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Old August 5th, 2008, 12:17 PM   #1
clarkstoncracker
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Default omg!! oil under $118 a barrel!

http://www.bloomberg.com/energy/


I blame bush!
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Old August 5th, 2008, 12:22 PM   #2
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I might buy another full size SUV to celebrate
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Old August 5th, 2008, 12:23 PM   #3
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I'm buying another diesel!!!
seriously
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Old August 5th, 2008, 12:32 PM   #4
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I should have a tanker delivered to my nice neighbors house and burn the gas....and the house
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Old August 5th, 2008, 12:39 PM   #5
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just another day in Saginaw, no one will even suspect.
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Old August 5th, 2008, 12:43 PM   #6
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OMG, under $117.00 a barrel!!!
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Old August 5th, 2008, 12:53 PM   #7
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$117?

Just bought another Escalade
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Old August 5th, 2008, 12:57 PM   #8
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send me a PM when it gets under 75$
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Old August 5th, 2008, 01:01 PM   #9
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Gas will be $1.50 a gallon soon.
not
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Old August 5th, 2008, 01:01 PM   #10
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Why aren't gas prices dropping immediately, they never seem to hesitate to raise them as soon as oil goes up?
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Old August 5th, 2008, 01:02 PM   #11
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Originally Posted by zjkid View Post
Why aren't gas prices dropping immediately, they never seem to hesitate to raise them as soon as oil goes up?
because the fuel in the tanks were purchased at different prices. If gas went up 10 bucks a barrel, the price at the pump would not reflect that the same day either.
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Old August 5th, 2008, 01:11 PM   #12
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Quote:
Originally Posted by clarkstoncracker View Post
because the fuel in the tanks were purchased at different prices. If gas went up 10 bucks a barrel, the price at the pump would not reflect that the same day either.
It usually does. The price at the pump will go up on the expectation of a barrel increase, but it takes much longer for them to drop. BS.
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Old August 5th, 2008, 01:11 PM   #13
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Quote:
Originally Posted by clarkstoncracker View Post
because the fuel in the tanks were purchased at different prices. If gas went up 10 bucks a barrel, the price at the pump would not reflect that the same day either.
Lies.
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Old August 5th, 2008, 01:16 PM   #14
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Default Rockets and Feathers

I thought the following was an interesting article about the rise and fall of gasoline prices:



Quote:
Do Gas Prices Rise Faster Than They Fall?
The economics of rockets and feathers.
By Martha C. White
Posted Tuesday, July 29, 2008, at 6:27 PM ET

Do gas prices rise faster than they fall?
Oil prices have dropped to about $125 a barrel this week after reaching a peak of $147.27 earlier this month. Meanwhile, gas prices are still hovering around the $4 mark, down just a few cents from an all-time record average of $4.11 two weeks ago. Why does it seem like gas prices go up faster than they come down?

Because they do. Analyses of gasoline economics show that when the price of oil rises, it takes up to four weeks for gas station prices to catch up, with most of the increase taking place within the first two weeks. But when oil prices sink, it takes up to eight weeks for the savings to be passed along to consumers. The phenomenon is known as "asymmetric price adjustment" or, more informally, "rockets and feathers."

A busy gas retailer will take delivery on a daily basis, so there's some pressure to pass along price hikes without too much delay. The stations can't raise prices too much, though, because consumers tend to be extra-vigilant about shopping for bargains when oil prices are on the rise. When the newspapers start reporting upwardly mobile barrel prices, drivers tend to comparison shop down to the penny. This keeps gas prices from rocketing even further.

The asymmetry that economists cite comes into play as soon as oil prices start to deflate. Freed from the constant reminders about rising fuel costs, drivers become less invested in looking for a bargain—and retailers don't have to worry as much about the competition. As a result, station owners can keep drivers happy by knocking just a few cents off the "old" price.
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Old August 5th, 2008, 01:34 PM   #15
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http://www.bloomberg.com/apps/news?p...M&refer=energy
WERE SCREWED

Valero Says Three Texas Refineries Running at Reduced Rates

By Aaron Clark

Aug. 5 (Bloomberg) -- Valero Energy Corp., the largest U.S. refiner, said its Texas refineries in Texas City, Houston and Port Arthur, are operating at reduced rates because of Tropical Storm Edouard.

The refineries ``continue to operate at slightly reduced rates,'' spokeswoman Teri Levy said today in an e-mailed statement. ``Feedstock supply in Texas City is tight due to port closures. We do not anticipate production to be materially affected at any of our refineries.''

The company has 16 refineries from Quebec to Aruba, most along the U.S. Gulf Coast.

The Texas City refinery can process about 199,500 barrels a day of crude oil. The Houston refinery can process about 83,000 barrels of oil.

The Port Arthur refinery is capable of processing 325,000 barrels of crude a day, according to the U.S. Energy Department. The plant had ``some minor power disruptions'' because of the storm, according to Levy.

To contact the reporter on this story: Aaron Clark in New York at aclark27@bloomberg.net
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Old August 5th, 2008, 01:37 PM   #16
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Our gas has dropped from 3.95 to 3.59 in the past week. That's almost 10% drop consistent with the relative drop in Light sweet crude prices. I agree, we need to get it back down around $75 though, which is why I am still conserving my use. I'm glad to see very few cars at the pumps even with it at the current price.
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Old August 5th, 2008, 01:53 PM   #17
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I'm not worried, I'm sure crude will go up soon, we can always count on those crooks on wall street to find a reason.
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Old August 5th, 2008, 01:58 PM   #18
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Omg, Under $116.00 A Barrel!
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Old August 5th, 2008, 02:00 PM   #19
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Quote:
Originally Posted by clarkstoncracker View Post
Omg, Under $116.00 A Barrel!
Now I can buy a boat and a few barrels to go with it.
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Old August 5th, 2008, 03:02 PM   #20
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Quote:
Originally Posted by clarkstoncracker View Post
because the fuel in the tanks were purchased at different prices. If gas went up 10 bucks a barrel, the price at the pump would not reflect that the same day either.
bullshit.

Oil is about $30 a barrel cheaper than it was a month ago. The price at the pump has gone down about 10 cents. It doesnt take a month to raise it at the pump when the price of a barrel goes up.

When do we decide to work together and do something that will affect the oil companies? Everyone loves to bitch and complain but nobody is willing to do anything but bend over and take it.
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