Time to fill up

sammyg2 · 12-12-2008, 07:15 AM

I have a feeling that gas has bottomed out and will climb sharply very soon. Might be time to fill up.

The price now is artificially low and unsustainable. Refiners are paying over a dollar a gallon for crude oil and selling gas for 78 cents. They've already started slowing production and shutting down some refineries.

masraum · 12-12-2008, 07:21 AM

I fill up about once a week. Gas prices can't really do much to change that.

Zef · Zef's Garage

OPEC can only cut production so much before it effects their bottom line. When this occurs they will be forced to again increase production in order to generate required economic revenues. The simple fact is that they continue to cut production, but demand and speculation are decreased therefore the price continues to drop. People seem to think that the US gets massive quantities from OPEC. In fact, US largest external suppliers are Canada and Mexico. Neither are members of OPEC. So we hold you by the ******.....Lollllll

Rot 911 · 12-12-2008, 08:28 AM

I have notice prices here in mid-Mo have been holding steady at $1.59 for the last two weeks. Wouldn't be surprised to see prices going back up.

sammyg2 · 12-12-2008, 08:28 AM

Quote:

Originally Posted by Zef

OPEC can only cut production so much before it effects their bottom line. When this occurs they will be forced to again increase production in order to generate required economic revenues. The simple fact is that they continue to cut production, but demand and speculation are decreased therefore the price continues to drop. People seem to think that the US gets massive quantities from OPEC. In fact, US largest external suppliers are Canada and Mexico. Neither are members of OPEC. So we hold you by the ******.....Lollllll

Yeah, but we pay for your oil just because we are being polite. If Canada ever decided to cut us off, we'd just take it.
Canada and the US have a strange relationship. Almost symbiotic.

Besides, the topic is gasoline, not oil. The two have an effect on each other but are not necessarily directly related.
People are starting to get over the shell shock of last summer. They are starting to realize that gas is really cheap now. The conservation movement that was driven by $4.50 gallon gas is starting to wain. Refiners are cutting production out of shear necessity.
I see $2 a gallon in So cal by new years and $2.25 by February which is a reasonable price right now based solely on production cost.
BTW I paid $1.63 yesterday.

Dueller · 12-12-2008, 08:35 AM

I filled wifey's car up at a station last night....$1.34.9/gallon for regular.

steve911 · steve911's Garage

Filled the V70 last night $20 - woo hoo!

red-beard · red-beard's Garage

$1.23 per gallon. Nope, that can't last.

Rick Lee · Rick Lee's Garage

Less than $10 fill up my bike.

strupgolf · 12-12-2008, 01:21 PM

Yesterday in the Indy area, price in the AM were about 1.35. Alas, as the day went on the price rose to 1.59 about noon, and then 1.79 at 5pm. Now come-on, 45 cents per gallon in one day. But wait, there's more; they came down .1cent today. I felt great that it had fallen down so much today that I filled my tank. If they have the balls to raise prices in this kind of economy, then I think we will really be in the tank. Can you say price gouging. Wait, I forgot; we are already in the tank.

kach22i · kach22i's Garage

Traffic deaths down 10%, people are just driving fewer miles.

slakjaw · 12-12-2008, 01:33 PM

goddamn its already back to 1.70 here.

onewhippedpuppy · 12-12-2008, 01:55 PM

Call me Pavlov, because this all feels really cheap. I'm not one to complain.

VINMAN · 12-12-2008, 01:58 PM

Just saw oil went up $5 a barrel.

Aurel · Aurel's Garage

I paid $1.43/gal and filed my SUV for $22 last time. It felt good and I wish it would last.

Aurel

Jim Richards · 12-12-2008, 02:36 PM

oil has been bouncing around in a trading range, Vinny. I imagine gasoline demand is still down.

Dottore · 12-12-2008, 04:05 PM

Quote:

Originally Posted by red-beard

$1.23 per gallon. Nope, that can't last.

That's an absurd price really.

I'm paying that per liter up here.

Certainly won't last.

Keith Perry · 12-12-2008, 05:16 PM

The electric wheel is going to drop the demand for gas and diesel like the internal combustion engine dropped the demand for horses. The 150mpg Ford F150 Crewcab at Sema said something. Same electric wheels as on those 500 250+mpg Mini-Coopers.

tabs · 12-12-2008, 09:41 PM

Gasoline is going to stay cheap...now a $1 a gallon is a bit low....
The real price should be around $1.50 a gallon.

speeder · speeder's Garage

I got used to paying $4.50 a gallon and really didn't mind it that much. This is pretty weird. (Reason I didn't mind is because I don't drive that much, miles-wise). Now it's $1.69 in L.A. and there aren't even any lines at the stations.

The thing that will keep oil cheap in the near future is the global depression/recession, demand is just WAY down. Everything is cheap right now. My question is why is diesel still ~$1.00 more a gallon than regular unleaded?? Used to be cheaper than gas.