Price of Crude Oil Dropping Bigtime...

[fishpoopoo]

Anyone paying attention to oil as of late?

It recently broke through its multiyear uptrend line - which, to a guy looking at charts, is meaningfully significant.

Generally when this happens, it marks a reversal of trend.

Plain English: oil looks like it is going down baby (it's at $54.25 as of this post), and has nothing to do with Bush (economy slowing, warm winter weather so far, OPEC not cutting back production).

We won't ever see $12/bbl in our lifetimes, but it's possible oil could drop to $50 or even $45/bbl. That is, until Asian consumption doubles over the next 10 years.

Enjoy it while it lasts.

[stripersnipr]

At what point does the price decrease hit the gas pumps?

[tynan19]

Article in the paper blaimed a lot on the unusually warm temps in the US. Less heating oil being used. Wouldn't they limit the production amount to keep costs up?

[fishpoopoo]

Originally Posted by stripersnipr

At what point does the price decrease hit the gas pumps?

there is a lag. one thing you CAN pin on the oil companies - gas goes up in lockstep with crude, but comes down like a feather when crude drops. farkin retailers drag their feet on the way down.

should see prices come down noticeably within the week or two.

[Raven]

but i'd like you to update it from when the decline started and
then keep posting the fall...

what about Chavez forming his (cuba2) Socialist regeem (sp/?)
and kicking out the american electrical interests... that prick

man is he gonna get his...
i saw that photo this morning of sadamy salammi
after he got his neck stretched and there was a big rip in his throat
as if you could see the back end of his tounge....

[likwid]

Originally Posted by stripersnipr

At what point does the price decrease hit the gas pumps?

Give it a week or two, its gonna drop (slowly)

[UserRemoved1]

Opec won't let it drop. They've already said they will hold the line at $55 a barrel. Greedy bastages every one of them.

I've already blasted 400 gallons of lpg this season. The bills aren't pretty and it's slightly cheaper than oil.

[basswipe]

The gas prices are rising to make up for the insanely mild Winter.

Gas will be over $3 before Memorial Day.Everything from the housing market,the war and "the new change" in Congress guarantee it.I'll go as far as to say it'll peak over $4 on the eastcoast at some point in '07.

Our new Congress is already proposing tax increases right along with troop increases.Nothing changes regardless of what party "holds power."Its all about $$$.

Don't be surprised if you even see it hit $5 at the pumps if this weather holds till Spring.Al Gore won't be surprised.

[Swimmer]

The price at the pump should have dropped significantly and hasn't yet. Pumps should be about $1.85 per............

[fishpoopoo]

Originally Posted by #^&#^&#^&#^&#^&#^&#^&#^&#^&#^&#^&

Opec won't let it drop. They've already said they will hold the line at $55 a barrel. Greedy bastages every one of them.

I've already blasted 400 gallons of lpg this season. The bills aren't pretty and it's slightly cheaper than oil.

Scott,

What OPEC says and what OPEC does are two different things. Cheating amongst members is not unheard of.

p.s. sorry to hear about your high bills...they suck, don't they?

[afterhours]

..so we use a lot- $$$ goes high, we don't use much $$$ goes high. we are THE cash cow for futures market, big oil co's, and those flea ridden camel pokin' bastages..i am so sick of our gov't letting everyone pluke us at any opportuity they get- enough is enough. ..by the people for the people- my arse(again)....

[Back Beach]

Just finished reading an oil related piece from an economist. In the report it is opined that the floor price on oil is that at which a company would shut down production due to unprofitabilty.The economist sites a price range of 45-50 per barrel as a floor. Whether this proves true is another story.This was for alsakan oil, not sure on the mideast.If it pans out, we could see another 5-7 a barrel drop.

[stripersnipr]

The one thing we should not accept under any circumstance is additonal Gas/Oil Taxes because no matter who that Tax is levied against we as consumers will pay for it.

[fishpoopoo]

HOLY CRAP! February NYMEX contract dipped below $54.

This is a big deal!

Next stop, maybe $50, maybe $45!

[RIJIMMY]

Man, those democrats work fast!

[stripersnipr]

Originally Posted by RIJIMMY

Man, those democrats work fast!

Why they Taxed it back up to $70 already?

[Back Beach]

[RIJIMMY]

Originally Posted by stripersnipr

Why they Taxed it back up to $70 already?

that made my day

[chris L]

im about as crude as anyone should be and my prices arent going up or down . still 5 dollah joe

[fishpoopoo]

Originally Posted by chris L

im about as crude as anyone should be and my prices arent going up or down . still 5 dollah joe

chrissy is a cheep date even by bang-cock standards.

[basswipe]

The price of gas will not go down.It just won't.The almighty $ rules here and in the towel-head nations.

The amazing thing is that America has the ability to completely free itself of oil.

Electricity derived from sources like the sun but most efficiently nuclear fission and emerging but squelched by the "powers that be" nuclear fusion.

There's also water and hydrogen technology to consider and they're the two most abundant compound/elements' in the galaxy.

No the price of gas will not go down.And if it does it will be a token "thanks for wiping my a$$" amount.

[fishpoopoo]

oh my God. oil is now below $52/bbl. Looks like the speculative excess is being wrung out of the futures markets.