Is it realistic to think that gas prices may dip to at or below $2 a gallon in some isolated areas?

 

I doubt it. OPEC is cutting production today to drive the prices back up.

I doubt it. OPEC is cutting production today to drive the prices back up.

 

It didn't do a bit of good. Oil closed at something like 64 bucks a barrel, and at one point, it was as low as 62 dollars.

 

OPEC can only cut a certain amount of oil;after all, they have to sell SOME oil to support their government's budgets.

 

The world-wide recession has drastically cut into demand for oil, and for the first time that I can ever remember, no tricks that OPEC, the oil companies, spectulators, refiners, distributors, or retailers work.

 

 

Any thing they try to do to up the price of oil,or,gasoline, only lowers the demand even more, resulting in the price dropping even quicker.

 

 

Has anyone ever seen gasoline prices DROP 30-40 cents a gallon every week, for several weeks in a row, in their lifetime, before now?

 

Gas prices wont go up until demand goes up on a global scale, and that wont happen until the economy here in the US improves.

 

I noticed on the commotities market that wholesale gasoline closed at $1.47 today. I predict that as early as next week, some areas of the country will be at, or below 2.00 a gallon, with a lot of the rest of the country at 2.25 or so.

^ JR you very accurate.

 

People have to remember if counties stop sending oil ever they are lowing their profit margins. From what I heard the Saudi's are saying "this is the cut" no more.

 

I just want people to be informed that this is only happening for a few reasons. First off the speculators drove the value up way to high which is now killing demand. The sell off has nothing to do with the election coming up, or summer being over. We are simply paying almost 2 bucks due to the world wide recession. I agree with JR, as soon as the economy picks up, demand will go back up and we will be at 3.00 again.

 

As far as gas prices go, recession is the best medicine, which is sad. However, I agree with the experts 09 is going to be worse than 08, at least the first 2 quarters will be.

I doubt it. OPEC is cutting production today to drive the prices back up.

 

Now that's just wrong.:fight:

Now that's just wrong.:fight:

 

 

That is why cartel's like that whose sole purpose is to fix prices as opposed to letting the market sort it out are illegal here. Problem is as they are soverign nations they fall outside of our juristiction.

That is why cartel's like that whose sole purpose is to fix prices as opposed to letting the market sort it out are illegal here. Problem is as they are soverign nations they fall outside of our juristiction.

 

 

They can only indirectly fix prices by cutting production, and in down economic times that usually doesnt work.

 

Understand that OPEC now only produces about a third of the worlds oil.

 

While that is still a lot, they just don't have the leverage they had back in the 70's.

 

 

And don't forget the fact the OPEC countries are notorious for cheating on their fellow members and selling more oil than they agreed to, whenever they do announce production cutbacks.

 

With demand getting smaller and smaller, I look for that to happen again.

They can only indirectly fix prices by cutting production, and in down economic times that usually doesnt work.

 

Understand that OPEC now only produces about a third of the worlds oil.

 

While that is still a lot, they just don't have the leverage they had back in the 70's.

 

 

And don't forget the fact the OPEC countries are notorious for cheating on their fellow members and selling more oil than they agreed to, whenever they do announce production cutbacks.

 

With demand getting smaller and smaller, I look for that to happen again.

 

 

I agree again... The Saudi's are notorious for saying they will do one thing... then really doing another.

Iran and Venezuela are by far the worst at that though.

It didn't do a bit of good. Oil closed at something like 64 bucks a barrel, and at one point, it was as low as 62 dollars.

 

OPEC can only cut a certain amount of oil;after all, they have to sell SOME oil to support their government's budgets.

 

The world-wide recession has drastically cut into demand for oil, and for the first time that I can ever remember, no tricks that OPEC, the oil companies, spectulators, refiners, distributors, or retailers work.

 

 

Any thing they try to do to up the price of oil,or,gasoline, only lowers the demand even more, resulting in the price dropping even quicker.

 

 

Has anyone ever seen gasoline prices DROP 30-40 cents a gallon every week, for several weeks in a row, in their lifetime, before now?

 

Gas prices wont go up until demand goes up on a global scale, and that wont happen until the economy here in the US improves.

 

I noticed on the commotities market that wholesale gasoline closed at $1.47 today. I predict that as early as next week, some areas of the country will be at, or below 2.00 a gallon, with a lot of the rest of the country at 2.25 or so.

 

Good call, it was under $2.00 in Springdate OH this morning.

Iran and Venezuela are by far the worst at that though.

 

Iran and Venezuela are the price hawks. Saudia Arabia keeps them grounded.

Oil up about 7 bucks in a week.

 

How long until 3 bucks again for gas?

Got gas 2 days ago at $2.32, same station yesterday $2.69.9. As it warms up, so does the price. As we use more of it, price goes up. We use less, production cut, price goes up. We will never win this battle unless we get an automobile that runs on... say water. But we know that won't last either. Have you bought bottled water lately? :eyeonyou:

Got gas 2 days ago at $2.32, same station yesterday $2.69.9. As it warms up, so does the price. As we use more of it, price goes up. We use less, production cut, price goes up. We will never win this battle unless we get an automobile that runs on... say water. But we know that won't last either. Have you bought bottled water lately? :eyeonyou:

 

In a month or two, refineries will switch to the summer blend which has expensive additives for pollution control so that will add to the cost..

In a month or two, refineries will switch to the summer blend which has expensive additives for pollution control so that will add to the cost..

 

Absolutely. As I said, you cannot beat this. And no matter what alternative might be used in the future, it doesn't matter, this will continue to occur in my opinion.

KY gas tax was supposed to decrease by 5 cents on 4.1. KY legislature repealed that. Was going to be about 22 cents. Now the minimum allowed is 26 cents. It's currently at 27 cents.