$3.50 a gallon? GMAFB

[BMXTRIX]

My personal feelings on all of this is that while I am frustrated with pricing going through the roof so quickly, I have no issues with gas prices going up. Almost everything we pay for has to increase in pricing and gasoline is no exception. 15 years ago I was paying a buck a gallon to fill up my Corolla. But, when I got my Jeep a few years back it was still just over a buck a gallon. It is unrealistic to expect that complete lack of inflation on a product. So, if things settle down at around $2.00 a gallon I would not be upset at all. It is a realistic inflationatory jump and hopefully can be maintained in that range for several more years instead of going wildly up and down as it has in the past couple of years.

It is very nice to see the change from $60.00 a fill up to $40.00 a fill up for sure.

 

[Buckeyefan 1]

It's interesting, though, what that price surge has sprung. People not going out to dinner as much (losing weight ), saving more and spending less, carpoolling... We might never have seen a Honda Fit or Toyota Yaris in the US either.

 

[Sheep]

It's interesting, though, what that price surge has sprung. People not going out to dinner as much (losing weight ), saving more and spending less, carpoolling... We might never have seen a Honda Fit or Toyota Yaris in the US either.

Hey, the Yaris is a sweet car. I drive probly 20 of them a day.

SheepStar

 

[Audioholics]

Of course, according to Financial Times, now OPEC is contemplating reducing production to artificially raise prices back to where they "want" them...

http://www.ft.com/cms/s/7ef0bb92-4cc8-11db-b03c-0000779e2340.html

Nice... those dorks.

 

[Buckeyefan 1]

Of course, according to Financial Times, now OPEC is contemplating reducing production to artificially raise prices back to where they "want" them...

http://www.ft.com/cms/s/7ef0bb92-4cc8-11db-b03c-0000779e2340.html

Nice... those dorks.

And we're led to believe it's a futures market driven product - never a monopoly. Just call us fuel spending meatpuppets.

 

[mtrycrafts]

And we're led to believe it's a futures market driven product - never a monopoly. Just call us fuel spending meatpuppets.

Well, it is the commodity markets driving it. Do you think that $60 is the well head price? Or the contract price? Hardly the case.

Nothing changed in the world to lower the worry index on the commodity floor, nothing. Iraq is getting worse, in fact, same for Afghanistan. I suppose the consumers cut back on usage, production stayed the same most likely so the price had to come down, or there is an external force influencing the commodity traders to cool it for now.
Or, the supply is cut drastically?

 

[Buckeyefan 1]

Well, it is the commodity markets driving it. Do you think that $60 is the well head price? Or the contract price? Hardly the case.

Nothing changed in the world to lower the worry index on the commodity floor, nothing. Iraq is getting worse, in fact, same for Afghanistan. I suppose the consumers cut back on usage, production stayed the same most likely so the price had to come down, or there is an external force influencing the commodity traders to cool it for now.
Or, the supply is cut drastically?

I think OPEC still controls the purse strings more than you think. I'm sure Exxon is losing sleep right now over pricing.

Investors have been selling out of oil futures over the past month, after taking bets earlier in the year on expectations of hurricanes disrupting oil supplies in the Gulf of Mexico.

But with the Atlantic hurricane season finishing at the end of September, there is little prospect of a repeat of last year’s devastating storms.

Opec is not only worried about investor activity in oil markets, but also about preserving high export prices, which underpin government budgets in member countries.

Many Opec producers have embarked on big spending programmes in recent years on the back of the higher oil price.

 

[Rob Babcock]

I have mentioned this before, but in a way I'm a little bummed out to see the prices falling (about $2.30 in my neck of the woods). As prices rose I thought America was on the verge of pulling it's collective head out of it's arse and realizing our way of life is unsustainable. Say what you will about global warming being caused by fossile fuels- we know that it causes smog & acid rain, and we know the quanities are finite. We know oil has been at the root of much of the violence & warfare of the 20th & 21st centuries. If we aren't moved by logic or common sense, it looks like we can be prodded with the hot poker of financial self interest.

I really thought the "crisis", real or imagined, would lead us to redouble or efforts to improve alternate energy sources. I imagined fleets of hybrids getting 100mpg, plants popping up to crack cellulose from grass, feul cell cars 'burning' nothing but water, windwill farms, etc etc.

But now that the financial inconvenience looks to be over, the ostrich will undoubtedly stick it's head back in the sand. Until gas hits $3.50 again. Sad.

 

[Mort Corey]

Hang in there Rob. I think you'll be happy again soon as I think this might just be a pause in a longer term trend. Still really close to threee bucks here in Kalleefornia (premium grade anyway).

Hybrids seem like a dead end as far as fuel economy goes but pretty good on the pollution front. Fuel cells are still a looooong way out and wind farms face the "not in my backyard" syndrone....at least in the areas where they work well in this part of the country.

I'm still holding out for a methane converter so I can eat bean burritos and drive anywhere.

Mort

 

[Tomorrow]

And we're led to believe it's a futures market driven product - never a monopoly. Just call us fuel spending meatpuppets.

LOL, meatpuppets...there's a joke I wanna do, but I'll refrain.....

I just bopped into this thread and don't have time to read the entire thing. In other words, I haven't followed it and don't know whether the information below has been discussed. But boys and girls, it's ALL about money...and some of our industries are remembering that their s'posed to do R&D in order to seed the money tree. In that spirit, have you seen this? ---> http://www.gm.com/company/gmability/adv_tech/400_fcv/index.html

Yep, non-believers, there is yet hope for the human race. This may not be it, but we've been bailing the boat for a long time and will continue to do so..... (It's just that hydrogen makes such a loud noise when it explodes! )

 

[Buckeyefan 1]

I just passed a gas station and saw gas at $3.19 a gallon!

I checked www.columbusgasprices.com and noticed half our city is still around $2.95, and the rest $3.19. Someone told me gas delicned $.70 cents a barrel. What gives??? I haven't seen diesel prices lower than 87 octane forever.

 

[Tomorrow]

I just passed a gas station and saw gas at $3.19 a gallon!

I checked www.columbusgasprices.com and noticed half our city is still around $2.95, and the rest $3.19. Someone told me gas delicned $.70 cents a barrel. What gives??? I haven't seen diesel prices lower than 87 octane forever.

Ah, the re-awakening of the Great Gas Attack thread!

We went from $3 to $3.40 in THREE WEEKS, here. Next thing you know, we'll be paying European prices. (And THEN we can get real snooty. ) Tomorrow predicts that we'll see 4 bucks per before the end of August, no matter what the price/bbl of crude does.

This is tough on us old fixed-income dudes and dudettes. Anyone for annexing Iraq?!

 

[mtrycrafts]

Anyone for annexing Iraq?!

No, just Mexico.
Eliminates two issues.

Maybe Canada as well.

 

[Seth=L]

They have us under their thumb, the oil companies, corporations, and the government. We have all been tamed to not care enough to do anything to stop this from happening. You better bet your buttons if this was happening 30 years ago when citizen moral was stronger that we would have and could have done something. We as Americans, and just people have the ability to make decisions and make them realized, but we have grown to accept that corporations, government, and these oil companies have power over people. WE ARE LETTING THIS HAPPEN!! We are too blame. Just like those people that tried to sue McDonalds for making Americans obese, they didn't put the burgers and fries in our mouths, we did, it is our fault. We are giving them power.

 

[avaserfi]

People are trying to organize a gasout on May 15th. I cant remember when the last time it happened but gas dropped 30 cents over night. Just don't fill your car on the 15th and encourage your friends to avoid the pump the same date.

 

[dave1490]

I certainly don't like high gas prices but here in the U.S. we should consider ourselves lucky. In Europe and Asia they pay the equivalent of $5 USD + per gallon.

I found THIS report by John Stossel to be quite interesting. Scroll down to myth #7.

My 1990 Honda Civic gets 42 MPG. Even so, it used to cost $10 to fill the tank a few years ago and that would get me 460 miles but now it's nearly $30.

up here in canada it,s $1.05 a liter, and has gone up to $1.12.

 

[Buckeyefan 1]

People are trying to organize a gasout on May 15th. I cant remember when the last time it happened but gas dropped 30 cents over night. Just don't fill your car on the 15th and encourage your friends to avoid the pump the same date.

I just read that as well. I would go one step further. No one is to fill up their tanks thursday through sunday, typically when the price spikes.

People say this would only hurt the station owner, but I disagree. Sure, the station owner pays the gas company on a weekly/biweekly/monthly basis, but the oil companies somehow change gas prices on a whims notice. It used to be via fax. Now I'm sure it's all emailed. Our local Speedway just installed a LED sign, so they don't even have to go out and swap the numbers. It's instantaneous.

I wonder how many parents are going to limit driving with their teenage kids this summer b/c the kids can't afford to put fuel in the tank. In Ohio, they passed a law that new drivers (or is it teenagers?) aren't allowed out after a certain time at night, nor are they allowed more than one other passenger in the car that isn't an adult. So much for teenage car pooling.

 

[Rock&Roll Ninja]

People are trying to organize a gasout on May 15th. I cant remember when the last time it happened but gas dropped 30 cents over night. Just don't fill your car on the 15th and encourage your friends to avoid the pump the same date.

Wouldn't the stations just sell twice as much the day after?

 

[avaserfi]

All I know is that is what people are planning and I think 10-20 years ago it was a nationwide event and gas prices dropped. I did not research it that much. Probably something to do with the reactionary nature of most americans, including the buisnesses.

 

[The Dukester]

Maybe Canada as well.

Yeah, but then we would be annexing Sheep.

Down here in the sunny South, gas went up to $2.79-2.83 a gallon over the last couple of days. Gee, I've driven 550 miles this week so far I need a raise