Posted on 05/15/2010 1:53:37 PM PDT by blam
If Oil Prices Are Telling Us Anything, The World Economy Is In For A Rough Ride
Joe Weisenthal
May. 15, 2010, 10:23 AM
Forget European banks for the moment. We know why they're troubled. Check out oil.
StockCharts.com:
Image: StockCharts.com
It took a huge leg down on Friday, and if you're the type who cares about lines and technicals, it's now well below the 200-day moving average, which screams bear market (and would also seem to scream deflation). Of course, it's been impressively volatile, and was this low right after Scott Brown.
Now on the other hand, investors continue to sing the praises of Palladium, which remains near all-time highs. Here's a glowing, pro-Palladium article in Bloomberg. Its big use is catalytic converters for cars. And yet, oil would also seem to benefit from the same trends, so the disparity is a bit odd. Of course, there are supply issues as well, so merely looking at demand is only getting half of the equation.
Yet the disparity is interesting.
[snip]
(Excerpt) Read more at businessinsider.com ...
Fixed it!
So when are we going to see gasoline prices drop? We are still at $3.50 a gallon here in California. Even with the summer special blends increasing the price, we should be seeing a drop.
I saw it at $2.69 this morning in Mobile.
Gee! No kidding?
Gov’t interference. Lower gas prices yield lower tax revenue. Follow the $$$. If a free market is dysfunctional, it’s gov’t.
It generally goes UP at the onset of the summer driving season out here in flyover. Then again is there such a thing in California? I used to drive like Hell all year long when I was a residink of the Golden State back in the day. As a teen I pumped the stuff in Contra Costa Co. for 25 to 35 cents a gallon. (early 70s)
Ours has continued to oscillate between $2.55 and $2.72 here in KC.
I filled up yesterday at $2.63 per gallon in Kernersville, NC. Two stations with that price, Hess and Shell.
Ah, the days of working in a gas station. Very handy for keeping the car in good running order. During the Carter gas rationing days, what better job to keep your gas tank full.
Pump prices were the same you mention when I was doing the job.
$2.65 in the south,, why don't you move? (and bring the flag with you)
$3.50 a gal. in CA? Whoa, where do you buy gas? I buy mine at Costco in La Quinta, CA where is was $2.96 per gal. on Tues. Plus, using a Costco American Express card I get an additional 3% rebate on all gas purchases. So, that was nearly additional 9 cents off the per gal. price.
The prise of oil has been fluctuating with the strength of the dollar not supply and demand. It seems to me that demand has not increased in the last year and half.
2.83 in Arizona. (But you might encounter lines of illegals fueling up to leave the state.)
Think you can forget much of a drop in California prices. I paid $2.68 yesterday at Costco in Arlington, TX.
Illegals get head of the line privileges. If they are going back to Mexico, then that’s OK.
I pay $3.28 at Sam’s Club in Pearl City; about $.15-.20 a gallon lower than the regular pump price in Honolulu.
Crude is still overpriced. It’s interesting that they aren’t able to support the prices moving into summer, however.
If they're heading back home to Mexico they ought to go to the head of the line and get a special discount.
Ditto me that in the mid-sixties..."Oscar's Flying A".
They'd drive up, run over the clanger and order "A dollar's worth of your finest"...(and we'd do the windows, check the tires, oil and battery water)
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