What is Digg?197 Comments
- inactive, on 09/03/2008, -3/+53The US must to continue to reduce demand for oil regardless of where the price might eventually go. It's past time to do so and there are far too many reasons to get over the dependency! It is my fervent hope we keep weaning ourselves from it no matter the price.
While we're at it, hasn't anyone noticed the price of gas is not declining at anywhere near the same rate at which it increased when comparing per/barrel prices? Gee I wonder why not?
Don't get sucked in by somewhat lessened prices people! They're simply manipulating your expectations. - Arkons24, on 09/04/2008, -0/+30Simply a market correction. Speculators jumped the gun a bit. We'll see this go up again though.
- 1KrazyKorean, on 09/03/2008, -3/+31Not Low Enough =(
- inactive, on 09/04/2008, -5/+28Relax. It will climb again after the election.
- fulibs, on 09/04/2008, -2/+23Wow, I feel like I just walked into an asylum for retards.
- dystra, on 09/04/2008, -3/+23i just wish people would stop calling $3.20 a relief.
- bman1984, on 09/04/2008, -4/+22They always use the excuse that the price of gas is dictated by oil futures when the futures are rising. When the futures are dropping, their excuse is that the oil that is already in transport, tanks, storage, was paid for at a higher price. Its all bs.
- ColorBlind, on 09/04/2008, -0/+18OPEC has already stated they will fight for the $100 barrel mark with tight production levels. They have shot themselves in the foot here I do believe. Hopefully the world keeps pressing ahead with alternatives and we lower our dependency on foreign oil/oil all together.
- zacharytelschow, on 09/04/2008, -0/+17...or US demand has weakened as has demand around the world as gasoline and diesel subsidies have ended in some countries while supply has remained steady, leading to a gradual reduction in slightly inflated prices. Or those damn (pick least favorite party here) are able to manipulate a global commodity. Your call.
- inactive, on 09/04/2008, -4/+19Weren't the same pundits saying oil would go over $200? I have been shorting oil since may. It is now becoming very lucrative. Oil is on its way back down to $70, under $50 if there is a recession (increasingly unlikely).
- sambapati87, on 09/04/2008, -0/+15Wow -- news about oil prices going *down*! I didn't think that actually got reported. They're at a four year low, hopefully will continue to drop but who knows. I bought gas at $3.47 last night which seems very low compared to $4.10 I paid earlier this summer, though deep inside I know it still sucks balls.
- xienze, on 09/04/2008, -0/+14OK, you're a moron. Oil prices affect more than the cost of gas. Everything that's produced requires oil in some form or another. I don't care if you ride a bike every single place you go, your life WILL be negatively impacted by high oil prices.
- cybrguy, on 09/03/2008, -9/+21How low can it go? If you tell me what nations will be invaded over the next few years I may be able to make a reasonable prediction.
- zacharytelschow, on 09/04/2008, -1/+13If I drive 24,000 miles this year (likely), a gasoline price reduction of $.50/gallon saves me about $360/year, or $30/month ('08 Focos, ~33 mpg). Its nice to have a little more cash in my pocket, but I won't be celebrating in the streets unless gas really falls or cursing unless it really spikes again. As the dollar stabilizes and the US grew at 3.3% last quarter, a spike seems less likely.
- samard2002, on 09/04/2008, -16/+26Oil prices are suddenly dropping before the election? I AM SHOCKED BY THIS DEVELOPMENT AND THE TIMING DOES NOT SEEM AT ALL SUSPECT.
- stonebone4, on 09/04/2008, -4/+13Oil could go back down to $50 and they'd still charge $3.00 a gallon, because now we're all conditioned to think that $3 is "cheap."
$2.00 a gallon would be like the second coming to some people.
I, on the other hand, remember thinking it was absolutely ridiculous when it shot up to $1.20. - inactive, on 09/04/2008, -1/+10try not using plastic or eating for a day?
- curtisag, on 09/04/2008, -2/+11I'm guessing you missed the news about OPEC members recommending a cut in production if oil gets close to $100. *****...
- schnikies79, on 09/04/2008, -1/+9Oil is used for things other than personal transportation.
- yngtimmy, on 09/04/2008, -1/+9oil touches every single part of our lives, we will NEVER shake oil. Its in our products, medicines, engine (and electric motor) parts, it make medical equipment, it lubricates machines, our computers are built using oil products, not to mention it drives our economy and the entire world bases its transportation on it. We will always have to deal with oil so how about we get our own + develop new forms of transportation energy. But to think we can unhinge from oil is a pipe dream unless you want to go back to 1800s tech.
- ColonelJessup, on 09/04/2008, -4/+12Here we go again with the digg.com economic professors........................
- socket, on 09/04/2008, -6/+14Why? High gas prices have spurred research and innovation. The longer we have higher gas prices the more incentive there is to develop alternative energy. It's retarded we're extracting our energy out of the earth when there is enough hitting the surface in just a day to meet our needs for a full year.
- tizle, on 09/04/2008, -0/+8your girlfriend and you should try to think more. If the prices shoot up, people will not stop driving overnight. they still have to get to work and get their kids to school. They will cut back on other things in order to afford gas prices. That will hurt the economy even more, and when the economy is hurting, NO ONE will give ***** about the environment. They are too busy worrying about their own life. If things are so drastic, you'll just open up a floodgate for offshore drilling, which we know is bad for the environment.
As far as companies producing cars that run on other forms of energy, I think they are working on it. IF they have the technology, it will be released so that people will buy such cars. There is no reason to hold back or go slow. IN fact, the company that gets there the fastest, gets to control a lions share of the market desperate for the product.
So drastic oil price increases won't make a difference to production of cars. It will just hurt the lives of people.
Seriously, your girlfriend and you should put some thought into things, and while you're at it, use protection. The last thing the world needs is more dumbasses. - smoger, on 09/04/2008, -1/+9@sambapati87: maybe you are. when they BUY oil, they buy XXX gallons at XXX dollars. when oil prices go up, they immediately charge more for the product that *they already bought*, based on the price of their *next shipment*.
when the price goes down, they keep prices high, stating that they need to maintain profit on what was already purchased.
it's impossible for both situations to be true... - nalen33, on 09/04/2008, -0/+7Xienze, I doubt that you'll be able to convince him or anyone else who really believes that Bush and his cronies are in control of the oil markets. Simple market economics cannot be applied when the *I Hate Bush and Subsequently All Republicans* glasses are on.
- thebaron2, on 09/04/2008, -0/+7Do you eat food? If so then high gas prices are going to hurt you.
If you buy anything from a brick and mortar store then gas prices will affect you significantly. - antonio97b, on 09/04/2008, -4/+10All the oil will be used. Make no doubt. Better to do it quickly then to drag it out, right?
- czeman, on 09/04/2008, -0/+6Oil can go as low as it wants and it won't matter a bit. It will SLOOOOOOOOOOOOOOOOOOOOOOOOWLY affect the actual price at the pump. Gas prices seem to drop ever so slowly when the price of oil drops, but shoot up like a rocket when the price of oil goes up.
- yojiffyskippy, on 09/04/2008, -0/+6They're all out to get you! If it weren't for the tin-foil hat you're wearing, they would have already got you! Keep up your perseverance and keep fighting the good fight tin-foil general.
- pintomp3, on 09/04/2008, -2/+8what happened to the $20/barrel oil rupert murdoch said would result from the iraq war?
- vr1000, on 09/04/2008, -0/+6I think its actually scary. Although I am glad that some speculators are losing their shirts, the free fall in oil prices is most likely due to decreased economic activity world-wide.
- xienze, on 09/04/2008, -2/+8The price of oil is not determined by Republicans, contrary to what you may believe. Oil is traded on an open market.
- biogears, on 09/04/2008, -0/+6Reminds me of how reporting of the homeless went away after Clinton was elected.
- MikeFallopian, on 09/04/2008, -0/+6No, the technology to run cars off water is definitely not there.
- mchinsky, on 09/04/2008, -0/+5Oh, yea, great for america that we want the price of energy high. All the alternatives only make sense when gas is $5 or greater per gallon.
But why is that good for america unless you just buy into al gore's crap about global warming.
Newsflash, if you want to pay $6/gallon, pay $350, and give me the other $2.50... - inactive, on 09/04/2008, -0/+5Screw you. I need a truck for work.
- Nicklogan, on 09/04/2008, -5/+10maybe we can get back to under $30 a barrel which was what it was pre-9/11. (wishful thinking).
- yojiffyskippy, on 09/04/2008, -1/+6Dropping prices isn't good drama for the MSM. They prefer to peddle the doom and gloom stories.
- Amadeus2490, on 09/04/2008, -0/+5Post the sources of these experts, otherwise it's just hearsay; a.k.a "***** I heard on the internet".
- nalen33, on 09/04/2008, -0/+5Your statistical analysis and facts have no place here sir! Quick, someone post a Huffpo article refuting this!
- MrFurious2k, on 09/04/2008, -1/+6I could go for $30 per barrel. Though, I'd like nothing more than to tell OPEC to go take a hike because we've got our own energy (whether we're self sufficient on oil or some alternative energy).
- xienze, on 09/04/2008, -0/+5That looks like quite an authoritative, non-biased source you've got there. Oil is dropping in price because speculation pushed the price of oil into ridiculous territories. The assumption was that Americans would never cut oil usage, no matter what the price. That turned out to be wrong, and with recessions rippling across the globe, there's just been no way to justify even the current price based on demand.
- yojiffyskippy, on 09/04/2008, -1/+6Why stop there, lets go back to the Carter era.
- jj101, on 09/04/2008, -0/+5Dragging it out will at least give a little more time to bring renewable sources up to speed. But you are almost certainly right. We'll burn it all.
- mpobri, on 09/04/2008, -0/+4This article even infers the disparity between oil price drops and gasoline -- "Still, even though crude prices have slipped more than 25% since hitting a record high in mid-July and the average price of a gallon of gasoline has fallen more than 10%"
While I know oil isn't the only aspect of the cost of gasoline (refining, distribution, taxes), profit is, by my estimate, 15% higher during these periods of crude oil declines. Drives me nuts that the instant crude goes up, gas goes up, but it takes months for gas prices to decline. - inactive, on 09/04/2008, -0/+4so it gets out more energy than it takes to "combust" the water, right HAHAHAA lol
- paradox4190, on 09/04/2008, -1/+5So is your foil hat made from recycled aluminum?
- thebaron2, on 09/04/2008, -0/+4So no matter what happens you can blame your political adversary, huh? That's convenient.
It's going low - the republicans just want to win the election!
It's going high - the republicans want us to feel the pain!
Falsifiability - look into it.
http://en.wikipedia.org/wiki/Falsifiability - WoollyMittens, on 09/04/2008, -0/+4However low the price of oil goes, the fuel prices will only go down a disproportionately small amount.
- inactive, on 09/04/2008, -3/+7There will be blood
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