Biggest oil price drop in 17 years

Well, honestly, if people quit making unnecessary trips and such, you will see the cost plummet more. As long as people continue to go to the gas pump everyday and pump gas at outrageous cost it will continue.

Much like Bill O' Reilly has said, "hit em where it hurts." Everything is about supply and demand. As long as people continue to demand gas at 4-5 dollars a gallon, they will continue to sell it at that price. However, I guarantee you, if sales and demand go down, so will the price.

well i'll tell you what, price per barrel may have gone down, but i saw a six cent increase from two days ago to today....so somethin stinks there....

reply to post by optimus primal


well remember that small gas stations pay top dollar for the gas they got in their tanks now,so they will keep selling at the higher prices until is gone.

But when the gas prices goes up they change the prices fast to make more from the gas they bought at lower prices.

They are just scamming us as usual.

reply to post by optimus primal


so, tell me, just how long do you think it takes to run out of the old stock that was already paid for, and at the terminals or in trucks or holding in storage tanks waiting for distribution?

reply to post by toasted


Have no clue but I can tell you this much, we will no be getting anything cheaper for a while right now.

I guess like everybody else small gas stations are waiting to see if it holds long enough.

But I fear that we may not see a drop on the gas prices very significant or not more and a few pennies here and there.

reply to post by marg6043



well, altho I defended them, you are right.

but I'm afraid a class action lawsuit [ to drop prices at the pump to match the increases, like greased lightning ] would not even make it to court.

The high cost of fuel is due to factors that transpired many years ago. We think oil costs are driven by supply and demand but that is not so. We are paying for oil that Enron people put away a long time ago. They stole your money and just now you are noticing.

reply to post by toasted


well i'll tell you what, i've brought up that very point in family debates before. charging the same price for oil bought at lower prices as that bought at higher prices is rediculous in my opinion, and as far as i can see is only meant to rape the buyer. if i opened a metal shop and did the same thing with copper i wouldn't have very many customers after a month of that...funny how that works isn't it?

i work close to lots of theme parks... one thing i always think about:

even if 1000 people each day decided to ride a bike instead of drive to work, that wouldn't even offset the gas used by EMPTY BUSES going from stop to stop to pick up theme park visitors in a single city.

Let's extrapolate that to all of the empty semi-hauls driving around, empty buses, etc. I have a FIRM belief that typical american driver is .01% of the problem, and industry is 90% of the problem. It's amazing how the finger always gets pointed at the little guy, as if WE are the ones deciding we should only get 20 miles to the gallon. I'm sure if it was up to us, we would all be driving around in emission free cars (or at least those of us who aren't total assholes).

If it dropped down so much, why do I have to pay $4.10 a gallon where I live (I'm living in MO/AR right now)?
Gas prices have been around $3.75-$3.85 for about the past month, now with this sudden jump and the oil prices going down, it just doesn't make any sense.
Instead of bombing iraq/iran, why don't we bomb the oil companies? I mean seriously, it's like they have some sorta power over us by F-ing with the gas prices. Screw the oil companies, I'm going to convert my truck to hydrogen fuel sell.

-Jimmy

The price of oil has dropped 7% per barrel in the last two days and where's our 28 cent drop at the pumps?

It not coming people.

Oil can drop to $60.00/barrel and the the price will remain at/or above $4.00 indefinately.

Why?

Because we'll pay for it that's why. Fret and fume: yes. Go without gas: no.

Everything I've been reading keeps saying that the price has lowered on a barrel of oil "for August delivery". That says to me that that I would not see the price of gas drop until the oil that has been delivered in August has been refined and sent to a filling station. Therefore, I think everyone is wanting the price to drop a little to fast. Your gas wasn't in an OPEC nation yesterday.

Taking another look at the charts, the Aug. light crude looks very weak but sept. doesn't look that weak. Also I think that the Aug. contracts expire in July and the traders are going into the Sept. contracts.

The NYH RBOB gasoline looks weaker than oil, in both months.

You can bet that if the oil mkts look like they are going to fall very far, Chavez and the Iran president will start talking war or cutting off production. If anyone is making a windfall profit its those two.

Roper

[edit on 16-7-2008 by Roper]

To me this just proves the price is artifical to the extreme.

The economies suffered drastically due to financial collapse, so they push oil down to counter it.

Oil cant steadily rise for a year, then drop that much over night..

I think the OIL barrons have been working in cahoots with the US government.

Reaping as much money from oil to fund whatever is on the horizon.

When things get bad, they relax a bit, let some oil go for cheaper..

In my mind, this isnt good!

Some get it.

The only opportunity we have here is to carefully notate the sources of the news, the talking heads, and the 'repercussions' that can be measured in the market. I suspect we will soon discover this drop is being 'marketed' the same way the 'war on terror' was.

Or am I being too cynical? Feel free to flame.

The value of the dollar has also improved over the last couple of days.
So me, being a non-economist, I ask. What exactly has changed?

reply to post by spacedoubt


Here is what I see and if someone see it different, so be it, I won't argue the point.

The British Pound couldn't break resistance set back in March and it fell off today.

The Euro is the same but the high was back in April. I wouldn't say the both the Euro and the Pound have been trading sideways for the last several weeks but kinda' have been.

The strength of these two currencies are what is making the dollar weak. All of the major currencies are trading against each other.

Go here and look. futures.tradingcharts.com...

Roper

I don't get why everyone is so exited. Oil prices aren't to do with speculation. It's demand and supply. It's going up again very soon. And will continue to do so. Peak oil people....

at this rate, the CPI (consumer-price-index)
which has energy price as a factor... should show us that the cost of living is going down, or at least thats how the government accounts will Spin it.

so this 10-15% resetting of energy price shold translate into a far less
cost-of-living-allowence COLA for the year
(when it could well be only a week long dip in oil price)


theres many a manipulation scheme being played out for many reasons...

I hate replying anonymously, but I'm on a different computer and don't have my login.

Anyhow, gas prices here dropped overnight about $.06/litre (ontario canada), so that was a nice little surprise. Not sure if it has anything to do with the price of oil dropping, or just one of the many drops so they can raise it even higher come next week.

On a crazy note, I went to fill my truck yesterday at a full serve station I frequent, and told the attendant "40 regular please". He started my pump and walked away to chat with a buddy on the other side of the pumps. I got out of my truck to check one of my back tires that had been making an odd sound and wasn't paying attention myself to the pump (it is full serve and it's not my job to pay attention anyhow).

I waited for the attendant to come into the booth so I could pay, and he said "that'll be $112.58". I almost pooped my pants and told him I had said $40. He said "Ohhhh I thought you said fill it" We argued for 20 minutes...him demanding the money, me telling him he'd better get a hose and syphon the gas back out because I only had $40. I was in tears by now and called my husband at work. He talked to him for about 10 minutes and then the attendant took my $40 and told me to get out of the gas station!! I was pissed because I think what happened was he wasn't paying attention whilst chatting with his friend, and just let the pump go and tried to blame me. I was sitting there with 2 $20 bills in my hand, so why on earth would I say fill it!!!

Even though I was embarassed, upset and totally frustrated, I did get $72 worth of free gas...so i guess the day wasn't a total write-off

Michelle129