Thank God

[alamantia]

http://biz.yahoo.com/ap/080622/saudi_oil_summit.html

[12secondv6]

98 cents per gallon!!!!!

[alamantia]

Should be under $3.50 for regular by next weekend.

[Frosty]

None of this would matter if we grew some f'in balls and did it ourselves. It's goods news I guess, it might drop prices since supply concerns might shrink...but WE still need refineries here and the ability to harvest our own resources.

[Knipps]

None of this would matter if we grew some f'in balls and did it ourselves. It's goods news I guess, it might drop prices since supply concerns might shrink...but WE still need refineries here and the ability to harvest our own resources.

even if we started tomorrow we wouldn't be able to use anything for another ~10 years

[Frosty]

It'd be approximately 5 but you're right, we wouldn't reap the benefits right now. However even by saying we're going to drill would help knock prices down. Hell, when China announced they're raising their subsidized prices the price of oil fell. It just sucks that all this crap is just a game with these speculators.

[Tsar]

um..crude is up, not down :lol:

[Frosty]

The day China announced it the price went down. ;)

Now they've just found another reason to jack it back up lol

[Tsar]

Should be under $3.50 for regular by next weekend.
I hope this was hard detecting sarcasm over the internets :lol:

[alamantia]

I hope this was hard detecting sarcasm over the internets :lol:

No sarcasim, Its 3.70 in midland park and its only tuesday

[LS1Hawk]

No sarcasim, Its 3.70 in midland park and its only tuesday

Where in Midland Park? I know in the center of town there's that intersection with a bunch of no name stations that are always cheap. It's the mainstream stations that need to come down.

[Tsar]

No sarcasim, Its 3.70 in midland park and its only tuesday

Crude oil hasn't lost a cent since the anouncement, so no worries gas prices will go up again. Here it fluctuates between 3.90 and 4.00 for regular.

[alamantia]

Where in Midland Park? I know in the center of town there's that intersection with a bunch of no name stations that are always cheap. It's the mainstream stations that need to come down.


yup, thems the jammies

[alamantia]

guess i was wrong, so much for china and saudi huh?

http://news.yahoo.com/s/ap/20080627/ap_on_bi_ge/oil_prices

[BonzoHansen]

guess i was wrong, so much for china and saudi huh?

http://news.yahoo.com/s/ap/20080627/ap_on_bi_ge/oil_prices

The fed is killing us w/the rates. If the $$ was where it was a few years ago oil would be like $80 a barrel.

[BigAls87Z28]

Speculators!! When will the Senate go after them!! WTFUGGGGGGGG!!

[Tsar]

guess i was wrong, so much for china and saudi huh?

http://news.yahoo.com/s/ap/20080627/ap_on_bi_ge/oil_prices
I told you that from the beginning...

Saudis increased production by what? 200k barrels? and the daily world oil production is 85 million barrels. That's .0023% increase, what do honestly thought that "increase" will do? Some people are just naive.

[SteveR]

Speculators!! When will the Senate go after them!! WTFUGGGGGGGG!!

Exactly. Thats why gas is so high.

[Tsar]

Exactly. Thats why gas is so high.
yea, weak dollar has nothing to do with it...

[SteveR]

tea, weak dollar has nothing to do with it...

yea, but when the Saudi's have to step in and tell them to knock it off, you know somethings wrong there :lol:

[BigAls87Z28]

Oil reserves are at the highest its ever been. The US could release a 1/3 of the reserves and flood the market, price of oil would drop like a rock.
There are several factors to this record oil, dollar is one, but speculators have driven up the price of oil 50% while global demand for oil has risen about 3% with production matching it.

[Tsar]

Oil reserves are at the highest its ever been. The US could release a 1/3 of the reserves and flood the market, price of oil would drop like a rock.
There are several factors to this record oil, dollar is one, but speculators have driven up the price of oil 50% while global demand for oil has risen about 3% with production matching it.
US consumes 20,687,000 barrels per day according to EIA, and those numbers are most likely slightly outdated and the number is likely higher.

They also state that US has 20,972 million barrels of oil as a reserve as of 07. The figure has probably gone up but I'm gonna use real numbers because no one has provided different ones.

So if the US releases 1/3 of its oil reserves for public to waste on their SUVs, that would be 6990 million barrels of oil which would last us 337 days at the previously given rate of consumption. I would hardly call that FLOODING the market with oil.

You would lose reserves, and the price of oil would later go up, and we would be in even bigger hole that you are right now.

Maybe it's just me, but the numbers don't lie.

[cdacda13]

Tsar is right. The high price of oil has many factors. Weak US dollar, speculators.
Even if Congress lifts the off-shore drilling ban, it will take years to get the rigs up and running, so the price will not go down a lot. The speculators might sell it alittle bit, but not even to cause a massive drop.

[alamantia]

why was off shore drilling banned in the first place?

[bubba428]

the sooner we get our OWN oil and get rid of speculation, the sooner we can have gas at a manageable price.......so what if it takes 5 years get started NOW!!!!!!!!!!

[Tsar]

why was off shore drilling banned in the first place?
Not sure, but I think it was largely due to environmental concerns and such. What if one of them topples over and spills oil and stuff like that, I'm guessing. Plus old people in FL don't wanna look at the oil rigs :lol:

Technology has come far from the time it was signed though...

[BonzoHansen]

They banned it for political reasons – a feel good move and oil then was irt cheap. We are paying for it now – typical of politicians. I hear people saying o/s drilling will cause environmental issues – they ignore that there was little to no impact from Katrina in regards to o/s drilling. Facts suck. LOL

Opening up off shore, Alaska, etc., is good long term sense, plus may add some psychological impact to slow oil speculation, since perceived supply is supposedly the reason for the price jump. The more oil we can get domestically helps our trade deficit, which last I read is nearly 100% energy related, meaning if you take out energy we have no trade deficit. That would help with the spiraling $$. Then is the fed would stop printing money (literally) and raise rates it would bring the dollar back into line which will help more then anything.

$4 will likely never go away – the best we can do is contain it where it is, really. I still think we need a multi-pronged attack on all this – drill, nukes, clean coal, whatever we have inside our borders and within our current delivery infrastructure. It would also have a big impact on national security. Couple all that with energy savings (hybrids, etc) and alternative fuel development and we are on our way. There is no 1 answer; there are lots of small parts that make up the whole.

[SteveR]

why was off shore drilling banned in the first place?

dolphins get caught in the nets

[BonzoHansen]

dolphins get caught in the nets

BBQ dolphin rules....

[ins0mnia24]

All this oil price crap reminds me of the California Enron scandal where they were causing power outages by purposely shutting off power in order to justify the need for rate increases

[Knipps]

Hind sight is 20/20

[alamantia]

http://biz.yahoo.com/cnnm/080708/070808_oil.html

[Tsar]

http://biz.yahoo.com/cnnm/080708/070808_oil.html

Gas by my house went up by .01 cent yesterday :lol: Regular still hasn't broken the 4 dollar mark, I'm waiting for the magic moment so the rest of the people can also pay 4+ per gallon, I know I'm nice. :lol:

[slugger27nj]

http://biz.yahoo.com/cnnm/080708/070808_oil.html
That'll last for about a 1/2 day or so 'til they come up with some other bogus excuse. I'm actually surprised they didn't go up because the first hurricane of the season formed.

[Tsar]

That'll last for about a 1/2 day or so 'til they come up with some other bogus excuse. I'm actually surprised they didn't go up because the first hurricane of the season formed.
Just wait 'til the hurricane gets closer. Patience my friend, patience.

[BigAls87Z28]

Supply is not a problem, they just say it is.
We cannot refine it fast enough, but demand has only increased 3-4% world wide.
Dollar is down, speculation is up.

See what happend today when the dollar rose a bit? Oil went down over 5 dollars a barrell And yesterday went down 4..
If the dollar rose back to where it was a few years ago, 100 dollar a barrel oil would be a thing of the past. Then cut the balls off teh speculators, and we could see 60 dollars a barrell a day after.

[Tru2Chevy]

There were a few places around here the dropped a few cents....the local Quick Check was down to 3.93 for reg. last night :)

- Justin

[LTb1ow]

I just put some gas in my car for the first time in three monthes, only had ten bucks on me and I got a massive 2.5 gallons.... :shock:

[Tsar]

Supply is not a problem, they just say it is.
We cannot refine it fast enough, but demand has only increased 3-4% world wide.
Dollar is down, speculation is up.

See what happend today when the dollar rose a bit? Oil went down over 5 dollars a barrell And yesterday went down 4..
If the dollar rose back to where it was a few years ago, 100 dollar a barrel oil would be a thing of the past. Then cut the balls off teh speculators, and we could see 60 dollars a barrell a day after.

Welcome to post 19. Is there an echo in here or something?

[BigAls87Z28]

Shut up commie.

[Tsar]

Shut up commie.
Don't be upset little man.

[Tsar]

Weird, Iran tested some missiles but the price of crude didn't go up. Whats going on? :lol:

Maybe tomorrow...

[LS1Hawk]

I filled up the other day at the Delta station on Wanaque Ave in Pompton Lakes. Reg was 3.84. Premium was 3.99.

[alamantia]

Weird, Iran tested some missiles but the price of crude didn't go up. Whats going on? :lol:

Maybe tomorrow...

http://news.yahoo.com/s/ap/20080710/ap_on_bi_ge/oil_prices