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Gas prices take sharp nose dive

Discussion in '2005 Archive' started by Joseph_Botwinick, Oct 22, 2005.

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  1. Joseph_Botwinick

    Joseph_Botwinick <img src=/532.jpg>Banned

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    I am the source for this story. I just paid $2.38 per gallon for gas which is a sharp decrease over this time last week when the cheapest gas was probably about $2.78 per gallon. Is anybody else noticing this trend in your area, and if not, maybe you're living in the wrong place. :D


    Joseph Botwinick
     
    #1 Joseph_Botwinick, Oct 22, 2005
  2. music4Him

    music4Him New Member

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    My husband got some in town today for $2.27. [​IMG] All I can say is stock up while its cheep, just incase.
     
    #2 music4Him, Oct 22, 2005
  3. hamricba

    hamricba New Member

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    Yes. Our gas dropped from 2.89 to 2.62 to 2.49, all over the past week. This is below pre-Katrina prices. Anyone know what's up?

    I couldn't believe I caught myself thinking today, "I wonder if I'll see it drop under $2/gallon in my lifetime again?"
     
    #3 hamricba, Oct 22, 2005
  4. KenH

    KenH Well-Known Member

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    The prompt month contract for unleaded gasoline has dropped about $0.60/gallon over the past month on the NYMEX.

    As refining capacity has started being restored and as motorists have cut back some on gasoline use the price has come down.

    Also, the spread on the NYMEX between the price of oil and price of gasoline has dropped drastically over the past few weeks.

    More supply + less demand = lower price.

    Now if we can get the natural production back up in the Gulf of Mexico. The latest price on natural gas is still at $12.87/mcf. Sure would be nice to see that price back down at about $5.00/mcf before the end of 2005.

    [ October 22, 2005, 09:16 PM: Message edited by: KenH ]
     
    #4 KenH, Oct 22, 2005
  5. Ed Edwards

    Ed Edwards <img src=/Ed.gif>

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    I got some Friday morning on the way
    to work for $2.12.9
    I filled up my tank [​IMG]
     
    #5 Ed Edwards, Oct 22, 2005
  6. billwald

    billwald New Member

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    Clear evidence of price fixing by the evil oil companies. &lt;G&gt;
     
    #6 billwald, Oct 22, 2005
  7. PastorSBC1303

    PastorSBC1303 Active Member

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    What is up with the price of diesel though? It is over a $1 more here than regular unleaded.
     
    #7 PastorSBC1303, Oct 22, 2005
  8. raunhawk

    raunhawk New Member

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    I just filled up the semi yesterday. 150 gallon of diesel. $3.19/gallon.
     
    #8 raunhawk, Oct 22, 2005
  9. Joseph_Botwinick

    Joseph_Botwinick <img src=/532.jpg>Banned

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    Interestingly enough, I went 2 miles down the road in the same town, and they were still trying to gouge us at $2.69 per gallon. I wonder if they didn't recieve the memo about the Nymex or supply and demand, or what? What say you? BTW, to their credit, the cheapest gas in town is at Murphy Oil, which I believe our good friend Ken works for. What is also interesting is the fact that the place with the cheapest prices has the longest line of cars demanding it, and the places with the highest prices are virtual ghost-towns. Aren't the laws of supply and demand supposed to work the other way around according to Ken's theory?

    Joseph Botwinick
     
    #9 Joseph_Botwinick, Oct 22, 2005
  10. KenH

    KenH Well-Known Member

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    That has to do with being a wise shopper. [​IMG]
     
    #10 KenH, Oct 22, 2005
  11. KenH

    KenH Well-Known Member

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    Thank you, Joseph. We aim to please the consumer. :D
     
    #11 KenH, Oct 22, 2005
  12. KenH

    KenH Well-Known Member

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    1) Either they haven't received a new, cheaper supply like some of the other stations, won't sell at a loss, and won't come down until they do receive a new, cheaper delivery of gasoline.

    or

    2) The management of that station is just slow on the draw and isn't concerned about how much volume they sell today.

    Those would be my two guesses.

    Either way they will have to come down soon to keep having customers.
     
    #12 KenH, Oct 22, 2005
  13. Joseph_Botwinick

    Joseph_Botwinick <img src=/532.jpg>Banned

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    Here's my guess: They're still gouging us while other gas stations have finally got the clue that we, the American people are tired of making the oil fat cats richer while they exploit the suffering of others to line their pocket. In short, I think they are immoral and stupid, a deadly combination to a business. And, I hope they go out of business.

    Joseph Botwinick
     
    #13 Joseph_Botwinick, Oct 22, 2005
  14. KenH

    KenH Well-Known Member

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    Nope. You were way off base making that comment weeks ago and you're just as off base today.

    And prices have come down because of market forces of supply and demand.

    I would encourage you to read a good economics text.
     
    #14 KenH, Oct 22, 2005
  15. Joseph_Botwinick

    Joseph_Botwinick <img src=/532.jpg>Banned

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    If that were true, then shouldn't Murphy Oil be raising their prices in the next few days since their demand is way up? Let's wait and see what happens. Somehow, I doubt that will happen. ;)

    I think it has more to do with greed and exploitation.

    Joseph Botwinick
     
    #15 Joseph_Botwinick, Oct 22, 2005
  16. KenH

    KenH Well-Known Member

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    Murphy is not the only buyer of crude oil or the only seller of gasoline.
     
    #16 KenH, Oct 22, 2005
  17. KenH

    KenH Well-Known Member

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    I know you are wrong.
     
    #17 KenH, Oct 22, 2005
  18. PastorSBC1303

    PastorSBC1303 Active Member

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    Boys, Boys, Boys....can't we just all get a long....atleast while the World Series is going on.... [​IMG] [​IMG]
     
    #18 PastorSBC1303, Oct 22, 2005
  19. KenH

    KenH Well-Known Member

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    As soon as Joseph reads a basic macroeconomics textbook I am sure this will all be cleared up. :D
     
    #19 KenH, Oct 22, 2005
  20. MatthewHenry

    MatthewHenry New Member

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    If we could only figure out how to make cars run on water, our problems would be solved. :D

    MH
     
    #20 MatthewHenry, Oct 23, 2005
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