That penny that gas went down yesterday, scratch that, they put the penny back up today.
Oil back up over $100 today, went up $3
5-19-2011
http://www.thestreet.com/story/11123584/1/oil-price-rebounds-on-bullish-data.html?cm_ven=RSSFeed
Oil Prices Settle Above $100
Oil prices rebounded to settle above $100 on surprising inventory data and a return of risk appetite.
After the last few days of prices moving lower, the crude complex looked ripe for a rebound, especially with the combination of rising equities and a weaker dollar overnight to lend support."
Prices trending down basically across the board now for over a week. That is, unless you live in Chicago where prices went up a dollar in the past week.
As I predicted. Gas now $8 in Chicago. Riot police training, changing signs to double digits, etc.That's a bald face lie!!!! The prices in Chicago went up over $2/gal this past week.:hmm:
As I predicted. Gas now $8 in Chicago. Riot police training, changing signs to double digits, etc.
It's still quite possible that prices will drop a lot but that range does seem pretty digestible to most people. Economy cars are doing very well now but guzzlers aren't really crashing. I see a lot of advancements just in the past few years in fuel economy, though, so from a practical stance if gas is $4 but you're getting 25% more miles per gallon than when it was low 3s it's a wash, really. A 274 horsepower Sonata, which is a very decent sized sedan, can get low 30's now on the highway. And a lot of the compacts are at or close to 40 highway, too. When we switched to a hybrid for our primary vehicle the mileage more than doubled, so even with gas at $4 I'm paying per mile what I used to pay when it was under $2.Seems people are now "happy" in the 3.50+ range. Again, big oil executives in their Burns voice...."excellent". Mission accomplished.
Seems people are now "happy" in the 3.50+ range.
Again, big oil executives in their Burns voice...."excellent".
Mission accomplished.
So that means Chicagoans (other than me) are happy paying in the $4.50 + range?
It's still quite possible that prices will drop a lot but that range does seem pretty digestible to most people. Economy cars are doing very well now but guzzlers aren't really crashing. I see a lot of advancements just in the past few years in fuel economy, though, so from a practical stance if gas is $4 but you're getting 25% more miles per gallon than when it was low 3s it's a wash, really. A 274 horsepower Sonata, which is a very decent sized sedan, can get low 30's now on the highway. And a lot of the compacts are at or close to 40 highway, too. When we switched to a hybrid for our primary vehicle the mileage more than doubled, so even with gas at $4 I'm paying per mile what I used to pay when it was under $2.
Seems people are now "happy" in the 3.50+ range. Again, big oil executives in their Burns voice...."excellent". Mission accomplished.
Sucks for you guys.
You should riot.
Yes, I give very strong odds that national average price of 87 gas in the US will go under $3 again, even if it's only for a short while during a commodities "crash" or increase of dollar. There are many ways it could happen.. If it doesn't happen within two years, though, I'd have to retract this position and change to "not very likely". Even still, I think on average gas will probably be $3 or thereabouts--or higher--pretty much forever going forward except for at the most a short window below. The world has basically showed it's willing to pay that and so it will.Does anyone think we'll ever see it go below $3/gallon again? I don't.
Who are the "they", your psychiatrists, or parole officers?Well they thought people would at $6 but not $5.
Obviously their sources about peoples reaction is right so far.
Does anyone think we'll ever see it go below $3/gallon again? I don't.
I paid $3.83 yesterday, $11.60 for 3.04 gallons of 87 octane regular. But that includes a 5 cent premium for pure gasoline - bikes don't like ethanol - and in different parts of town, I can buy gasoline with ethanol for as little as $3.59. It's slowly coming down here, even though Memorial Day is just around the corner.
EDIT: It's been bike weather all week, just scattered showers, and I got 47 mpg on that last tank.
Before you say never, in 2008 national average gas was over $4 and then it quite quickly fell to UNDER $2. Only for a moment, but it happened.Hell no.
The International Energy Agency, says the worlds known reserves of oil are declining at a rate of 6% per year. Since oil is everything sky is the limit.
Don't be fooled by slight declines in spot price. You can track any stock or commodity and it's +- 35% in a year, oil will do the same but trend way up.