Oil Prices Plunge!

[moby bass]

We haven't seen the bottom yet and all this even with OPEC deciding to cut production.  

[key chain bass guy]

However, according to a report on Yahoo, gas prices are spiking due to Ike.  They are prediciting that with refineries being shut down for up to a week it will drive gas prices at the pump possibly higher than the July 17 record of 4.17 per gallon on average >.

[roadwarrior]

Oil futures trade around the world 24/7, but 2:00 CDT

is considered "The Close" for domestic futures trading.

Today's close was -$2.11 @ $100.47.

;D ;D ;D ;D ;D

[RiskKid.]

With the barrell prices going down the prices at the pump at stations around me went up 10 cents today to 2.74......wonder whats up with that?

[tyrius.]

With the barrell prices going down the prices at the pump at stations around me went up 10 cents today to 2.74......wonder whats up with that?

Ike's shutting down the refineries.

[senko_77]

With the barrell prices going down the prices at the pump at stations around me went up 10 cents today to 2.74......wonder whats up with that?

2.74!!  good lord, the cheapest we have is 3.48

[Long Mike]

What Tyrius said.  I posted this on another thread, but all of the Gulf Coast refineries have shut down.  Under the best of conditions it will take them a week to come back up to their normal volume.  This begs the question of how much gasoline has been stockpiled.  My guess is, not enough.  I would expect a short term spike in gasoline prices until the storm season has passed, and then I think they would quickly fall to be more in line with oil prices.  But then, what do I know?  

[tyrius.]

With the barrell prices going down the prices at the pump at stations around me went up 10 cents today to 2.74......wonder whats up with that?

2.74!! good lord, the cheapest we have is 3.48

Don't feel so bad.  We're at 3.96.

[5bass]

This begs the question of how much gasoline has been stockpiled.

Even if someone did answer that question it would most likely be a lie.

Price gougers typically won't divulge anything that makes them look worse than they already do.

[Simp]

This begs the question of how much gasoline has been stockpiled.

Even if someone did answer that question it would most likely be a lie.

Price gougers typically won't divulge anything that makes them look worse than they already do.

Agreed but we have had a serouis run on gas here today. There are lines at every gas stations and the ones who haven't raised prices over 4$ a  gallon have HUGE lines right now. I filled up at $3.80 a gallon and they already had 80% of their gas pumps empty.

[senko_77]

5.12!!!!!!

I'm at Lake Eufaula in Alabama practicing for a tourny and I just saw $5.12 for regular!!!!  Most of the stations in Eufaula our out of regular and mid grade.  Freaking robbery

[roadwarrior]

Oil briefly dipped below $100 a barrel.

It's currently trading @ $100.64

;D ;D ;D ;D ;D

[RiskKid.]

With the barrell prices going down the prices at the pump at stations around me went up 10 cents today to 2.74......wonder whats up with that?

2.74!! good lord, the cheapest we have is 3.48

Whoops.....wishful thinking...it is 3.74 and even higher today.

[5bass]

Oil briefly dipped below $100 a barrel.

It's currently trading @ $100.64

;D ;D ;D ;D ;D

RW, you may want to change the title of this thread to "Oil Prices Plunge while Pump Prices Soar" !!

CROOKS!

[roadwarrior]

Yep!

The disconnect is irritating. There seems to be a huge build-up

of crude in transport, but disruptions in refinery have led to panic.

We have prices here up 20 cents this afternoon!

In a week or two they won't get $3!

8-)

[fish-fighting-illini]

 Ours went up instantly on the reports of the last storm. They never went down though. Then when the 2nd storm fizzled out the prices still went up.

 They are climbing again ( around $3.90 for a while now )

Amazing that they can go up fast but not down when they seem to would have excess.

Right before the storms our prices had been falling pretty fast. I think the storms are a "convenient" excuse.

 I swear if they keep this crap up someday we are going to have an uprising over it. I'm not sure who with but somebody.

[Troutfisher]

That would be awesome!  I'd love to see gas prices go below $3 a gallon.  The question is, will they?  I'll believe it when I see it.

But oil going below $100 a barrel is quite encouraging.  8-)

[avid]

The only certain way to get gasoline prices down permanently is to aggressively develop alternative energy sources.  Speculators, global politics, bad weather, etc, will not be over come by increasing the output from wells.  Reducing demand with renewable and or alternative sources will.  

Has anyone out there written their congressman to demand that they stop bowning to pressure from big oil and extend the alternative fuel tax credit? IMHO it's the only way to get us out from under the boot of the petro dictators, foreign and domestic

[moby bass]

Oil is down over $6.00 this morning to $94. and change.  Of course, that doesn't have anything to do with the price of gas right now.

[roadwarrior]

;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D ;D

$95.43 currently

[Siebert Outdoors]

WOW.  Too bad gasoline isnt dropping either.

[tyrius.]

WOW. Too bad gasoline isnt dropping either.

Gas futures are currently down 16.76 cents to 260.20.

The wholesale market is all screwed up now due to the hurricane, but prices should start coming down because there doesn't appear to be significant damage to the refineries.

[Siebert Outdoors]

WOW. Too bad gasoline isnt dropping either.

Gas futures are currently down 16.76 cents to 260.20.

The wholesale market is all screwed up now due to the hurricane, but prices should start coming down because there doesn't appear to be significant damage to the refineries.

What I dont understand is why we base our refineries close to a threat like hurricanes.  Also this wouldnt be good if the US ever came under attack.  I see it as shootin ourselves in the foot.  Infrastructure is a strong point and something like gas we shouldnt have as vulnerable.

[moby bass]

I believe a lot of refineries are located in the Gulf because that's where the oil is.  No sense moving crude a long distance which only adds cost to the oil.  But again, more refining capacity would be helpful but its not going to happen.  Look at it from the refiners standpoint.  If you are selling all you can refine, why invest billions of dollars to build new refineries (even if environmentally you could) that would only reduce the output of your current refinery.  They're not going to run 2 at 75% when they can run 1 at 100%, thus keeping supply limited and demand high and profits maxed.  Economies of scale.

[tyrius.]

What I dont understand is why we base our refineries close to a threat like hurricanes. Also this wouldnt be good if the US ever came under attack. I see it as shootin ourselves in the foot. Infrastructure is a strong point and something like gas we shouldnt have as vulnerable.

They don't want to ship it long distances to refine it.  Some of those refineries on the coast are connected to the pipelines that bring the crude in from the gulf.  No shipping required.  If they built one further inland they'd have to build a longer pipeline.