$105 oil

[ankit]

Originally Posted by dremd

I don't KNOW what is going on either; but I can speculate :-)


Price of oil was over inflated by speculation, My belief is that crude should land around $120/ barrel. Bubble has burst, is in crash right now.

Refiners were squeezed very hard by poor crack spread, we are paying them back right now.

I'd be amazed if there will be much gas rationing going on in an election year unless the oil companies favorite party has something to gain from that.

I has heard about the artificially high prices from...well speculation . I had also learned that there was a bubble in crude oil, just as there was in the housing market (some of which is the same money transferred from one commodity to another). But for some reason I hadn't realized that it had burst when the price started dropping a while ago. Don't know why it didn't hit me. For some reason, I just thought it had to do with the elections and politics.

[MetroMPG]

Oil below $90 in intraday trading.

I regret to inform you we will be closing up EcoModder @ $89.

Last one out, please turn off the lights.

[roflwaffle]

If credit continues to be in short supply and the dollar continues to rise, we may see $65. But... I wonder how much of the drop is due to the exaggerated drop in consumption from the last two hurricanes.

[Blister]

Crude hit $106.54 during trading today (a new record high). But it closed at the low price of $105.

I'm glad someone stated that because the words that need to be highlighted here are "during trading today". It's not actually the true cost of oil, it's the cost of it after it was subject to speculation in the market. Something that should be illegal in my humble opinion.

*Trying desperately not to introduce politics here*... but it is a legislative issue and not a terrorist/inflation/cost/usage issue. Since I already know that a "free market" doesn't exist here, it wouldn't be a problem at all for me if legislators outlawed speculation on necessities, especially one that effects almost everything you buy like oil does.

Edited to add: Ah, I see you guys already know that TOO. Nevermind me.

[njlou]

Not so fast!! oil @$90 Is still high.
They will never keep prices low again because:
1. we showed them what we will pay.
2. They have a lot more cities to build in the Middle East.
3. terriorism has not completed its work.

I remember in the late 50's/60's when gas was ~ $.25/gal and they were running
the "Mobil Economy Run". If a car back then got 20MPG it was a miracle and due to some professional driving skills, but they were persistant.

[NeilBlanchard]

Hello,

A year ago gasoline was $2.67/gallon. What is it now?

[Chris D.]

Originally Posted by NeilBlanchard

Hello,

A year ago gasoline was $2.67/gallon. What is it now?

I paid $3.09 today...

[FastPlastic]

I just noticed gas was $2.99

[njlou]

Whodathunk that we would say that gas was a bargain at $3.00????

[NeilBlanchard]

Hi,

The last tank I bought (3 days ago?) was $3.329/gallon. This is supposedly 18 cents less than the national average -- obviously, the price varies wildly; depending on what part of the country you are in.

Anybody from the area in the southeast (Georgia to Texas)? How's it doing?