OPEC doesn't set the price, only the amount of production. The market sets the price.

 

True, the market does set price but with a commodity like oil, it ultimately comes down to supply and demand. So long as demand is reasonably constant which it has been and should stay that way, increases in supply like we saw resulted in the prices falling. The only thin I can think that would cause demand to change would be a drastic change in the economy, ie take another nose dive to even worse territory or take off like a rocket like happened after the early 90's resession.

 

In terms of oil production at home, if environmentalists were to be able to push through regulations to make shale/fracking materially more expensive so that fracking is no longer profitable, then oil production at home will go down giving OPEC comfort they can cut back on production to raise prices again. With a GOP legislature, it would take Exec Orders most likely to cause such regulation to go into force. If the pres were to issue such Exec Orders, he could very well put a bow around the next presidency for the GOP.

 

Americans can by a bit hypocritical when it comes to the environment. The average American says they want changes to clean up the environemnt and lower emissions but by gosh don't you do anything that would increase the cost of filling up their Toyotas.

It's $63 per barrel right now and we're still at $2.59 in Ohio.

 

I predict oil will fall into the 50's but not much lower which could get us near $2-2.25 a gallon.

 

You guys are getting hosed up there.

 

I paid $2.36 this morning.

 

Funny how the price goes up $.25 at the drop of a hat, but it takes weeks to get the "expensive" oil out of the system.

It can keep going down, whatever it takes.

 

But, I do have a friend from Newark Ohio that works in the oil industry in central and eastern Ohio. His friends dad owns he company and they have small wells all over. The guy goes to properties that have old wells that the big companies have up long ago, but oil still seeps out, just not enough for the big companies to worry out it. The property owner can still make decent money.

 

But when the oil prices went down about 2008? Or whenever is for down around 60-70 or whatever per barrel, they were hurting.

You guys are getting hosed up there. I paid $2.36 this morning. Funny how the price goes up $.25 at the drop of a hat' date=' but it takes weeks to get the "expensive" oil out of the system.[/quote']

 

Cincy/NKY market is certainly gouged. When I go to Gatlinburg in a few weeks it will be 2.20-2.30's.

Cincy/NKY market is certainly gouged. When I go to Gatlinburg in a few weeks it will be 2.20-2.30's.

 

As is Louisville. The cheapest I've seen it here is $2.49, in my regular weekly travels anyway.

Cincy/NKY market is certainly gouged. When I go to Gatlinburg in a few weeks it will be 2.20-2.30's.

 

Thornton's in Wilder is the cheapest place I've bought gas. I think it was around $2.51 or something.

OPEC recently voted to keep production levels where they are, which in turn is going to squeeze the crap out of Russia. High oil prices have driven Russian expansion recently and if oil goes down it will really impact them.

 

Read recently that this is a repeat of several years ago. US and Saudi's colluded to keep prices down to essentially kill the Russian economy. It is in our short-term interest to see the Russians struggle as they are not our friends.

President needs his peeps to win the election, so they will be down till Nov.

 

Spot on assessment here a month after elections.

I didn't want to sidetrack this thread with this comment, so I started a new thread.

 

http://bluegrasspreps.com/bluegrasspreps-coms-break/time-fix-roads-293183.html

 

My comment ... with gas prices low for the foreseeable future, the state and/or federal government should implement a gas tax to fund repair of our roads and bridges. That is a much better option than tolls. Comment in the new thread if you have a thought.

Gas tax? You are not the Voice of Reason.

OPEC doesn't set the price, only the amount of production. The market sets the price. OPEC recently voted to keep production levels where they are, which in turn is going to squeeze the crap out of Russia. High oil prices have driven Russian expansion recently and if oil goes down it will really impact them.

 

You are right....I should have said it that way....they increase production, increase supply, prices fall.

It can keep going down, whatever it takes.

 

But, I do have a friend from Newark Ohio that works in the oil industry in central and eastern Ohio. His friends dad owns he company and they have small wells all over. The guy goes to properties that have old wells that the big companies have up long ago, but oil still seeps out, just not enough for the big companies to worry out it. The property owner can still make decent money.

 

But when the oil prices went down about 2008? Or whenever is for down around 60-70 or whatever per barrel, they were hurting.

 

My plant manufactures controls for these wells. When they hurt, we hurt.

$2.18 in Paris today. I don't care why they are going down, I just hope it continues!

Cheapest I have seen so far is 2.39. Still love it though.

$2.27 in Versailles today.