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Thread: Gas may be headed back near $2

  1. -1
    BAMAPHIN 22's Avatar
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    Gas may be headed back near $2

    The recent drop in prices at the pump could pick up steam, driving gasoline sharply lower in coming months.

    "I'd say $2 to $2.50," said Tom Kloza, chief oil analyst at the Oil Price Information Service. "Once you get past Sept. 15, it's really a downhill game."
    Kloza said so far the average cost of a gallon of gas peaked this year at $3.036 on Aug. 10 and has come down largely thanks to diminishing hurricane fears.
    "There's just nothing happening in the tropics, and the market had priced in all sorts of calamities," he said.

    The motorist organization AAA reported a nationwide average of $2.82 Tuesday, the lowest since April 20.

    Online gasoline price survey site Gasbuddy.com shows Wednesday's national average at $2.80.

    Another analyst pointed to a 60-cent drop in wholesale and spot prices the past few weeks, noting consumers should see a similar drop in retail prices in the coming few weeks as the decline works its way through the market.

    The drop in wholesale and spot prices would translate to retail gasoline prices of around $2.50 to $2.60 a gallon, analysts said.

    "The levels that were in place were never justified to begin with," said Mark Gilman, an analyst with The Benchmark Co. "This is a bit of a return to reality."

    http://www.netscape.com/viewstory/20...yes&frame=true
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    Waterlogged

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    We're almost halfway to $2 here.
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  3. -3
    Jimmy James's Avatar
    You sit on a throne of lies!

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    We're around $2.60 here for regular.

    What makes me curious is how the price has gone down, down, down once the scrutiny on BP started. How many other oil companies were doing scumbag things to profiteer, and where are the AGs who bedevil the tobbacco companies and Microsoft on this one, trying to get to the bottom of it?




    I've got so many lawyers lined up to see me, you'd think I had tobacco leaking out of my breast implants.
    - Jimmy James
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  4. -4
    Awsi Dooger's Avatar
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    That's excellent. It will help Bush's approval ratings and GOP hopes for November, but that's secondary to how much it will benefit the average Joe. I have changed my driving habits, far fewer trips to California and Utah, and closer areas such as Laughlin, due to the obscene gas prices.

    About a month ago I predicted down to $2.50 this fall, in a thread here.

    But it's damn sure not happening in Las Vegas. A month ago we were smack on the national average but now we're 13 cents above that. Two cents down, at all the nearby stations. The lowest I can find is $2.90 and most places are in the $2.95 to $2.97 area.
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  5. -5
    Maynard the Hammer's Avatar
    you are the nail

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    Quote Originally Posted by Jimmy James
    We're around $2.60 here for regular.

    What makes me curious is how the price has gone down, down, down once the scrutiny on BP started. How many other oil companies were doing scumbag things to profiteer, and where are the AGs who bedevil the tobbacco companies and Microsoft on this one, trying to get to the bottom of it?
    none of it makes sense. we just let the experts give us the answer and we move on.
    special thanks to in flames for the avatar and sig



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  6. -6
    WeVie's Avatar
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    I guess I have never really understood what causes the price of gas to skyrocket like that other than greedy bastards filling their pockets full. Can someone enlighten me on the non cynical answer?
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  7. -7
    TheWalrus's Avatar
    1/7/14

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    Holy necrobump, Batman!



    #freespesh
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  8. -8
    Rookie

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    Quote Originally Posted by WeVie View Post
    I guess I have never really understood what causes the price of gas to skyrocket like that other than greedy bastards filling their pockets full. Can someone enlighten me on the non cynical answer?
    A large chunk of the world's oil supply is controlled by OPEC, which is a cartel that openly attempts to fix the supply of crude oil, with varying degrees of success. Their decision to ramp up or ramp down production is influenced by a bunch of different factors, but which are often political.

    However, what's important is that OPEC countries don't control all of the crude oil supply, and its share is supposedly becoming smaller and smaller. In those non-OPEC countries, like the US and Canada, OPEC price fixing is illegal. When the price is high, actors in non-OPEC countries try to drill for more oil to take advantage of those high prices. (Which kind of explains the oil industry's love hate relationship with OPEC). Ultimately, the increased production leads to greater supply, and hence lower prices. The folks that get into it at the end tend to lose a lot of money, which is what actually happened to W and is the failed business that his detractors would talk about.

    But oil is actually a relatively nonvolatile commodity. Onions of all things, that the government has actually seriously reined in speculation on, are much more volatile than crude oil.


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  9. -9
    EmperorPhin's Avatar
    Scout Team

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    Quote Originally Posted by WeVie View Post
    I guess I have never really understood what causes the price of gas to skyrocket like that other than greedy bastards filling their pockets full. Can someone enlighten me on the non cynical answer?
    Greedy bastards and taxes we pay 56 cents a gallon here in taxes
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  10. -10
    fishfanmiami's Avatar
    grip it and rip it

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    DolphinDolphinDolphin
    Here is a good discussion on this Walrus started last month

    http://www.finheaven.com/showthread....barrel-in-2015

    I'm happy it's low now but think they are going to start it back up once they taper supply. I think it will be back over $3 by next summer if not sooner but I truly hope i'm wrong.
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