Analyst predicts plunge in gas prices
09-14-2006, 09:34 AM
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Analyst predicts plunge in gas prices
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It was front page news when gas was over $3.00 a gallon and Democrats wanted to investigate the oil companies and blamed President Bush. Now that prices are going back down shouldn't the same cast of characters be congratulating President Bush and the oil companies? I know, fat chance.
Anyhow, the article goes on to clearly illustrate the market forces that caused the gas prices to go up, and why they are going down now. Very interesting read.
WASHINGTON — The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.
Anyhow, the article goes on to clearly illustrate the market forces that caused the gas prices to go up, and why they are going down now. Very interesting read.
09-14-2006, 07:43 PM
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^
LOL...I would hope not but wouldn't shoot that down.
BTW, if gas prices dropped so dramatically, then why would Lord John Browne, CEO of BP say on Meet the Press, that the recent surge in gas prices was because of demand in China and India? This interview was over a month ago when prices maxed out to the highest prices.
Did he lie? And regardless, if prices are going to be so unpredictable in the future, then tell me how it's worth it? BTW, does this have something to do with the recent "discovery" in the gulf that will give us oil in the next decade?
IMO, fossil fuels are history. We need to forget about fossil fuels. Politics aside, it harms our cities health, it warms our planet, and it makes for some amusing monopoly money that always seems to benefit big oil.
And if you deny global warming and the bureaucracy in Washington, you simply can not deny the health problems that has been caused from polution of fossil fuels. Asthma is reaching epedemic proportions, lung cancer caused from heavily poluted cities is an epedemic, and we still invest in OPEC....Middle east interests.
We need change...I don't give a damn what the prices are.
LOL...I would hope not but wouldn't shoot that down.
BTW, if gas prices dropped so dramatically, then why would Lord John Browne, CEO of BP say on Meet the Press, that the recent surge in gas prices was because of demand in China and India? This interview was over a month ago when prices maxed out to the highest prices.
Did he lie? And regardless, if prices are going to be so unpredictable in the future, then tell me how it's worth it? BTW, does this have something to do with the recent "discovery" in the gulf that will give us oil in the next decade?
IMO, fossil fuels are history. We need to forget about fossil fuels. Politics aside, it harms our cities health, it warms our planet, and it makes for some amusing monopoly money that always seems to benefit big oil.
And if you deny global warming and the bureaucracy in Washington, you simply can not deny the health problems that has been caused from polution of fossil fuels. Asthma is reaching epedemic proportions, lung cancer caused from heavily poluted cities is an epedemic, and we still invest in OPEC....Middle east interests.
We need change...I don't give a damn what the prices are.
09-15-2006, 03:20 AM
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Anyone that thinks/educates themselves on the subject KNOW that it is not the presidents fault that gas prices are high. We are not socialist.
And I agree that we need to find alternatives. Ethenol will not do it either...we need to start investing in better sources.
And I agree that we need to find alternatives. Ethenol will not do it either...we need to start investing in better sources.
09-15-2006, 05:42 AM
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If Bush fucks up bigtime, and it takes him like three years to fix his own mistake, should we pat him on the back and say "Good job!"?
Yes, if he were like 7 years old. Well, on second though, maybe we should.
*I don't blame Bush. I was just saying that to be a dick.
09-21-2006, 07:31 PM
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LINK
It was front page news when gas was over $3.00 a gallon and Democrats wanted to investigate the oil companies and blamed President Bush. Now that prices are going back down shouldn't the same cast of characters be congratulating President Bush and the oil companies? I know, fat chance.
Anyhow, the article goes on to clearly illustrate the market forces that caused the gas prices to go up, and why they are going down now. Very interesting read.
It was front page news when gas was over $3.00 a gallon and Democrats wanted to investigate the oil companies and blamed President Bush. Now that prices are going back down shouldn't the same cast of characters be congratulating President Bush and the oil companies? I know, fat chance.
Anyhow, the article goes on to clearly illustrate the market forces that caused the gas prices to go up, and why they are going down now. Very interesting read.
Front page news...huh...
http://www.nytimes.com/2006/09/21/bu...th&oref=slogin
“If it was one isolated instance, you could say that’s somebody who had a bad experience and was frustrated,” Mr. Wyden said. “But when you have three or four professional, nonpolitical, independent auditors all bringing the same message, that is too important to ignore.”
Republican Bearacracy at it's finest
09-22-2006, 05:13 PM
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Suits Say U.S. Impeded Audits for Oil Leases
Front page news...huh...
http://www.nytimes.com/2006/09/21/bu...th&oref=slogin
“If it was one isolated instance, you could say that’s somebody who had a bad experience and was frustrated,” Mr. Wyden said. “But when you have three or four professional, nonpolitical, independent auditors all bringing the same message, that is too important to ignore.”
Republican Bearacracy at it's finest
Front page news...huh...
http://www.nytimes.com/2006/09/21/bu...th&oref=slogin
“If it was one isolated instance, you could say that’s somebody who had a bad experience and was frustrated,” Mr. Wyden said. “But when you have three or four professional, nonpolitical, independent auditors all bringing the same message, that is too important to ignore.”
Republican Bearacracy at it's finest
09-24-2006, 08:29 PM
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When I invest in them daily, drive miles a day, and the prices jump up and down like a roller coaster, I want to know why. If I am investing in a company/companies, I want to know whats going on. and when you hear things like this, things that will influence the price of the product that I regularly purchase, I get a little upset. It's all relevant. This will impact the price we pay at the pump. And if dishonesty has spread like wild fire between all of these companies, it will affect me and you and it should piss us all off.
Their goes your $1 a gallon dream. You don't think that we will pay for this?
Their goes your $1 a gallon dream. You don't think that we will pay for this?