Drill Here Drill Now, Join the 1,422,331 people who have signed the petition.
Posted on 08/08/2008 8:48:03 AM PDT by libstripper
Oil prices resumed their descent Friday, dropping briefly below $116 a barrel as a huge jump in the U.S. dollar and expectations of slowing global demand offset supply concerns over a sabotaged pipeline in Turkey.
(Excerpt) Read more at money.aol.com ...
$3.56 in Western Arkansas
Bush’s fault!! (;-)
And this is just on the threat of drilling. When the drillers start talking about how much (or relatively little) effort will be required to connect ANWR to the existing Alaska pipeline, everybody will need a tire gauge to check the inflation on Obama’s energy plan.
yesterday gas was $3.76 per gallon, oil continues to drop, now below $116, yet the price of gas here went UP today to $3.85..
somebody wanna ‘splain that to me?
Media coverage “less than expected”.
The spot price on oil today is for oil that will be delivered in about six weeks.
The price you’re seeing for gas reflects various market forces, not the least of which is the spot price of oil— about six weeks ago.
They found another barrel of expensive gas, they fail at stock rotation?
Same here. Gasoline went up .08 in most places since yesterday. It’s still .43 cheaper that it was at its highest.
Of course it has to be something to find fault with. Too much “cheap” energy abounding in the market, and people just go back to all their old wasteful ways, spewing BTU’s and carbon dioxide into the atmosphere, continuing to cause anthropogenic global warming.
This is the sound of a bubble bursting.
Do I really need a sarcasm tag?
You are quoting two different animals. The price of oil you are quoting is the price someone will pay for oil in the future. The price of gasoline depends on the price that was paid for oil that was actually used to refine the gasoline.
I did it myself.
I switched to the old 35mpg Saturn and killed the bubble.
Drill here
Drill now
Drive a 35mpg beater
pay less
:- )
Drill Here Drill Now, Join the 1,422,331 people who have signed the petition.
The article cites falling world demand and a rise in the dollar. How is the House "Tempest in a Tea Pot" relevant to the price of oil?
More evidence that one of the main reasons that the price of a barrel of oil is so high is because of a weak dollar. And why is the dollar weak? Because the Fed devalued it to deal with the housing “crisis.” We’re getting taxed at the gas pump already to bail out the deadbeats who bought huge houses with no means of affording the payments.
This would be a good thread for some macro economic FR wizard to explain how imports in the US are at the mercy of the dollar’s value on the world market, in three terse short paragraphs (two premises and a conclusion).
Wednesday in Livingston, TN it was $3.40 at the Raceway station. It was $3.48 at others.
The Fed keeping interest rates too low both weakened the dollar and created the housing boom and subsequent bust in the first place.
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