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Oil's Nosedive Shows Up at the Pump

Discussion in 'News & Current Events' started by Revmitchell, Jul 25, 2008.

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  1. Revmitchell

    Revmitchell Well-Known Member

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    NEW YORK — Whether or not any bubble has burst, Americans now live in an economy where the prospect of a gallon of gas for less than $4 is cause for relief.

    Story Here
     
  2. billwald

    billwald New Member

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    5 cents on $4. About 1.1% savings?
     
  3. rbell

    rbell Active Member

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    It may just be me, but...

    I'm leery of the price of gas. When oil goes up $5 per barrel, the price of gas goes up 7-8 cents--right then. But, when oil goes down by that same amount, gas seems to go down a penny or two...and not for several days.

    What's up with that?

    ...or, maybe it's just me.....
     
  4. donnA

    donnA New Member

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    down by about 10 cents here, we actually saw gas for $3.76, and I paid $3.86 yesterday, a week ago though we paid $3.96, so I guess it down a total of 20 cents
     
  5. rbell

    rbell Active Member

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    Donna, I need your station owners to talk to my station owners! :laugh:
     
  6. rbell

    rbell Active Member

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    Oh...listen to me complain. I live in AL...which has some of the lowest gas prices in the country; furthermore, I drive a car that gets 35 mpg. I really have it just fine. I should count my blessings, eh?

    (Begins counting. This could take a while. :D )
     
  7. donnA

    donnA New Member

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    LOL, maybe
     
  8. tinytim

    tinytim <img src =/tim2.jpg>

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    20 cent drop today... from 4.09 to 3.89...

    Glad I didn't fill up yesterday!!!
     
  9. SaggyWoman

    SaggyWoman Active Member

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    Praise Jesus! So far. 3.88 here.
     
  10. NaasPreacher (C4K)

    NaasPreacher (C4K) Well-Known Member

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    No signs here yet :( Still close to $8.00 a gallon
     
  11. KenH

    KenH Active Member

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    I am very curious to see the second quarter earnings reports by the integrated oil companies in the next week. The upstream end will no doubt do great but I wonder how the refining segment and the retail segment did when the price of oil was escalating so rapidly.

    And I wonder how a refining company such as Valero did.
     
  12. North Carolina Tentmaker

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    We had an overnight drop of 30 cents a gallon here. From 4.09 to 3.79.
     
  13. Baptist in Richmond

    Baptist in Richmond Active Member

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    Don't get used to that - it will go back up soon.

    Hope all is well in Western NC (and that you are gainfully employed),
    BiR
     
  14. KenH

    KenH Active Member

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    I am curious as to the basis for your statement, BiR.

    Hope you are doing well.

    Ken
     
  15. LeBuick

    LeBuick New Member

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    Every time I look at the pump I think of you and say, "filler up".... :thumbs:

    Roger, that must really suck...
     
  16. Baptist in Richmond

    Baptist in Richmond Active Member

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    Hey Ken,

    I would say that there are two factors:
    1. We will be going into the autumn and winter months soon. Demand increases.
    2. The dollar is still shrinking in value. Inflation is a factor in the price as well.

    Of course, the worst possible scenario would be if OPEC decides that they want payment for their petroleum in Euros. If that were to happen, we would be in trouble.

    Hope all is well,
    BiR
     
  17. Bible Believing Bill

    Bible Believing Bill <img src =/bbb.jpg>

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    On 7/13 I paid 4.19, on 7/18 I paid 3.99, and today prices in town range from 3.79 to 3.89. That is an overall .30 - .40 per gal savings over two weeks.

    Bill
     
  18. YOUTUBECANBESAVED

    YOUTUBECANBESAVED New Member

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    Cross ourselves and pray for the Gulf of Mexico

    Don't forget the Weather

    Also 3 or 4 tropical to Hurricanes churning in the Gulf of Mexico this season would also influence it.

    I will be forthright, I am tired of the addiction to oil and full steam ahead for renewables once that gas is burned up it is gone and goes who knows where into the atmosphere. We need to get serious about pulling the herion needle out of the arm.

    ha! full steam ahead what a play on words.
     
  19. EdSutton

    EdSutton New Member

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    On Saturday, I traveled from an hour north of Chicago to my home in Central KY.
    I had traveled to Chicago, departing on Wednesday PM.

    Along the way I saw regular gas priced all the way from $3.639 to $4.299.

    66 cents a gallon is certainly quite a difference, from one end to the other, I would say. (Incidentally, I did not gas up at either end of the spectrum, but usually ranged from 3.83 to 3.89, except for one time when I paid 3.98.)

    Ed
     
  20. Bible Believing Bill

    Bible Believing Bill <img src =/bbb.jpg>

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    I'm sure the 4.29 was in IL with its high gas tax, and sales tax on top of that.

    Bill
     
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