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Gas prices

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1fox2go
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Joined: 01 Dec 2004
Location: Fishersville, Virginia

PostPosted: Wed Aug 17, 2005 6:55 pm    Post subject: Gas prices Reply with quote

Ive been listening to convos at work and people have been talking about a reason for the high gas prices...this one sounds believable

Bin laden stated that he will make america go bankrupt

the people at work and i myself also think that bin laden is paying the oil companies to up the price per barrel of oil

anyone else agree with this or what opinions theories do you have?
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Code3TJ
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PostPosted: Thu Aug 18, 2005 1:21 am    Post subject: Reply with quote

Nah, thats a stretch saying that that cave dwelling camel banging piece of shit has anything to do with it. It's more about basic economics - supply and demand. For an interesting read, look at this. Here are the highlights:
Quote:
The West Texas Intermediate (WTI) crude oil price averaged $59 per barrel in July and is now expected to average over $59 per barrel for the third quarter of 2005, approximately $15 per barrel above the year-ago level. Quarterly averages for the WTI price are projected to remain above $56 per barrel for the rest of 2005 and 2006. Oil prices remain sensitive to any incremental oil market tightness (such as unexpected losses in crude oil supply or surges in demand), which could cause light crude oil prices to average above $60 per barrel.

Quote:
Worldwide oil demand growth is expected to average about 1.8 million barrels per day between 2004 and 2006...

Quote:
Second, production growth in countries outside of the Organization of Petroleum Exporting Countries (OPEC) is not expected to accommodate incremental worldwide demand growth. Non-OPEC supply is projected to grow by an annual average of 0.7 million barrels per day during 2005 and 2006, below the annual average growth rate seen in the 2002 through 2004 period. Third, worldwide spare production capacity is at its lowest level in three decades; in practice, only Saudi Arabia has any spare crude oil production capacity available, and the Saudis would need to steeply discount their heavy oil in order to market it effectively.

Quote:
A factor that could influence the U.S. oil market over the next few months is the severity and location of hurricanes....With limited spare global crude oil production capacity and U.S. refinery utilization rates in the upper 90-percent range for much of the summer, oil prices are likely to react strongly to any disruption of or damage to petroleum infrastructure.
and finally
Quote:
Due to high crude oil prices, along with continued growth in the U.S. economy (and in transportation fuel demand), motor fuel prices (particularly for diesel fuel) are expected to remain well above $2.00 per gallon through 2006. Motor fuel prices are expected to rise by single-digit percentages in 2006 (2 to 3 percent) instead of the 17- and 26-percent annual increases expected for 2005 for gasoline and diesel fuel, respectively.

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WhatWasIThinkin
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Joined: 02 Jan 2004
Location: Epping New Hampsha

PostPosted: Thu Aug 18, 2005 3:04 am    Post subject: Reply with quote

BinDickhead has nothing to do with it.

Like Troy says its supply and demand. The oil companies are getting extreamly fat on profits. They took a chance, pushing up prices to see what the market can handle. So far we keep driving and buying gas, so they will keep raising prises till they see a plateau on purchases, Then they will stay there untill the notice any downward trends, then prices will drop as the trend drops.

We had better get used to paying higher prices.
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Keithtj
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PostPosted: Fri Aug 19, 2005 10:35 am    Post subject: Reply with quote

I would love to stage a 3 day boycott on gas purchases. Problem is it's hard to do that and then would it actually do anything as far as bringing gas prices down?
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'drack
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Joined: 01 Jan 2004
Location: points that way...

PostPosted: Fri Aug 19, 2005 7:44 pm    Post subject: Reply with quote

Yah, it's finally started to effect consumer spending now. Up until this point, there was no report of any impact (other than our wallets) on the economy. Now with people starting to spend less, perhaps that'll create a push to lower prices a pinch. Don't forget that we're still also in the summer where prices traditionally rise (although never this high), they should go back dwon a bit after Labor Day, but I don't ever expect to see a gallon for less the $2.00 any more. Ever wonder why cable keeps going up in price? Competition, or lack there of. What other alternatives are there to putting gas in our heeps? Bend over and like it Confused .
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Keithtj
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PostPosted: Sat Aug 20, 2005 9:41 am    Post subject: Reply with quote

I'm really thinking of switching to propane but I still need to find out more about it. Since my gf works for the cable company we get free cable and broadband internet. I'm very happy about that!
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Drake69
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Joined: 26 Mar 2004
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PostPosted: Sat Aug 20, 2005 10:55 am    Post subject: Reply with quote

Yeah, too bad you can't work at a gas station and get free gas... Rolling Eyes Rolling Eyes
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'drack
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PostPosted: Sat Aug 20, 2005 11:24 am    Post subject: Reply with quote

See, I'm a smoker. Just don't know how well the big ole propane tank in the back of the TJ and me puffing away is gonna pan out.
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Keithtj
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PostPosted: Sat Aug 20, 2005 1:36 pm    Post subject: Reply with quote

you can switch to dipping, a nice pinch and a long drive go well Wink
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Code3TJ
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PostPosted: Sat Aug 20, 2005 2:51 pm    Post subject: Reply with quote

'drack wrote:
See, I'm a smoker. Just don't know how well the big ole propane tank in the back of the TJ and me puffing away is gonna pan out.

You might get there pretty fast, but it'll only work once, I think. rofl

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Drake69
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PostPosted: Sun Aug 21, 2005 6:38 am    Post subject: Reply with quote

Code3TJ wrote:
'drack wrote:
See, I'm a smoker. Just don't know how well the big ole propane tank in the back of the TJ and me puffing away is gonna pan out.

You might get there pretty fast, but it'll only work once, I think. rofl


spit spit spit laugh laugh laugh
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95sahara
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Joined: 08 Oct 2004
Location: Kittanning, PA

PostPosted: Sun Aug 21, 2005 11:50 am    Post subject: Reply with quote

Keithtj wrote:
you can switch to dipping, a nice pinch and a long drive go well Wink


Thats what I always say. I had to drive to Detroit from PA back in July for a conferenct for work. 5 1/2 hour drive + 1 can of Skoal = happy me.
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Code3TJ
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PostPosted: Sun Aug 21, 2005 12:58 pm    Post subject: Reply with quote

Here's another little tidbit from S&P
Quote:
Crude oil prices surged to another record high last week, rising about $4.50 per barrel to $66.80. Oil prices are now up an incredible 43% since late May. With crude oil above our target of $65 and with momentum strong, we see the possibility that prices could run up near $70 before correcting. Like the stock market, crude oil prices tend to gravitate towards big round numbers. Once this intermediate-term rally runs its course, we still expect a decent correction to occur.

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1fox2go
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PostPosted: Wed Aug 31, 2005 6:24 pm    Post subject: Reply with quote

word on the street is 4 dollars in the next few weeks
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'drack
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PostPosted: Wed Aug 31, 2005 8:32 pm    Post subject: Reply with quote

1fox2go wrote:
word on the street is 4 dollars in the next few weeks


Next few weeks? Went from $2.50 this morning to $2.99 when I left work tonite. Few weeks....fawk, I'll be broke in a few weeks.
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