Posted on 09/15/2008 6:18:18 AM PDT by DGHoodini
...and it *was* down to $94.13!
Wouldn't it be great to see it go below $89.99 by the end of the day?
;OD
I do share your optimism, but it won’t matter a whole lot until the refineries are back on line.
From your mouth to God’s ears, please let it be.
Not that I want high gas prices mind you, but my fear is that this will fade as an issue in the race and we need to keep it an issue so that we can start drilling for our own oil. No matter what the price of gas is!
Then, why in the freakin’ world are we still paying almost $4.00/gallon here in southern Kentucky for gas??
But, but, the platforms are damaged!
The Pipelines are BROKEN!
ONOES!
Bumping you to this thread...
When they are we probably will see $88 brl. Possably the high $70's after Thanksgiving.
...*10*.. platforms are damaged.
Don’t forget THIS stunner:
NYMEX RBOB Gasoline futures DOWN 17 cents/gal.
Because refined gasoline is in short supply.Oil is going down because there is no demand when the refineries can’t refine it.
It would be well below that price if you made the traders pay for what they bought at close of business and per paid the transportation cost. Just like everyone else in business has to do.
Business man without a soul, price gouging.
It will be following the rest of the market down. This isn’t going to be a good day for the stock market.
Diesel prices seem to be dropping too.
And can you believe this....In the northeast, where much of the gas is refined through New Jersey, gas prices over the weekend went up as much as $.50 a gallon.....IT MUST BE BECAUSE OF THAT NASTY HURRICANE GOUGEME THAT HIT NEW JERSEY???? I CAN’T IMAGINE THE OIL COMPANIES AND RETIALERS IN THE NORTHEAST ARE TAKING ADVANTAGE OF THE CONSUMER??? No, that just would never happen.
FYI, there is $.38 federal tax on every gallon.
Here in NH there is an additional $.18/gal state tax plus the transportation cost to get it to your local station.
Then the smallar stations like to make a profit.
For the large oil company owned stations gas is typically a lost leader item.
It is still great news. I especially like heating oil down $.20/gal.
As long as the communist democrats continue to screech "renewable energy" we can push for drilling.
Unless something has occurred that I missed I am starting to think congress is gridlocked on renewing the offshore ban and it will expire. Then the production companies will take off like rockets.
And our economic status will improve as well.
Colonial Pipeline is down
I heard that the Saudi Oil minister walked out of the OPEC meeting, essentially saying that they would pump oil regardless of OPEC quotas.............
I hope you’re right. Also in the McCain/Palin administration, VP Palin goes on a barnstorming tour across the country to raise support for drilling in ANWAR!
I think you’ve hit it.
Gas went up 40 cents a gallon last week. Twenty cents a gallon in one day!
They made a statement to the effect that "they would not reduce output to shore up pricing and leave customers without adequate supply".
They effectively broke ranks with the rest of the cartel. IMO, that's a big deal with big effect.
And still, a gallon of gas here in NW IL is $3.80, about the same as it was three-four weeks ago.
We can still get it in the Richmond, VA area for under $3.50/gal, but those stations are few and far between. I filled everything up Friday morning at $3.34/gal before the prices stared going up.
Count yourself lucky. In Toronto last week it went up 13 cents/litre (~50c per gallon) overnight.
only $50 to $60 more dollars to go until its back where it should be.
I do have a gift for observation and it seems to me from watching the markets for a lot of years that a good day for the market is not necessarily a good day for Americans, and it goes the other way too.
Seems to me the market goes up when things go badly and up when they go well. Hmmmm....
It also seems to me that a bad day for the market is a good day for those who have some money to put into it.
Yeah, the time to celebrate will be when it's $96 for 2 barrels.
“I buy when other people are selling.”
J. Paul Getty
The ability to make gasoline is in mainly in the Houston Gulf Coast area. With the storm, no gasoline production. So I think Obama has just lost the election. When people figure out no gasoline because of one storm and no one has built production in the last 30 years, well who’s to blame................
The Federal Motor Gasoline Excise tax is $0.184/gallon, not $0.38.
Interesting observations... true, on some days, but not all. What you may be witnessing is an effect of an old market addage: Buy on bad news.
I just read that also. They know who butters their bread, and they also know that the trend of reducing oil consumption is not in their interests right now.
So what if oil goes down to $70 barrel, think about that statement for a second, IT’S STILL $70 A FREAKING BARREL!! We are rejoicing oil breaking the $100 a barrel price, when it is still 3X the amount they were making a killing at before.
Iran and Venezuela are the ones pushing the cuts, and doing it for political and not market reasons. Saudi Arabia is going to milk us for every penny but do it for the long haul, basically they are looking out for number one which means balancing price with supply and keeping us and China happy.
Sorry, that is what my friend who owns a gas station told me.
So maybe NH state tax is $.38/gal.
Here is a table showing all 50 states' respective gasoline excise taxes (along with the Federal tax).
Curious that a gas station owner wouldn't know the taxes on his product, but I guess stranger things have happened.
OH I see. oil goes from $150 per barrel to under $100 and I paid $4.18 today. What is going on?
May be dropping rapidly precisely because, due to Texas refinery outages, we simply can’t process enough of it. There’s a glut of crude oil on one side of the system, not enough refined gasoline on the other side, and a bottleneck in between - ergo, crude prices tumble while gasoline prices skyrocket.
You're paying for product that was purchased on contract 6 months ago.
Here’s another thing I “heard”. The oil find off the coast of Brazil is huge, beyond belief. It has more recoverable oil than Saudi Arabia and Russia combined. Brazil may become the new world’s Saudi Arabia. The Saudis are trying to get while the gettin’s good..........................
Depending on the source, it costs between $60. - $80. to bring a barrel of oil to market.
Supply and demand - it’s not just a suggestion: It’s the law.
Really?? Sweet news if it’s true. I wonder how that find went so long without anyone knowing it was there, seems if it is that large someone would have stumbled onto it before.
Newer technology for finding, and newer technology for recovering.................
IF the price is high enough to justify risking billions in exploration of the OCS, otherwise, we will return to being dependent on foreign sources.
I want cheaper gas, too, but the price has to find support at a level high enough to encourage continued exploration, otherwise, we'll be right back where we started from--again.
I worked offshore Louisiana when Camille hit. Some “non-platform” facilities were blown away. Even with 200+ mph the “platforms didn’t have hardly any damage and the pipelines are in the sand on the bottom all the way to the refinery. Kerr-McGee had left half filled barges out at some platforms which did slam some of the smaller production well heads, but still not many.
This may be bluster to keep the $6 a gallon a few days longer, while they “survey for any damage”.
Means nothing, congress would still need to vote to sell leases and make new rules and regulations, look for the Spanish bit to be applied to the speculators..
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