Four Year Low For Oil

[roadwarrior]

After trading below $40 per barrel, oil finished the day closing at $40.15.

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

[firefightn15]

Prices here bumped a little the last couple of days.  Are we looking at a bit of and upward trend or do you think it's just because of the up coming holidays?

[DEISWERTH]

But they just made the biggest production cut ever. Don't you think it will go back up?

[Muddy]

I think the low for oil was last years record profits ;D

[tyrius.]

Prices here bumped a little the last couple of days. Are we looking at a bit of and upward trend or do you think it's just because of the up coming holidays?

Oil and gas prices have been pretty volatile lately.  Retail gas prices have risen a bit because it seems that owners don't want to get caught on the wrong side of that volatility.

[atx_newbie]

But they just made the biggest production cut ever. Don't you think it will go back up?

I was under the impression that at the last OPEC meeting, Saudi Arabia told everyone else to kiss it, and that Saudi Arabia was not going to limit production.

I also, though, have seen a small increase in local gas prices.  Granted it's only about .03 a gallon, which only takes it up to $1.39 at last fill up, but I did worry that the prices were about to go back up.

[tyrius.]

But they just made the biggest production cut ever. Don't you think it will go back up?

Not until demand starts picking up.  Worldwide demand dropped significantly and there is currently a significant oversupply of oil on the market.  This oversupply will take a while to work through.

Some analysts were actually suggesting that OPEC would have to cut up to 4 million barrels to enact a sustained rise in prices.

Also, OPEC has not been all that compliant in production cuts lately.  So, many people will view this as all talk with little action.  

[roadwarrior]

But they just made the biggest production cut ever. Don't you think it will go back up?

With the worldwide glut, there is talk of $25 oil. OPEC is trying to

defend a $40 floor. I don't know if they will be successful or not,

but oil will not rise dramatically in the foreseeable future.

p.s.

With my discount card from the local Schnucks grocery store, gas

is 72 cents a gallon. Otherwise, $1.37 locally.

8-)

[Fisher of Men]

But they just made the biggest production cut ever. Don't you think it will go back up?

With the worldwide glut, there is talk of $25 oil. OPEC is trying to

defend a $40 floor. I don't know if they will be successful or not,

but oil will not rise dramatically in the foreseeable future.

p.s.

With my discount card from the local Schnucks grocery store, gas

is 72 cents a gallon. Otherwise, $1.37 locally.

8-)

Dang, Kent. I haven't paid that low since high school.  Our county finally reached the same price of others nearby.  I paid $1.48 after my .03 WM discount card.

[fathom]

filled the pickup for $18.00 here today.

at first, thought there was something wrong with the pump.

[Long Mike]

Two days ago our gasoline price jumped $0.12 overnight for no apparent reason.  It's now $1.499.  I'm not complaining, though.

[roadwarrior]

Oil is opening at a new low, $37.95

;D ;D ;D

[Siebert Outdoors]

good to see if falling so low after the gouging we got.

[simplejoe]

Up here in Pa I'm still paying 1.79 a gallon. I'm not complaining about the price I can fill up for 40 bucks that better than 110.00 I was paying a few months ago

Kent, The lowest price I ever got was .89 gallon when I was 16 that was 12 years ago. I'm moving down by you  ;D

[roadwarrior]

Today's close: $36.36 after touching a low of $35.98

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

[moby bass]

So much for OPEC influence.  Normally, that production cut announcement would have sent prices skyrocketing.  I don't believe they'll hold to any limit on production. The more the price falls, the more oil they need to sell to generate the revenue they need.

[Siebert Outdoors]

1 dollar Bob!

[BrianinMD]

So much of the OPEC countries revenue comes from oil, have seen some reports of 80% of total revenue, not sure how they can cut production by that large of an amount. With prices so low, cutting production on top of that, these countries are in for some very bad times. I honestly do not see them being able to enforce any of their "agreed" upon cuts

[tyrius.]

So much of the OPEC countries revenue comes from oil, have seen some reports of 80% of total revenue, not sure how they can cut production by that large of an amount. With prices so low, cutting production on top of that, these countries are in for some very bad times. I honestly do not see them being able to enforce any of their "agreed" upon cuts

Not just OPEC will be hit hard by this.  Venezuela, Russia, Mexico, and Canada all have large oil exports.  

Venezuela will likely fall apart since Chavez will not be able to fund his social programs.  

Russia will be hit with some hard times also.  Putin's rise coincided nicely with the rise of oil prices.  I wonder how he'll do with oil prices dropping.  Russia will either get rid of him or move more towards a dictatorship (more likely in my opinion).

We're definately in some interesting times.  If the wholesale price of oil holds where it is we're really going to see some VERY low retail prices!!!     :)

[Siebert Outdoors]

What I dont understand is companies jacked up prices accordingly to the high gas prices and metals prices.  Now the bottom has fell out and no one has lowered their prices.  :-?

[fishfordollars]

OPEC, I hope you are watching. Hopefully you can drown in your excess. Evidently you don't control the market quite as much as you think.

Gas is 132.9 here today.

[moby bass]

What I dont understand is companies jacked up prices accordingly to the high gas prices and metals prices.  Now the bottom has fell out and no one has lowered their prices.  :-?

Exactly what don't you understand? :

[fishfordollars]

Two days ago our gasoline price jumped $0.12 overnight for no apparent reason. It's now $1.499. I'm not complaining, though.

Mike, it's called greed.

BTW, how are you?

[rondef]

I wonder when OPEC will have another meeting to try and shock the market since the 2.2 million barrel production cut failed to halt the slide of crude oil.

[roadwarrior]

New lows...Currently $34.52

8-) 8-) 8-)