Posted on 06/19/2009 12:41:05 PM PDT by Kartographer
Gasoline markets exhibited the first signs that an extended rally in pump prices is nearing an end after 52 straight days on the rise.
Gasoline futures started falling midweek after a government report showed a huge surplus. Already, wholesale gasoline prices in key markets like the Gulf Coast and Chicago had begun to fade. Should prices continue to fall on the New York Mercantile Exchange, cheaper gas may be on the way for motorists.
(Excerpt) Read more at google.com ...
let us hope the speculators get their nether regions burnt to a crisp
Up like a rocket; down like a feather.
For later reading.
IN LETTER, ORACLE ADMITS TO ERRORS IN WORST-EVER '08Warren Buffett admitted to doing some "dumb things" in 2008 - the worst year for Berkshire Hathaway in the 44 years he has run it. A brutal stock market decline amid a teeth-gnashing recession pushed Omaha-based Berkshire to a 96% drop in profits, its fifth straight quarterly earnings decline. Buffett, known as the Oracle of Omaha for his decades-long record of picking value investments, said buying ConocoPhillips shares when gas and oil prices were at their peak was perhaps the dumbest move in 2008. Berkshire bought 84.9 million shares at $82 a share - it closed Friday at $37.25, Buffett's paper loss was $2.6B. "I still believe the odds are good that oil sells far higher in the future than the current $40-$50 [per barrel] price," Buffett wrote... "But so far I have been dead wrong." ...... Buffett explained to shareholders his investment philosophy - ".....pessimism is your friend, euphoria the enemy".........
I’m so glad gas is at $2.59. It’s never been lower....uh wait...
I’ll tell you why. Its because I recently invested a bunch in oil and oil drilling stocks. Never fails.
Don’t get too excited. If gas prices come back down, that will just encourage Obama to start looking at increasing gas taxes again. Low gas prices are not conducive to his agenda.
huh? It’s up a good fifty cents over two weeks where I live
I hope the bubble bursts big time by Monday. We’re going on vacation, and its 400+ miles one way...
Must be true. The price of gas here in Louisville went UP $.12 - $.20 this morning.
There’s not enough consumer demand to support gas approaching $3 a gallon. Glad to see the markets are finally reflecting that reality.
No, AP cheer leading for Obama. AP never predicted a trend on one day's positive news when any Republicans were in charge.
“Ill tell you why. Its because I recently invested a bunch in oil and oil drilling stocks. Never fails.”
My sweetie & I are going on a road trip to Canada for two weeks in July. Our motor home gets about 9 mpg when we’re lucky. I DO appreciate your efforts on our behalf! ;-)
—let us hope the speculators get their nether regions burnt to a crisp—
Exactamundo. He who lives by the bubble will die by the bubble (when the darn thing finally bursts).
Would you mind investing in some cattle futures? I could use a couple of cheap rib-eyes.
I think that energy (oil) demand outside the US was firming up recently. We’re also dealing with a weakening dollar due to Obama running the printing presses around the clock.
Was $1.39 earlier this year when Bush was in office.
Agreed.
This is ridiculous. There was no sound reason for oil and gas to shoot up like it did, and at least now, sanity is back in the market....likely temporarily, but just in time for vacation over the 4th of July.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.