Oil Prices Plunge!

[jax]

I still don't understand why the US won't open its reserves. I get the whole idea of let's use their oil up first but when is enough, enough? The last report I read was that we have even larger reserves than what they have ever had. You would think that with 2 oil crises in less that 40 years it would open someone's eyes.

One of the best quotes I have ever heard was on the radio. I wish I could remember who it was. He stated that if it was between him and some rare bird you can be sure it would be him living and not the bird.

Why can't we at least get the reserves operational. Limit the output and keep the sites very tidy and clean. At least then when OPEC decides to cut production we can say, "OK. That is fine. We'll up our production to offset your reduction." Then they have no reason to cut production. At least then we would have a bargaining chip.

[simplejoe]

WoooooooooooHooooooooooo now paying  $ 2.69 a gallon  

Only thing that sucks is the boat I was going to buy for the family to use might not be for sale now :'( :'( :'(

He might keep it since the price of gas is going down.

[Grey Wolf]

WoooooooooooHooooooooooo now paying $ 2.69 a gallon

Only thing that sucks is the boat I was going to buy for the family to use might not be for sale now :'( :'( :'(

He might keep it since the price of gas is going down.

Don't worry he will be selling it later.

[roadwarrior]

Just filled up the daughter's car for $1.95 a gallon with the Schnucks discount!

8-)

[CFFF 1.5]

you suck. Oh yeah what the hell is a schnucks?

[brgbassmaster]

YES 2.59 per gallon. it seems like every time i fill up my truck they lower the price again. i cant complain about that though.

[Siebert Outdoors]

you suck. Oh yeah what the hell is a schnucks?

Grocery store chain.

[Glenn]

$2.85 in my area.  Higher than the national average (as usual), but the lowest it's been in a long, long time!  

[KU_Bassmaster.]

$2.19!!!!!!!!!!

Anybody else worried this is too good to be true?

[Tin]

$2.19!!!!!!!!!!

Anybody else worried this is too good to be true?

Yup, 2.39 here. It will be $4 or $5 again by next summer  :

[roadwarrior]

;D  ;D ;D ;D  $61.38   ;D ;D ;D ;D

[Fisher of Men]

I saw $2.01  two counties over at Murphy (that's 1.98 with a Wal-mart card).  It's still around $2.50 a gallon here in my home county. . .

GOUGERS!!  >  There are rumors of $1.90's elsewhere in the DFW area.

Keep dropping!!

[fishfordollars]

2.14 here in Houston this morning.

[Siebert Outdoors]

on the way to work today I saw from 2.39 to 2.55

[basser89]

$2.63 this morning in MD.  :-?

[Siebert Outdoors]

RW,  Do you think we have hit the bottom of the oil prices at approx 60 per bbl?

[roadwarrior]

Well, I projected a $60-$80 trading range, but we may see $50.

This is the reason (excuse) OPEC gave for cutting production

another 1.5MM barrels per day (2MM including last months cut).

A lot depends on member adherence to their quotas and more

importantly, how the worldwide economic turmoil unfolds. If the

recession is long and deep, or turns into depression, all bets are

off...Oil would certainly get cheaper, much cheaper.

p.s.

You might also note that I projected gasoline at the pump to be

$1.75 - $2.25. Although prices vary dramatically across the country,

we're there in some regions. Retail prices still need to come down!

8-)

[Siebert Outdoors]

I agree with you.  At what oil is trading gas seems real expensive around here.  Thing is every where else in the state but St Louis area is quite a bit cheaper or has been since I last checked

[roadwarrior]

The cheapest posted price in the Memphis area is $2.12, but $2.29

is more common. The Schnucks deal requires purchase at a specific,

always overpriced station. I paid $1.95 with my discount, but still,

it should have been lower.

http://www.memphisgasprices.com/Memphis/index.aspx?

8-)

[Tin]

RW what is your opinion on this?

http://www.cnbc.com/id/27398298

[roadwarrior]

WOW!

I hope he's right!

However, the $147 level was so contrived, it don't think it ever

represented "fundamentals". The hoarding facilitated through

manipulation of the futures market drove the pricing. To use

that figure in the framework of "market correction" might be

a little misleasding.

;D ;D ;D ;D

[grimlin]

Isn't cutting gas productions going to raise them prices right back up? Sounds to me like they are trying to figure out a way to get them prices back up again.

[roadwarrior]

Ya think?

Clue: OPEC is not looking out for YOU, me or us...

The stated objective is to "stabilize prices". You may have noticed

that "stability" was NOT an objective just a few months ago

when the price of oil was hitting an all-time high, everyday!

Solution:

We need an energy program, NOW!

We have the means, we need the will.

[Hookemdown.]

Good news:

Jonesboro, AR is getting a new factory that will producing wind turbines.  I guess it's a step in the right direction.

[SPEEDBEAD.]

Good news:

Jonesboro, AR is getting a new factory that will producing wind turbines. I guess it's a step in the right direction.

You ever see one of those things up close?  Very impressive in size.

They just installed six of them on top of the mountain ridge where I grew up.  Looks like they are building 2 more right now.

A lot of people see them as an eye sore on the landscape.  Do I think they are great looking?  No.   But you know what looks even worse?  My electric bill after deregulation of area companies without some form of competitive, alternative energy....

I can put up with the wind turbines, no problem.