Crude Oil breaks $80 mark

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    Crude Oil breaks $80 mark

    This does not bode well. OPEC has vowed to increase production, but I think that's an empty promise. Yet gas prices are still going down from Labor Day.
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    midee1's Avatar
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    Gas has risen steadily since Labor Day here in Flatwoods. Went to 2.95 the day after.

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    Kentucky's average gas price today is 2.772 compared to 2.865 a week ago, but 2.298 a year ago.

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    Quote Originally Posted by HHSDad
    This does not bode well. OPEC has vowed to increase production, but I think that's an empty promise. Yet gas prices are still going down from Labor Day.

    In the Paducah/Mayfield areas gas has went up since Labor Day.

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    Quote Originally Posted by sweet16
    In the Paducah/Mayfield areas gas has went up since Labor Day.
    yup

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    Last year during Fall break (October) I paid 1.98 for gas and in December it was 2.09. It has really jumped this year.

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    Gas was at $1.98 in mid-January before soaring to $3.33 in late May.

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    When Bush took office gas was $1.46. I hope he can get it back to that before he leaves.

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    Quote Originally Posted by FamilyTradition
    When Bush took office gas was $1.46. I hope he can get it back to that before he leaves.
    Wisful thinking....gas wont be back down to 2 dollars steadily for probably 10 years. Not until ethanol plays a big role in gas. Oil companies KNOW this, that's why they won't increase demand now. They don't make money if there is no demand.....they have publically said they know ethanol will bring demand down, but they also know its gonna be a long time before that happens. So the are cleaning up while they can.

    I would HATE to do it... but I am starting to think 4 or 5 a gallon right now is the only way we are going to get people to cut back, trade in the suv's, carpool and so forth. People are living normal lifes at 3 right now.

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    Quote Originally Posted by HHSDad
    This does not bode well. OPEC has vowed to increase production, but I think that's an empty promise. Yet gas prices are still going down from Labor Day.
    What's your opinion on windfall taxing the oil companies? Of course Bush won't do it cause of his oil ties... but I hope the next guy does. It is the only leash we can put on the oil companies. We need to give them an incentive to keep prices down. They say we don't need windfall taxes it's ridiculous; well we don't need 3.00 year round it's ridiculous. Keep oil at 40-50 a barrell and they get their BILLION dollar profits... just not mega billions they are now.

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    The price of crude oil closed at $91.86 a barrel on Friday. Gold topped out at $780 an ounce, close to its all time highs in 1980.

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    http://www.bloomberg.com/apps/news?p...d=aIEpoIKwNop8
    Crude Oil Rises Above $80 as U.S. Dollar Falls Against the Euro

    Oct. 9 (Bloomberg) -- Crude oil rose above $80 a barrel in New York as the dollar declined against the euro, enhancing the appeal of commodities as an investment.

    Energy and precious-metals futures often move in the opposite direction of the U.S. currency. Oil rebounded this morning after failing to break through yesterday's low of $78.39.

    ``Commodities are picking up because of the weakness of the dollar today,'' said Brad Samples, commodity analyst for Summit Energy Services Inc. in Louisville, Kentucky. ``There was a big move lower yesterday when the dollar rose. In the absence of other news, commodity markets will focus on the low level of the dollar.''

    Crude oil for November delivery rose $1.24, or 1.6 percent, to settle at $80.26 a barrel at 2:44 p.m. on the New York Mercantile Exchange. Prices are 34 percent higher than a year ago. Futures touched $83.90 a barrel on Sept. 20, the highest since the contract was introduced in 1983.


    Just Like That: Another Record in Crude
    http://blogs.wsj.com/energy/category/oil/

    A lot of people figured crude oil would eventually get back to $90 a barrel in the near future. Most probably didn’t figure it would be in such a hurry about it.

    WTI crude futures soared $3.36 a barrel to end the day’s Nymex trading at $90.46 a barrel, a new record, with selling gathering steam as the trading day progressed.

    At about 11 a.m. today, crude was already up a solid $1 to $88, for a variety of reasons, including a Wall Street Journal report that OPEC ministers were taking a “the devil may care, but we sure don’t” approach to $90 oil; new U.S. sanctions against Iran; ongoing cold pricklies between Turkey and Iraq’s Kurds; reports of Lebanese troops firing on Israeli warplanes; yesterday’s surprising report of shrinking U.S. crude inventories; and a partridge in a pear tree.

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    It might go up to $150 a barrel in the summer. $3.00 gas all winter is gonna really hit retailers in during Christmas. The Gov't will finally step up and put a leash on the oil companies.... forcing them to keep prices down. This could easily be done.. and in turn would again give them multi million dollar profits.. not billions.. wow that really hurts huh?

    I know if Hillary gets in office she is gonna put a leash on them.....

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    Quote Originally Posted by Sportz Addict View Post
    It might go up to $150 a barrel in the summer. $3.00 gas all winter is gonna really hit retailers in during Christmas. The Gov't will finally step up and put a leash on the oil companies.... forcing them to keep prices down. This could easily be done.. and in turn would again give them multi million dollar profits.. not billions.. wow that really hurts huh?

    I know if Hillary gets in office she is gonna put a leash on them.....
    This was discussed ad nauseum around Labor Day, but I'll rehash Econ 101 again.

    I assume that your talking about setting some form of price ceiling. Bad, bad idea. Price ceilings will ultimately lead to a lower quality gasoline (due to companies cutting costs any way possible to make money). They can also lead to an artificial shortage in gasoline in the long run. Without getting too specific, a price ceiling will force some companies to decide that they don't want to continue producing gasoline at that price. It will also limit/prevent new companies from entering that field. Actually, the people that would gain the most from a price ceiling would be the government, as they would now have the power to decide who gets to sell what and at what price.

    If you really want to see how bad of an idea this is just type in the words "New York Rent Control".

    Here is a link regarding price controls:

    http://www.unc.edu/depts/econ/byrns_...m#_Toc13958260

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    This is something we can do nothing about except drive less, I am not geting a car that is cheaper on gas because both of ours are paid for, would be pratical.

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