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Old March 17th, 2009, 09:55 AM   #1
JohnnyJ
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Default Oil on the move

Anybody notice that oil prices are creeping back up? Seems like it's been gaining about a $1/day for the past week.

It was about $35/barrel in Feb, and is currently $48/barrel.

What will it get to by the end of May? Do you think we will see $4 gas again this summer?

I do.
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Old March 17th, 2009, 10:04 AM   #2
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without a doubt, prices will be right back where they were last summer.
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Old March 17th, 2009, 10:30 AM   #3
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Probably


I would like to see it get just above $2.25 per gallon and stay there. So I can get my fuel subsidy from my insurance contracts.
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Old March 17th, 2009, 10:34 AM   #4
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i hope oil goes up to around 75 and stays there.
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Old March 17th, 2009, 10:37 AM   #5
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without a doubt, prices will be right back where they were last summer.
think so? we might see them that high, depends on our consumption. more people without jobs = less people going on road trips.
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Old March 17th, 2009, 10:41 AM   #6
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think so? we might see them that high, depends on our consumption. more people without jobs = less people going on road trips.
This would make sense to me. Every week we hear about more people loosing jobs. I certainly wouldn't think consumption would go up.
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Old March 17th, 2009, 10:45 AM   #7
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This would make sense to me. Every week we hear about more people loosing jobs. I certainly wouldn't think consumption would go up.
consumption and production are what set gas prices, how much we are using vs how much the refinery's are making. refinery's have a large amount of control over gas prices, and if sales drop they will jack prices by producing less gasoline. another reason for a potential price raise might come from our government, obama wants money and he is going after the oil companies.
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Old March 17th, 2009, 10:50 AM   #8
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I would bet it will hang about $3 per gallon or a little under this summer.

The odd part about what you say is the fact that around here a week ago gas was $1.99 per gal and has dropped the past week to $1.68. Hmmm. That's odd in light of what you noticed. Also note that when oil was $35 per barrel gas was $1.45 a gal. here. I was only there for about 2 weeks then went up to $1.85 ish for months now.

One more note - I have heard some talk about 150% inflation on everything within the next two years! Heads Up - Buy in bulk!
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Old March 17th, 2009, 10:52 AM   #9
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I personally don't think that it will hit 4 dollars a gallon this year, but I am sure it will go up for summer, it always does...
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Old March 17th, 2009, 02:41 PM   #10
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Auto companies want it to go to $4 the flex and new green cars are not selling. Should be @ 3.50 all summer
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Old March 17th, 2009, 02:50 PM   #11
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Auto companies want it to go to $4 the flex and new green cars are not selling. Should be @ 3.50 all summer
What makes you say it will be at $3.50 all summer??
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Old March 17th, 2009, 03:49 PM   #12
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[Best CC Voice] Gas needs to be $6 a gallon [/Best CC Voice]
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Old March 19th, 2009, 07:50 PM   #13
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i know down here in GR the prices have been fluctuating since obama took office it'll go from $1.80ish to 2.00ish just randomly seems like one week it'll be 1.79 and than the next week 1.99 again...
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Old March 19th, 2009, 07:52 PM   #14
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also for odd reasons prices from the north side of town to south side have a 10 cents difference whats up with that lol
some days i go up to alpine and its ten cents more or 10 cents less...
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Old March 19th, 2009, 07:53 PM   #15
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i know down here in GR the prices have been fluctuating since obama took office it'll go from $1.80ish to 2.00ish just randomly seems like one week it'll be 1.79 and than the next week 1.99 again...
All I have seen for the past few weeks was $1.99/1.98
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Old March 19th, 2009, 07:59 PM   #16
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All I have seen for the past few weeks was $1.99/1.98
i saw 1.84 last week
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Old March 19th, 2009, 08:13 PM   #17
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We were $1.70ish last week. We WERE down to $1.46 around Christmas time and early Jan. We jumped to $1.99 earlier this week thanks to stupid crap (I manage a gas station and hate when we jump up...).

I don't think prices will get that high again. They will level around in the low-mid $2 I think. OPEC cut production like no other so if they ever went back to the level they COULD produce at, the price will stay way down.

Consumption is way down and no one has any money for extra trips so the summer demand spike won't really happen this year I think. Plus refineries should be switching to summer production productions really soon which will again increase supply.
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Old March 19th, 2009, 08:21 PM   #18
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Quote:
Originally Posted by TJwheeler View Post
i know down here in GR the prices have been fluctuating since obama took office it'll go from $1.80ish to 2.00ish just randomly seems like one week it'll be 1.79 and than the next week 1.99 again...
It's intentional.

This: http://www.thegasgame.com/speedway-effect/ kinda explains what i'm talking about but now well. I manage a larger grocery retailer gas station, so I can't really say anything else.
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Old March 19th, 2009, 08:33 PM   #19
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the fed shaking the money tree isnt helping anything either
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Old March 19th, 2009, 08:57 PM   #20
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oil needs to hangout around the 70 dollar range. That wouldnt influence the gas price too much and would keep the few of us in northern michigan that have jobs in the oilfield working. 35 dollar oil will finish shutting the lights out on northern michigan.
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