So Oil Prices...........

[homedawg]

$1.33 in K.C. Today Kansas City Gas Prices
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Oil Settles Below $47 on Weak OPEC Cut
02 Dec 2008


Oil prices closed at less than $47 a barrel on Tuesday as news that OPEC made only two-thirds of its pledged output cuts last month outweighed a rebound in the U.S. stock market.

U.S. crude [US@CL.1 ] settled down 4.7 percent, dropping $2.32 to $46.96. London Brent was also lower [GB@IB.1 45.44 --- UNCH (0)].

"The story about OPEC still not in full compliance with pledged output reductions is the reason why crude futures are down right now," said Phil Flynn, an analyst at Alaron Trading in Chicago. "This lack of compliance is disappointing to the market and this puts into doubt OPEC's indications that they will make more production cuts later this month."



Members of the Organization of Petroleum Exporting Countries had pledged to lower output by 1.5 million barrels per day for November, but were only 66 percent compliant with the target last month, a Reuters survey showed on Tuesday.

Crude prices have fallen nearly $100 a barrel from a peak of more than $147 in July due to weak demand for oil products during a mushrooming global economic crisis, pushing the cartel to agree to supply cuts.

OPEC's decision to wait until later this month to take more supply off the market, combined with a steep sell-off in U.S. stocks, led to a drop of more than 9 percent in U.S. crude oil futures on Monday.

Benchmark U.S. stock indexes were up more than 3 percent on Tuesday as investors hunted for bargains amid optimism about a government bailout for the U.S. auto industry.

OPEC Cuts

Still, OPEC members remained concerned about oversupply in the world oil market and may decide to cut output further at their next meeting in Algeria on Dec. 17.

[Billy Barooooooo]

So I see the famous kid who told me gas was going to be at $1.99 by the end of the month. I said "Wow man you should have bet me about the gas you could have made a killing" He laughs and said "No I would of lost" I said "What you said $1.99 and you were right" He said "I know but I would have bet that it wouldn't go down past $1.99. You see everyone I told that too I also told them it would stay at $1.99"

11/25 $1.69 BP Amoco WOW and this station on maple is still the lowest! They are still selling cheap gas at Gas City for $2.09! What a joke!

BB:thumbs:

[homedawg]

$1.48 today

[homedawg]

I propose quoting balances of all 401k and investment accounts in barrels of oil, rather than dollars. Then it isn't nearly as depressing.

Just hold onto your $$$, watch, & wait! :thumbs:

Unless you are a trader? The stocks are being flipped like crazy right now. 5 to 1 sells to buys, just today! :beer2:


So many big stocks falling, some $100.00+, have dropped, as low as, below $1.00!
Think about that, someone could have invested $100,000.00 in 1,000 shares @$100.00 per share, but right now only has $1,000.00 or less!


Buy low sell high! Almost every valued stock is low right now, but are they low enough? I don't think so!

Sit back and watch, or buy with your "limit orders" set LOW! :beer2:

[Fish2006]

Oil @ $49.62

Oil prices dropped more than 7 percent to below $50, fell $4.00 to settle at $49.62 a barrel, the lowest settlement since May 23, 2005.

I propose quoting balances of all 401k and investment accounts in barrels of oil, rather than dollars. Then it isn't nearly as depressing.

[homedawg]

Oil @ $49.62

Oil prices dropped more than 7 percent to below $50, fell $4.00 to settle at $49.62 a barrel, the lowest settlement since May 23, 2005.

[Larry]

as low as $1.64 in spots:thumbs:

[homedawg]

Here is a day by day, back to '97

NYMEX Light Sweet Crude Oil Futures Prices

Ever since the dems took over in washington oil went nuts! :beer2:

5 years ago oil was @ around $30.00 and the avg gal of gas in ohio was $1.14. According to my calculations, gas is fair priced at $1.60-1.70 here, right now. The cost to supply may have increased in the last 5yrs, so has the amount of additives they put in the gas.
My point was, why is there such a huge variance in pricing? I understand state to state variance in taxes & overhead costs etc.., but I could drive 20miles from my home and find gas from $1.69 to $2.49. If a station is able to make a profit at $1.69 right now, then other stations should be able to. IMO, there should be some regulation, Fair market +25 cents max! :thumbs:

[Fish2006]

That's what they tell you so you feel better I guess? Look at the prices in your area, low end is $2.02 up to $3.45, wtf is that all about?

Buffalo Gas Prices - Find Cheap Gas Prices in New York

I know they raised the prices according to the market, it doesn't mean that it cost them that much more to supply you with the gas, but they charged you plenty more to buy the gas! Now that the cost to supply is down huge, and the demand is down, they still want to charge you for lost income? Are they making up for lost car repair income? Lost sales on coffee? etc....

I go to a gas station that sells beer at state minimum and fuel among the state low prices! $1.69 at a local today for gas, and yet there are stations local selling for $2.50+. :dunno:

The term I have actually heard used is "up like a rocket, down like a feather". Gas stations actually make most of the money on the way down, not up.

For ****s and giggles, I look at this page to get the market price: Commodities - Latest Trading Prices and Data from CNNMoney.com

Then, from there keep track of the spread (retail - commodity price on the open market), which includes retail taxes, shipping costs, gas station operating costs, and profit. At the peak, the spread where I live between that price and the pump price was about .70. Now it is closer to .95 where I live.

It sucks... it would be interesting to try to buy a gas station and see if you could compete. I would expect to see a lot of low level collusion between stations in various areas (wink, wink, lets all agree to not drop prices more than .02 at a time) - but stuff that is too small to get the anti-trust forces at the Federal Level involved.

Near where I live, there are 4 stations on one strip of highway (route 53 in the SW burbs) - where the price almost never varies by more than a penny. On a different strip not too much farther, prices are routinely .10 to .15 lower, with exceptions every few weeks when the 53 strip stations all decide to move at once. I am pretty sure something is going on, but since there is probably a quid-pro-quo arrangement that nobody can really prove, you really could not viably enforce anti-price fixing laws. Even if you tried, it is so low level (in the teens of cents per gallon) - that prosecutors tend to look the other way.

Interesting to watch...

[homedawg]

from the people i talked to in the area who own gas stations the reason the prices haven't dropped as much as you expect is because when they were so high in the summer the gas station owners themselves weren't making any money or profit on the high price of gas and therefore with the decline in oil prices they need to keep the price of gas at the pump higher then you would expect in order to recoup lost profits from the summer months

That's what they tell you so you feel better I guess? Look at the prices in your area, low end is $2.02 up to $3.45, wtf is that all about?

Buffalo Gas Prices - Find Cheap Gas Prices in New York

I know they raised the prices according to the market, it doesn't mean that it cost them that much more to supply you with the gas, but they charged you plenty more to buy the gas! Now that the cost to supply is down huge, and the demand is down, they still want to charge you for lost income? Are they making up for lost car repair income? Lost sales on coffee? etc....

I go to a gas station that sells beer at state minimum and fuel among the state low prices! $1.69 at a local today for gas, and yet there are stations local selling for $2.50+. :dunno:

[dananderson32]

:thumbs: We all took it up the A** too! Since the record high in July $145.00, sales have declined 4 months in a row, including the largest decline, (last month) since '92. Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too! :thumbs:

I just don't understand why there is still price gouging at the pumps? :dunno:

The US oil refineries made some good dough this year, now they need to lower the prices at the pumps accordingly! :beer2:

from the people i talked to in the area who own gas stations the reason the prices haven't dropped as much as you expect is because when they were so high in the summer the gas station owners themselves weren't making any money or profit on the high price of gas and therefore with the decline in oil prices they need to keep the price of gas at the pump higher then you would expect in order to recoup lost profits from the summer months

[homedawg]

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!

:thumbs: We all took it up the A** too! Since the record high in July $145.00, sales have declined 4 months in a row, including the largest decline, (last month) since '92. Oil is not done falling, soon to be under $50.00 and under $40.00 could very well happen too! :thumbs:

I just don't understand why there is still price gouging at the pumps? :dunno:

The US oil refineries made some good dough this year, now they need to lower the prices at the pumps accordingly! :beer2:

[Fish2006]

Remember all that Chinese demand? Chinese stock market is down like 70% this year. Before everyone was extrapolating 12% GDP growth for years on end. Now that it is more like 8%, different deal.

Also - people are not fooled this time - after the past 3 years, I think people are expecting things to go back up. Thus, many are not trading in the small cars for bigger ones now that oil is relatively cheap.

That said, the cheaper oil is working like a shadow stimulus plan on the economy, one we desperately need. If a typical family burns through 50 gallons of gas per week, it is around $100 per month per family of stimulus... basically over a year the equivalent of doing one of those tax rebate checks for $1000.

I hope the push towards putting in Wind and moving towards CNG (Compressed Natural Gas) operated cars does not stop. IF we are going to spend $700B recapitalizing banks, I see no reason why we could not spend $700B split between investing in new tech startups, and investing in companies that have promising patents in solar and wind tech so that those ideas get developed and give us cheap alternatives to oil. I would love nothing more than to simply make Iran, Venezuela, and Saudi Arabia functionally irrelevant not just now, but going forward.

[Billy Barooooooo]

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!

Hey now... watch what you say around here we don't want to piss off Homedawg:laughing:

[beermantm]

1.99 I guess the kid was right! lol Out of the 28 stations by my house his is number 1 at 1.99 for the week!!!! To bad we can't bet on that!!!:laughing:


BB:thumbs:

What happened to the oil crisis we were facing?? You know the one that said we were running out of oil and that is why the Gas was 4.30 a gallon?

I have one word for you........ Speculators!!!

They did their part in wrecking the economy!!