Gas Prices Heading Down

[mame]

crude dropped a bit more already, at $99 a barrel, down from ~114 in march. Silver is down, Gold is up.

edit: I should really just wait till the trading day is nearly over, it dropped to 99, it's trading at 102 atm seems to be bouncing between 101-102

edit edit: Phil Flynn, senior market analyst at PFG Best says,

We're going to see some volatility, but I do think we've hit the top -- I don't think we're going to see $115 a barrel for some time," he said, adding that once the near-term choppiness smoothes out, prices will likely hover between $80 and $104 a barrel.

 

[jeff f]

Light crude oil has gone down over 8% this month(wiping out about half of last months price increases), and much of that drop happened today in large part because of weak economic data and news of diminished demand:
There is a delayed effect as far as prices at the pump - but you'll notice a small drop. If oil prices continue to drop that simply proves everything I've been saying this whole time.

oh and,

http://money.cnn.com/data/commodities/index.html

hold on a second, this doesnt prove what you have been saying at all. just the opposite.

supply and demand arent controlling the market, world events are. if a refinery blows up and the supply is interupted, then i agree with you. but nothing has changed in the last month and these wild swings in price arent driven by S&D at all. they are driven by events.

i would love to make a wager that if obama comes out tomorrow and says we are gonna chase our own energy, the price would really dump even though a drill never breaks dirt. but we all know the chosen one wont say that so my point is moot.

 

[jeff f]

As soon as we invade Syria and Yemen the price is going to soar.

haha funny beard!

 

[mame]

hold on a second, this doesnt prove what you have been saying at all. just the opposite.

What do you mean? I've been saying prices would drop for at least a month now on these boards. I've also been arguing that it was primarily due to supply/demand and that this was not a trend towards out of control inflation. Speculation is part of the price changes but it's not really significant, the sell off was primarily triggered by the EIA report that indicated increased supply and lesser demand - this is hard evidence. Selling based on this evidence is called making an informed decision, not speculation. Now, that's not to say inflation and speculation aren't involved at all - it's just that they were not the primary factors in this recent run up.

 

[Murfy]

i'm too stupid-

why does the graph have that big spike in it? '08? what was that. leading up to the point of that event growth was steady as would be expected. it looks like we're headed into another of those "spikes".

hopefully they can get the blue petroleum figured out soon. i wonder if they could make oil from algae in sufficient quantities to make any type of difference, would it be allowed?

 

[mame]

crude closed at $97.81 today, another 2.6% drop.

The graph isn't entirely up to date, it's missing this week... The "spike" you see at the end is already headed back down a bit.

 

[jeff f]

crude closed at $97.81 today, another 2.6% drop.

The graph isn't entirely up to date, it's missing this week... The "spike" you see at the end is already headed back down a bit.

So what has changed in the last week looking at supply demand? I don't see any data supporting this. I could be wrong but I don't know.

This whole thing kind of looks like the tail wagging the dog to me. Opec being the tail and our dollar being the dog

 

[Murfy]

ahhh=

opec.

 

[Ernst]

Gas is still over $4 a gallon here.

Isn't the oil we are using now already paid for? So the prices of crude are for future gas yes?

If the news is right we can expect high prices right on through the Summer.

 

[dannyboy602]

Price of gas $5 bucks?...That's why I bought this

 

[Charlie Ventura]

Gas is going down alright. I just filled up with gas that cost $4.44 per gallon. $87.00 to fill my 21 gallon tank. Gasoline has doubled in price since Obama was elected. Two years ago I would have paid $43.50 to fill up. I would have had an extra $43.50 to take a date to the movies and dinner. So now, the movie theater and the restaurant will have to go without my business. How's that hope and change working out for the rest of you?

 

[deprave]

its supposed to be up to 7$ a gallon by next year.

 

[UncleBuck]

GHow's that hope and change working out for the rest of you?

well, considering he told the feds to back off what i do for a living, i'd have to say: much better than the build the dang fence, winky thing.

are you implying that the president has a whole lot to do with the price of gas?

 

[mame]

are you implying that the president has a whole lot to do with the price of gas?

It sure seems like he is... lol.

its supposed to be up to 7$ a gallon by next year.

No, no it is not.

 

[Tyrannabudz]

They are just playing games. If you havent noticed it is be nice to Obama season. The media is working to raise optimism in the country. Fact is we are going to hit the debt ceiling on about 5/29/2011. at which point they will raise the debt limit. This is not being talked about period. The gas price hoax is first on the recent list. And immigration is next. Don't be fooled. This is all a distraction.

 

[mame]

check it out, looks like last weeks price drop is sticking.

 

[Serapis]

This thread was created on May 6th. At that time, gas in my area was $3.89. Since then, oil has come down nearly 20% on the world market. Today, the price of gas in my area is $3.88. It has gone down $0.01 in a week. Obama doesn't control world oil markets, futures traders and commodity speculators do. Even with Obama's gas price gouging investigation and world oil dropping in price, the fuel in my area refuses to drop and match the drop in oil prices.

funny thing, when oil jumps in the markets, the gas stations are out changing their signs the same or next day. When the price of oil plummets by a fifth of it's original value, they start making excuses as to why the price is slow coming down. Now they are claiming 10% of all of our gas comes from refineries along the great Mississippi River, which is conveniently for them, flooding..... So while their prices drop for raw product, the consumer is still paying nearly $4.00 a gallon. Had the price dropped to reflect the lower demand for oil by the same margin, we would be paying $3.20 a gallon. $0.80 per gallon quickly adds up to billions in profits, when more than 200 million cars are filling up once a week.

 

[420God]

This thread was created on May 6th. At that time, gas in my area was $3.89. Since then, oil has come down nearly 20% on the world market. Today, the price of gas in my area is $3.88. It has gone down $0.01 in a week. Obama doesn't control world oil markets, futures traders and commodity speculators do. Even with Obama's gas price gouging investigation and world oil dropping in price, the fuel in my area refuses to drop and match the drop in oil prices.

funny thing, when oil jumps in the markets, the gas stations are out changing their signs the same or next day. When the price of oil plummets by a fifth of it's original value, they start making excuses as to why the price is slow coming down. Now they are claiming 10% of all of our gas comes from refineries along the great Mississippi River, which is conveniently for them, flooding..... So while their prices drop for raw product, the consumer is still paying nearly $4.00 a gallon. Had the price dropped to reflect the lower demand for oil by the same margin, we would be paying $3.20 a gallon. $0.80 per gallon quickly adds up to billions in profits, when more than 200 million cars are filling up once a week.

My wife works at a gas station and never hears the end of it.

 

[STO.oned]

Light crude oil has gone down over 8% this month(wiping out about half of last months price increases), and much of that drop happened today in large part because of weak economic data and news of diminished demand:
There is a delayed effect as far as prices at the pump - but you'll notice a small drop. If oil prices continue to drop that simply proves everything I've been saying this whole time.

oh and,

http://money.cnn.com/data/commodities/index.html

Here it comes, when will people learn the ways of these politicians. They're like sluts, just a teaser. WAIT TILL THERE ARE NO CARS TO FILL UP.

 

[Dan Kone]

Gas is going down alright. I just filled up with gas that cost $4.44 per gallon. $87.00 to fill my 21 gallon tank. Gasoline has doubled in price since Obama was elected. Two years ago I would have paid $43.50 to fill up. I would have had an extra $43.50 to take a date to the movies and dinner. So now, the movie theater and the restaurant will have to go without my business. How's that hope and change working out for the rest of you?

I'm pretty sure Obama isn't an energy futures trader and he didn't blow up the libyan oil fields nor is he in charge of OPEC.

What exactly was he supposed to do about it? He attacked Libya when for blowing up oil fields, he can't take over OPEC, and I imagine you would be hysterically screaming about socialism if he shut down the energy futures market. So what would you like him to do about it? Use his magic powers?

Oil prices are based on the world market. I'm pretty sure he didn't get elected king of the world.

You might as well be blaming Obama for the nuclear meltdown in Japan.