RE: Gas may drop to $1.25 per gallon

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 3:20:11 PM

Lorr47

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quote:

But it can go back to 4 dollars (or 5 or more) in a heartbeat,though.

When gas was over $4.00 all I had with me on the highway late in the evening were trucks. Now that gas has gone below $2.00 the highway looks like a parade and is again congested. The recession (or depression) may keep gas low but we never learn.

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 3:44:34 PM

mozartsfuneral

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It's about 1.89 - 1.79 in the Capital District of NY.

I filled up my fathers prius Friday at 16.87, it's been years since I've spent that little on gas I almost fell over in happiness.

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 3:49:49 PM

Musicmystery

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quote:

Return to $1 gas?

Uh-huh. Maybe. Good luck with that.

< Message edited by Musicmystery -- 12/6/2008 3:50:14 PM >

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 8:30:28 PM

TheUtopian

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I'll just quickly say that 90-120 days ago both Goldman-Sachs and Morgan-Stanley were two of the worlds largest holders of Oil futures contracts.....

There's no doubt about it speculation is the main culprit here.

http://21cvision.blogspot.com/2008/09/oil-investors-pulled-39-billion-in.html

So while one could conclude with the state of the economy being the way it is, this would drive demand way down - But it would not drive it down in such an exponential fashion that we'd see a 3 1/2-fold decrease in the per barrel price in such an insanely short time period.

The other thing I'd like to point out - Is if the oil producing nations have based their economies on a 80-90 dollar per barrel price of oil, and both Japan and China have based their economies on exported consumer goods that are now realizing a drastic decrease in demand - How much longer will they be able to continue to finance our debt by purchasing US Treasuries?

- R

< Message edited by TheUtopian -- 12/6/2008 8:31:46 PM >

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 8:33:06 PM

MasterG2kTR

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The price of oil is under $41/bbl right now. At that price we should be somwhere (in my area) between $1.00 - $1.25 at most. Since the price of oil fell below $55 the price of gas has only dropped about $0.10 which is disproportionate to the price of oil. I think that right now the gas distributors are taking advantage of the consumers (rather than the oil companies) since they know that the consumers are willing to pay the higher prices as evidenced by what we had a few months ago.

On another thought of all this, I theorize that the oil companies had a conspiracy going to produce the well documented record profits over the past several years. The profits in turn allow them to invest heavily into new energy/fuel options, going forward, so that they can maintain their grip on the american (and world) consumers and at the same time thumb their noses at the oil producing nations when the change is made to alternative fuels.

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 8:41:38 PM

TheUtopian

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quote:

On another thought of all this, I theorize that the oil companies had a conspiracy going to produce the well documented record profits over the past several years. The profits in turn allow them to invest heavily into new energy/fuel options, going forward, so that they can maintain their grip on the american (and world) consumers and at the same time thumb their noses at the oil producing nations when the change is made to alternative fuels.

I'll have to dig for it....but a few months ago I read a great article on how the petroleum industry has now become the largest investor in acquiring patents related to new battery technology.

- R

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 9:00:53 PM

kdsub

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I keep saying we need to get rid of the speculators ...$4 was too much...$1.60 is too little. If not for those idiots on the exchange gas would have been about $2.39 all along.. or at least in that area. It's their own damn fault.. meaning the producers and suppliers...If they had not allowed the prices to artificially inflate... the cost per barrel would not have caused such a massive economic collapse. They would still be racking in massive profits at the 2.39 range instead of where they're at.

Butch

< Message edited by kdsub -- 12/6/2008 9:23:41 PM >

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 9:11:40 PM

corysub

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Gasoline is selling for between $1.89 and $2.01 here...just north of Trenton. I think it was a point well made that Goldman and Morgan were heavily involved in the commodity business. With their capital structure in disarray there is no room on the balance sheet for carrying huge, speculative positions. Speculation on top of huge real demand drove prices to unsustainable levels...hard to imagine that only five years ago oil was trading below $20/bbl. It's going to be interesting to watch OPEC and the "cheating" that could go on after they announce a "major" cut in production. The OPEC countries have enjoyed over $50 oil for a few years now and I've got to believe their budgets reflect that price level. Budget problems could force a great deal of "cheating" by OPEC countries as world economies continue to slide into recession. That $1.25 gallon estimate might not be that far fetched.

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 9:50:25 PM

TheUtopian

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quote:

ORIGINAL: kdsub

I keep saying we need to get rid of the speculators ...$4 was too much...$1.60 is too little.

Essentially what's happened is the ruling class---both democrats and republicans---has allowed five percent of the population to absorb massive profits to the detriment of the other ninety-five percent.

Futures speculation actually servers a wonderful purpose - What needs to happen is the ''hedgers'' need to be separated and declared null and void from that of the actual ''users''.

The other thing that can be done is a stipulation/decree added that declares all futures contracts now need to be purchased at full margin.

- R

< Message edited by TheUtopian -- 12/6/2008 9:55:55 PM >

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 9:53:33 PM

MzMia

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Gas has gone down, but I want to know when the prices
at the grocery store will go down?
We were told that prices at the grocery store went up because
of higher gas prices, but everything is still sky high.

I read that even when the price of gas drops, it takes about 6 months
for food prices to go back down.
I am thinking by then gas will go back up, which means the prices of food
will probably never go back down!

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 9:57:33 PM

TheUtopian

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quote:

ORIGINAL: MzMia

Gas has gone down, but I want to know when the prices
at the grocery store will go down?
We were told that prices at the grocery store went up because
of higher gas prices, but everything is still sky high.

I read that even when the price of gas drops, it takes about 6 months
for food prices to go back down.
I am thinking by then gas will go back up, which means the prices of food
will probably never go back down!

- R

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 10:02:34 PM

Lordandmaster

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Food prices have gone down a bit--not nearly as much as gas, of course.

quote:

ORIGINAL: MzMia

Gas has gone down, but I want to know when the prices
at the grocery store will go down?
We were told that prices at the grocery store went up because
of higher gas prices, but everything is still sky high.

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RE: Gas may drop to $1.25 per gallon - 12/6/2008 10:06:02 PM

MzMia

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L&M, I take sandwiches to work.
The kinds of bread I like {not cheap assed white bread}
is almost $4 for a loaf of fucking bread!
Even the crappy bread is about $1.89 a loaf.
I often wonder how people can afford to buy food.

It is a lot cheaper to buy gas than to buy stuff to make a sandwich!

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RE: Gas may drop to $1.25 per gallon - 12/7/2008 9:46:10 PM

Vendaval

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If gas prices stay low then hopefully in the coming spring and summer some of the grocery prices will go down. Transportation costs in the winter may be higher due to storms, rain and snow.

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RE: Gas may drop to $1.25 per gallon - 12/7/2008 11:17:16 PM

popeye1250

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quote:

ORIGINAL: TheUtopian

quote:

ORIGINAL: kdsub

I keep saying we need to get rid of the speculators ...$4 was too much...$1.60 is too little.

Essentially what's happened is the ruling class---both democrats and republicans---has allowed five percent of the population to absorb massive profits to the detriment of the other ninety-five percent.

Futures speculation actually servers a wonderful purpose - What needs to happen is the ''hedgers'' need to be separated and declared null and void from that of the actual ''users''.

The other thing that can be done is a stipulation/decree added that declares all futures contracts now need to be purchased at full margin.

- R

Yup, and none of them *ever* "take delivery" do they?

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RE: Gas may drop to $1.25 per gallon - 12/8/2008 4:29:48 AM

LadyPact

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I paid $1.45 a gallon day before yesterday. That was in a small town in SC. What a difference from a few months ago when I literally sat in lines, hoping the gas wouldn't run out at the pumps for $4.00 a gallon.

Still, I have to echo what MzMia said. The food prices can't come down soon enough. People are losing jobs every day and even with the unemployment extensions that have covered some, a lot of people can't afford to eat.

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RE: Gas may drop to $1.25 per gallon - 12/8/2008 4:56:39 AM

MzMia

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quote:

ORIGINAL: LadyPact

I paid $1.45 a gallon day before yesterday. That was in a small town in SC. What a difference from a few months ago when I literally sat in lines, hoping the gas wouldn't run out at the pumps for $4.00 a gallon.

Still, I have to echo what MzMia said. The food prices can't come down soon enough. People are losing jobs every day and even with the unemployment extensions that have covered some, a lot of people can't afford to eat.

LadyPact, I was thinking you will be able to buy gas to GET to the
grocery store, but you might not be able to afford to buy the food when
you get there!

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RE: Gas may drop to $1.25 per gallon - 12/8/2008 5:21:14 AM

RainydayNE

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it's $1.39 (or was last time i was there) around the north kansas area
pretty nice :)
i'm sure there's also the idea that obama is probably more committed to alternative fuels than bush ever was. so oil could run as high as it wanted to under him, but obama just MIGHT focus on other energy sources. who knows
the commuter bus that passes where i live is still packed to the brim, no matter how low gas goes. that's a good sign. :)

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