Oil Slick Stuff

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Buster said:
$5.00/gal..??..I don't believe that will ever happen..too many things depend on it to stay lower, i.e., Schools, police, emergency Medical, public transportation, mom and pop..bread winners with average income, trucking industry, Aviation/airlines..you name it..Somebody or somebodies will eventually say, enough is enough for God sakes!!!!!!!!.....I honestly believe that the bubble will burst very soon and we could see gas at the pumps back below $3.00/gal...

Mark my post and see...;)
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Buster...all of those are hurting now....none of them has kept the price down so far, and they won't. The only way to keep it down is to impose price caps in the USA and the big oil lobby is too strong to allow it and Congress too weak and dependent on their contributions to do it. Once upon a time gasoline prices were regulated. It won't happen again.

You do know that we aren't paying at the pump for $125 oil yet?
 
This is helping a little, very little, but helping!!:D
U.S. to suspend oil reserve shipments

Oil falls from record near $128 a barrel as Energy Department says shipments to government oil reserves will end in July.

By Steve Hargreaves and Kenneth Musante, CNNMoney.com staff writers

Last Updated: May 16, 2008: 1:39 PM EDT

NEW YORK (CNNMoney.com) -- The government said Friday that it would halt deliveries to the strategic oil reserves in July.
In another volatile day of oil trading, crude prices retreated about $2 a barrel from a record high near $128.
The U.S. Energy Department announcement comes several days after Congress voted to direct the Bush administration to stop the shipment of oil to the emergency reserves.
The Energy Department decided not to purchase oil from July to December to protect against liability for unfulfilled contracts should the bill become law, said Megan Barnett, a spokeswoman for the department.
Barnett remained skeptical of halt's effect on the market, saying deliveries to the strategic reserve accounts for "less than one tenth of one percent" of the oil on the market.
Earlier on Friday, oil had risen more than $3 a barrel as Saudi Arabia rejected President Bush's call to increase production, saying there wasn't enough demand from its customers.
Bush met with Saudi Arabia's King Abdullah on Friday as part of his Middle East tour to appeal for greater production to help quell crippling fuel prices.
Crude began to rise earlier in the day after traders foresaw a jump in diesel fuel use following the earthquake in China and Goldman Sachs revised its price outlook sharply higher.
Oil prices: U.S. crude for June delivery was up Friday $2.68 a barrel to $125.80 on the New York Mercantile Exchange. Earlier, crude hit $127.82, topping the previous intraday record of $126.98 set Tuesday. Last Friday, oil closed at a record $125.96 a barrel. [more]
http://money.cnn.com/2008/05/16/markets/oil/index.htm?postversion=2008051613

 
Asylum said:
i dont know where you live but here in Louisiana they are pumping this state like a $2 whore..

:p

production is thru the roof for oil and natural gas.. hell, even home owners in my subdivision are leasing out their mineral rights for $10k/acre
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I wasn't talking about producing oil, I was talking about refining gasoline.

Since you brought it up, of course production is up with oil at $125 a barrel. Like I said, there's plenty of oil available, the market is glutted. The supply isn't driving the price right now, if it was, the price would be DOWN. In fact, refineries can't keep up with the oil supply and don't want to, because oil is so expensive right now. Refineries are losing money.

Actually more wells have been shut in there than drilled and developed in the past 8 years. They were uneconomical to produce at prices below $80 per barrel. Now that the price is up, I have no doubt that some older wells will be worked over and put back on production to squeeze the last drops out of them.
 
Buster said:
$5.00/gal..??..I don't believe that will ever happen..too many things depend on it to stay lower, i.e., Schools, police, emergency Medical, public transportation, mom and pop..bread winners with average income, trucking industry, Aviation/airlines..you name it..Somebody or somebodies will eventually say, enough is enough for God sakes!!!!!!!!.....I honestly believe that the bubble will burst very soon and we could see gas at the pumps back below $3.00/gal...

Mark my post and see...;)
Click to expand...

Buster-

I'll bet you a gallon of gasoline that we'll see $5 gasoline before we see $3 gasoline again. (Go google "peak oil").

Want to take that bet?

In fact, I highly doubt we will ever see $3 a gallon again.
You up for it?
 
luv2read said:
I wasn't talking about producing oil, I was talking about refining gasoline.

Since you brought it up, of course production is up with oil at $125 a barrel. Like I said, there's plenty of oil available, the market is glutted. The supply isn't driving the price right now, if it was, the price would be DOWN. In fact, refineries can't keep up with the oil supply and don't want to, because oil is so expensive right now. Refineries are losing money.

Actually more wells have been shut in there than drilled and developed in the past 8 years. They were uneconomical to produce at prices below $80 per barrel. Now that the price is up, I have no doubt that some older wells will be worked over and put back on production to squeeze the last drops out of them.
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i thought it was cheaper to import oil than use domestic because of all the tax and enviroment restrictions on/associated with it.

anyhow, since the democrats took control of Congress, gasoline has gone no where but up. thanks DNC!


;):D
 
Asylum said:
i thought it was cheaper to import oil than use domestic because of all the tax and enviroment restrictions on/associated with it.

anyhow, since the democrats took control of Congress, gasoline has gone no where but up. thanks DNC!


;):D
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Nope- It's been ever since the Republicans have taken the White House, the House, and the Senate, and killed all legislation dealing with providing alternative fuels, and instead giving tax breaks of over 16 billion to oil companies. THAT is when the prices started to rise.

Blame repubs- not dems.

Actually, blame ALL incumbants- who have been fiddling, dickering, arguing, and not working for solutions, while Rome burns for alternatives to imported oil.
 
Bullishreturn said:
Buster-

I'll bet you a gallon of gasoline that we'll see $5 gasoline before we see $3 gasoline again. (Go google "peak oil").

Want to take that bet?

In fact, I highly doubt we will ever see $3 a gallon again.
You up for it?
Click to expand...
I'll take that bet..you're on :)
 
Buster said:
I'll take that bet..you're on :)
Click to expand...

you may want to rethink that Busta!

capt.1e6e92ac107d4ae3b96a79bb1f3ca981.oil_prices_caps101.jpg

AP Photo: High gas prices posted at a Shell gas station in Redwood City, Calif., Wednesday, May...
 
luv2read said:
Just remember...once something is de-regulated...what goes up doesn't come down.
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are you sure was that the case with the airline industry? i remember back in the 60's & 70's it was very expensive to fly so not that many people did... not so today.
 
Asylum said:
you may want to rethink that Busta!

capt.1e6e92ac107d4ae3b96a79bb1f3ca981.oil_prices_caps101.jpg

AP Photo: High gas prices posted at a Shell gas station in Redwood City, Calif., Wednesday, May...
Click to expand...


We are talking National Average not LA county..Mista:p

Here, lemme repost this so you will be able to see my words again..
$5.00/gal..??..I don't believe that will ever happen..too many things depend on it to stay lower, i.e., Schools, police, emergency Medical, public transportation, mom and pop..bread winners with average income, trucking industry, Aviation/airlines..you name it..Somebody or somebodies will eventually say, enough is enough for God sakes!!!!!!!!.....I honestly believe that the bubble will burst very soon and we could see gas at the pumps back below $3.00/gal...

Mark my post and see...;)
Click to expand...
 
ok Buster- you're on. It's a bet.

Here is today's national average chart. It's at $3.79 a gallon. My bet is that it will reach $5 before we see below $3 again.

Loser buys the other one gallon of genuine refined Oklahoma crude turned into unleaded 87 octane. From the Texico station out on S. MacAuthur at Airport Road (OK-152).



Gentlemen.....start your engines.....
 
Bullishreturn said:
ok Buster- you're on. It's a bet.

Here is today's national average chart. It's at $3.79 a gallon. My bet is that it will reach $5 before we see below $3 again.

Loser buys the other one gallon of genuine refined Oklahoma crude turned into unleaded 87 octane. From the Texico station out on S. MacAuthur at Airport Road (OK-152).



Gentlemen.....start your engines.....
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Is that near what use to be the old MacAuthur Bar and Grill? at the RR Tracks?..otherwise you can buy my my $3.00 or less per gallon at the 7-11 a little North of there.
 
Asylum said:
are you sure was that the case with the airline industry? i remember back in the 60's & 70's it was very expensive to fly so not that many people did... not so today.
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It kept the riff-raff off the planes. Back then you got treated royally too. Cheap fuel, no frills, cheap flights. Have you flown lately? It's not cheap anymore. Expensive fuel, no frills, expensive flights.
 
Buster said:
Is that near what use to be the old MacAuthur Bar and Grill? at the RR Tracks?..otherwise you can buy my my $3.00 or less per gallon at the 7-11 a little North of there.
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Yep-

If I end up buying your "7-11" gas at the 7-11 on the west side of MacAuthur, I'll even throw in a donut (that 7-11 has a nice Krispy Kreme rack just north of the center checkout area).
 
Bullishreturn said:
Yep-

If I end up buying your "7-11" gas at the 7-11 on the west side of MacAuthur, I'll even throw in a donut (that 7-11 has a nice Krispy Kreme rack just north of the center checkout area).
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Now you're talkin, Cream filled...hell, let's just do it before I win the bet...

Say Tuesday at about 11:05..I never had a donut lunch...Hell with that, there is a greasy spoon just East on sw29 and Meridian that serves a great hoe cooked lunch.
 
Buster said:
Now you're talkin, Cream filled...hell, let's just do it before I win the bet...

Say Tuesday at about 11:05..I never had a donut lunch...Hell with that, there is a greasy spoon just East on sw29 and Meridian that serves a great hoe cooked lunch.
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um.....i do hope you meant home-cooked...:blink:

(but seeing how it's buster...maybe not);)
 
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