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.
>>somebody wanna ‘splain that to me?
Next week, the chocolate ration will be going up to 28g per week from the present 45g. ;-}
Gas is still 4.139 here in Western New York. I HATE NY. Why do I live here? Can’t afford to move... :-(
But diesel is still 4.75 a gallon—anyone care to explain that to me?
Gas went up 11 cents/gallon here yesterday. Now $3.88 at most places.
$3.89 here is Tax-a-chusetts.
$3.49 here in South Texas!
The GOP and the Donks have ignored dollar weakness and its effect on oil prices. Neither one of them should get any credit.
Yep. My daughter was in Houston for a summer program for six weeks. I guess gas back then was just $4.04. She thought that the complaining was silly and $4.04 was not bad because it was $4.63 when she left SoCal. It is still above $4, currently $4.21 in fact. Sigh.
And the dollar got weaker because of increasing imports of crude oil
As soon as Bush gave his approval for offshore drilling, the price of oil went down.
When the price of oil went down $30 per barrel, that meant our 12 million barrels per day of crude and product imports went down by $360 million per day!!!!!
The crude oil market could also be looking forward and it sees Obama has made himself unelectable with his many goofy economic policies.
Hovering at 115 now.
Right now, at the Flying J in Carlisle PA: $3.37/gal.
Interesting how the price of oil per barrel has dropped 30% from its highs yet the price at the pump has only come down by about 3%.
The House REPUBLICAN action is a vitally important movement, not a "Tempest in a Teapot."
The entire continental U.S. offshore oil drilling ban is an annually renewed appropriation rider, not permanent legislation. It will expire October 1 if Congress does not renew it or if President Bush vetoes any legislation containing it and Congress does not override the veto. The House REPUBLICAN action shows there is a lot of pressure for a veto and a strong chance one will be sustained.
Today's oil prices are determined by the actions of futures markets where thousands of individual investors bet on whether the price of oil will rise or fall in the future. If they think the price will rise, they go long and bid up the price of oil futures contracts; if they think it will fall, they bid short, causing to price of oil to drop. As long as the DemonRats were defending their own precious Berlin Wall against oil drilling, smart money was on ever rising prices, and we got rising prices. Now that the House Republicans are showing some backbone and there's a good chance the moratorium will not be continued beyond October 1, investors are shorting oil futures, and, SURPRISE, the price of oil is dropping.
Sorry, the previous thread was locked, but no, I don't pay much attention to the MSM.
Obama is claiming that putting air in your tires is the equivalent of new offshore drilling…
That’s not an energy plan….
That’s a public service announcement. ...
$3.81 In Colorado Springs, Colorado at the local 7/11.
But why is the dollar suddenly getting stronger?
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