I just saw 3.09 at Texaco. I'll be darned. 2008 deja vu?
Any bets on where the gas will stop dropping?
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Originally Posted By: Jimmy9190
Originally Posted By: demarpaint
Originally Posted By: dave1251
Do not worry. Oil companies have to make a profit. It will stop dropping soon.
+1
OPEC will continue its profits too. The Saudis have already made it very clear they want the price of oil at $100.00/bbl, but they think higher prices are not good for their organization. Since the Saudis are 40% in control of OPEC, they will very likely get their way.
The speculators and banksters are already licking their chops ahead of the OPEC meeting in Vienna this coming Thursday:
http://finance.yahoo.com/news/oil-rises-ahead-key-opec-152914866.html
They can jack the prices up and the meeting hasn't even been held yet..Goldman Sachs is predicting increases in fuel and oil in England this summer too. It's pretty clear where GS gets its 29% profit margin on commodities. Banksters and speculators will have the price up soon, just maybe not as high as it was before the downward slide.
I am not fond of speculators, banksters and other vultures that jack the prices so they can continue raking in billions in profits. I would love to see oil go down even lower than it is, but I don't expect to ever see gas at less than $3.00 a gallon here or anywhere else in the country. I do expect a good increase later this year, say beginning around December 1st.
OPEC has never been sucessful in raising oil prices.
Market demand determines oil prices, since the producers need the income, and many will cheat on their quotas to try to maintain income as crude prices decline.
In an environment of increasing demand, where existing production is pretty well maxed out, prices rise as a result of demand, not the machinations of OPEC.
I also doubt that OPEC will even try to raise prices by reducing production at the moment, since they have too much to lose from a collapse of the Euro and the European economy, continued weakness in the US, which could easily be pushed into a second recession, as well as weakening Chinese growth.
None of these factors bode well for any sustainable increase in oil prices, and a worldwide contraction would put oil prices in free fall, as has been the case in the past.
All of the OPEC nations need their production revenue.
Most, including Saudi Arabia, are relatively poor countries by the standards of the industrialized nations.
Did you know that Saudi Arabian GDP per capita was only $24,237 in 2011, about 25K shekels less than that of Isreal, while the US had per capita GDP of $48,387 in 2011.
These are IMF figures.
Originally Posted By: demarpaint
Originally Posted By: dave1251
Do not worry. Oil companies have to make a profit. It will stop dropping soon.
+1
OPEC will continue its profits too. The Saudis have already made it very clear they want the price of oil at $100.00/bbl, but they think higher prices are not good for their organization. Since the Saudis are 40% in control of OPEC, they will very likely get their way.
The speculators and banksters are already licking their chops ahead of the OPEC meeting in Vienna this coming Thursday:
http://finance.yahoo.com/news/oil-rises-ahead-key-opec-152914866.html
They can jack the prices up and the meeting hasn't even been held yet..Goldman Sachs is predicting increases in fuel and oil in England this summer too. It's pretty clear where GS gets its 29% profit margin on commodities. Banksters and speculators will have the price up soon, just maybe not as high as it was before the downward slide.
I am not fond of speculators, banksters and other vultures that jack the prices so they can continue raking in billions in profits. I would love to see oil go down even lower than it is, but I don't expect to ever see gas at less than $3.00 a gallon here or anywhere else in the country. I do expect a good increase later this year, say beginning around December 1st.
OPEC has never been sucessful in raising oil prices.
Market demand determines oil prices, since the producers need the income, and many will cheat on their quotas to try to maintain income as crude prices decline.
In an environment of increasing demand, where existing production is pretty well maxed out, prices rise as a result of demand, not the machinations of OPEC.
I also doubt that OPEC will even try to raise prices by reducing production at the moment, since they have too much to lose from a collapse of the Euro and the European economy, continued weakness in the US, which could easily be pushed into a second recession, as well as weakening Chinese growth.
None of these factors bode well for any sustainable increase in oil prices, and a worldwide contraction would put oil prices in free fall, as has been the case in the past.
All of the OPEC nations need their production revenue.
Most, including Saudi Arabia, are relatively poor countries by the standards of the industrialized nations.
Did you know that Saudi Arabian GDP per capita was only $24,237 in 2011, about 25K shekels less than that of Isreal, while the US had per capita GDP of $48,387 in 2011.
These are IMF figures.
Originally Posted By: fdcg27
Did you know that Saudi Arabian GDP per capita was only $24,237 in 2011, about 25K shekels less than that of Isreal, while the US had per capita GDP of $48,387 in 2011.
These are IMF figures.
Didn't know that. But after thinking some more, it makes sense that Saudi men are as rich as in US, while their women are poor.
Did you know that Saudi Arabian GDP per capita was only $24,237 in 2011, about 25K shekels less than that of Isreal, while the US had per capita GDP of $48,387 in 2011.
These are IMF figures.
Didn't know that. But after thinking some more, it makes sense that Saudi men are as rich as in US, while their women are poor.
tomorrow it will go back up. Thanks for jinxing it.
i bought at Shell at 2.97 today.
I'm in the Metro San Antonio Area (New Braunfels)and we are having a 4 Station Gas War....
A "Super Convenience" Store (Think of a 7-11 about 1/3 the size of a Wal-Mart SuperCenter with 60 Gas Pumps) Called Buckee's, has opened in our little Tourist Trap
Gas is between $2.97 and $2.99 per gallon...only at 4 local stations.
The rest of the Stations in town are between $3.15 and $3.19...
When Tourist Season begins (Memorial Day to Labor Day) EVERYTHING goes up in price here (Cigarettes + $0.50 to $1.00, Bags of Ice +$1.00 etc.)
Don't know if the Gas War will last past Labor Day
A "Super Convenience" Store (Think of a 7-11 about 1/3 the size of a Wal-Mart SuperCenter with 60 Gas Pumps) Called Buckee's, has opened in our little Tourist Trap
Gas is between $2.97 and $2.99 per gallon...only at 4 local stations.
The rest of the Stations in town are between $3.15 and $3.19...
When Tourist Season begins (Memorial Day to Labor Day) EVERYTHING goes up in price here (Cigarettes + $0.50 to $1.00, Bags of Ice +$1.00 etc.)
Don't know if the Gas War will last past Labor Day
I saw Texaco 2.95
it drop here every day, from 3.45, now its $2.97 or $3.03
2.959 here for 89
It will jump in Nov. Election Season. But im not getting into politics
It will jump in Nov. Election Season. But im not getting into politics
I've seen 2.85 at a local Walmart, 2.86-2.99 at Exxons, and 3.02 at Chevrons and Shells.
It's stalled out here (Philly) for a week.
I paid $3.08 yesterday to fill up my truck and wife's Honda at Marathon. Prices drop a few cents each day or two around here but still have not gone below $3.00 yet.
2.93 around Tampa Bay Area in Fl. 2.94 almost everywhere.
Kind of surprises me given the Holiday approaching...
Kind of surprises me given the Holiday approaching...
2.83 for regular here in the upstate of SC. It has been dropping slowly every other day or three.
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