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Thread: Price of Oil

  1. #1
    Earlier today the Saudi's s stated they would propose a 2mil barrel a day increase at the next OPEC meeting (a 1.5mil inc was expected). The price of oil is trading down @ $1 on the Chicago Mercantile Exchange and right now is below $40 for the first time in about 1 1/2 weeks. Anyhow a close below $40 would be very bearish and barring anything significant happening over the weekend should trade down again early next week. If this happens we should start seeing the price at the pump come down by late next week. :)

  2. #2
    I hope that does happen. The economy can't really handle gasoline prices going any higher.

  3. #3
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    The fact of the matter is when you factor inflation into the mix, gas prices are no more expensive in relative terms to what your parents/grandparents paid in the 1950's!

  4. #4
    [quote][i]Originally posted by Come Back to NY[/i]@May 21 2004, 02:40 PM
    [b] The fact of the matter is when you factor inflation into the mix, gas prices are no more expensive in relative terms to what your parents/grandparents paid in the 1950's! [/b][/quote]
    I'm impressed at how you deflated Moores huge head. I didn't think it was possible.

  5. #5
    [quote][i]Originally posted by Come Back to NY[/i]@May 21 2004, 02:40 PM
    [b] The fact of the matter is when you factor inflation into the mix, gas prices are no more expensive in relative terms to what your parents/grandparents paid in the 1950's! [/b][/quote]
    While that may be true sharp increases in such a short timeframe still suck. Young parents who transport their kids all over the place for sports, after school activities, movies with friends etc. which is a necessity can be devastated by something like this when on a tight budget.

    I'm not a young anything these days so I'm not an authority

  6. #6
    too many people livin the American dream with single family dwelling, the kids living at home unemployed and 5 cars in every driveway... at least that's what it seems like on long island.

    too many people using too many resouces - that's why i left - there's not enough roads for the cars that drive on em... rush hour is like all day long on the island.

    too much damn traffic, life is too short to spend your whole life behind the wheel...

  7. #7
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    [quote][i]Originally posted by chiefst2000+May 21 2004, 02:57 PM--></span><table border='0' align='center' width='95%' cellpadding='3' cellspacing='1'><tr><td>[b]QUOTE[/b] (chiefst2000 @ May 21 2004, 02:57 PM)</td></tr><tr><td id='QUOTE'> <!--QuoteBegin--Come Back to NY[/i]@May 21 2004, 02:40 PM
    [b] The fact of the matter is when you factor inflation into the mix, gas prices are no more expensive in relative terms to what your parents/grandparents paid in the 1950&#39;s&#33; [/b][/quote]
    I&#39;m impressed at how you deflated Moores huge head. I didn&#39;t think it was possible. [/b][/quote]
    As George Washington said....I cannot tell a lie....Savage69 deserves the credit&#33;

  8. #8
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    How much is a gallon of gas back east?

    Here in Cali it&#39;s 2.33. :[img]http://www.jetsinsider.com/forums/html/emoticons/mad.gif' border='0' style='vertical-align:middle' alt='mad.gif'>

  9. #9
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    [quote][i]Originally posted by NYJ310[/i]@May 21 2004, 04:20 PM
    [b] How much is a gallon of gas back east?

    Here in Cali it&#39;s 2.33. :&#60;&#33;--emo&Angry:--&#62;[img]http://www.jetsinsider.com/forums/html/emoticons/mad.gif[/img]&#60;&#33;--endemo--&#62; [/b][/quote]
    I just paid &#036;2.10

  10. #10
    so Bush&#39;s saudi terrorist friends come to his rescue.

  11. #11
    Lets also remeber on average the price of a gallon of gas includes about 40 cents in tax.

    [url=http://www.energy.ca.gov/gasoline/statistics/gas_taxes_by_state_2002.html]http://www.energy.ca.gov/gasoline/statisti...state_2002.html[/url]

    Without the tax it would be around &#036;1.70 a gallon.

  12. #12
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    [quote][i]Originally posted by PatsFanInMaine[/i]@May 21 2004, 08:22 PM
    [b] Lets also remeber on average the price of a gallon of gas includes about 40 cents in tax.

    [url=http://www.energy.ca.gov/gasoline/statistics/gas_taxes_by_state_2002.html]http://www.energy.ca.gov/gasoline/statisti...state_2002.html[/url]

    Without the tax it would be around &#036;1.70 a gallon. [/b][/quote]
    I remember when gas used to be 0.95. What happened to those days? :(

  13. #13
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    [quote][i]Originally posted by chiefst2000[/i]@May 21 2004, 01:30 PM
    [b] I hope that does happen. The economy can&#39;t really handle gasoline prices going any higher. [/b][/quote]
    Did everyone not buy gas on 5/19? :unsure:

  14. #14
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    [quote][i]Originally posted by NYJ310[/i]@May 21 2004, 07:45 PM
    [b]
    I remember when gas used to be 0.95. What happened to those days? :( [/b][/quote]
    Bush got elected. Now, his oil buddies are making windfall profits.

    Coincidence?

  15. #15
    Gas here is 2.17 a gallon. Ridiculous. I also think that the gas producers know stocks of it are dwindling so they try and lobby against funding for alternative fuel sources....because they want people to pay even more as their stocks go lower.

    ugh..its all a mess..i hear soybeans and hydrogen are two potential sources of fuel

    LL

  16. #16
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    [quote][i]Originally posted by latinlawyer[/i]@May 22 2004, 12:47 PM
    [b] Gas here is 2.17 a gallon. Ridiculous. I also think that the gas producers know stocks of it are dwindling so they try and lobby against funding for alternative fuel sources....because they want people to pay even more as their stocks go lower.

    ugh..its all a mess..i hear soybeans and hydrogen are two potential sources of fuel

    LL [/b][/quote]
    I heard a Guy on Talk radio the other Day say we have the
    Technology to make fuel out of Garbage for 8 bucks a barrel&#33;
    Talk about killing 2 birds with 1 stone&#33; ;)

  17. #17
    There is plenty of oil for the next 200 years or possibly more. The problem is extracting the oil out at a reasonable cost. Russia has a ton of oil and is making a ton of money right now because of their substantial oil reserves in Siberia. Coincidentally, they have become the biggest buyers in US Treasuries. Right now with prices at current levels it is profitable for oil to come out of Siberia. Furthermore, Russia has more oil reserves than Saudi Arabia.

    The goal for big oil is to get the corrupt dummies in Washington to open up the Pacific Shelf and Alaska for drilling and for government subsidies for drilling in those areas because it costs about &#036;50 a barrell to extract oil fromthose regions. If or when that happens oil prices will fall off the cliff and then the taxpayers will get stuck with the bill. That will be a great opportunity to cash in on public stupidity&#33;&#33;&#33;&#33;

    China is a factor with regards to global oil consumption. However, the cheap gas flowing out of Iraq should have stabilized prices. The biggest reason for the lack of stabilized oil pricing is the complete failure of the Bush/Cheney regime in having a plan for transfer of power back to the Iraqi&#39;s. If the intent was to invade and get Hussein out and to truly work out a fair and legitimate arrangement with the Iraqi people then it would have been fine. Oil prices would have been stabilized for the next ten years as was the case after the Gulf War. However, Bush/Cheney and friends will continue to profit from the instability in that region and we will be paying through the nose for the next ten years unless we fix things quickly.

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