Daily oil thread

**snowcraig2.0** · 08-05-2008, 02:44 PM

Down under 118 a barrel now! Let's go tear down some windmills!!

World News, Financial News, Breaking US & International News | Reuters.com

**Clone9** · 08-05-2008, 02:46 PM

Originally Posted by snowcraig2.0

Down under 118 a barrel now! Let's go tear down some windmills!!

World News, Financial News, Breaking US & International News | Reuters.com

What a bargain! I'm gonna pick up a few barrels on the way home from work.

**Palmer** · 08-05-2008, 02:47 PM

Originally Posted by Clone9

What a bargain! I'm gonna pick up a few barrels on the way home from work.

Sam's Club have them?

**aeroclone** · 08-05-2008, 02:50 PM

Woohoo, time to get the Hummer back out of storage!!!

Okay, on a more serious note, how far do gas prices have to fall before we see Americans falling back into their old habits? During the run-up of prices demand for large vehicles has fallen off and the number of miles driven by American drivers has fallen quite a bit. Is this the beginning of a long term trend? Did $4 gas put the fear of God into us a little bit? Or will gas roll back a little bit and we will go back to driving our gas guzzlers and giving lip service to alternatives to oil?

**Knownothing** · 08-05-2008, 02:53 PM

I just dumped more gas out into the street just because it was to cheap not to do it.

**keepngoal** · 08-05-2008, 02:55 PM

I still say we will see $2 gas this year in Iowa.

-keep

**AirWalke** · 08-05-2008, 02:57 PM

Originally Posted by keepngoal

I still say we will see $2 gas this year in Iowa.

-keep

The price always tends to dip during the fall/winter, doesn't it? I'd put my money on $3 a gallon. $2.75 if we're (un?)lucky.

**matmann22** · 08-05-2008, 02:59 PM

So what part of the economy is the fast money crowd going to flood now (and thus run the price through the roof) ?

I see the fast money doesn't even care about a tropical storm going right through prime gas refinery territory near Houston, Texas...

Paging MidAmerican, start filling up the tanks with Natural gas NOW. Not at $12+ but at the $8 something now...

**tim_redd** · 08-05-2008, 02:59 PM

Originally Posted by keepngoal

I still say we will see $2 gas this year in Iowa.

-keep

$2.99 or $2.00?

I'm pretty sure we'll see one of the two.

**snowcraig2.0** · 08-05-2008, 03:03 PM

Originally Posted by aeroclone

Woohoo, time to get the Hummer back out of storage!!!

Okay, on a more serious note, how far do gas prices have to fall before we see Americans falling back into their old habits? During the run-up of prices demand for large vehicles has fallen off and the number of miles driven by American drivers has fallen quite a bit. Is this the beginning of a long term trend? Did $4 gas put the fear of God into us a little bit? Or will gas roll back a little bit and we will go back to driving our gas guzzlers and giving lip service to alternatives to oil?

$3.00. Once it goes below that, GM and Ford will be cranking up truck production again.

**cycloneworld** · 08-05-2008, 03:04 PM

The dollar is also strengthening which is helping oil prices.

**JRCampy** · 08-05-2008, 03:05 PM

Originally Posted by matmann22

Paging MidAmerican, start filling up the tanks with Natural gas NOW. Not at $12+ but at the $8 something now...

We (MidAmerican) have actually been filling our gas storage since April, and will continue to do so until the winter heating season. Since MidAmerican doesn't speculate in the gas purchasing markets it doesn't matter if gas is $7 an MMBtu or $13 an MMBtu, we're going to fill the storage the same no matter the price.