The price of oil is falling now below 80

[So]

Originally posted by: potato28

Originally posted by: nakedfrog

Originally posted by: eleison

Originally posted by: Zedtom
I just got a call from a local John McCain phone bank volunteer. She was asking me if I was upset over the rising gas prices because the Democrats don't want to drill for oil. I told her wholesale prices are dropping and the retail prices are dropping also. She told me that if McCain isn't elected, they are going up. I said, "Oh really!?" "Where did you hear that?" She quickly shifted gears, (must have been watching Sarah Palin), and asked if McCain could count on my support. I said, "sorry, I don't trust the motives of his supporters, goodbye."

Prices of oil will go up because Obama will tax it more. After all, he is a liberal.. they like to tax stuff.

You're funny. I'd ask you to back your first statement up, but I don't think you can.

Oil won't go up, and nakedfrog is right. There is no way in hell that Obama would put another tax on gas unless it was for a really good reason.

There's no way to predict what politicians will do (on either side, really). What if Obama decided that "to pay for nationalized health care" was a really good reason and "those fatcat SUV drivers should pay for it"? I'm not saying I think he will, mind you.

 

[thescreensavers]

Originally posted by: Kaido
Yay for $3.50/gallon :thumbsup:

wtb 1.50 a gallon!! then it will be :thumbsup: hehe

 

[Queasy]

Originally posted by: xSauronx

anyway, its still $3.50 a gallon here, so, yay for cheaper oil?

Same in Atlanta but it is dropping fast. Gas supplies for the region are finally being built up after the majority of the refineries that supply the south east came on line fully last week.

I stopped to put in 5 gallons after I picked my son up from school. Ran and got him a treat from McDonald's because he got perfect scores on all three of his tests today and when I passed the same gas station on the way home just five minutes later, the price fell to $3.49. I want my 25 cents backs!

 

[Sluggo]

The 7-11 on my way home from work was at $2.49 this afternoon.

It seems like gas has dropped about 10 cents a day all this week.

 

[Capt Caveman]

Originally posted by: iamwiz82

Originally posted by: Fritzo

Originally posted by: ViviTheMage
Thanks Saudi's....haha

I'm actually trusting Saudi Arabia's gov't more than the oil companies. They've called it like it was all along. We hated them for not giving more oil, and the whole time they said "We are putting enough out there---people are speculating and driving up prices." Sure enough, here we are.

People on MSNBC are saying we could see oil in the $40/barrel range and gas in the $1.90 range around Christmas. This is the same scenario that happened in the early 80's (I actually predicted this back in March of this year---can't find the thread though )

Where is Dave's perpetual $5/gal prediction this year?

Next stop $200 and $10/gal.

 

[paulxcook]

Gas prices just fell below $3/gal here in Indiana. Saw $2.96 on the way home tonight.

 

[TehMac]

Originally posted by: Ns1
maybe then we can pay off some of this goddamn debt.

That's like saying "by increasing someone's budget, you're encouraging them to spend it less frivolously."


Do you see the error in your logos?

 

[Pocatello]

It's still around $3.36 here. But it's getting lower every week. $2.00/gal, I can dream, can I?

 

[fallenangel99]

.. and didnt some guy from Goldman Sachs predict that oil would reach $200/barrel?

 

[Random Variable]

I haven't seen any stations below 3.60ish, but it's 60 cents less than it was two weeks ago.

 

[Random Variable]

According to GasBuddy.com, some stations near Oklahoma City are as low as $2.35.

 

[imported_Lothar]

Originally posted by: CPA

Originally posted by: Special K
What kept the price of oil so low from the mid 80's - late 90's? Why was OPEC not cutting production back then to run up the price? Also, whatever happened to that GS analyst who predicted $150+/bbl before the end of the year?

He wasn't the only one. Boone Pickens was predicting it as well. In fact, Boone predicted $200/bbl oil in 2009.

Add Morgan Stanley and Credit Suisse to that list.

 

[wetcat007]

Originally posted by: Ns1

Originally posted by: eleison

Originally posted by: Zedtom
I just got a call from a local John McCain phone bank volunteer. She was asking me if I was upset over the rising gas prices because the Democrats don't want to drill for oil. I told her wholesale prices are dropping and the retail prices are dropping also. She told me that if McCain isn't elected, they are going up. I said, "Oh really!?" "Where did you hear that?" She quickly shifted gears, (must have been watching Sarah Palin), and asked if McCain could count on my support. I said, "sorry, I don't trust the motives of his supporters, goodbye."

Prices of oil will go up because Obama will tax it more. After all, he is a liberal.. they like to tax stuff.

maybe then we can pay off some of this goddamn debt.

I think they should have a flat federal tax on gasoline(in addition to existing keeping it at a level of say $3.40+state taxes) to keep it at a stable level until it goes over that price. This would help keep stability in the market and it can be used to pay off these insane debts we've taken on from China and other nations recently. It'd also continue to encourage development of alternative fuel vehicles so we could sooner have no dependence on oil.

I really wish a politician would do this however I doubt it'll ever happen because people are obsessed with cheap gas to power their Hummers.

People will see the lower prices start buying tanks again and then cry and scream drill drill drill when prices go back up later.

Taxes are seen as evil by so many, however unfortunately they are necessary and we need to tax to keep the country running. Borrowing it from China to give overly low taxes has been the Bush tax policy and is something McCain would continue on. I think Obama will raise taxes on the wealthy and have no problem with it unfortunately doing anything with gas taxes as much as it is needed would be political suicide.

 

[Chadder007]

Originally posted by: Kaido
Yay for $3.50/gallon :thumbsup:

It shouldn't even be but at most 2.50 a gallon now.....they are holding it up still.

 

[Chadder007]

Originally posted by: CPA

Originally posted by: Special K
What kept the price of oil so low from the mid 80's - late 90's? Why was OPEC not cutting production back then to run up the price? Also, whatever happened to that GS analyst who predicted $150+/bbl before the end of the year?

He wasn't the only one. Boone Pickens was predicting it as well. In fact, Boone predicted $200/bbl oil in 2009.

It could still happen next summer when speculators go nuts again.
But if gas would drop down to at least 1.50 a gallon and stay there for most of next year, the economy would have a quick upswing.
The U.S. economy thrives off of cheap energy.

 

[Special K]

Originally posted by: CPA

Originally posted by: Special K
What kept the price of oil so low from the mid 80's - late 90's? Why was OPEC not cutting production back then to run up the price? Also, whatever happened to that GS analyst who predicted $150+/bbl before the end of the year?

He wasn't the only one. Boone Pickens was predicting it as well. In fact, Boone predicted $200/bbl oil in 2009.

Speaking of crazy predictions, here's another one:

Banker predicts $500/bbl oil

 

[zeruty]

People laughed at me months ago when I said that I won't be happy until gas is under $2 again. They said it won't happen.

Also, The Trump was on fox news not too long ago... predicting that the wall st/economic problems will have a silverlining... he predicted that oil would drop

 

[jpeyton]

Oil went from $147 barrel to under $80.

Gas only went from $4.15 to $3.30? WTF; shouldn't it be $2.50 by now?

I guess the oil companies have to make their billions.

 

[StageLeft]

And the freaks who thought it would go up forever are deflated. It was so obviously a bubble and not sustainable. I cannot believe how many didn't see that.

 

[DainBramaged]

Originally posted by: Kaido
Yay for $3.50/gallon :thumbsup:

While I agree, I still lol.

 

[Throwmeabone]

Gas stations around here are still being greedy about lowering the price for premium though. When gas prices were higher not too long ago, premium was about 20 cents more than regular, but now it seems to be 30 cents more or higher.

 

[Throckmorton]

I saw a gas station selling $2.99 gas

 

[ShotgunSteven]

Imagine how all of the people that bought new vehicles with the "$2.99/gallon guarantee" feel now.

 

[videogames101]

Hurray, the free market works! The government was wrong about has this summer, AND they're wrong to bailout these mortgage companies...

 

[Drekce]

Originally posted by: V00DOO
What's the point if I don't have the cash to pay for gas or a job to drive to..:|

You make it sound like no one out there has a job; give me a freaking break. Unemployment in the US is still pretty low, though it is definitely higher than it has been over the past decade and a half.