a Denver geochemist who died of a heart attack in 2000, estimated that the Bakken might hold a whopping 413 billion barrels. If so, it would dwarf Saudi Arabia's Ghawar, the world's biggest field, which has produced about 55 billion barrels.

And unlike the tar from Canada's oil sands, Bakken crude needs little refining. Swirl some of it in a Mason jar and it leaves a thin, honey-colored film along the sides. It's light - -almost like gasoline -- and sweet, meaning it's low in sulfur.

Some oil, like the 10.4 billion barrels estimated to be recoverable in Alaska's Arctic National Wildlife Refuge, remains off limits -- as a nature conservation measure -- even as President George W. Bush renews his calls for drilling there. North Dakota, already crisscrossed by farm roads, is open for business.

 

[Joe Dirt]

Dont worry im not offended just trying to point out a good thing and people say no its not a good thing

Come on E#2, thicken your skin.

It's not that it's a good thing, it's just that it really doesn't matter. Adamwarner was 100% right about how prices go before and after oil prices fluctuate. Don't take it personal, it's just that there are so many gas/oil threads that they all run together, and to me, 5c change in gas means at most $1.00 difference for a tank. Doesn't matter either way, and I doubt you'll ever see gas below $3.00 again, not now that they know the economy will support it. I've resigned to the fact that I may need to change habits, which I did, and there isn't anything for me to worry about for it, I can't change the way speculation and investment change prices, so I'll worry about the things I can control.

Is lower oil price a good thing? Sure.
Does it matter anymore? Not much.

 

[Silver X]

There's also the Bakken oil field in North Dakota/Montana. From Bloomberg:

They need to be building a refinery or two around that area. Pull the crude outta the ground and process it right at the same facility. Cut out alot of the cost of transporting it. Then buy-out whatever leftover nearby farmland to grow corn crops for ethanol production to suppliment that part of the industry. Or turn them into algae farms.

 

[Brett F.]

If they would do that and flood the market with $25 per barrel pricing the rest of the world would have to drop also.

Also refuse to be any part of OPEC.

While I'm dreaming I'd like to hit the lotto.

 

[Essex4x4]

Gasoline for $1.50 a gallon

I say we drill and start pumping oil out of the northern slopes in Alaska.

This is a 75 minute video watch at least the first five to ten minutes.
[GOOGLEVIDEO]http://video.google.com/videoplay?docid=3340274697167011147&hl=en[/GOOGLEVIDEO]

 

[WhiteLimited]

Drill Drill Drill!

 

[redneck21]

I watched the first 30 second and i want to know is that really true. If so im going to get a well driller and DIY a oil rig lol.