Oil Prices Plunge!

[roadwarrior]

At 2:00 CDT:  Down $2.42 @ $106.95

[roadwarrior]

Down $6.93 @ $99.96

;D ;D ;D ;D ;D

[Siebert Outdoors]

Sweet.

I was driving from KC to St Louis this morning.  When I left KC the gas they were selling was 3.13-3.19.  I got to St Louis the price was 3.57-3.69 for the same gas.  

I still cant figure that one out.

Sheesh.

[roadwarrior]

Currently down $8.54 @ $98.35

[brgbassmaster]

perfect timing for my fishing trip.

[Tin]

Keep going, keep going.... I want to see $75 by Christmas.

[roadwarrior]

Down $11.53 @ $95.36

8-)

[TournyFish001]

this is a non factor as long as our dollar keeps losing value-

[roadwarrior]

this is a non factor as long as our dollar keeps losing value-

Oil is dollar denominated...For other countries the relative value of

their currencies comes into to play, but for Americans, it's a dollar.

[TournyFish001]

If everything else is inflated at a higher rate than oil/gas drops- then we have a less money left over to spend on gasoline to put in our trucks/boats.  Think outside the box now  

[roadwarrior]

To the extent that energy costs effect the pricing structure for other products and services, stating that a decline in oil prices is a "non factor" suggests a lack of understanding in general economics or market dynamics. Oil prices have a direct and immediate impact on everyone.

[TournyFish001]

To the extent that energy costs effect the pricing structure for other products and services, stating that a decline in oil prices is a "non factor" suggests a lack of understanding in general economics or market dynamics. Oil prices have a direct and immediate impact on everyone.

You completely missed "my point"- and thanks for pointing out my, "lack of general economics or market dynamics"  

[Hookemdown.]

At least we can afford gas again after the stock market crashes, our house gets foreclosed, and Venezuela starts firing nukes at us. :

[roadwarrior]

Currently $94.74

[tyrius.]

this is a non factor as long as our dollar keeps losing value-

The dollar is actually higher now than it was in Oct 2007.

Also, oil prices falling IS a factor even if the dollar keeps losing value.  A smaller percentage of one's income would go to buy petroleum products leaving a larger percentage for the goods that are imported (whose dollar costs will rise as the dollar falls in value).  This is a good thing.  If the price of oil kept rising that would also be an increased cost to the US consumer resulting in a double whammy of increased costs for imported goods as well as increased petroleum costs.  With the price of oil falling and the dollar gaining value again that double whammy doesn't exist.

[roadwarrior]

$93.77

[Hookemdown.]

RW, where do you get your prices?

[roadwarrior]

CNBC, real time; Bloomberg, delayed.

The trade quotes are NYM WTI (New York Mercantile Exchange, West Texas Intermediate)

http://en.wikipedia.org/wiki/West_Texas_Intermediate

8-)

[tyrius.]

$93.77

RBOB Gas is down to 225.50

THAT needs to work its way through the system.  We're still at around 3.70.

[Siebert Outdoors]

Last weekend when I was in KC it was 3.13.  Cheapest I've seen in a long long time.

[fish-fighting-illini]

$3.30 here today  down from $3.89 just a week or so ago

[Fisher of Men]

$3.30 here today down from $3.89 just a week or so ago

It's been in the 3.70's and 3.60's since the hurricane here (rural DFW).  I noticed that it had dropped to 3.49 at Murphy USA last night.  It's probably in the 3.30's in the metroplex though.  Our county seems to gouge us even though we are in a rural area.  The claim has always been that Dallas and Tarrant county gas is supposed to be higher due to a "summertime" additive to control emissions, but their prices are usually 10-20 cents cheaper than ours.

Can anyone say $2.99 a gallon? (to think that's cheap)  :

[roadwarrior]

$92.92

[Siebert Outdoors]

I notice gas future dropped some too.  If I remember right it was 8 cents.

[Long Mike]

Gasoline is retailing in Tulsa for $3.09 this afternoon; a twenty cent drop in only thirty-six hours.  I'm pretending I'm on a submarine and the Commander is screaming "Dive, Dive, Dive!"