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Oil's Nosedive Shows Up at the Pump

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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
 
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rbell

Active Member
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.....
 
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donnA

Active Member
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
 
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rbell

Active Member
donnA said:
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
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Donna, I need your station owners to talk to my station owners! :laugh:
 
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rbell

Active Member
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 )
 
KenH

KenH

Well-Known Member
rbell said:
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.
Click to expand...

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.
 
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Baptist in Richmond

Active Member
North Carolina Tentmaker said:
We had an overnight drop of 30 cents a gallon here. From 4.09 to 3.79.
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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
 
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Baptist in Richmond

Active Member
KenH said:
I am curious as to the basis for your statement, BiR.

Hope you are doing well.

Ken
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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
 
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Bible Believing Bill

<img src =/bbb.jpg>
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
 
Y

YOUTUBECANBESAVED

New Member
Cross ourselves and pray for the Gulf of Mexico

Baptist in Richmond said:
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
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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.
 
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EdSutton

New Member
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
 
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Bible Believing Bill

<img src =/bbb.jpg>
EdSutton said:
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
Click to expand...

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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