What is Digg?80 Comments
- psykiv, on 09/12/2008, -0/+47Oil dipped to $100 from $147, a 32% drop.
Wholesale gasoline is $2.75/gal for october delivery. on July 11 it was $3.40, a 20% drop.
Retail gasoline was $4.11 on July 11. Now it's $3.89 by my house. a 6% drop.
WTF IS GOING ON? This is ***** pissing me off. If gas would have followed the same 32% drop, we'd be paying $2.79 right now.
What I want to know is, why is it that some places in the continental us are paying $3.21 gallon (oklahoma city), and us here in miami, in the state that BORDERS THE GULF COAST WHERE ALL THIS OIL IS REFINED we're paying over 20% more.
Edit: that's right. our stupid state taxes gas by 52 cents a gallon, more than most other states. - dcruse, on 09/12/2008, -1/+26The Price Of Oil Drops every 4 years, for some magical reason it follow our Election Process. It dropped in 2000, and 2004 for a couple of months too. Make no Mistake regardless of Who wins in Nov, it will spike after the election.
- twister17e, on 09/12/2008, -1/+21What's pathetic is OPEC wants to cut product 520,000 barrels (small cut but still a cut) to production to jack prices up again.
http://tinyurl.com/4qphpx (link to Business Week article)
OPEC needs to die and let the market decide, there is no decide for countries to "team up" anymore. - ferrell, on 09/12/2008, -3/+17"Oil prices slide..."
or
"Oil price slides..."
Please pick one. - Ninh, on 09/11/2008, -2/+15Now let's take those analysts in for questioning who have been harping on about that "there's no speculation going on" thing ...
- chourobin, on 09/12/2008, -0/+11per LA Times, wasn't there a report sent to congress today from an investment firm showing that a 60 billion dollar infusion of cash into the oil markets caused the price hike, and that a 39 billion dollar retreat has caused this recent decline despite 2 large hurricanes (that were not there in july) and even though the supply and demand numbers don't cause these kind of movements in oil. Why are we still talking about oil drilling, this market manipulation is as iffy as Enron and the way they robbed California during its energy crisis. I am sick of hearing the republicans block efforts to regulate online oil markets, and tired of CNBC analysts completely disregarding market manipulation as a cause. They are completely wrong about this issue, and should be called out..
- normlsparky, on 09/12/2008, -3/+13this drop in prices is really convenient timing for the republicans. just in time for the elections. how much ya wanna bet it will increase dramatically right after the election?
- Zippo, on 09/12/2008, -0/+8Funny how whenever oil goes up in price, gas is quick to follow... but whenever oil goes *down* in price, it takes a while for gas to go down.
- mcd6993, on 09/12/2008, -0/+7I notice gas prices aren't falling. I hate conspiracies but something smells foul here.
- booyahbitch, on 09/12/2008, -0/+7There is a reason they call OPEC a Cartel.
- Coven, on 09/12/2008, -1/+7Call the state Attorney General and get as many people as you can to do the same. Sounds like your local gas stations are taking advantage of the storm situation and everybody fleeing northeastward to make some extra cash.
- inactive, on 09/12/2008, -2/+8oil goes down but we pay the same...*****!! Blatant price gouging and the ***** government does nothing, this country sucks(government not the people).
- superkendall, on 09/12/2008, -1/+6Yes, because when gas costs a lot people drive less. Doesn't take Einstein to figure out THAT reaction.
- bushisadumbass, on 09/12/2008, -0/+5Not in my town.
In Paducah, Ky, Gas went from $3.68 last night to $4.55 today.
And this is only a town of about 50,000 - chourobin, on 09/12/2008, -1/+5market manipulation is not unheard of. Hint *ENRON* and the way california was screwed. the former head of CFTC was in bed with Enron, and when she was fired, was put on the board of ENRON. It is no surprise they are in bed with big oil as well.
Some respectable people, like George Soros, testified to congress that market speculation caused this price hike. The recent research report delivered to congress yesterday further affirms it. - Blueshrike, on 09/12/2008, -2/+6I don't buy the "demand" causing oil to spike or dip, not the way it has. Demand due to higher and higher prices over the last few years has probably been getting lower and lower, yet the price just kept skyrocketing.
Now when the speculator price goes down, they're saying it's just now due to lower demand? As if it took $4.50 per gallon to finally cause less demand. - Landlocked, on 09/12/2008, -0/+4The Saudis are smart. They know the higher the price goes up, the more Americans will be forced to use alternative energy sources. In 20 years they might be lucky to sell 500,000 barrels a day. How they gonna pay for those gold palaces?
- FK0123, on 09/12/2008, -0/+4I find this drop in price an extreme coincidence..., not at all related to the fact that energy futures in the us (read oil) are finally about to be requre regulatory reporting.
/sarcasm. - VigRoco, on 09/12/2008, -0/+4"With demand in a free fall, oil producers decided to curb overproduction." - that's the sign we are going to be raped again.
- superkendall, on 09/12/2008, -0/+3We are still talking about drilling because we are more or less at the mercy of a lot of foreign suppliers now - OPEC is talking about cutting production so prices will go back up...
A domestic supply would give us more pricing stability instead of being on a whipsaw. We only need about ten to twenty years of a good strong domestic oil supply before renewable sources can realistically start meeting energy needs, which is why we need to start drilling NOW!!!! ANWR can get us new oil in just eighteen months, not to mention a lot of new jobs. - lmf49, on 09/12/2008, -1/+4yay!
- zacharytelschow, on 09/12/2008, -0/+3The only person gouging you is the government, who makes more off the sale of oil than oil companies. Big Oil buys the oil, ships it, refines it, distributes it, and sells it, all while meeting a laundry list of government regulations along the way, and the government makes more money off oil than the oil companies. If you want "price gouging" to stop, you're bitching about the wrong entity.
- CosmicJustice, on 09/12/2008, -2/+5There are exactly ZERO oil refineries in Florida. There is exactly ZERO barrels of oil produced in Florida.
- davewelsh79, on 09/12/2008, -0/+3The way it works is that speculators, unlike you, put their money where their mouths are. If you really think prices will drop drastically in the future then go write some out-of-the-money calls on oil. The other speculators will probably take you up on them. But if the price rises instead of falls, those people who bought your calls are going to execute them and you'll lose a lot of money.
If enough people believe something (stock XYZ is going to increase in the future) AND THEY PUT THEIR MONEY ON THE LINE by then buying the stock or options on the stock, then the stock will tend to increase.
So if enough people believe the way you do and do as I suggested then the price of oil will drop. That's speculation. - Buelldozer, on 09/12/2008, -0/+3I'm listening, and you're an idiot.
Wyoming not only produces oil but also has functional refineries. We supply petroleum products to Colorado, Wyoming, South Dakota, etc.
Colorado has oil production. Nebraska has crude oil production. South Dakota has oil production. Oklahoma has oil production.
In other words, you don't know WTF you're talking about.
Here's a list, to help you with your ignorance problem: http://en.wikipedia.org/wiki/List_of_oil-producing ... - Logicexe, on 09/12/2008, -1/+4You do remember when the price dropped every other autumn right? I hear this every time there's an election. As if the Republicans have the power to change world wide oil prices.
- wwwonka, on 09/12/2008, -1/+4"Perhaps you can earn a billion dollars and then become just like them?"
...***** that. they are soulless creatures who give ZERO back to humanity. I always smile knowing that we all die in the end....the great equalizer. - treehugger87, on 09/12/2008, -0/+3I hate agreeing with points that counter my world view that Republicans are evil, corrupt and illegally control the oil, military and media industries to the detriment of anyone who is not an insider, but Logicexe is actually right. Damn :(
Nation wide gas prices Aug-Nov since 2000
Aug Sept Oct Nov
2000 146.5 155.0 153.2 151.7
2001 142.1 152.2 131.5 117.1
2002 139.6 140.0 144.5 141.9
2003 162.0 167.9 156.4 151.2
2004 187.8 187.0 200.0 197.9
2005 248.6 290.3 271.7 225.7
2006 295.2 255.5 224.5 222.9
2007 278.6 280.3 280.3 308.0
2008 377.9 - Logicexe, on 09/12/2008, -0/+2Overall demand is still going up. Remember, oil is not just used for gasoline. If you see growth in world wide economy you're going to see growth in oil consumption.
As for gasoline prices staying the same, well, what do you want them to do about it? You're still buying gasoline aren't you? What incentive do they have to drop the price? Why should they lower their prices when they can sell them that high?
Besides, oil prices aren't *really* going down. Compare the price now to what it was last September, and the September before that. Oil prices are still rising, this is just month to month fluctuation. - pe5t1lence, on 09/12/2008, -0/+2Really demand is more level than dropping, but the rate of increase has dropped to the small numbers and negs. (There was a graph I saw somewhere...ok I can't find it, so take my comments with a grain of salt. )
- MrFurious2k, on 09/12/2008, -0/+2Interestingly enough, it looks like Saudi Arabia may have defanged OPEC. They walked out of the meeting where OPEC members wanted to reduce production.
http://blogs.moneycentral.msn.com/topstocks/archiv ... - hawkeye17, on 09/13/2008, -1/+3The oil barons in this country and the sheiks overseas know who butters their bread...Republicans. THAT is why the prices are dropping this much so close to the election. It's naive not to think it possible if not likely.
- Tasach, on 09/12/2008, -1/+3The speculation was that the world economy would keep growing and we would not enter into a global recession in spite of the global credit meltdown that is occurring. The speculation was wrong.
- CosmicJustice, on 09/12/2008, -1/+3"Speculators" are buying the oil not just sitting around making predictions. Let's say I think that after hurricane Ike the supply of gasoline will be limited and demand will go up. Then I'll buy gasoline contracts for future delivery at a higher price than they were selling for yesterday. Say $3.50 a gallon, and I'm betting that I'll be able to sell it for $4.00 next month when it's delivered. That's what speculation is. It's also what home builders do. Ever heard of a "spec" house? That's a house built not because there's already a buyer but because the builder is speculating that buyers will come if he develops a certain area. Without speculators production of nearly everything we need would have to lag behind demand and we would have constant shortages of all consumer goods. This is what happens in communist systems where there is no free market to provide a pre-built inventory of consumer goods. In free markets companies are free to speculate. A good example is Apple when they "speculate" that people will buy a new iPod and they manufacture millions of them based on the speculation that the marketplace will pay for them. Speculators are the grease that lubricates the gears of production by providing manufacturing capital. If you own stocks or stock mutual funds then YOU are a speculator.
- treehugger87, on 09/12/2008, -0/+2Sorry. Source: http://tonto.eia.doe.gov/dnav/pet/hist/mg_rt_usm.h ...
- Midtowner, on 09/12/2008, -0/+2The folks at the retail are making profit. If you want to help them lower their prices, be careful where you buy gas. Until the drop in wholesale price, retailers have been getting hosed.
- reyalp, on 09/12/2008, -1/+3we make AND refine oil in oklahoma, pyskiv.
next time: more investigation, less tantrum. - badtiki, on 09/12/2008, -0/+2Oil hit $100 yesterday, it is now back up to $102
http://www.bloomberg.com/energy/ - psykiv, on 09/12/2008, -1/+3You're not listening. My main grief is why are the flyover states (iowa, oklahoma, south dakota, etc ), which produce zero barrels of oil also, paying almost a dollar less per gallon than us. Not to mention the fact that we actually BORDER the gulf, so I mean transporting oil like 200 miles should be cheaper than transporting it 800 miles across 4 different states.
Not to mention we also probably require more oil. What makes more sense: drive 800 miles to deliver 100,000 gallons of gas, or 200 to deliver 1,000,000? Which one should have a higher per gallon cost? - rowlodge, on 09/12/2008, -0/+2it was $39 dollars a barrel around 2 years ago and $2.29 a gallon, anybody remember? this is still extremely high and it needs to be a lot lower.
- Cybermaul, on 09/12/2008, -0/+1Start impeaching bad presidents, and I'm sure we will.
- zacharytelschow, on 09/12/2008, -1/+2This drop in price is actually very inconvenient for the Republicans, as "Drill Here, Drill Now" ideas were spreading and strong while gas prices were high, favoring Republicans. Any drop will lead to no action as well as diminish a strong Republican advantage.
- StGhurka, on 09/12/2008, -0/+1Oklahoma is oil central. The price for oil on the new york mercantile exchange is settled on Cushing, Oklahoma as the delivery point. The state is dotted with oil wells.
South Dakota is no slouch in oil production, either. Dunno about Iowa. - zacharytelschow, on 09/12/2008, -1/+2This drop in price is actually very inconvenient for the Republicans, as "Drill Here, Drill Now" ideas were spreading and strong while gas prices were high, favoring Republicans. Any drop will lead to no action as well as diminish a strong Republican advantage.
Nice conspiracy theory though. If you really believe that, why don't you put your money where your mouth is and buy some oil futures? Wait, going into winter with prices sliding that's a really stupid idea? But I thought Republicans and Big Oil would drive prices back up after the election? Argh, I'm so confused. - ravenmathew17, on 09/12/2008, -0/+1How can this problem of increasing demand and the oil prices be solved........?????
- inactive, on 09/12/2008, -0/+1In Missouri we haven't raised the gas tax in 15 years. I don't even remember it touching four dollars ever this summer. Along with South Carolina, we have some of the cheapest gas. Especially St. Louis, where it is situated geographically helps it too.
- Midtowner, on 09/12/2008, -0/+1Oklahoma doesn't have oil production??? Are you a moron?
Colorado currently is sitting on more oil reserves (shale oil) than you'll find in the entire Middle East.
Wyoming and SD are big producers as well. - Stevethegreat, on 09/12/2008, -0/+1It's also remarkable how the dollar followed this trend. From 1.6 dollars per Euro, now it's about 1.4 dollars per Euro, that's a 15% rise in the worth of dollar in just a couple of months, remarkable performance for any given currency of such stature.
It also shows how closely linked the American currency is with oil, no need to explain further why US makes so big of a hassle for oil rich territories (Georgia, Iraq, Iran, etc), if US loses the indirect control of the oildfields around the world, its economy goes under, in fact dramatically so... - N00F, on 09/12/2008, -4/+5WTF is going on you say? The Oil companies got you over a barrel (pun). THere's no need for them to drop their prices at the pump, you will pay what they charge. What are you going to do about it, not buy gasoline? Yea, right. How about talking to your MP or senator? They're already bought and paid for.
Get used to it. It's the price of living in a country where you don't have to fear for your life every moment and you've got at least one meal a day. I'm not saying I like it, I'm in the same ***** as you all. But there's little we can do about it now. Perhaps you can earn a billion dollars and then become just like them? -
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