The Bubble Bursts (Only it's not the bubble you think...)

The Weekly Standard ^ | November 15, 2005 | Irwin M. Stelzer

[spokeshave]

Crude up again this morning

[hripka]

Milwaukee gas prices at
http://www.milwaukeegasprices.com/

Prices range in Milwaukee range from 2.17 to 2.43. Gas is higher in Wisconsin due to one of the highest gas prices in the nation, and an automatic gas tax increase EVERY April !! Thanks to our Legislature (both houses under GOP control!) for continuing this legal abomination.

Wisconsin gas prices at
http://www.milwaukeegasprices.com/

Not from Wisconsin ? Go to
http://www.GasBuddy.com

[montag813]

In other words, start a panicked sell-off of REITs, and buy at the bottom of the trough.

Bingo!

[NYjarcola]

$2.29 per gallon here this am in LonG Island, NY.

[hripka]

Duh.

Wisconsin gas prices at
http://www.wisconsingasprices.com/

Senses are dulled due to high gas taxes.

[LdSentinal]

$2.45 for full service (yeah, I'm lazy).

[jscd3]

Using the credit card that gives us 5% back

Same plan I use, with gasoline ranging between 1.99 - 2.02 for Unleaded Regular in and around Hudson OH

[Kozak]

What about all those experts who said oil was going straight to $100 per barrel? What are they saying now?

if they put their money where their mouth is they are probably getting talked down off a ledge of a tall building somewhere.

[norraad]

..drop further.

Some crude tankers leave refineries now with crude still onboard (no room at the inn).

So much for "not enough refining capacity" propaganda.

[LexBaird]

Some crude tankers leave refineries now with crude still onboard (no room at the inn).

So much for "not enough refining capacity" propaganda.

If tankers are being turned away, then that supports the idea that there isn't enough refinery capacity. If there was enough capacity, they'd take all the crude they could get, unless they were intentionally limiting stockpiles of refined product.

[norraad]

Yes, they depend on confusion and misunderstanding.

In this case, stockpiles of refined products going unsold(warm weather & less travel) has slowed production.

There's only so much storage space available.

There's no shortage of refining capacity, never was, never will be, . . . but don't tell anybody.

[Centurion2000]

I traded in my truck when it hit 3.00/gal. Never regretted it and tripled my mileage.

Of course I think I know the next big trend in cars as well. High performance luxury sedan/coupes with something like displacement on demand technology.

The damage to SUV's is done. Time to look to the next automotive trend.

[calljack]

Paid 79 bucks yesterday to fill up my gas guzzlin 15 passenger van.

[Heatseeker]

A guy at a meeting I attended last evening said he'd found $1.99 gas yesterday here (Eastern Shore of MD). When the big price spike hit, just about everybody I know cut back on nonessential driving to save a few bucks. Multiply by 100 million or so and it's easy to see where the price drop came from.

Gloom-and-doomers, meet Adam Smith.

[R. Scott]

I cut back considerably when the price hit close to $3 a gallon. I’m thinking of taking a drive just for the heck of it again.

[Heatseeker]

OK, but if the price goes up over $2.50 again, I'm blaming you. ;)

[R. Scott]

I promise I'll keep pleasure trips to a minimum - until gas drops to $1.

[Heatseeker]

Heck, in that case I'll buy some shares and try to get you voted in as CEO of ExxonMobil!

[R. Scott]

CEO ... would I have to actually work?

[Heatseeker]

I doubt it - and your gas would probably be free too. ;)