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$2.99 a gallon! Now just $1.99 !

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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: December-30-2014 at 5:11pm
I have heard of local $1.99 but have not personally paid under $2.19. Remember all those that told us that drill baby drill would never be significant enough to lower global prices, so we should not try. The same ones that tell us we can't build our way out of congestion.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: December-30-2014 at 6:26pm
Originally posted by OverMyHead OverMyHead wrote:

Remember all those that told us that drill baby drill would never be significant enough to lower global prices, so we should not try.


Remind us who that was again?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote davidg Quote  Post ReplyReply Direct Link To This Post Posted: December-30-2014 at 6:57pm
Originally posted by OverMyHead OverMyHead wrote:

I have heard of local $1.99 but have not personally paid under $2.19. Remember all those that told us that drill baby drill would never be significant enough to lower global prices, so we should not try. The same ones that tell us we can't build our way out of congestion.


I for one wouldn't mind putting thugs like Putin, and the Iranian Ayatolla's (sp??) and other oil rich nations dictators that hate the USA out of business. I guess all those people that said we could never put a dent in oil prices because its a global commodity were wrong. Just imagine if we drilled in Anwar and built the Keystone pipeline. We might have to rename this thread "$.99 A Gallon"    
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Post Options Post Options   Thanks (0) Thanks(0)   Quote M3Fan Quote  Post ReplyReply Direct Link To This Post Posted: December-30-2014 at 7:24pm
I read somewhere that the prices were declining because OPEC purposely has not decreased supply with the intent to make the other players on the oil scene, particularly in the USA and Russia, operate at a net loss due to excess supply and low prices and eventually go out of business after which they can jack prices up.

Seemed pretty convincing Oil Crisis Explained in 3 minutes
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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: December-30-2014 at 11:17pm
Originally posted by JoeinNY JoeinNY wrote:

Originally posted by OverMyHead OverMyHead wrote:

Remember all those that told us that drill baby drill would never be significant enough to lower global prices, so we should not try.


Remind us who that was again?


OK I will play.

“You can bet that since it’s an election year, they’re already dusting off their 3-point plan for $2 gas. And I’ll save you the suspense. Step one is to drill and step two is to drill. And then step three is to keep drilling. (Laughter.) We heard the same line in 2007 when I was running for President. We hear the same thing every year. We’ve heard the same thing for 30 years.
Well, the American people aren’t stupid. They know that’s not a plan, especially since we’re already drilling. That’s a bumper sticker. It’s not a strategy to solve our energy challenge.”

Excerpt from Obama Speech 2/23/12 from whitehouse.gov

Pelosi Tweet



And CNN Money
NEW YORK (CNNMoney) -- Every time gas prices reach record highs the call goes out for more oil drilling. This year it's no different.
"The Gulf is ready to get back to work to help create jobs and lower gasoline prices," Washington Republican Doc Hastings, head of the House Natural Resources Committee and a big proponent of more drilling, said last week.
The problem is this: While increased oil and gas drilling in the United States may create good-paying jobs, reduce reliance on foreign oil and lower the trade deficit, it will have hardly any impact on gas and oil prices.
That's because the amount of extra oil that could be produced from more drilling in this country is tiny compared to what the world consumes.
Plus, any extra oil the country did produce would likely be quickly offset by a cut in OPEC production.

Originally posted by JoeinNY JoeinNY wrote:


Solution offered by Romney..
we drill more.. we have and as everyone has pointed out it hasnt done anything to help the price.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 12:17am
Ah but your talking about that drilling that we didn't do... because we re-elected tree hugger obuma that wouldnt let us drill in the arctic national wildlife refuge or build that super duper important tar sands pipeline, or give away leases to drill on national land quick enough. Instead he did crazy things like increase fuel efficiency standards, put research money into alternate energy, and employ regulators that would actually do something when speculators artificially raised the price of oil.... all while apparently not getting in the way of domestic oil production in intelligent locations (since it is at its highest level ever).

But of course 6 years into an obama driven executive branch you are giving the credit for lower oil prices to palin and romney...   

Once again there is no functioning free market setting the price of oil. The fact that OPEC sets production levels is by definition market manipulation. If Saudi Arabia wanted they could sell oil at 35 a barrel... nothing coming out of the us is profitable at that level. So when you pay to much for oil blame them - when it goes down you can thank them.

As for domestic oil production being so high... that probably is actually bushes fault, if he hadnt gotten the price of a barrel of oil so high by starting a couple wars and filling up the strategic reserve in the middle of them, nobody would have considered investing money in domestic projects that cost 50-80 dollars a barrel to produce oil when the Saudis can pump it for half that.   
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Post Options Post Options   Thanks (0) Thanks(0)   Quote SNobsessed Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 10:50am
When talking about cheap Saudi oil, don't forget the cost of our aircraft carriers keeping the those delivery tankers safe . . .
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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 11:20am
[QUOTE=JoeinNY] Ah but your talking about that drilling that we didn't do... because we re-elected tree hugger obuma /QUOTE]

No I am talking about the drilling we did despite re-electing.....you know, who you said.

I doubt our investments in wind and solar effected the price of oil, and that was a lot of our investment. I don't see electric cars or bio fuels as anything more than minimal contributors either. Global oil demand is at a record high, so its not a demand issue. Must be increased production!

IMHO the price is currently to low, a volatility issue adjusting to the new dynamics. I see the long term settling above 60 a barrel keeping at least some fracking production in the picture. IF left alone (Big IF) the industry will find a balance. In the mean time there are some very interesting Geo-political effects.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JPASS Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 12:26pm
Originally posted by M3Fan M3Fan wrote:

I read somewhere that the prices were declining because OPEC purposely has not decreased supply with the intent to make the other players on the oil scene, particularly in the USA and Russia, operate at a net loss due to excess supply and low prices and eventually go out of business after which they can jack prices up.

Seemed pretty convincing Oil Crisis Explained in 3 minutes


I read a story that stated OPEC decided not to cut back for fear that other nations will quickly fill the void they leave and OPEC fears they will lose that piece of the pie so to speak.

Regardless of the reasons, I am truly enjoying these lower prices. I'm currently saving about $100/month in fuel costs.

Article

"Opec countries led by Saudi Arabia - which pump a third of the world's crude - are concerned about the loss of market share to shale oil drillers in the US and ballooning supply outside the group. "




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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 12:39pm
Dave your economics astound me - what proof do you have that the availability of energy alternatives have not had any effect on the price of oil - that's just nonsense - it doesn't jive with the world view fox has given you so you doubt it..

And now gas prices are too low for your taste, talk about being a tough crowd..

If left alone the industry will not find a balance, if left alone this industry will create a monopoly and fix the cost of oil at wherever it feels the market will yield the most profit. That is just a historical fact - or have you never heard of standard oil, or OPEC?


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Post Options Post Options   Thanks (0) Thanks(0)   Quote JPASS Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 12:44pm
Originally posted by JoeinNY JoeinNY wrote:

Dave your economics astound me - what proof do you have that the availability of energy alternatives have not had any effect on the price of oil - that's just nonsense - it doesn't jive with the world view fox has given you so you doubt it..

And now gas prices are too low for your taste, talk about being a tough crowd..

If left alone the industry will not find a balance, if left alone this industry will create a monopoly and fix the cost of oil at wherever it feels the market will yield the most profit. That is just a historical fact - or have you never heard of standard oil, or OPEC?


Read this comment today that I believe supports your stance:

"This is a callous move by OPEC to kill the competition. They will keep prices low until they kill off frackers and deep-water drillers plus stem the movement into alternative energies. Then they will jack up the prices to make up the difference. With the other producers out of business and bankrupted they will have less competition. They did this back in the 70's when Jimmah Cahtah started investing into alternative energy- price dropped overnight 40-50% and the movement withered. I dread the return of sky-high prices."



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Post Options Post Options   Thanks (0) Thanks(0)   Quote Gary S Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 1:13pm
At this time it has nothing to do with our drilling it's all politics and religon. They can produce oil cheaper than anyone.If they wanted to they could just pump more flooding the market and put us out,but they chose to keep production the same. The reasons are the Saudis are Sunni,Iranians are Shi’a. With Iran on the verge of going nuclear they are worried about what their neighbor might do. The last time this happened it resulted in the Iranian revolution. The shah had over spent,the Saudis manipulated the oil market to keep the price lower than the Iranians needed and put them out of "business",the same thing now being done to them and Russia,last time it bought them 30 something years. On a side note my great uncle,a pilot from 1924 to 1970 when he retired from TWA with 28,000 hours was King Faisals pilot. He was in charge of training when TWA was involved with Saudi Arabian Airlines and lived in Jeddah for almost 20 years.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 3:14pm
Originally posted by JoeinNY JoeinNY wrote:

Dave your economics astound me - what proof do you have that the availability of energy alternatives have not had any effect on the price of oil - that's just nonsense - it doesn't jive with the world view fox has given you so you doubt it..

And now gas prices are too low for your taste, talk about being a tough crowd..

If left alone the industry will not find a balance, if left alone this industry will create a monopoly and fix the cost of oil at wherever it feels the market will yield the most profit. That is just a historical fact - or have you never heard of standard oil, or OPEC?




Joe, re-read my post. I did not say alternatives had no effect, I said minimal. World oil demand is up, but prices are down. Simple supply demand economics tells me there is a greater factor than alternatives in play here. Also I did not say the current price is to low for my taste. Low gas prices have done more to stimulate my middle class families economy than anything Obama has done in the last six years, all without increasing taxes, the deficit, or the size and reach of the government. Win, win, win, win! I do see the "new normal" finding a spot north of $60 a barrel though.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 4:37pm
Forecasted increase in demand is down, as the population of the world continues to grow there has always been the expectation of increase in demand until such time as the populations leveled off... new regulations and technologies have absolutely effected that forecasted demand (you would know that if you read the reports of those doing the forecasting, cause they tell you that in the report) and that is what drives the cost of oil (to the extent that the market works as all), it is not simple supply and demand but rather forecasted demand and forecasted supply that control the price of oil futures, which becomes the cost of oil.

I just think its odd you would gloat about how right you were about how wrong the current regime was about what it took to reduce gas prices... when 6 years into their regime gas prices are lower than anyone would have predicted possible.



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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 5:37pm
Originally posted by JoeinNY JoeinNY wrote:


I just think its odd you would gloat about how right you were about how wrong the current regime was about what it took to reduce gas prices... when 6 years into their regime gas prices are lower than anyone would have predicted possible.





Yup, the current regime was wrong as could be about this. Makes a guy wonder what else they are wrong as could be about??

Increase in demand decreasing is different than demand decreasing. It must be forecast supply increasing that is dropping prices.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: December-31-2014 at 5:47pm
I can see its going to be another couple years of the talk radio crowd alternating between denying reality and denying that the people running the executive branch for the last 6 years had nothing to do with it... me I'll just go fill up the pick up truck with the good stuff and look forward to my year end 401k statements

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Gary S Quote  Post ReplyReply Direct Link To This Post Posted: January-01-2015 at 8:49pm
Reuters link 7 hours old,look what I posted above on the 31st
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Post Options Post Options   Thanks (0) Thanks(0)   Quote tullfooter Quote  Post ReplyReply Direct Link To This Post Posted: January-05-2015 at 12:25am
$1.69 in Flint, MI (Cash or credit)
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JoeinNY Quote  Post ReplyReply Direct Link To This Post Posted: January-05-2015 at 12:30am
Now that's cheap!
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oldcuda Quote  Post ReplyReply Direct Link To This Post Posted: January-05-2015 at 12:46am
Just saw 1.87 in Iowa. Just payed 2.73 for diesel was making a killing on fuel surcharges for a while oh well.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fabcon Quote  Post ReplyReply Direct Link To This Post Posted: January-05-2015 at 1:32am
Just paid $1.99 in Minnesota to fill up the truck felt pretty good.
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2.11 cheapest I've actually seen in Eastern MA, there's supposed to be a station at 1.99 out in Southbridge MA west of Worcester.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote JPASS Quote  Post ReplyReply Direct Link To This Post Posted: January-05-2015 at 9:27am
$2.12 down here, and certainly not complaining.





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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: January-13-2015 at 9:33am
Originally posted by JoeinNY JoeinNY wrote:

it doesn't jive with the world view fox has given you so you doubt it..


Joe, I know you would like to think my every thought comes from FOX. Here's a link that shows I am actually 2 weeks ahead of FOX, they even use some of the same quotes this morning that I posted on December 30th.



Gas pump politics

Maybe FOX is reading CCFAN?

I paid 1.94 last fill.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote davidg Quote  Post ReplyReply Direct Link To This Post Posted: January-14-2015 at 12:49am
Filled up in Sheridan, Ind. this evening for $1.88/gal. Cost me just under $30 to fill the tank which was down to fumes. These prices are really amazing!


   
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Post Options Post Options   Thanks (0) Thanks(0)   Quote OverMyHead Quote  Post ReplyReply Direct Link To This Post Posted: January-27-2015 at 8:39pm
Paid 1.84 on Sunday. I wish I was funded to buy some oil futures about now. I expect prices will be up by boating season!
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Ok, this is what I spent over the weekend in Richmond, VA. "Loyalty points" helped a little....

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Hansel Quote  Post ReplyReply Direct Link To This Post Posted: January-28-2015 at 10:32am
Originally posted by OverMyHead OverMyHead wrote:

Paid 1.84 on Sunday. I wish I was funded to buy some oil futures about now. I expect prices will be up by boating season!


OPEC doesn't meet again until June, so I expect that these prices may continue until at least then.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote AAM196 Quote  Post ReplyReply Direct Link To This Post Posted: January-28-2015 at 4:52pm
LOL... Every time I fill up and price drops another dime a gallon (here 93 is around $2.50 gallon) I dream about pulling up to the gas dock and handing the girl a $20 for 1/2 tank of gas this summer... lol

It is funny how we now have people worrying gas is to cheap! I know in this area a lot of people invested in fracking don't like it.

Probably going to be a bit longer before we see these...

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tim D Quote  Post ReplyReply Direct Link To This Post Posted: January-28-2015 at 6:29pm
One thing people don't talk about when discussing gas prices is the difference. Wasn't that long ago the difference between 87 and 93 was 20-21 cents. 89 was 10 cent more than 87, 93 was 10 cent more than 89. Now, most places it's 40-48 cents difference between 87 and 93.
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