Cushing, OK Crude Oil Future Contract 1
http://tonto.eia.doe.gov/dnav/pet/hist/rclc1d.htm
Posted on 12/02/2008 11:51:28 AM PST by NormsRevenge
COLUMBUS, Ohio – Oil prices dipped again Tuesday and gas prices hit their lowest levels since January 2005 with the United States officially in a recession.
Analysts say prices at the pump may be bottoming out, though demand could fall even further in January with job losses reducing the number of people who drive to work.
Gas prices fell for the 20th week since the July 4th holiday and hit $1.811 per gallon, according to the government's Energy Information Agency.
Auto club AAA, the Oil Price Information Service and Wright Express said prices fell 0.8 cents overnight to $1.812, down 62.4 cents in the past month and $1.249 in the past year.
(Excerpt) Read more at news.yahoo.com ...
Finally, it has hit less than 2 bucks a gallon in my part of CA! It took long enough.
Not for you and your company.
You can just go to the Middle East, South America or China and work for the big bucks.
By the way, in all of Canada there are 172 oil drilling rigs operating (163 for the year average). Alberta and Saskatchewan typically have a little over 83% of the rigs, call it 136.
Just how long do you think it takes to set up a rig and drill a couple miles down, plus maybe a mile or two horizontally?
North America Rotary Rig Count - Current & Historical Data
http://investor.shareholder.com/common/download/download.cfm?companyid=BHI&fileid=253084&filekey=102531F1-08EE-435F-B3DA-675E4C66D45F&filename=US_Rig_Report_112608.xls
See all 13 Tabs in Excel Sheet
Actually it "crashed" in 1987.
The rate of foreign investment doubled between 1986 and 1987, driving stock prices skyward. By August, the Dow Jones Industrials was up over 800 points which translated into a 41% in rise in value.
Just days before the 1987 crash, I cashed in my Dow Chemical stocks that I had gotten while working for Dowell in Texas.
Just in time, too.
A couple of days later it was trading for half of what I got.
I left the oilfields in the early eighties (1983) when gas got to under a dollar at the pump and layoffs were rampant.
Worked out well for me, I wanted to move back to the west coast anyway.
The oil business is like that.
Towns all over Texas are boomtowns for a while, and then almost ghost towns.
The oil market crashed in 1987.
Cushing, OK Crude Oil Future Contract 1
http://tonto.eia.doe.gov/dnav/pet/hist/rclc1d.htm
Fear not! Hyperinflation is just around the corner.
It was as low as $1.49 just outside of Columbus, Ohio. I couldn’t believe it. Woot!
Compared with this summer, the map colors haven't changed much, but the prices sure have.
LP Gas,,,,, Propane at the underground storage at Conway, Kansas,,, the spot price high in the July about $1.80 per gallon.
By November 28, 2008 the spot price had fallen over $1.00 per gallon to $0.78 per gallon.
http://tonto.eia.doe.gov/dnav/pet/hist/rpromcD.htm
“Oh Bull crap. There were plenty around before the price broke $25 a barrel not to long ago, The Alberta tar sands project was well underway and going strong at $12 a barrel.”
The US and Canada are two different things. They responded to the Iran world oil interruption of 1979-80 as follows:
The Canadians wanted the tar sands to work, so they formed joint government-private companies. It has worked, and been profitable in the long run, at market prices.
The US did not do the same thing. Reagan STOPPED the equivalent US effort. So we never got the heavy oil-tar sands-oil shale industries up and running.
Most of us conservatives dislike government and praise private industry.
There has been a flaw: By our system, executives and shareholders alike were rewarded for short term performance, at the expense of longer term results.
However two examples can be shown for the impact of that preference: The US has no oil shale industry, and the once big three are years behind Toyota on hybrids.
Obama won partly because citizens are questioning the results of our private industries.
That's what I posted to you.
Along with the stock market.
But it crashed for you in 1986.
The oil crash preceded the Stock Market crash.
It “crashed” for me in about ‘83.
It was on it's way down for several years, at least from looking at the board at well servicing companies.
Names kept disappearing from the bottom of the list and then mine was there.
And it disappeared and I was headed back to sunshine and redwoods!
In Long Beach, there is regular gas available for $1.89/gal
I was in college and my old man who was one damn fine chemical engineer got me a summer job on a rig in South Louisiana where I worked two weeks on and two weeks off. It was a great gig, good money and lots of time off.
One time when my two week break was over my girlfriend drove me from central Texas to south Louisiana to go back to work.
As we drove down into Calcasieu Parish I could not wait to show her the rig and kept on saying to her "We should be able to see the mast any second now!" Well, we got to that plank road over the marsh and there was no rig, no nothing, 6000 feet in the hole and they shut they whole thing down and hauled it away.
As we were driving away I saw this old Coon Ass who had worked in the S. LA fields for 20 years, never making it to Driller, he was missing four fingers and could not speak a lick of English. He just spoke Cajun with a little Italian and Spanish mixed in. There he was with his wife,kids and a couple dogs in his brand new F-150 and he was crying, balling like a baby.
"Time to get your $hit together and hit those books in college, Trumandogz!" I said to myself.
Look what the Dollar has done against the Euro in the last six months.
That is a big part of the story.
Actually, its Obama's plan. He wants to tax gas more heavily so that we'll use less. So with heavy taxes and gas prices themselves go up, it'll do exactly what Obama wants.
To place a heavy, unbearable burden on the people of the US.
Yes, but that means the oil companies would have to be investing billions the government wants to loot in infrastructure and exploration for a commodity which has reduced demand, further undercutting future profit potential.
Oh. They do that now.
But when the price spikes, people rant and rave and want to take away the money which will fund those investments in the future.
Source, please.
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