Back in June 08

coffeeman · Oct 9, 2008

I posted a thought that gas will again return to mid $2 range. It was a good discussion. Many, however, thought that's impossible. Some thought otherwise. Of course all would be happy to see lower price oil. Over the years a big boom in any industry seems to be followed by a bust. Dot com boom bust. Video game boom bust. Video rental stores, big SUV sales, boxing, and baseball; had the boom bust. Stock market and home building boom bust over and over. Therefore, I looked for a bust in oil prices.

Well, oil is in high 80s & low 90s. It's down from 140s and down enough that I believe gas should be in the $2s. Not in my neck of the woods, though. I wonder..... is there something wrong or do I imagine things?

Cheers...Coffeeman

RWEST · Oct 10, 2008

coffeeman said:
I posted a thought that gas will again return to mid $2 range. It was a good discussion. Many, however, thought that's impossible. Some thought otherwise. Of course all would be happy to see lower price oil. Over the years a big boom in any industry seems to be followed by a bust. Dot com boom bust. Video game boom bust. Video rental stores, big SUV sales, boxing, and baseball; had the boom bust. Stock market and home building boom bust over and over. Therefore, I looked for a bust in oil prices.

Well, oil is in high 80s & low 90s. It's down from 140s and down enough that I believe gas should be in the $2s. Not in my neck of the woods, though. I wonder..... is there something wrong or do I imagine things?

Cheers...Coffeeman

Your logic is reasonable, except it does not take into account the fact that BIGOIL is greedy beyond any reasonable person's ability to comprehend. If crude is in the $70's/80's/90's and they can STILL keep prices in the $3's/4's they certainly will.

Ford850 · Oct 10, 2008

I just filled up 30 minutes ago. Regular unleaded is $2.89 here.

MikePA · Oct 10, 2008

RWEST said:
If crude is in the $70's/80's/90's and they can STILL keep prices in the $3's/4's they certainly will.

I thought Big Oil was all powerful. Why can't they keep the price/gallon up near $4.00? What happened to the Great Big Oil Conspiracy?

Ford850 · Oct 10, 2008

MikePA said:
I thought Big Oil was all powerful. Why can't they keep the price/gallon up near $4.00? What happened to the Great Big Oil Conspiracy?

That only happens until the next conspiracy takes over. You know, the one about this being an election year and the President has control over gasoline prices and that's why the prices drop right before an election. That supply and demand stuff is all myth.

sw03 · Oct 10, 2008

gas will be cheaper, IF you have a job to afford it.

1 billion to one OPEC cuts output to bring back up and cause more issues.

Redbug · Oct 10, 2008

It looks like SW3 is right...OPEC is going to have a emergency meeting to lower production.

My Way News - OPEC to hold emergency meeting on oil prices

We need to develop our coal fields, etc. into oil and become more independant of OPEC. But, as good businessmen do...looking for more profit, it is in their best interest to lower production.

MikePA · Oct 10, 2008

Ford850 said:
That only happens until the next conspiracy takes over. You know, the one about this being an election year and the President has control over gasoline prices and that's why the prices drop right before an election. That supply and demand stuff is all myth.

Thanks for reminding me. That's what's great about the conspiracy believers. No matter what the situation, e.g., prices up, prices down, they always have a conspiracy theory to explain it. Conspiracies are much easier than thinking.

coffeeman · Oct 11, 2008

Redbug said:
It looks like SW3 is right...OPEC is going to have a emergency meeting to lower production.

We need to develop our coal fields, etc. into oil and become more independant of OPEC. But, as good businessmen do...looking for more profit, it is in their best interest to lower production.

Right...at first thought. Develope coal etc. is key for us. On them raising price of oil it could hurt them in long run. Shaking the cob webs from the mind, I remember something called the law of diminishing returns; or something like that. Really, though, I'm not sure if the law fits here. Anyway.... I believe raising price will increase profits untill they reach a point where sales of product is so low that no matter the price gross profits decrease. Also, I believe raising price back to 4 bucks will be good for country; in long term. That would keep us on track to develope wind and natural gas as T Boon is pushing. Heck, I heard somewhere some oil producing country is running their cars on natural gas in order that they have more oil to sell to others. As long as price is $4 or better the inventors in North America and all over the world will be working at replacing oil. When an alternative comes up, gas will be back at less than a buck and the oil nations will be happy to sell a few barrels of oil. Of course, they will be on the skids and our US congress will probably bail them out; with our tax dollars. Thus, the little guy gets ripped again.

Cheers...Coffeeman