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Featured Oil prices tumble again after Goldman slashes outlook

Discussion in 'News & Current Events' started by Crabtownboy, Oct 27, 2014.

  1. Crabtownboy

    Crabtownboy Well-Known Member
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    This is going to hit Putin and Russia's economy very hard.

     
  2. InTheLight

    InTheLight Well-Known Member
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    When oil was $85-$87 a barrel, gas prices in the Twin Cities went down to $2.89 a gallon. Now that oil is under $80 a barrel gas prices have gone up to $3.29 a gallon. Kind of a mystery.
     
  3. Crabtownboy

    Crabtownboy Well-Known Member
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    Did taxes per gallon go up or is it oil companies going for higher profits, or both?
     
  4. Revmitchell

    Revmitchell Well-Known Member
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    Gas is 2.76 here.
     
  5. InTheLight

    InTheLight Well-Known Member
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    I'm sure it is the oil companies going for higher profits, probably by shutting down production at refineries for "maintenance" or to switch over to winter blended gasoline. This creates an artificial shortage of refined gasoline so prices will rise.
     
  6. InTheLight

    InTheLight Well-Known Member
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    Nice.

    Can't believe I'm actually saying $2.76 a gallon gas is a nice price, but given recent history, say, the Obama administration, it is a nice price.
     
  7. Revmitchell

    Revmitchell Well-Known Member
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    There is actually a gas and oil boom going on right now. No thanks to Obama but it is all going on, on private lands. This area is benefiting greatly from it. (not that it changes local gas prices) If you can't find a job around here you aren't really looking for one. Hotels are full every week due to oil field workers. There is no way that there is a shortage anywhere in this country right now.
     
  8. church mouse guy

    church mouse guy Well-Known Member
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    It is about $3.10 here. It would be very cheap if we had a real President who wanted to help people by opening up federal lands to production and building the pipeline down from Canada. The Democrats are cheapskates who want a class system so that they can stay on top.
     
  9. InTheLight

    InTheLight Well-Known Member
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    We've got the same thing going on next door in North Dakota. There's an oil rush going on. The Bakken oil fields are producing like crazy. There is kind of a wild west flavor to it.
     
  10. Crabtownboy

    Crabtownboy Well-Known Member
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    1. The pipeline is to get oil to the gulf ports for export, not for domestic use.

    2. Oil companies do not want the gas to go too low. They want to earn profits.

    3. I wonder to what extent the US and Saudi Arabia are contributing to the oil glut in order to harm Putin and the Russian economy. Seems I remember reading that Russia needs $100 a barrel before they turn a profit. So, they are in the red for every barrel they produce below that rate, but it is even worse if they produce nothing. Nasty problem for Putin.
     
  11. Salty

    Salty 20,000 Posts Club
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    In the Greater Salt City area - 3.05- 3.40
     
  12. Sapper Woody

    Sapper Woody Well-Known Member

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    West of Little Rock we've seen gas drop from 3.05 down to 2.75 in the last week.
     
  13. church mouse guy

    church mouse guy Well-Known Member
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    The oil is for our use, not export. That is a Democrat talking point that is not true.

    Oil companies make money based upon the cost. They will still make money regardless of what they pay for the raw material. It is like liberals who charge high prices for everything.

    If this is an attempt to put pressure on Russia, it is too little too late. But what it really shows is that economic prospects are not good and that is why liberals are so worried about the stock market. OK?
     
  14. Earth Wind and Fire

    Earth Wind and Fire Well-Known Member
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    I just paid $2.69 this morning. Keep dropping baby:laugh:
     
  15. convicted1

    convicted1 Guest

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    $3.199 here in western-WVa/eastern-KY....

    As ITL already stated, when oil was $90.00/barrell, it was $3.00 gal. Now that it's less than $90.00 per, we've been paying more per gallon. Greed is gonna tear us down...
     
  16. Revmitchell

    Revmitchell Well-Known Member
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    So how just who is it that you believe is driving up gas prices in only selected areas in the country.

    http://www.gaspricewatch.com/KY-kentucky/Ashland/gas-prices/page-1/2.htm
     
    #16 Revmitchell, Oct 27, 2014
    Last edited by a moderator: Oct 27, 2014
  17. Revmitchell

    Revmitchell Well-Known Member
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  18. convicted1

    convicted1 Guest

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    In eastern ky gas prices do seem higher. Maybe because they keep prices clloser to WV? WV has higher taxes on gas I'm thinking...
     
  19. Salty

    Salty 20,000 Posts Club
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  20. Deacon

    Deacon Well-Known Member
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    The higher oil prices over the last decade made it economically feasible for businesses in the United States to begin extracting the oil in our country.
    We have now became one of the worlds big oil producers and so prices have dropped. More oil + less demand = lower prices.

    As a consequence, the lower price per barrel limits Russia's ability to field an army, they just don't have the money.

    It's the only thing Obama has going for him, sadly I believe it was despite his policies rather than a plan.

    The prices at the pump in many states, (particularly Pennsylvania where I live), have remained high because states have increased their taxes on gasoline.

    Rob
     
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