Gas Prices Heading Down

mame · May 5, 2011

Light crude oil has gone down over 8% this month(wiping out about half of last months price increases), and much of that drop happened today in large part because of weak economic data and news of diminished demand:

crude inventories grew by 3.4 million barrels last week, while oil demand fell by 1.256 million barrels per day, the EIA report said.

There is a delayed effect as far as prices at the pump - but you'll notice a small drop. If oil prices continue to drop that simply proves everything I've been saying this whole time.

oh and,

http://money.cnn.com/data/commodities/index.html

beardo · May 5, 2011

mame said:
Light crude oil has gone down over 8% this month(wiping out about half of last months price increases), and much of that drop happened today in large part because of weak economic data and news of diminished demand:
There is a delayed effect as far as prices at the pump - but you'll notice a small drop. If oil prices continue to drop that simply proves everything I've been saying this whole time.

oh and,

http://money.cnn.com/data/commodities/index.html

Gas prices can not and will not go down, maybe temporarily but in 5 years gas will be well over 5$ a gallon

robert 14617 · May 5, 2011

why do you have to go to the reality beardo can't we just pretend it will go back to a buck a gallon

mame · May 5, 2011

No one said it would go back to a buck a gallon.

bajafox · May 5, 2011

I'd be surprised if we see gas prices in the $3 range this summer... Good thing I sold my V8 Tundra and bought a Scion TC

robert 14617 · May 5, 2011

mame said:
No one said it would go back to a buck a gallon.

did i say anyone said it would ...why go there

Carne Seca · May 5, 2011

robert 14617 said:
did i say anyone said it would ...why go there

I think he missed the word "pretend".

robert 14617 · May 5, 2011

must use caps in the future

Ernst · May 5, 2011

mame said:
No one said it would go back to a buck a gallon.

I remember we always wanted sodas when we filled the gas tank on our way some place.
I remember the issues my Mum and Step-Dad had with a gallon of gas going from $0.47 to $0.55 in one day. They were not happy.

The decline in the value of the dollar huh?

beardo · May 5, 2011

Ernst said:
I remember we always wanted sodas when we filled the gas tank on our way some place.
I remember the issues my Mum and Step-Dad had with a gallon of gas going from $0.47 to $0.55 in one day. They were not happy.

The decline in the value of the dollar huh?

I can get at least two gallons with that same 50 cents your mom and dad were using that day

mame · May 5, 2011

robert 14617 said:
did i say anyone said it would ...why go there

my bad.

At any rate, any drop is good news.

NoDrama · May 5, 2011

I bet it does go down, followed by a big sweep up. Get ready, inflation is coming.

mame · May 5, 2011

NoDrama said:
I bet it does go down, followed by a big sweep up. Get ready, inflation is coming.

Many economists and guys like Tom Kloza, senior oil analyst at the Oil Price Information Service, are saying things like this: “My expectation is what people pay this week will be the highest they pay for 90 days.”

Doesn't look like they're headed up in the near future at least.

NoDrama · May 5, 2011

90 days? That's all you are predicting for lower gas prices? 90 days isn't very long. IMO since summer is coming they will jack the price a bit because of some unforeseen refinery shutdown, happens every fucking year. You know Standard oil (Rockefeller) made most of its money not from oil, but from refining.

bajafox · May 5, 2011

My wife wants a Prius next year, I'm hoping gas prices go down so I can convince her to get a crew cab Tacoma instead

Dan Kone · May 5, 2011

beardo said:
Gas prices can not and will not go down, maybe temporarily but in 5 years gas will be well over 5$ a gallon

Yep. And I doubt it'll take 5 years.

Dan Kone · May 5, 2011

bajafox said:
My wife wants a Prius next year, I'm hoping gas prices go down so I can convince her to get a crew cab Tacoma instead

Ford is about to release the 2011 escape plug in hybrid. Runs 30 miles on battery alone. Still gets good mileage when running on gas. Optional 4x4.

It's super sweet. I need a new car but I'm holding out for one of those.

bajafox · May 5, 2011

Yea I tried, she already drives an 08 Escape so she wants something different... If she gets a Prius then I'm gonna start looking at trucks again, lol. We only need one gas saver for every day use, no point in keeping my TC

mame · May 5, 2011

NoDrama said:
90 days? That's all you are predicting for lower gas prices? 90 days isn't very long. IMO since summer is coming they will jack the price a bit because of some unforeseen refinery shutdown, happens every fucking year. You know Standard oil (Rockefeller) made most of its money not from oil, but from refining.

Here is the EIA prediction:

EIA projects that the retail price of regular-grade motor gasoline will average $3.86 per gallon during this summer’s driving season (the period between April 1 and September 30), up from $2.76 per gallon last summer. EIA forecasts the annual average regular retail gasoline price will increase from $2.78 per gallon in 2010 to $3.70 per gallon in 2011 and to $3.80 per gallon in 2012. Current market prices of futures and options contracts for gasoline suggest a 33-percent probability that the national monthly average retail price for regular gasoline could exceed $4.00 per gallon during July 2011

and here is crude prices for the last 10 years,

beardo · May 6, 2011

As soon as we invade Syria and Yemen the price is going to soar.

Gas Prices Heading Down

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