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- angelushawk, on 10/12/2007, -0/+11Its Bush...he lowered the prices. Remember when everyone complained that he raised the prices, well now we can thank him for lowering them.
Just kidding. Its a little thing called supply and demand. There is a lower demand so the supply is higher and the price goes down. - sjbdallas, on 10/12/2007, -0/+9Remember when we COMPLAINED about gas being almost 2 bucks a gallon?
Ah, the good old days. - Salgat, on 10/12/2007, -0/+9Gas finally hit $1.99! Insane!
- david76, on 10/12/2007, -0/+8This is pure supply & demand.
The North East of the United States, which experienced a couple of weeks of unseasonably warm weather, and the warmest December for decades, utilizes 4/5 of the heating oil in the United States. Thanks to the warm weather, demand was significantly lower. And that's just the U.S. Europe has been considerably warmer this year too. - mynameistim, on 10/12/2007, -0/+8since i like to be the one to complain about $6/week out of pocket...
why when there is a $5/barrel rise in crude prices, does the price at the pump go up that day, but when there is a $5/barrel drop, the price at the pump stays the same for another 2 weeks or so?
wtf? - sicc, on 10/12/2007, -5/+12Beat me to it. People think the Saudis dropped the prices in order to hurt Iran. Saudi Arabia is a Sunni country while Iran is Shia. Believe it or not, they probably hate Iran more than they hate us lol
If we leave Iraq and Iran takes control of the country, Saudi Arabia could be in for some trouble. - falstaff, on 10/12/2007, -1/+7A warm winter is a sign of global warming?
If cold winters mean nothing because weather != climate, why does a warm winter mean anything greater than just a warm winter? I don't know where to stand on the issue, but all this double-talk is really pushing me away from the doomsayers. - JimMessenger, on 10/12/2007, -3/+9"If US military intervention against Iran has been ruled out for 2007, the big question is whether Saudi Arabia is behind the latest plunge in oil prices, to wreck havoc on Iran’s budget and economy? Meanwhile, Iran is banking on strong demand for crude oil from Asia to put upward pressure on the price, and there will be plenty of jawboning from Ahmadinejad."
- FuzzyBunny, on 10/12/2007, -5/+10I get so tired of the conspiracy theories about oil prices. Oil is almost a pure supply and demand market. The cause behind the drop in oil prices has been the unusually warm winter in the eastern US. When people don't need to heat their homes, they use less energy, and therefore less oil. When demand drops and supply stays the same, prices have to drop. It's economics 101.
- spinchange, on 10/12/2007, -1/+5from FA:
"The latest plunge in crude oil, perhaps inspired by Saudi Arabia, is likely to put a squeeze on Iran’s budget surplus, which could turn into a deficit if oil prices fall towards $45 per barrel. To finance the government’s subsidies, Iran’s central bank increased the broad money supply by 36% in 2006, sending inflation soaring to 14.6% in September. Tehran cannot afford to cutback on oil production and reduce its oil income, without cutting back on subsidies and risk riots in the streets." - unicornhunter, on 10/12/2007, -1/+4Just keep it below 2 bucks this summer and all will be happy.
- slapout, on 10/12/2007, -0/+3Now wait a minute. You people complain when the price of oil goes up. And you complain when the price of oil goes down. Make up your minds.
- lysdexia, on 10/12/2007, -0/+3Indeed. Perhaps, many million years from now, the next species to rule earth will marvel at archaeological discoveries depicting how we humans became extinct because we destroyed our very living environment.
The puzzlement will descend as they try and come to terms with the lust for more, more, more that underpins our demise. They will probably conclude we had a chance, but our insanity blinded us. How else would you describe a world where some people have 2 cars, 4 tvs, perhaps a second home, more food than they could ever eat and others who will watch their children die this very minute because of the damning greed of others.
It's never too late, but God help us if we don't change our ways - quickly. - badogg, on 10/12/2007, -0/+3@PortlandRailer:
You make very good points. And you are right, mother nature will always take care of herself. Unfortunately, us humans are pretty good at figuring out how to sap every bit of resources out of the planet so not much is going to be left for the next species.
I have made my changes, I work 5 miles from my house so for the last 6 months I have been riding my bike to work instead of the nice comfy truck. Not only do I feel better about doing my part, but I physically have benefited as well. - OriginalLucid1, on 10/12/2007, -3/+6It's not funny, It's sad. What's even sadder is the politicians and journalists who willingly play on that ignorance for political gain. (I am looking at you, liberals)
- pcgeek101, on 10/12/2007, -0/+3You mean "Goldman Sachs"?
... and, source? - TubaTechno, on 10/12/2007, -1/+4"Congressional hearings on the gouging, coming right up!"
Do you not understand there has been hearings for the past 30 yrs and not one of the companies has been found guilty of price gouging. You obvious played right into the politicians hands via their talking points. They prey on ignorant people such as yourself.
Republicans don't control oil prices. President Bush doesn't control oil prices. Oil companies dont' base their prices on which party is in congress. Before, prices went down because Republican conspiracy. Then it went back up because of big oil gouging. Now its gone down again because of what? Republicans losing control? Why must you blame EVERYTHING on Republicans. Such an asshat.
Also, you are very ignorant in business as well. Looking at profit ALONE is not an indicator on if the company is doing well. It is especially not an indicator on if the company is price gouging or not. You are such an idiot. I can't tolerate your ignorance. - sjbdallas, on 10/12/2007, -2/+5Check your liberal rhetoric primer: when the winters are cold, it's still global warming that's causing the jet stream to be out of whack. See global warming causes "unusual" weather like hurricanes, tornadoes, heat in the desert, high waves in hawaii, snow storms in denver, and dust devils in kansas.
- mrgreen4242, on 10/12/2007, -0/+3It's how gas stations stay in business. They don't make very much on each gallon of gas they sell, and when prices spike they react quickly to stay ahead of losing money. When they drop they drop slowly to make a couple extra cents per gallon, recovering from the increasing price periods where they made very little or nothing on fuel sales.
I'm not a fan of the oil business, including gas stations, but we need them to stay around and that's how they do it, as far as I understand. - umdigger, on 10/12/2007, -0/+2Bring some of that warmth over here. It's -17 C in Denver right now. (~1 F)
- inactive, on 10/12/2007, -0/+2Most of the run up to ~70 was speculation driven rather than supply/demand driven. If you were watching the inventory reports there never was any real shortage in crude inventories. There were bottlenecks in refining but that shouldn't have a thing to do with LSC prices.
With a warm winter and a drop in demand there is less froth in the speculation bubble and prices plummeted. I have not watched the inventory reports for a while but I'd guess they really haven't changed all that much. Market sentiment changed. This is one of those places where shorting oil was a safe bet IF there were no major terror strikes on oil producing nations. Then all bets would be off and a short would get hammered. In fact, that could still happen and if I were still sitting on an in the money short I'd strongly consider exiting the position. - explicit420, on 10/12/2007, -0/+2"...the arrival of global warming..."
Why do people talk about global warming as if it showed up on our doorstep just yesterday? It's not like the past 100 years of humanity releasing industrial chemicals into the atmosphere didn't have anything to do with it - it was JUST THIS PAST YEAR THAT CAUSED IT ALL!!! - inactive, on 10/12/2007, -1/+3I want to know why gas is still at 2.30 a gallon here. It has been that level for several months.
- TubaTechno, on 10/12/2007, -0/+2http://tonto.eia.doe.gov/oog/info/twip/twip.asp
http://www.oilnergy.com/1combo.htm
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/05/AR2007010501756.html
http://seattletimes.nwsource.com/html/localnews/2003010494_bumper22m.html - ericksoncn, on 10/12/2007, -4/+6Its funny to me that people think specific persons or organizations can control oil prices.
- imitrust, on 10/12/2007, -3/+5I'm happy. I went short on Brent Crude. Benjamins please x infinity! (Actually, maybe not as much as that)
- griz, on 10/12/2007, -0/+2Nevermind that, I want to see the price of gasoline move this much in the next few months. I'm betting we won't.
Does anyone know where we can go to see a side by side graph of oil prices vs gasoline price averages? I'd love to see how they compare and how gas prices react to a change in oil prices.
A hike in oil prices is always an excuse to raise prices, but it seldom works the other way. At least from the way I have notices. - spoonz, on 10/12/2007, -0/+2@Fuzzy
Yes, but Conspiracy Theories 201 says start with a conclusion and then look for evidence that supports your conclusion and ignore anything that doesn't. That way you can never be wrong! - OriginalLucid1, on 10/12/2007, -2/+4Everything is caused by global warming. Or so Al Gore would have you believe.
- proxybot767, on 10/12/2007, -0/+21.83 here
- tagnarth, on 10/12/2007, -0/+2Cause and Effect:
Burning oil helps along global warming
Global Warming helps make oil cheap
More people burn oil because it's cheap
Earth gets warmer
Oil runs out
Half the worlds population under water
Some boy with a map on his back is born
btw: $1.92-99 in the Twin Cities Mn - cresswga, on 10/12/2007, -0/+2Tampa: $2.26
I certainly haven't seen low oil prices reflected at the pumps. - TubaTechno, on 10/12/2007, -0/+2Just in case you decided to digg me down because you *think* i'm full of crap. Take a look at these.
http://tonto.eia.doe.gov/oog/info/twip/twip.asp
http://www.oilnergy.com/1combo.htm
http://www.washingtonpost.com/wp-dyn/content/article/2007/01/05/AR2007010501756.html
http://seattletimes.nwsource.com/html/localnews/2003010494_bumper22m.html
Looks like its pretty accurate... - TubaTechno, on 10/12/2007, -0/+2Um....there's a lag in prices fluxes up or down. Plenty of studies to prove that. Thats general economics. Open a book.
- TubaTechno, on 10/12/2007, -0/+2Taxes.
- jcounterman, on 10/12/2007, -0/+2So I believe that global warming is out there, and we may be contributing....but all the inconsistencies just drive me nuts. Last winter was FRIGID in Ohio..this year it is warm. But the summer of 2005 had wretched hurricanes in the Gulf (blamed on Global warming), and the summer of 2006? Not a single hurricane came on shore.
We all nee more of an open mind and less of a made-up mind.
There hasn't been a season EVERY where the weather is "normal" everywhere. With the net and instant communications, its just easier to hear about it and aggregate it as "global warming" now. - geekee, on 10/12/2007, -0/+1http://www.msnbc.msn.com/id/16569896/
OPEC is cutting supply to bring the prices back up. They no longer believe in $30/barrel oil anymore, I guess. - scorchedearth, on 10/12/2007, -0/+1The oil market is not a 'free market.'
Prices are controlled by OPEC - a cartel.
Look up cartels in your economics textbooks for some enlightenment. In this case, the market does not determine the price as much as everyone would like to believe.
The prices are only as honest as the members of the cartel. In this case, it makes sense that the Saudis would want global prices to go down so Iran gets squeezed . Therefore, the Saudis may be producing above the quota in order to depress global prices and squeeze the mullahs in Iran by cutting off the cash flow.
I don't blame them quite frankly. It's probably a good idea.
Now the Saudis need a good squeeze. - jordan314, on 10/12/2007, -0/+1Sure seasons can fluctuate, but you don't think that 2006 being the warmest year EVER in the US has anything to do with global warming? Or that 2007 is expected to break that record as well?
- CedEx, on 10/12/2007, -0/+1People want low fuel prices and high stock prices... go figure...
- geekee, on 10/12/2007, -0/+1Article claims Iran and Venezuela are the two biggest OPEX cheaters in cutting supply. What a surprise.
FTA
"Ironically, the two biggest cheaters in OPEC were the two most vociferous price hawks, Iran and Venezuela. After pledging to cut its oil output by 176,000 bpd in December, Tehran left its oil output unchanged at 3.83 million bpd, while Caracas actually increased its oil output by 20,000 bpd last month, after pledging to reduce output by 138,000 bpd." - CedEx, on 10/12/2007, -0/+1http://www.gasbuddy.com/GB_Price_List.aspx
Damn... you're right!
What I don't understand is that Alberta has oil wells AND refineries and their prices are higher than Ontario's which has neither! Weird... - TubaTechno, on 10/12/2007, -0/+1I'm going to assume that you have no business education at all.
With that being said let me school you. First, looking at profits alone is not an indicator on the well being of a company. Profits are relative. It is especially not an indicator of price gouging or other illegal activities. Enough with your ignorant talking points. I'd like to see you make that point in a classroom and be laughed by the professor.
"The oil companies have levied an enormous laizze faire corporate tax on our economy, which is tanking under the load. Now the tax is being repealed, 'cause the real government is coming to ask them a few questions."
Wow. I can't imagine what kind of world you're living. Devoid of all essential knowledge and critical thinking skills. The tax is being repealed? And then you make some sort of reference to that new party that controls congress? Are you serious? Well i'll let you have your ignorant theories because there is no proof of that. Think about this: prices are based on world markets. To think that Democrats that hold a little over half of both house can dictate what Iran is going to charge for the oil they produce....you're crazy.
Go read a book or two. The maybe you can move off the short bus. - sjbdallas, on 10/12/2007, -0/+1You in Arizona? I was there over Christmas (or The Holidays for those of you easily offended) and it was more than 20cents a gallon higher than the prices in Texas and New Mexico.
- jcounterman, on 10/12/2007, -0/+1from a gas station standpoint, there tends to be a huge rush 1) when the price is expected to go up (hence no lag between a crude increase and a pump increase) and 2) when the price comes down drastically (hence the lag between a crude decrease and a pump decrease). When stations get that rush, they often run out. Its better for them to charge a bit more so they have more customers to buy twinkies and pepsis rather than to run out and have nobody to buy their profit items.
- geekee, on 10/12/2007, -0/+1http://www.eia.doe.gov/emeu/cabs/nonopec.html
OPEC members produce only 40% of the worlds oil. They do not control oil prices, although they heavily influence them. - spooksman, on 10/12/2007, -0/+1Guys
Petrol is £0.95 a LITRE here in the UK. That's about $7 a gallon I think... - dpcamp, on 10/12/2007, -1/+2I live in Southern California and have yet to see a price drop.. its still 2.59 over here...
- robgt, on 10/12/2007, -0/+1The UK is still almost 4 times the price of you guys then at current exchange rates.
We pay almost £1 per litre here.
With 3.75 litres per US gallon, thats £3.75 per US gallon - currently equating to $7.35
Which is disgraceful... - Sell, on 10/12/2007, -0/+1"Is it enough to point the finger of blame....."
Whats to blame? I don't see any problem here. Keep the prices falling! -
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