Article

2008-07-26 Home Front Economy

Oil's 2-week nosedive shows up at the pump

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Steve White 2008-07-26 00:00|| || Front Page|| [11134 views ] Top

#1 "Just above four dollars" > Still US$4.84 this AM here in Guam.

D *** NG IT, I WANT TO BELIEVE!

Posted by JosephMendiola 2008-07-26 00:31|| 2008-07-26 00:31|| Front Page Top

#2 I never paid more than $3.90/gal here in the DFW area. Already it has pulled back to $3.80/gal or lower.

Drill Here! Drill Now!

Posted by Skunky Slereng5720 2008-07-26 01:00|| 2008-07-26 01:00|| Front Page Top

#3 Regular gasoline is 4.40 a gallon in Anchorage, Alaska. However, in western and NW Alaska villages served by barge, gas goes from $7.00 to $8.00 per gallon and it won't go down until next year's barge shows up in spring or early summer.

Posted by Alaska Paul 2008-07-26 02:19|| 2008-07-26 02:19|| Front Page Top

#4 North San Mateo Peninsula..

High 4.80 reg 3-4 weeks ago

Today 4.60 or so...

Posted by Red Dawg">Red Dawg 2008-07-26 03:03|| Red Dawg]">[Red Dawg] 2008-07-26 03:03|| Front Page Top

#5 may the Politicians and Lawyers eat my olde nasty shorts.

Posted by Red Dawg">Red Dawg 2008-07-26 03:06|| Red Dawg]">[Red Dawg] 2008-07-26 03:06|| Front Page Top

#6 To keep the price dropping we need to continue to move toward more drilling and maintain reduced demand. We're down about 2% on demand which could disappear quickly if reduced prices encourage more consumption.

Posted by Keystone 2008-07-26 08:21|| 2008-07-26 08:21|| Front Page Top

#7 We DO need to drill in the US. But any policy change will have to wait until November, at least. For the near to mid term though, it's a moot point. With crude at $100+, every OTHER country on the planet is drilling like mad (not to mention ripping down rainforests to plant oil crops) and all the manpower and drilling rigs are already under contract. If and when US policy does change, we will have to wait our turn for drilling teams.

The good news is extra supply is "in the pipeline".
The bad news is that we'll have to import it.

We really do have to start drilling here.

Posted by Bin thinking again 2008-07-26 08:38|| 2008-07-26 08:38|| Front Page Top

#8 More, cheaper, efficient and diverse energy.

Posted by DarthVader">DarthVader 2008-07-26 08:40|| 2008-07-26 08:40|| Front Page Top

#9 "W" could gain a few yards if he asked the American people to... voluntarily stay to the RIGHT and drive SLOWER, possibly 55. He could also demand that the far left lane of 4 lanes and interstates be restricted to heavy trucks and that folks yield to oncoming traffic from behind them. I know this would be revolutionary and possibly racist and discriminatory here in the Fulton Co. area, but in time (200-300 years), ~~natives~~ locals would catch on.

Posted by Besoeker 2008-07-26 09:10|| 2008-07-26 09:10|| Front Page Top

#10 A week or two after the chorus of voices praised W. Bush for causing the price drop, which happened immediately after he acted, I just saw Harry Reid claim credit for it, by saying that "The oil companies and speculators were afraid that congress might eventually pass legislation against them."

A day late and a dollar short, Dingy.

Posted by Anonymoose 2008-07-26 09:56|| 2008-07-26 09:56|| Front Page Top

#11 "The oil companies and speculators were afraid that congress might eventually pass legislation against them."

THIS Congress? Bwha-ha-ha-ha-ha!

Thanks for the laugh, Harry.

Posted by Steve White 2008-07-26 10:12|| 2008-07-26 10:12|| Front Page Top

#12 $3.79 in suburban D.C. Thanks Harry and Nancy!

Posted by Bobby 2008-07-26 11:07|| 2008-07-26 11:07|| Front Page Top

#13 Panic at $4.00 boom at $3.50. The bi-polar world of the American consumer. Check your depreciation and insurance.

Posted by .5MT 2008-07-26 11:46|| www.cybernations.net]">[www.cybernations.net] 2008-07-26 11:46|| Front Page Top

#14 When did George announce the lifting of the Executive Order on drilling and when did the price start to dive on the 'futures' market?

Posted by Procopius2k 2008-07-26 11:46|| 2008-07-26 11:46|| Front Page Top

#15 Proc - bingo.

George announce lifting the executive ban, and the top end came off the market. Furutes have been staedily unwinding since, and its down at the sport market now, Just as I predicted.

Now if they announce actually drilling bills and pass them, then you'll see another drop to $100, and the prices will then becoem very steady, without the cheap credit backed speculators artificially inflating the cost of a contract.

Posted by OldSpook 2008-07-26 12:16|| 2008-07-26 12:16|| Front Page Top

#16 For help in your area:

gasbuddy.com

Helped me save $.30 a gallon.

Posted by Frozen Al 2008-07-26 13:50|| 2008-07-26 13:50|| Front Page Top

#17 It's simple. Raise the cost of crude high enough and everything will become so expensive that all the businesses will have to shut down. Whey they lay off their workers, the workers won't have to drive anymore and demand will plummet.

Posted by Abu Uluque 2008-07-26 14:36|| 2008-07-26 14:36|| Front Page Top

#18 ...$3.60 in Cayce, SC (just outside of Columbia) and the manager says he expects $3.50 by the end of next week.
God, I love capitalism. That's because, unlike so many of my elected representatives, I understand how it works.

Mike

Posted by Mike Kozlowski 2008-07-26 14:58|| 2008-07-26 14:58|| Front Page Top

#19 Paid $3.64 outside Richmond, Va., on Friday.

Posted by Barbara Skolaut">Barbara Skolaut 2008-07-26 15:13|| http://ariellestjohndesigns.com/]">[http://ariellestjohndesigns.com/] 2008-07-26 15:13|| Front Page Top

#20 "
gasbuddy.com

Helped me save $.30 a gallon."

Good tip! And don't forget to zoom in! Gas station by gas station MAP of prices in your area!

Posted by Bin thinking again 2008-07-26 15:19|| 2008-07-26 15:19|| Front Page Top

#21 Diesel is at 5.05 to 5.22 a gallon.

Posted by anymouse">anymouse 2008-07-26 15:41|| 2008-07-26 15:41|| Front Page Top

#22 good site, thx. Helps me plan my fuel stops on vacation in a couple weeks. Highest appears to be in Bishop, CA and So. Lake Tahoe... about $4.49-$4.59....hopefully it will keep going down

Posted by Frank G">Frank G 2008-07-26 16:15|| 2008-07-26 16:15|| Front Page Top

#23 Sorry for off topic
Not many family members going to my family reunion in Tahoe this year due to gas prices with their Winnebago type vehicles getting poor gas mileage. I'm also staying home, doing the work vacation getting stuff done around the house.
It would have been fun to try connecting with you again Frank as it sounds like you're going out that way again. Have a great time, Tahoe is beautiful Jan

Posted by Jan 2008-07-26 16:31|| 2008-07-26 16:31|| Front Page Top

#24 thx Jan :-)

the boat is staying home - boat gas is around $7 on the lake

Posted by Frank G">Frank G 2008-07-26 16:43|| 2008-07-26 16:43|| Front Page Top

#25 $3.879 for premium in Northeast Ohio.

Posted by Mike 2008-07-26 17:36|| 2008-07-26 17:36|| Front Page Top

#26 100LL avgas in Birchwood, near Anchorage 5.96/gal, at Galena Airport 8.29, OUCH!

Posted by Alaska Paul 2008-07-26 20:34|| 2008-07-26 20:34|| Front Page Top

#27 Gas at tip of little finger of Michigan was $4.399/gal on Thurs. 30 miles away it was $3.999/gal.

Posted by Anguper Hupomosing9418 2008-07-26 22:42|| 2008-07-26 22:42|| Front Page Top

23:40 mrp
23:01 Pappy
22:55 Pappy
22:49 Danielle
22:47 Barbara Skolaut
22:42 Anguper Hupomosing9418
22:39 KBK
22:34 gorb
22:09 Barbara Skolaut
22:06 penguin
22:03 Barbara Skolaut
21:45 Richard of Oregon
21:40 Eric Jablow
21:38 Richard of Oregon
21:26 Skunky Glins 5***
21:21 OldSpook
21:05 Rambler in California
21:01 FOTSGreg
20:54 Old Patriot
20:53 allan
20:48 Zhang Fei
20:39 Nimble Spemble
20:35 Sonny Creash8673
20:34 Alaska Paul