Gas prices could go down to 2 dollars by thanksgiving...but something doesnt seem right

Ox, I don't know where you live , so I can't commit on why you gasoline has gone up.

Where I live , we have the highest price gas in the state and ours dropped a dime two days ago. I was told that down state it was 1.96. Ours 2.29.

I know I can't change your mind on the reason oil prices are falling but it's just the market. One of the reasons markets fall are high prices. One of the reasons for markets to rise are low prices.

The past six days the mkt has been trading sideways, consolidating if you will. The Mkt is over sold big time and must correct, it is starting this today.

If there is no news to encourage the bulls this mkt will keep going down.

Roper

Hey Roper...

Did you read the article I placed with my last post?
It's not just me who believes it.. it's starting to be the American population
.. And I live in Southern Ohio.. Cincinnati Region.. and my local gas has been floating around $2.19.. usually climbing by mid week into the high 20's..

Ahh swing states

Originally posted by Ox
Hey Roper...

Did you read the article I placed with my last post?
It's not just me who believes it.. it's starting to be the American population
.. And I live in Southern Ohio.. Cincinnati Region.. and my local gas has been floating around $2.19.. usually climbing by mid week into the high 20's..

Ahh swing states

Weird that yours is going up ... is it one station or all of them. I would still love to pay $2.25 for gas. We're paying $2.60 and it just came down to that ... of course here in California the state charges .32/gal in taxes. We topped out at $3.20 for a sev weeks and have been over $3 for the last 6 months ... so the 2.60 is a nice relief.

I think the gas companies finally realized they can pretty much change the price to whatever and we'll continue to consume it. My consumption didn't change a bit based on the prices and the hybrid cars would still take 5-6 years just to break even on the gas savings. They should just be honest and say we moved up the price because we can and supply hasn't gone down, deal with it. When they make record breaking profits it's all too apparent it wasn't due to their increased costs or losses.

Ox, a very large percent of the American people do not understand the commodity markets, so of course they think that the President/Republican/government is responsible for the falling fuel prices. The timing couldn't be more perfect.

Supply and demand!

Roper

I'm a bit disappointed gas prices haven't dropped this week since they dropped below $2 a gallon here at most stations. Last weekend I noticed one station was selling gas at $1.98 a gallon while others were selling at $1.99 and one or two at $2.01 or so. Sounds like price gouging doesn't it? It would be just a few years ago. I'm in South Carolina in case anyone is wondering.

I did see an online survey that people responded to by saying a majority thought the Republicans had something to do with gas prices dropping in an attempt to try to gain more votes. Not surprising, the survey results indicated that Democrats were a lot more likely to believe Republicans were manipulating the gas prices.

It's the same here.. Gas dropped to $1.98 over the weekened.. Monday hit... boom $2.19 a gallon..
It is price gouging.. Gas stations are not allowed to sell gas cheaper than what they bought it for.. Which is dumb... Its theirs... they bought it.. they should be able to do what they like.. that's like saying.. you can buy a house but you cant turn the lights on.. yeah ok.. But getting back the price gouging.. they could probably sell gas at $1.60 a gallon and still profit from it.. yet they arent, theyre screwing everyone over..

I know here in Southern Ohio, there are grocery stores with attached gas stations... The stores are Kroger Stores... Kroger offers a "Kroger plus card" where you scan it and it discounts certain items.. including 10 cents a gallon on gas.. BUT!.. if you have the Kroger credit card it discounts it 15 cents a gallon.. So, that's ATLEAST a 15 cent per gallon increase on the gas.. which means.. they are upping the price on it ATLEAST 30 cents a gallon to make any sort of profit, even if it's a small one.. So no one can tell me that price gouging isnt going on.. And didnt the MORON we have for a President say that he wasnt going to allow price gouging? Yeah I think he did.. Ohh but that's right this is the same toad that said he wont allow mistreatment of prisoners right before he passed his CIA torture bill...

This is interesting..

I found [url=http://news.yahoo.com/s/ap/20060928/ap_on_go_ot/us_iraq_reconstruction;_ylt=At6pqelUFA5m_xERRNc6vU.yFz4D;_ylu=X3o'___'A0cDJlYmhvBHNlYwM-]this[/ur l] on yahoo news this morning..

The story proposes that Iraq's oil industry has lost $16 billion in the last two years due to "insurgent attacks"... I find it interesting... Now stay with me here for a minute.. Insurgent attacks cause the oil industry to lose money.. which would which would probably alos make them lose supply right?? Which would inflate demand right?? Which would in turn inflate gas prices?? Right?.. Possibly?... Help me out here people..

"Iraq cannot prosper without uninterrupted export of oil and the reliable delivery of electricity," Stuart W. Bowen, special inspector general for Iraq reconstruction, said in the summary released Thursday

Iraq cant prosper when it's driven into civil war either.. Can it??

In addition to the estimated $16 billion loss of potential oil export revenue between January 2004 and March 2006, Bowen said Iraq also is paying billions of dollar to import refined petroleum products it needs.

Now you tell me when did gas prices reach an all time high??

The Bush administration predicted three years ago that Iraq would finance its own reconstruction using oil revenues. Iraq, a founding member of the Organization of Petroleum Exporting Countries, has the world's third-highest proven reserves.

Wow.. theyre psychic now.. pity they couldnt predict 9/11.. Oh.. that's how they must have acquired their psychic abilities.. traumatic event.. you know..

Ok.. I made the point I was trying too.. Im going to just shut up now..

Just think how low the price of oil/ gasoline will go when Iraq gets it oil on line without disruption. Their oil added to the world market will help all of us out.

Oil moved up the last three days as it had to. This will relive the very over sold mkt. I sorta' thought it would move to 66$ then fall back. Maybe next week.

Roper

[edit on 30-9-2006 by Roper]

I'm not sure what oil moved up to? But I know that gas has risen again where I live into the high $2.20's.. Sometimes higher...And for what? No reason that I can see...

This sheds some light:

Change in Goldman Index Played Role in Gasoline Price Drop


Politics and worries about oil supplies may have caused gasoline prices to go up at the pump earlier this year, but one big investment bank quietly helped their rapid drop in recent weeks, according to some economists, traders and analysts.

Goldman Sachs, which runs the largest commodity index, the G.S.C.I., said in early August that it was reducing the index’s weighting in gasoline futures significantly. The announcement did not make big headlines, but it has reverberated through the markets in the weeks since and some other investors who had been betting that gasoline would rise followed suit on their weightings.

“They started unwinding their positions, and those other longs also rushed to the door at the same time,” said Lawrence J. Goldstein, president of the Petroleum Industry Research Foundation.

More...

Thank you Loam. Again it's market forces moving oil and gas down. Supply is not in danger.

Nov. oil(light crude) closed on Fri. at 62.91, gasoline closed at 1.5632. Now add your taxes/Gal. and profit to this and there is your /gallon price at the pump.

Also, OPEC is talking cutting back on supplies of oil.

We are still at 2.29/Gal. here. .20+cents cheaper down state.

Roper

I think every member of Opec should go and work the job of a blue collar American sometime and make their money and try to live on it.. And I fail to see how "worry" can up the price of gas.. it's BS... Period...

See! upi.com...

Roper

I'm thinking the Republican party just wants us to think they've done something good for the people for once, thinking we'll pat them on the back and vote them all back in again, which would only lead to gas prices skyrocketing again after we reinstate them (and their jobs and asses are saved). Not a chance.....I'm voting democrat, no matter what.

[edit on 30-9-2006 by mirror2U]

*double post, sorry*

[edit on 30-9-2006 by mirror2U]

Originally posted by loam
This sheds some light:

Change in Goldman Index Played Role in Gasoline Price Drop

loam
Finally, a reason I can believe in. Al this talk about the elections, Iran, Iraq, the Gulf of Mexico, Bush....well, it was just too convenient and I don't think any of those folks could have pulled it off. (And, really, how much OPEC oil does the US buy?)

FWIW, anyone can check the "average" gas prices here:
www.gaspricewatch.com...
YOu can sign on and track your local stations.

Here in SE Michigan, gas was at about $3.20when it started to head south. The lowest I say was about 5 fives ago at $2.02, it went up a bit and today is about $2.09.
The oddest thing is the wild fluctuations with a 15 mile area: the same brand can be 20-cents different.

Originally posted by DontTreadOnMe

Originally posted by loam
This sheds some light:

Change in Goldman Index Played Role in Gasoline Price Drop

loam
Finally, a reason I can believe in. Al this talk about the elections...

However, it does occur to me that all that article does is describe the mechanism behind the price drop- not the motivation or timing for Goldman's decision.

Is this just mere profit taking...or something else?

Just a thought.

yeah,

we are still only at half refining capacity in gulf coast from rita,..katrina,.....
and then,
bp cuts production by HALF in alaska,
and
the war in the other gulf gets ""4 battles/bombings per hour"" and israel joined in
and there are now far more terrorists in many more countries,,,
than we started with,,

yet mysteriously gas prices drop by almost a dollar!!!,,,,........hmmmm.....
yeah i guess it is ELECTION SEASON isnt it

there's a pattern here for investors..

before bush started, he had all his buddies invest in,,,

oil,
gold,
real estate,
now its, defence supply companies,,and MEDICARE PROVIDERS

they all knew when to get in,
and when to get OUT,

and make all the other poor suckers left with (an enron type MESS)

lower oil prices,
lower gold prices,
bottomed out real estate (people stuck with OVERPRICED houses,
and OUTRAGEOUS payments, with value plummeting everyday,,)
then there will be a sudden END of the war,
and seniors have EVEN MORE PROBLEMS, and pay MUCH MORE for their health
(usa sells gold buffalo during PEAK PRICES,, people suck them up,
and watch their values PLUMMET!!) immediately after they are sold out

his buddies make out good, his father even better,
and with the new inheritance tax law,
he will get his fathers fortune plus some, (good job son)

all while the tax paying americans ,, PAY FOR IT ALL

JUST LIKE HE DID WHEN HE WAS GOVERNOR,

borrowed money ($800,000.00)
invested in texas rangers baseball

as governor of texas, had taxpayers BUILD A NEW STADIUM,
then sold his share for a 14 MILLION DOLLAR PROFIT (taxpayers money, of course)
he got his share, now texans STILL PAY FOR IT

he is doing the same with OUR s.s. retirement fund....RIGHT NOW

JUST LIKE ENRON!!!!

www.abovetopsecret.com...
www.abovetopsecret.com...
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www.belowtopsecret.com...


i know........

lets OUTSOURCE GOVERNMENT!!!!

Big oil well. news.tradingcharts.com...

MKT sold off today. Tomorrow maybe rough day for the longs.

Roper

I'm surprised to hear gasoline went up in price in some places. It dropped to 1.949 where I live at and is a few cents cheaper at misc. gas stations. I wouldn't be surprised to see it drop another nickel by this weekend. I heard one reason oil prices are dropping is that a number of speculators got burned and are no longer betting on oil.