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Author: Subject: $2.83 for Premium, Hell Ya!
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[*] posted on 10-25-08 at 07:41 AM   «:|:»  Link to post Reply With Quote
$2.83 for Premium, Hell Ya!



Well folks, thanks to the world recession and it being the height of a presidential election season I was able to pay $2.83 per gallon for premium. This is the first time I can recall being able to fill up my car for $40 since High School/Freshman year.

I hope that everyone is out taking advantage of the low low prices whilst they still cant.


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[*] posted on 10-25-08 at 10:16 AM   «:|:»  Link to post Reply With Quote


"whilst they still can" i am pretty certain that it will remain this low for a while, this isnt just a recession, this is a depression, america's and europes economies are obviously gonna be really hurt for a long time, and asia isnt doing that well either (http://www.forbes.com/feeds/ap/2008/10/20/ap5578029.html?partner=alerts), i say its a good time to get a van, lose your house you can live in it, chicks dig it, and now you dont have to worry about high gas prices.

Romans 12:10
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[*] posted on 10-25-08 at 08:52 PM   «:|:»  Link to post Reply With Quote


I hate to say it, but I'm sure OPEC will take care of these low gas prices soon enough. All they need to do is cut production, and they will stop going down. All we can hope for is that they won't rise again. If they stabilize here, I'll be happy for sure.

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[*] posted on 10-25-08 at 10:57 PM   «:|:»  Link to post Reply With Quote


Way back when gas hit the $3.50 mark I sold my car, since I couldn't afford to keep it running...
**smiles with a sigh**
...Yeah, that's right; I'm a looser. LOL!


"What? No more cake and ice cream left? To hell with this, I'm outa here!"
http://aldentevontino.webs.com/photos/Shhhh/liferules2.jpg
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[*] posted on 10-26-08 at 06:16 AM   «:|:»  Link to post Reply With Quote


Quote:
Originally posted by danga
"whilst they still can" i am pretty certain that it will remain this low for a while, this isnt just a recession, this is a depression, america's and europes economies are obviously gonna be really hurt for a long time, and asia isnt doing that well either (http://www.forbes.com/feeds/ap/2008/10/20/ap5578029.html?partner=alerts), i say its a good time to get a van, lose your house you can live in it, chicks dig it, and now you dont have to worry about high gas prices.


DEPRESSION?!?! Weren't you the one not even a month ago who wasn't willing to say that we were already in a recession, and now its all the way to a depression?
Quote:
Originally posted by danga
Quote:
Originally posted by spank
It would be socialistic.
Because the market was already in a recession
Was your point in the first article that because a billionaire supports the "bailout", that means the plan is inherently bad/wrong? If that is the case the the arguably the greatest investor of our time Warren Buffet is also wrong...


I deleted portions of the post because as he said it was ridiculously long
1st) it wouldnt be socialist, socialism is redistribution of wealth, you can have a strong federal government without redistributing wealth
2nd) a recession means the economy isnt growing or is shrinking and our economy has been growing so we have not been in a recession (will change)
3rd) Buffet supports the bailout as seen by this article http://dealbook.blogs.nytimes.com/2008/09/24/buffett-calls-bailout-bill-the-right-thing/

EVERYONE PLEASE SITE YOUR SOURCES (make sure they are not blogs too)


From the bail out thread found HERE

I just wanted to point out what you had previously been willing to debate, also I would like to remind you how I mentioned that the figures that said we were still growing were based on the same false info that allowed banks to get into the mess we are starting to clean up! Im not disagreeing w/ you, just wanted to point out how your opinion has changed... I hope your right as I can deffinitly live w/ sub $3 a gallon gas, I would be willing to pay more though in the hopes of moving to alternative fuels. Once the election season is over I think that prices will rebound a little but in general stay far lower than they have been for years. The Chinese are NOT starving for oil anymore, they have dropped demand so much that there is actually an excess capacity for oil in the world right now... hasn't been the case since 2002/2003! Out of catastraphe comes focus and clarity (for most things) so we are finally cleaning our house so to speak.


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[*] posted on 10-26-08 at 09:00 AM   «:|:»  Link to post Reply With Quote


recession or depression....gas prices like this will spur it back up quite quickly I imagine, or at least help

cheers,
jent d-_-b
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[*] posted on 10-26-08 at 09:46 AM   «:|:»  Link to post Reply With Quote


The key difference is that in a depression the economy isn't just stalled its shrinking. Our economy is with out a doubt in the process of shrinking. When new homes are being made at a rate of 60% less compared to a year ago, the economy takes a hit in almost every sector as a direct result! Not that lower prices wouldn't help to ease economic woes, but low energy costs will only go so far. Additionally OPEC is in the process of making all member countries reduce output, which hasn't happened since the early 1990's! Gas wont go down that much in price because it is in the interest of nations that have excess reserves to maintain production while others decrease production.

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[*] posted on 12-16-08 at 04:34 PM   «:|:»  Link to post Reply With Quote


Gas has now reached sub $50 barrel trading and premium at the pump is $1.50! The "official" memo stating that the U.S. is in a recession (and has been since December 2007) has been released and fully acknowledged. OPEC cut preduction in November by 1.5 million barrels a day and they are set to meet and agree on further production cuts by tommorow. Even with the production cut in november consumption has decreased so much that there is still 55 days worth of excess petroleum floating around on the market, even if production gets another cut (and it will) it could be more than a fiscal quarter before the excess oil is worked out of the system! Cheap gas will continue and could potentially get even cheaper.

HERE is a Bloomberg article w/ some market analyst's opinions on the future value of crude.

I thought the opening warranted a little quotation.
Quote:

Dec. 16 (Bloomberg) -- Francisco Blanch, the Merrill Lynch & Co. analyst who called the $147.27 record crude-oil price almost on the nose, sent markets into a tailspin with his forecast that the next move may be back to $25 a barrel in 2009. Such relief for consumers may be short-lived once the global recession ends, he said.



$25 dollar crude sounds a bit too low but I dont think that sub $50 crude is unrealistic for the next 1/2 to 3/4 of a year though. What are everyone else's opinions on the future of crude?


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[*] posted on 12-16-08 at 05:02 PM   «:|:»  Link to post Reply With Quote


Well I don't understand why OPEC won't just keep cutting production to keep the prices up. Honestly, I'm really surprised that the prices have been allowed to fall as low as they have. I really don't think that consumption has been reduced all that much, nor do I think it will be in the near future.

I read a couple weeks ago that OPEC was meeting on the 17th of DEC, which is tomorrow to decide if they should cut production, which I'm sure they will. I would think (and I don't really know shit about the subject) that prices will stop falling very shortly. But again, I really have zero education on the topic.


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[*] posted on 12-16-08 at 08:50 PM   «:|:»  Link to post Reply With Quote


You might have a point with consumption not going down (in the u.s. anyway) but then how can the Saudi Oil Minister say that 55 days worth of consumable oil is floating on the market? The United States might not be consuming vastly smaller amounts but I would wager that China is. It is also possible that consumption is roughly the same and some OPEC members haven't actually reduced production in line w/ everyone else. Tommorow we shall see how much OPEC will say production is being cut then the market will respond. I just really hope that supply/demand actually dictate the traded value of crude and not pure speculation.

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[*] posted on 12-17-08 at 03:04 PM   «:|:»  Link to post Reply With Quote


Well, it is official. OPEC will be cutting production by 4.5 million barrels a day (that is 2.5 million on top of the previous 2 million announced in Oct.) from September's levels. The meeting not only had OPEC members but other large oil producers like Russia too. They say that if the situation in the market continues through 2009 they will reduce production by 320,000 barrels a day. Also, even with the production cut announcement the price of light sweet crude dropped $3.54 to $40.06 per barrel! Prices of crude probably wont be going for atleast the first half of 2009, let us all hope.

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[*] posted on 12-22-08 at 02:29 PM   «:|:»  Link to post Reply With Quote


The auto industry got its bridge loan causing the dollar to weaken in value and as of the end of trading today Crude Futures for Feb. dropped $2.45 to $39.91 as a result (crude is traded in dollars). There is usually a couple months of delay between the trading value of futures for a particular month and the price at the pump. With production already being cut and the value of crude dropping it seems like the price for unleaded will continue to be below $2.00 for ATLEAST the next 6 months and most likely for longer. It is interesting what can happen in as little as five days. Crude oil futures are continueing to inch their way downwards, hopefully a trend that will taper off before too long (wouldn't want americans to forget about $4.00/gallon gas).

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