Oil Prices Plunge!

[Siebert Outdoors]

we are down $1.xx today.   I'm hoping it gets under 100 pb by end of next week.

[roadwarrior]

At 2:00 CDT

Down $1.53 @ $107.82

;D ;D ;D

[roadwarrior]

If oil falls below $105, prices could free fall through $100.

Currently down $2.05 @ $105.84

;D ;D ;D

[Siebert Outdoors]

Go GO GO ;D

[ptomacbass]

this means more lures because you pay less for gas

[roadwarrior]

Midday: Down $1.23 @ $105.00

;D ;D ;D

[Siebert Outdoors]

Great to hear.  Thanks RW.

[Big Tom]

Man, this is exciting.  Keep on going...

[roadwarrior]

Broke through $105!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Currently trading down @ $103.76. Contributing factors are (1) OPEC's apparent decision to leave production levels steady and (2) Hurricane Ike moving further south down the Texas coast, away from oil platforms. At this point a significant drop in prices is likely.

;D ;D ;D ;D ;D

[Siebert Outdoors]

Cant wait till it breaks 100

[Top]

better yet.. I can't wait to see a gallon of gas under $3.00.... my dang Ram LIKES gas...

[senko_77]

With the price of oil continuing to drop, why did all our area gas stations have a 10 cent spike yesterday afternoon?

I work at a gas station, and yesterday morning we dropped from 3.51 to 3.49, then at around 7 last night, we got the call to go to 3.59 as did QT which is the cheapest gas in the area.

Whats the deal?

[fishfordollars]

Several Conoco stations here had it at 3.21 yesterday.

[tyrius.]

Whats the deal?

Gas stations exist to make money and they'll keep their prices as high as they can for as long as they can.  They don't make very much on gas while the price is rising or staying steady.  So, when the price falls they try and take advantage of it and keep their prices high for as long as they can.

Also, the gas station owner paid the old (high) price for the gas that's in his tank.  He isn't going to want to sell it for less than he paid for it.

The best thing to do in times of falling gas prices is to shop around and ONLY visit the cheapest station.  This will force the other stations to drop their prices too.

[fishfordollars]

Whats the deal?

Gas stations exist to make money and they'll keep their prices as high as they can for as long as they can. They don't make very much on gas while the price is rising or staying steady. So, when the price falls they try and take advantage of it and keep their prices high for as long as they can.

Also, the gas station owner paid the old (high) price for the gas that's in his tank. He isn't going to want to sell it for less than he paid for it.

The best thing to do in times of falling gas prices is to shop around and ONLY visit the cheapest station. This will force the other stations to drop their prices too.

A lot of the cheaper gas can and will do long term damage to today's higher RPM engines. You get what you pay for applies to a lot of the cheaper prices. If you doubt it stop by several shops and check out the engines they have disassembled waiting on repair. Check out the valves and the piston rings that are coming out of the engines. Not a pretty site. And some of the v-6 mercury engines we have disaassembled lately look like they have 10,000 hours on them and the realty is they are only a couple of years old. A lot of the additives that are being refined in our gas are very detrimental, especially toward a v-6 2 stroke outboard.

[Top]

that is true... most oil bought today won't be seen on the street for some time... so the spike is probably from us getting gouged last month or however long the lead time is from the date of purchase until the time that the oil gets to us as Gas...

AL

[tyrius.]

A lot of the cheaper gas can and will do long term damage to today's higher RPM engines. You get what you pay for applies to a lot of the cheaper prices. If you doubt it stop by several shops and check out the engines they have disassembled waiting on repair. Check out the valves and the piston rings that are coming out of the engines. Not a pretty site. And some of the v-6 mercury engines we have disaassembled lately look like they have 10,000 hours on them and the realty is they are only a couple of years old. A lot of the additives that are being refined in our gas are very detrimental, especially toward a v-6 2 stroke outboard.

Over 125k miles on my 1999 Nissan Altima while all the time shopping for the cheapest gas.  Engine still runs like a dream.

Here's an article that disagrees with you.

http://abcnews.go.com/GMA/Consumer/story?id=1261790&CMP=OTC-RSSFeeds0312

[roadwarrior]

Down $4.44 @ $101.90

;D ;D ;D ;D ;D

[Siebert Outdoors]

8-)

[roadwarrior]

;D  ;D ;D  WOO-HOO!   ;D ;D ;D

Currently $101.67 with a downward bias.

If we break through $100, the next major

support level is $85.

8-)

[Siebert Outdoors]

sweet!

[roadwarrior]

The current contract (October delivery) is opening @ $101.10

;D ;D ;D ;D ;D

[Siebert Outdoors]

Are we always a month behind?

[grimlin]

Too bad the gas prices aren't dropping around here.  >

[roadwarrior]

Yes, that's how oil prices are quoted. However, there are many other options and names: spot, NYM WTI (West Texas Intermediate), Brent crude, etc.). The numbers quoted in the news are generally the current forward contract.

http://www.kommersant.com/p886938/hydrocarbon_production_and_sales/

p.s. We just broke through $101, down $1.84 @ $100.74

8-)