Gas prices going down

[Klaus]

I saw Chevron Supreme today for 1.409

Klaus

"God made some men big and some men small, but Sam Colt made them all equal."

[MAC]

Drag: "can't wait to see prices once we start getting that cheap Iraqi oil."

I don't think we will ever see the Iraqi oil. Iraqi oil was discovered back in the '20s or '30s, yet was never pumped for one simple reason, too cheap. The oil companies basically decided not to touch it for the obvious reason of not to lower the price of oil. The law of supply and demand, lower the supply to maintain the price, which is exactly what the OPEC voted to do this week.

Same reason why we use imported oil instead of American oil, theirs is much cheaper. There is absolutely nothing bad about using imported oil. We buy the cheaper oil with the money we print, they buy our weapons, goods and services with the money we gave them, in the end, we got their oil, we got the money back, we got jobs and profit, they are running out of money, jobs and oil. Despite all the money they made on oil, they are actually running out of money. We got their money and we are sitting on trillions of barrels of oil, just in case we really run out oil one day, which I doubt, guess who is the only one left with oil? The Good Old USA.

Anyone complaining about imported oil should retake Econ 101.

[Texas Red]

I am temporarily located in St. Louis (actually St. Charles). Prices have recently dropped some. Regular (87 Octane) is at $1.34.

Jim
Red H2

[Kevin W]

Since my first post, gas prices here in the Philly are have gone down to an average of $1.69 for regular. Have seen it as low as 1.64.

Kevin

2003 Pewter H2, Tire relocator, painted hard tire cover, billet gas cover, MC2 chrome hood handles, stainless bumper letters, 15% tinted front windows,pioneer nav/dvd, xm sat, headrest monitors, tv tuner, defenderworx hood latches, side vents, marker bezels, and chrome MC2 factory style wheels .

[Albie]

LOS ANGELES -- Retail gas prices slid more than 10 cents per gallon over the past two weeks, the biggest drop in two years, a nationwide industry survey found Sunday.

The average price for a gallon of self-serve gas nationwide Friday, including all grades and taxes, was about $1.65, according to the Lundberg Survey of 8,000 stations. That was a decrease of 10.23 cents per gallon from Sept. 12, the date of the last Lundberg Survey.

The drop was largely driven by an increase in supplies after a broken pipeline in Arizona and the East Coast blackout created shortages during August, analyst Trilby Lundberg said. Gas prices edged up last month and peaked Sept. 12 at about $1.75, she said.

"We're coming down from these highs in August," Lundberg said.

The end of the summer driving season also eased pressure on prices, while gasoline imports added to overall supply, she said.

The drop marked the largest since the terrorist attacks on Sept. 11, 2001. The weighted average retail gasoline price fell from about $1.54 to nearly $1.43 during the two weeks before Oct. 5, 2001.

Lundberg said a decision last week by the Organization of Petroleum Exporting Countries to cut production by 900,000 barrels as of Nov. 1 would not cause a surge in gas prices. Instead, prices would continue to fall, though not as steeply, because of a lower consumption season and increased competition among gasoline retailers, she said.

As of Friday, self-serve regular gasoline showed an average weighted price of $1.62 a gallon, with midgrade at $1.72 and premium grade at $1.81.

[H2CominThru]

its around $1.80 where i am..i hope they start going down as winter approaches

[Drag]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>The oil companies basically decided not to touch it for the obvious reason of not to lower the price of oil. The law of supply and demand, lower the supply to maintain the price, which is exactly what the OPEC voted to do this week.
<HR></BLOCKQUOTE>

Mac, I agree wholeheartedly, however I was under the impression that we have been purchasing Iraqui oli for some time now that was sold under UN supervision during the regime of Saddam Hussein. I believed (and correct me if I'm wrong) that the oil sales were put on by the UN in order to provide food for Iraqui citizens in need of humanitarian aid. Even with the embargo on trade, we could purchase it through the UN.

Also, you did neglect to mention that any time gas goes up in price and stays up over here, Middle Eastern production does tend to step up. This is because domestic oilfields are under more stringent environmental regulations than overseas. The same barrel of oil costs lest from Saudi than it does from West Texas, simply due to lifting costs (what it costs to get the oil out of the ground). We have to spend more to drill in the States and in US waters than any production from Saudi or even the Baltic. The transport costs are minimal when you get right down to it, as the oil cariers also take export cargo on the return trip.

By the way, it was $1.38 9/10th here last night at El cheapo gas and beer station, a.k.a. Race Track

Corvette= "The ability to pass with class"

[Albie]

yes....... so cal prem is under 2 bones

[Drag]

Gas prices sink lower



The nationwide average price of self-serve regular gasoline has fallen to its lowest level since mid-July of this year. The current price of $1.501 per gallon for self-serve regular gasoline is three-tenths of a penny lower than the $1.504 recorded by AAA's daily online Fuel Gauge Report on July 17th and is a drop of six cents since mid-October when the average price was $1.561 per gallon.

Gasoline reached a record high price of $1.737 per gallon over the Labor Day weekend this year, AAA said in a news release. The current price is 23.6 cents lower than at that time, but is 4.3 cents per gallon higher than one year ago when the average price was $1.458 per gallon.

Nobody expects the Spanish Inquisition!!

[Spike]

As of today regular gas was $1.35 per gallon in S. Jersey

2003 Yellow H2, Lux Series, Air Suspension, Front Brush Guard, Rear Tail Lamp Guards

[KenP]

Fueled the Tahoe up this morning: 1.34 regular unleaded at Texaco.
Hummer: 1.54 premium at same station.

You will notice that the price of gas rises much faster than it goes down. I owned a Texaco for awhile and here is generally how it worked:
Each day we would receive a price update. This reflected what we would pay if we bought gas that day. If the price rose, we would raise prices as fast as possible so we could afford the next delivery (we meaning independent operators). However, if the price went down, we would hold off lowering prices as long as possible, following the national discount operations. By doing this we were able to increase our pool margin and thus profits. A week of declining gas prices was actually a very profitable time for me.
FYI, the fuel I purchased came from the same tanks aother stations in my area, but my cost may be more or less than other operators, chains etc. I always thought it to be quite a scam pulled of by the big oil companies. Milking us little guys for a few bucks a month when they could lower our wholesale cost and we could increase our sales and profits. Of course, I do not have all the information they do...

Black Lingenfelter Lux

[5spd]

$1.58 around here.

[Bayou H2]

Regular is selling for $ 1.29 per gallon here in New Orleans.

'03 White H2 Lux Package

[HUMMERDOGG]

I can get Kroger Premium Super 93 for $1.46/gallon here in Houston... Today was a very supportive day in natural gas and crude oil trading... I don't anticipate prices at the pump coming off substantially more any time soon especially as we near winter and the demand for home heating oil increases...

[KenP]

HUMMERDOGG:
I am with you. I believe we are very close to the bottom on gas prices. Only room for a few more cents to the downside. Then watch out.

I say this, but I have no formal training. However, it seems like Econ 101; supply and demand.

Black Lingenfelter Lux

[Hummer Man]

GAS will go below $1 a gallon in the future!

[Buckeye Hummer]

SoCal 87 is around $1.63 in the valley and up to $1.75. This is significantly lower than the past few months. Diesel runs about $1.58 and is typically .05-.10 less than 87.

HM,

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>GAS will go below $1 a gallon in the future!<HR></BLOCKQUOTE>

From your lips to God's ears!

[HUMMERDOGG]

HummerMan-

I will gladly sell you daily struck $1.00 puts for the year 2004. It's my opinion that we see $40.00 crude next year (right now it's over $32 for the december contract and that's up from a sell off back in august that took crude from $32 down to $26) and I just don't think you'll see enough of a sell-off during 2004 in crude to get pump gas to get down below $1.00. However, like any trade I put on with somebody, I would welcome hearing your reasoning for sub $1.00 pump gas.

Thanks.

-Wayne

[Hummertime]

$1.23 for the cheap stuff

Bone stock but dreamin!

[Centerfire]

A little off the subject and Iknow it will never happen. However in fairy tale land.. Wouldn't it be nice if the Land of sand that we now occupy woiuld give us 87 billion $$$ worth of oil for the 87 billion $$$ we are giving them to rebuild "THEIR" Country..

I wish the US would invade my retail store, so then too I might get Government assistance.

Gas in Indy as been hovering around $1.40 for the last 2 months.

I have spent as much as $1.96 for premium this past year.. Thats life.. It could be worse.. I could have to oay the prices that are asked n CA.

Mike