OIL prices falling!!

[charlz]

Oil mostly recovered from the drop the other day, but is back down today. Don't worry though, at some point this week I need to fill up my RV and gas cans for camping/riding this weekend.... that should be as good as any other reason for oil to go up

 

[Western]

Bird, I drove into town yesterday and was wondering almost the same thing. I had stopped in ab Exxon to get gas and it was up 2 cents??? I asked the clerk why the prices are still up if crude was down, he replied " We have to use the inventory". hmm makes you wonder since they get trucks delivered almost every other day.

 

[MicroPilot]

Bird, I drove into town yesterday and was wondering almost the same thing. I had stopped in ab Exxon to get gas and it was up 2 cents??? I asked the clerk why the prices are still up if crude was down, he replied " We have to use the inventory". hmm makes you wonder since they get trucks delivered almost every other day.

Except that NOT the way it really works......When the price goes up, it goes up regardless of what the gas in the tank in the ground costs when it was delivered....when the price goes down, they use the excuse "...we have to use the inventory...".

 

[keegs]

My understanding of it is that some of the decline in demand (and price) is due to slowing emerging market growth. I'm concerned about this correlation between global growth and demand (price). It seems to me we need to consume less and find more alternatives if we want to address price volatility.

 

[Bird]

Today I saw prices for regular gas at $3.779 to $3.919 driving 15 miles from home.

I don't know anything about how they price the gas now-a-days, but I know that 50-55 years ago, we usually knew about when another "gas war" was coming, so we kept our tanks as low as possible until then. Once the gas war started, we kept our tanks as full as possible. In other words, we didn't want our prices in the station to drop while we had the higher priced gas in the tanks, and then while the gas war was going, we kept the tanks full so when prices went back up, we'd make a little extra profit. Of course our normal profit on a gallon of gas back then was 3 cents. Our rent on the property was one cent per gallon of gas.:laughing: Unlike the current situation, gasoline sales were expected to cover our overhead. Wash jobs, grease, oil changes, flat repair, and such were the profit.

 

[300UGUY]

My understanding of it is that some of the decline in demand (and price) is due to slowing emerging market growth. I'm concerned about this correlation between global growth and demand (price). It seems to me we need to consume less and find more alternatives if we want to address price volatility.

That has been talked about for 30 years. But we as a nation don't want to pay for it.

 

[paulrk]

Only for a minute. Stations are running out of Gas in PA

 

[chopped]

Here I just paid 12 cents more than I did four days ago..

 

[Kyle_in_Tex]

What happened? I'll tell you what happened, they have the top 5 oil company execs front and centered at a congressional panel. My guess is they told the accountants something like, "Y'all be sure and hold the prices up high while we are in Washington just incase they try to put some more crap on us. That way we can take prices even higher if we have to."

The price at the pump has always "rocketed up" but fall down slower than clouds coming down. Seems they never come down.

The top 5 do business in foreign countries and the taxes they pay the other governments can be deducted from their tax bills here. This is the tax law for ALL companies. They did however, still pay more in taxes than they made profits. If you raise taxes on a company (even more than they are paying now), they are forced to raise the price on their goods passing the hike onto the consumer. OK, don't take this thread political. Its not L or R, we all buy gas and there are so many factors as to why it is high. Dollar depreciation and speculators might be the biggest culprits. Forcing them to add ethanol is not a very smart thing either. Lowers mpg and raises the price of feedstock for the food industry. OK, I ran out of my .02 cents a few sentences ago.

 

[keegs]

That has been talked about for 30 years. But we as a nation don't want to pay for it.

I think thirty years ago most folks in China were riding bicycles. Now they're the biggest car market in the world.

It's not a good picture IMO.