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F... gas prices

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Old 12-18-2008, 02:49 AM   #331
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Re: F... gas prices

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Originally Posted by 70Chip View Post
A 10% drop in demand causes a 65% drop in price? If Opec cuts production 10% ( and were able to enforce it) , will the price go back to $140? I still think there is a lot of speculation involved. Money chases money in both directions and there is no law that says the flow has to necessarily be rational. Especially when people's vision does not extend beyond the next five minutes.

Of course the idea that the oil companies have lowered the price as an homage to Obama is an idea just stupid enough for most Obama supporters to believe.
If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.
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Old 12-18-2008, 08:50 AM   #332
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Re: F... gas prices

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Originally Posted by GTripp0012 View Post
If OPEC cut production 10%, it would probably go past 140. 10% is a ridculously massive amount, and based on the current reliance of economies on cheap oil, it would probably border on inhumane for OPEC to do that for no real good reason.

I think OPEC cut production like 1.5% in November to prevent the industry from being floored, and that meant (I think, I'm not sure on this number, I might have an extra zero) 150 million fewer barrels per day produced.
Looks like 2 extra zeros:
http://www.nytimes.com/2008/12/18/bu...ss/18opec.html
According to the NYT, since September OPEC has made cuts totaling 4.2 million barrels a day (including a 2.2 million barrel/day pledge yesterday), which represents a 12% reduction since September.
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Old 12-18-2008, 11:31 AM   #333
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Re: F... gas prices

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I thought Bush controlled the price of gas and not OPEC?
Of course he does - have the OPEC cuts have any effect? Nope.
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Old 12-25-2008, 12:46 AM   #334
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Re: F... gas prices

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No intelligent person puts the blame for oil prices all on a president, that is just stupid.

There are things he does that can impact the price, however. hostile actions not in line with OPEC, not researching enough on alternate energies, etc.
That says it all. haha. Bush was the reason for all of lifes problems to many.
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Old 12-25-2008, 08:21 AM   #335
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Re: F... gas prices

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That says it all. haha. Bush was the reason for all of lifes problems to many.
just like Clinton was before him
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Old 12-30-2008, 09:32 AM   #336
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Re: F... gas prices

Paid $1.49 this morning for regular...
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Old 12-30-2008, 09:51 AM   #337
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Re: F... gas prices

im at $1.51. and still dropping
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Old 12-30-2008, 10:54 AM   #338
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Re: F... gas prices

I'm getting robbed - $1.61.
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Old 12-31-2008, 03:16 PM   #339
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Re: F... gas prices

Does anyone else think that maybe Iran is pulling the strings of Hamas in order to drive up the price of oil? Economically, they actually benefit from this unrest more than the Palestinians ever will. Ditto the Saudis. Just a thought.
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Old 12-31-2008, 04:19 PM   #340
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Re: F... gas prices

I just filled up for $1.75

I'm not complaining though.
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Old 12-31-2008, 06:13 PM   #341
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Re: F... gas prices

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im at $1.51. and still dropping
So gas goes from $4 to $1.50 in a few months. Yeah, speculators weren't driving up the prices. :frusty:
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Old 01-11-2010, 06:35 PM   #342
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Re: F... gas prices

I thought gas prices usually went down during the winter months ... they've done nothing but go up so far.

$2.59 where I am.
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Old 01-11-2010, 06:37 PM   #343
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Re: F... gas prices

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I thought gas prices usually went down during the winter months ... they've done nothing but go up so far.

$2.59 where I am.
It makes no sense to me? This Summer is going to be a bitch!
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Old 01-11-2010, 06:52 PM   #344
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Re: F... gas prices

$2.92 here
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Old 01-11-2010, 07:24 PM   #345
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Re: F... gas prices

CNN/Money: Global gas prices Nothing compared to most of the world . In Europe , they pay an average of 5.25 / gallon .
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