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Off Topic Forums => Off Topic Forum => Topic started by: Nadine on September 10, 2006, 07:44:29 am

Title: Gas prices
Post by: Nadine on September 10, 2006, 07:44:29 am
I bought gas for 2.25 per gallon yesterday...how can they justify it ever being $3 per gallon when it can drop 75 cents in 2 weeks?  ???
Title: Re: Gas prices
Post by: Biggums on September 10, 2006, 08:20:47 am
quite simply.........they can't!
Title: Re: Gas prices
Post by: cmhjeff on September 10, 2006, 08:48:10 am
Doesn't make sense does it?  ???  We saw it for $2.15 yesterday but we had a full tank in the Mini. The lower prices are sure nice for long road trips!
Title: Re: Gas prices
Post by: Nadine on September 10, 2006, 09:06:02 am
The lower prices are sure nice for long road trips!
That's exactly what I was thinking Jeff...did you know I have a road trip coming up? LOL
11 days now until I leave  ;D 13 days until I'm making lasagna for you!  ;)
Title: Re: Gas prices
Post by: cmhjeff on September 10, 2006, 09:31:54 am
That's exactly what I was thinking Jeff...did you know I have a road trip coming up? LOL
11 days now until I leave  ;D 13 days until I'm making lasagna for you!  ;)

Is that so?? LOL!  I guess great minds think alike  :)     You be careful.    My stomach is growling for your lasagna already.  :)
Title: Re: Gas prices
Post by: Cliff on September 10, 2006, 09:50:02 am
The oil traders are very nervous individuals.  The market overreacts to any information (shut-down of a pipeline or a refinery, a hurricane, a political/ethnic conflic in the middle east or Africa, etc..).  This drives prices up, as people irrationally believe that oil inventory (supply) will drop.  Once people realize that this isn't going to happen, the prices drop fairly quickly.  Trading usually brings more stability to commodity pricing, but not anymore.  People jump from one crisis to another and that drives up (then down) the price of oil.
Title: Re: Gas prices
Post by: Dachshund on September 10, 2006, 10:41:16 am
How 'bout a scared shitless Republican majority manipulating the public and prices...lower gas prices equal Republican votes.
Title: Re: Gas prices
Post by: whizzer on September 10, 2006, 11:03:02 am
I gotta agree with Dachshund on this one.

Though I think it's more like republican execs of the oil companies scared shitless the dems are gonna get control of congress.

Prices will rebound after the election, I'm sure.
Title: Re: Gas prices
Post by: J.R.E. on September 10, 2006, 11:38:00 am
Hello Nadine,

It's crazy isn't it ?  >:( The cheapest gas in our area is 2.34/ Gallon. It's getting close to election time, the fools in power got to try something. Just a month ago , we were reading how the closing of the BP gas line in Alaska, was going to make gas skyrocket....What happened. I also agree, after the election, lets see what happens to the gas prices.



The Best------Ray
Title: Re: Gas prices
Post by: jack on September 10, 2006, 01:06:07 pm
Nadine, I was an oil and gas trader/broker for 25 years. Cliff described the situation pretty good, but let me add a few things. Labor day is the end of driving season. If you are "long" motor gas you are very nervous. You would usually be selling before labor day in anticipation of lower demand from driving but this year we have had terror,iran,and lebanon putting an extra premium and floor on the market. If you are a trader,you dont wanna be short over any weekend cause you dont know what the whackos are gonna do. Notice almost every friday in july and august, the president of Iran would make some crazy threat and our moronic media would run with it. This is also the time of year refineries start switching over to making heating oil. 
There are also many traders very short motor gas and unlike the stock market a "short" in oil and gas can't play games he has to make good in the month it is due or trade his way out,either way some one has to come up with the product.  The world tensions I mentioned above create an almost constant "short squeeze" on motor gas creating an extremely volatile market.
Another reason for high oil and gas price,you dont hear anyone talking about, is the weak us dollar. The people who sell us oil(opec) are paid dollars. If the interest rate on dollars is very low or supply of dollars in increased(inflation),opec is getting screwed. We screwed them good for several years giving them paper paying 1% interest in return for oil.
As interest rates rise and price kills demand we will see a correction, and I think it will be substantial.
The US oil companies do not control the price of motor oil or crude oil.
The inability because of federal restriction to build new refineries(hasnt been a new US refinery built in 20 years) and environmental regs have caused most of the motor gas shortage.
Title: Re: Gas prices
Post by: randym431 on September 10, 2006, 02:22:45 pm
Quote
How 'bout a scared shitless Republican majority manipulating the public and prices...lower gas prices equal Republican votes.

Sounds like the plan to me too

So whats really terrifying, what happens AFTERWARDS if the little plan works for them???
Title: Re: Gas prices
Post by: jack on September 10, 2006, 02:45:47 pm
The media made the big deal about the Alaskan pipeline,not the oil business. The same media that is constantly telling us that we get very little oil from Alaska. And now after inspection it appears the pipe will be back  up to 100% by year end.
another thing that happened last week that helped push oil down was the first discovery of oil in the gulf of Mexico. it will be years before it will come to market but it influences todays prices. Go figure. The market is 60% emotion right now.
If any of you think that the oil companies get together and fix prices,you are nuts. They all hate each other. They are competitors. There is too much price transparency and too many players for any US company to have control over prices.
Its a real shame that the media and some in Congress play this oil company card. For some reason they always find  a US corp as the bogeyman and use it to buy votes or influence the ignorant and uneducated in our society. Opec and the marketplace determines the p rice at the pump.
Title: Re: Gas prices
Post by: randym431 on September 10, 2006, 02:56:56 pm
Quote
If any of you think that the oil companies get together and fix prices,you are nuts. They all hate each other

Ok... Then WHY is a box of tide $6.88 at Wal-Mart AND... Target???

(just teasing & giving you a hard time    ;D  )
Title: Re: Gas prices
Post by: Dachshund on September 10, 2006, 03:11:02 pm
Oh those poor misunderstood corporations...maybe the mean ol' Congress should give them some tax breaks...or off-shore accounts to hide their assets...how in the world can an oil exec exist on his salary? It's a shame big business has no one to turn to in the halls of Congress.

You really do have to feel bad for the way big business is treated.

Please sir...may I have some more?
Title: Re: Gas prices
Post by: Nadine on September 11, 2006, 07:43:32 am
How 'bout a scared shitless Republican majority manipulating the public and prices...lower gas prices equal Republican votes.

That's exactly what my husband was saying. We can only hope their plan backfires.
Title: Re: Gas prices
Post by: jack on September 11, 2006, 08:34:53 am
Please tell me you guys are joking. Maybe those people on "jay walking" are real. Anyone who thinks or believes that any US company can control the price of oil is beyond hope. The oil marketplace is made of up of hundreds of companies, just not possible. Anyone who believes any politician who is telling you that the US oil companies are involved in some scheme to rob us is being duped. Half of these companies won't even talk to each other. How do I know? I worked for several, and started a business that made money because these guys won't talk to each other.
Title: Re: Gas prices
Post by: Dachshund on September 11, 2006, 08:51:45 am
I guess that is why when hauled before the Senate to testify about oil prices those poor ol' oil execs were not required to testify under oath.

I don't know how these guys are able to manage on record breaking profits.

Man it must really suck to be a CEO these days...especially with someone like Jake taking advantage of you.
Title: Re: Gas prices
Post by: ACinKC on September 11, 2006, 04:15:12 pm
I blame George Bush.
Title: Re: Gas prices
Post by: Biggums on September 11, 2006, 11:03:31 pm
I just went to buy some groceries.  I usually get about the same thing each week.  But for some reason, my bill this week was like 7 dollars higher than usual.  Do I blame George Bush?  Congress?  Shop  N Save?  Food speculators?  Little Debbie?  I'm confused.
Title: Re: Gas prices
Post by: Lisa on September 11, 2006, 11:27:36 pm
All I know, is that I am awaiting the lowest nadir on the curve to call my local fuel oil company to prep my tank for the upcoming winter. Thankfully I'm  only in need of about a hundred gallons to top it off.
We haven't reached the prices some of you have reported, but have dropped from 3.00$ to about 2.59 so far....I'm holding out for the right moment.
Do I sound lke an oil trader, or what.........? :P
Title: Re: Gas prices
Post by: J.R.E. on September 11, 2006, 11:39:30 pm
Hello ,

I posted this before, I will post it again... The following link will give you the prices of gas in your area. Just click on your state, then your city/area. I think it's a great site, and it will show you the least expensive gas in your area. After all, we have to save a buck here and there.

http://www.gasbuddy.com/




Ray