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View Full Version : Oil Drops Below $50 @ Barrel



Not So Fast
04-17-2005, 05:28 PM
Just caught this news on my Yahoo front page, do you think the price of gas will drop as fast as it went up now that we are seeing much lower prices per barrel? Also stated that U.S. inventory of crude & gas is well above projected levels for this time of year????????? I'll take some bets on it not dropping :confused: :confused: NSF

Squirtin Thunder
04-17-2005, 05:36 PM
If Chevron has anything to say on it they won't !!! They had a record year last year !!! They want more $$$$$ !!!

XtrmWakeborder
04-17-2005, 07:34 PM
LOL Your dreaming if you think the price is going to go down. I wonder what would happen if the state bought up some refinerys and started selling it. Maybe that would induce some real competition.

Seadog
04-17-2005, 08:17 PM
I was happy when I filled up Saturday for $1.979. Something I never thought I would ever say. I am glad the gas prices have dropped quickly during this past week.

HCS
04-17-2005, 09:46 PM
I was happy when I filled up Saturday for $1.979. Something I never thought I would ever say. I am glad the gas prices have dropped quickly during this past week.
You sure that aint moonshine you pumpin? :supp:

Squirtin Thunder
04-17-2005, 09:48 PM
You sure that aint moonshine you pumpin? :supp:
As long as it burns what the hell !!!
I need the recipe !!!! :D
Av gas is cheeper the super out here !!!
Let me think 91 for $2.57 or Av100LL for $2.44

HCS
04-17-2005, 09:56 PM
As long as it burns what the hell !!!
I need the recipe !!!! :D
Av gas is cheeper the super out here !!!
Let me think 91 for $2.57 or Av100LL for $2.44
I had a buddy of mine mix up some moonshine that would run my Hodaka 100.
Probably cost 1.97 a gallon. :D

essexjet
04-17-2005, 10:21 PM
I cant wait until Biodiesel becomes more popular (if ever) so we dont have to depend on the market value of oil.

HM
04-17-2005, 10:46 PM
I had a buddy of mine mix up some moonshine that would run my Hodaka 100.
Probably cost 1.97 a gallon. :D
Let me know if you need any Hodaka parts. My dad owned a Hodaka shop in Yorba Linda(Alley Off Road Cycles) and kept it running for a few years after they went B.K.(1975?) I keep running into parts, although my brother ebayed a bunch this last year. How is that Super Rat running?

JetBoatRich
04-18-2005, 03:45 AM
I was happy when I filled up Saturday for $1.979. Something I never thought I would ever say. I am glad the gas prices have dropped quickly during this past week.
I wonder if we will ever see those prices out here again :hammerhea

BoatFloating
04-18-2005, 06:39 AM
The price you're talking about is for a barrel in mid May. The price per barrel is always a month ahead. So any drop you'll see won't happen till mid May when that oil hits the refinery and then that's right around Memorial Day so we know gas prices don't fall then. I did here some of the experts say that the price we are paying now should drop about .5 and stay there the rest of the summer. Barring any problems with supply..... :hammer2:

Dave C
04-18-2005, 07:38 AM
I'm an optimist, so ....... No it ain't gonna make any meaningful drop... :notam:
not until after September.

Freak
04-18-2005, 11:37 AM
Last week, according to the EIA's This Week In Petroleum:
http://tonto.eia.doe.gov/oog/info/twip/twip_crude.html
The US crude oil stocks showed a build of 3.6 million barrels. This
sent prices plummeting. Today they dipped under $50 for the first
time since February. They quickly shot back up however and as of
this minute are trading in the $50.50 range and are very volatile.
CNBC said that today Brent Crude was higher than WTIC for the first
time in three years.
The same report showed world prices much higher. The average
contract price for OPEC oil jumped over $50 for the first time ever.
Average World contract prices jumped by about $2.60 to $49.48. Also
according to the IEA's Oil market report:
http://omrpublic.iea.org/
OECD industry oil stocks fell 39 mb in February, though they are
still 96 mb above the same date last year. They do not have the
stocks for March but I would bet they are down.
My point in posting all this is to show that the NYMEX does NOT
dictate world oil prices. World prices have been going up while the
NYMEX price has been falling. World supply and demand will continue
to dictate world oil prices regardless of what the speculators on
the NYMEX do. The NYMEX does swing the cash price, short term, of
WTIC, but not that of world crude. Also, even the WTIC cash price
will always swing back to what the supply and demand dictates.
It is an absolute myth that speculators on the NYMEX are responsible
for world prices being so high.

HammerDown
04-18-2005, 03:02 PM
I cant wait until Biodiesel becomes more popular (if ever) so we dont have to depend on the market value of oil.
Trust this, if the concept Boidiesel ever really took of...somehow someone will find a way to bend us over a barrel for that also!
It's all f'ing BS... :mad:
PS, if that a-hole in the WhiteHouse ever sweated filling his vehicle/truck @ $80.00 per fill up per week...you can belive fuel prices would be lower.

Freak
04-19-2005, 04:08 AM
Trust this, if the concept Boidiesel ever really took of...somehow someone will find a way to bend us over a barrel for that also!
It's all f'ing BS... :mad:
PS, if that a-hole in the WhiteHouse ever sweated filling his vehicle/truck @ $80.00 per fill up per week...you can belive fuel prices would be lower.
LOL... Oh I can bend you over right now. Putting issues of practicality totally aside, the basic problem with any substitute fuel source is exponential growth. Either exponential demand growth has to stop, or we are eventually going to have a discontinuity. There is no source that can match exponential demand. Even if it could, waste disposal, deforestation, hormonally active environmental pollutants, carcinogens, species loss, global warming, ozone depletion, and a thousand other problems are waiting right outside the door. Our problem isn't an energy problem. It's a population/lifestyle/world view problem.
You see the massave amouts of crops needed to produce the amount of fuel needed to keep the economy "growth" going is not possible. Fuel or food?
Take Alge for example. A good example for the boating community. Great stuff for making bio diesel. EXCEPT American's drove 2.3 trillion miles in 2000. Sacremento to Seattle is 750miles. That means we only need 3.1 billion acres of Algae. Ohh...did I mention that the total land area of the US is 2.3 billion acres? Hope you like living in algae. Maybe we're going to need boats instead of cars? Sure we have water mass to havest. I am just giving a example of the enormous amounts of product needed to make it.
How about corn ethanol. It isn't an energy source, it's an energy sink. Only profitable due to government subsidies. It takes more energy input to grow and produce the ethanol than the ethanol contains. That is the problem in a nutshell with alternatives. When talking about energy supply the economics (financial budget) is secondarily to the energy budget.
Now with that being said we only need $60 oil for bio-diesel to come into play. Meaning the cost of bio-diesel at the pump would be the same as fossil diesel. Sorry the price is not going to go down. Ok you say if bio-diesel comes into play fossil diesel will lower in price due to less demand. Well don't forget about China, Asia, India. They will gladly use what we don't. Sorry the price is not going down.
I'll tell you when the price is going down. World depression. Demand will lower then so down goes the price, but wait the stuff is cheap now so lets get back to work, but wait now the price is going back up. :frown:
The only way we could continue to live the American lifestyle would be for the rest of the world to go back to being non industralized. It would be boom time here, but that is not happening. What is going to happen is a serious change in lifestyle in the next 30yrs and people are not going to understand and be pissed off. You know the whole entitlement thing.

sorry dog
04-19-2005, 04:53 AM
The only way we could continue to live the American lifestyle would be for the rest of the world to go back to being non industralized. It would be boom time here, but that is not happening. What is going to happen is a serious change in lifestyle in the next 30yrs and people are not going to understand and be pissed off. You know the whole entitlement thing.
Especially true of the folks used to $25 hour manufacturing jobs with full retirement and insurance...General Motors is dying a slow death.
Maybe the UAW and steelworkers should concentrate their unionizing efforts in China.

Freak
04-19-2005, 05:01 AM
Maybe the UAW and steelworkers should concentrate their unionizing efforts in China.
LOL..wow I never thought of that. I wouldn't be surprised. You know Jiffy Lube is setting up shop over there.
The market devlopment is another step along the way in the ongoing, seismic readjustment that it taking place in the global social, economic and political order.
Peter Drucker describes it quite bluntly in the introduction to his book, "Post-Capitalist Society:"
Every few hundred years in Western Civilization, there occurs a sharp transformation. . . Within a few short decades, society rearranges itself - its worldview; its basic values; its social and political structure; its arts; its key institutions. Fifty years later, there is a new world, and the people born can't even imagine the world in which their grandparents live and into which their own parents were born.
I feel we are currently living through just such a transformation and it's going to be ugly.