oil costs tumbling!

[changedman]

Has anyone besides me been following oil costs the past few months? its really taking a hit today (down $3.50 a barrel) and nymex gas is down $7! in a few weeks, this will translate into national averages around $1.50-$1.55

its about time.

 

[PRO 5]

God I hope so! Here in Hawaii 92 octane is $2.11!!!!! And that's at a cheap gas station.

 

[azeli73]

what a relief! Exxon down the street from me has 92 octane @ $2.26 a gallon

If Iraq does set fire to their oil just how much will this affect us? U.S. spy satellites had detected a mile-long oil slick spilling out onto the desert...

 

[turboge]

lol, its like $2.55 for 91 octane here.

 

[changedman]

that would bring prices up on SPECULATION> although news released by saudi arabia:

it is holding 50 MILLION barrels (u.s. uses around 7/day) in storage tanks for U.S.

it recently booked 8 ships with capacity of 2 million barrels each to deliver to U.S. in April.

Saudi is pumping at more than their OPEC output. they have upto another 1.5million barrels/day they COULD pump (which takes 30 days to reach)

 

[PaulMP3]

i have been told we only get 7% of our oil from iraq.

 

[changedman]

that sounds about correct, however, speculation could cause oil to rise immensely. if people even THINK there will be a shortage, UP goes the price (such as gas going up BEFORE a war due to shortage speculation)

 

[azeli73]

7%? really? Is Venezuela a large provider to the U.S.?

 

[changedman]

Before they lowered their production, VERY MUCH so. This is a very promising country to the US, but Venezuela needs more stability. Good things about Venezuela: VERY close to US, fast and minimal shipping costs. High output with relatively good and up to date oil equipment. However, another issue why gas prices are so high is that Venezuela is a relatively un stable government and they don't meet output quotas due to instability. If Venezuela could pump what they were last summer and iraq didn't blow their oil fields, im predicting we could actually see national averages in the $1.35-$1.40 range.


EDIT: it would take months for the average to come down like that. and also, i estimate this based on a war being quick, no terrorist attacks, etc.

 

[nmaino]

Got you all beat: Here is San Diego there is a gas station (Texaco) that is selling gas for over $4.30 a gallon (self service, 91 octane)!!! You talk about taking it to the cleaners! Wow!!!

 

[changedman]

holy shiese! take a pic of that shot and send it to me so i can post it!!

 

[sundevilMP5]

yeah saw that in cali it was like $4.19 for premium...most of my friends here in az drive cars that need premium...boy am i loving my p5 now...

actually i've heard some analysts predicting that as soon as the war starts prices are going to jump up even more...i don't think we'll see the prices dropping for a while...

 

[[Cruzer]]

Got you all beat: Here is San Diego there is a gas station (Texaco) that is selling gas for over $4.30 a gallon (self service, 91 octane)!!! You talk about taking it to the cleaners! Wow!!!

What really... where in daygo... for that price it has to be here in LaJolla. But I haven't seen that high price yet... (prays I never see that)

RC

 

[changedman]

yeah saw that in cali it was like $4.19 for premium...most of my friends here in az drive cars that need premium...boy am i loving my p5 now...

actually i've heard some analysts predicting that as soon as the war starts prices are going to jump up even more...i don't think we'll see the prices dropping for a while...

from what i've heard today, most analysts say that prices will drop (as they did TODAY, wait a few days for a drop at the pump) because most remember the gulf war- when the gulf war started, prices tumbled as well before they hit a peak at $41.00 a barrel just before war. compare that to today- oil is EXPENSIVE before war, but today as war gets ready oil dropped $3.00 a barrel!!

 

[BlackMSP]

dang that is insane!

 

[changedman]

UPDATE ON OIL COSTS: YAY! Its dropping BELOW $30 BARREL!!! Gas prices here are already back in the $1.50 range for regular

(Mar 19, 02, 3PM EDT)