I think that's a good assumption if you really think about it. Gas is now averaging over $3.00 a gallon so when it does drop any drop is going to be viewed as good. If the price drops to an average of $2.25 a gallon people will begin thinking "Wow, that's cheaper than it has been." and companies and organizations will find a way to keep that price up. Then again, as I said at the beginning of this thread, the price of gas and oil has nearly tripled in less than 3 years. I just don't see how demand has grown that quickly and as MadMax has said the price increases are not really from demand but unrealized fears of increased demand, negative weaher forecasts, etc. I'm not saying that demand has not caused some of the increases but I don't think demand has tripled in such a short period of time.
absolutely. it did nationwide on average. i was paying $1.99 as early as November 1st http://bbs.clutchfans.net/showthread.php?t=117731&page=13&pp=20 it went lower than that. i wanna say it went as low as about $1.80. and nationwide, the average was below $2.
http://www.chron.com/disp/story.mpl/business/4829152.html NEW YORK — Oil prices fell today after a U.S. government report showed gasoline and crude stocks growing more than expected and refinery output rebounding. The Energy Information Administration reported that gasoline stocks grew by an average of 1.5 million barrels last week to 196.7 million barrels, nearly doubling analysts' expectations but still well below the lower end of the average for this time of year. Crude oil supplies rose by 2 million barrels to 344.2 million barrels, just above the upper end of the average. The forecast was for a drop of 200,000 barrels. The EIA reported that refinery utilization rose 1.6 percent last week to 91.1 percent. Output is now at average levels after this spring's unprecedented number of refinery outages that have dragged down U.S. gasoline supplies. Distillate inventories, which include heating oil and diesel fuel, edged up 500,000 barrels to 120.3 million barrels, falling short of analysts' estimate of 900,000 barrels. Oil and distillate stocks remain just below the upper end of average for this time of year. Light, sweet crude for July delivery fell 40 cents to $65.11 a barrel in late morning trading on the New York Mercantile Exchange. Brent crude for July delivery lost 3 cents to $69.49 a barrel on the ICE Futures exchange in London, while gasoline futures slid 2.2 cents to $2.2836 a gallon. Prices were supported somewhat by concerns that — despite the rising gasoline stockpile — supplies would be stretched by the high-demand U.S. summer driving season, which kicks off this long Memorial Day weekend. News of a partial oil production shutdown in Alaska and a U.S. government report predicting a busy hurricane season also had the potential to boost prices. The U.S. National Oceanic and Atmospheric Administration said Tuesday it predicted 13 to 17 tropical storms, with seven to 10 of them becoming hurricanes this season. It said there was a 75 percent likelihood of above-normal hurricane activity. In other Nymex trading, heating oil futures fell .07 cent to $1.9065 a gallon, while natural gas prices rose 17 cents to $7.818 per 1,000 cubic feet. these gas prices are a bunch bullcrap
There are a number of factors that go into the price of gas, sure. I just wish someone would come on TV and be honest, and say something like, "We, the oil companies, are greedy and want money. That is why gas is so high." I understand the the stock market and the futures are predictors in the price of gas but I would just like someone to come out and tell the absolute truth. Also, it might help if there was less demand for gas but there are too many people in this country that have more than enough money and they aren't going to stop filling up their Excusions and yachts just to help the cause of oil prices. I wish oil would go ahead and run out and some of them hydrogen cars could hit production lines. But, at over a million dollars a piece, the price might need to come down some!
I can buy the fact that gasoline always goes up in the summer, at least in the last 5 years or so. I just can't buy the fact that we've reached an all time high in gas prices with relatively no significant events like a hurricane katrina.
and kids were back in school so less demand for gasoline and the hurricane season was ending and proved to be chicken little-proof and we didn't go to war with iran
yeah, i'm with ya. two years ago they hit $3 because refineries were down post-Katrina. now we have some refineries down because of maintenance and improvement...but enough to mirror a crisis situation like katrina?? all at once?? is there no regulation on that?? that they can't all at once decide it's time to shut down output??
^ Here in the upper midwest we use different blends of gasoline seasonally and there usually is a price spike so at the time that national averages dropped the price might still stay over $2 a gallon here.
I can't imagine why the oil industry has such a bad reputation. Exxon is acting like a great corporate citizen right here. We all saw the spill, we know how bad it was. Just pay up, I can't believe this is still going on. ____________________________________________________ Appeals court declines to reconsider Exxon Valdez ruling SAN FRANCISCO — A federal appeals court on Wednesday rejected Exxon Mobil Corp.'s request for it to reconsider its earlier decision that cut nearly in half a $4.5 billion jury award punishing the company for the 1989 Valdez oil spill that fouled 1,500 miles of Alaskan coastline. In December, the 9th U.S. Circuit Court of Appeals reduced the punitive damage award to $2.5 billion in a case that began with a 1994 decision by an Anchorage jury siding with 34,000 fishermen and other Alaskans. The plaintiffs said they were hurt when Exxon's oil tanker struck a charted reef and spilled 11 million gallons of crude oil. "It is time for this protracted litigation to end," Chief Judge Mary Schroeder and Judge Andrew Kleinfeld wrote in a 2-1 decision in December after the case reached the appeals court for the third time. An Exxon spokesman said the Irving, Texas-based company, which still sees the award as excessive, would appeal the decision to the U.S. Supreme Court. "The 9th Circuit court ruling now allows the case to be appealed to the U.S. Supreme Court, where we believe the case should be decided," Exxon spokesman Mark Boudreaux said. Lawyers for the fishermen could not be immediately reached Wednesday. In 1994, a federal jury found that Exxon and Valdez captain Joseph Hazelwood acted recklessly, which opened the company to punitive damages. The disaster, the worst oil spill in U.S. history, prompted Congress in 1990 to pass a law banning single-hulled tankers like the Valdez from domestic waters by 2015. The case is Baker v. Exxon Mobil Corp., 04-35182.
http://www.chron.com/disp/story.mpl/headline/biz/4830042.html High gas prices spark talk of breaking up oil companies By DAVID IVANOVICH Copyright 2007 Houston Chronicle WASHINGTON — With gas prices at record levels, some lawmakers on Capitol Hill are talking about breaking up the oil companies. Pointing to the example set by trust-buster Teddy Roosevelt a century ago, lawmakers today questioned whether they should step in to roll back the mergers that have created the so-called "supermajors" like Exxon Mobil Corp., Chevron Corp. and ConocoPhillips a notion that sends shivers through the nation's oil sector. "My instinct tells me that a reconsideration of oil company mergers in the last two decades may be in order," said Sen. Charles Schumer, D-N.Y., chairman of the Joint Economic Committee, a Senate-House panel. With gas prices hitting all-time highs and Democrats in control of Congress, the oil industry is again under assault. Red Cavaney, president of the American Petroleum Industry, assured lawmakers oil industry mergers can't be blamed for today's high gas prices. "Oil company mergers and acquisitions have not caused higher gasoline prices," Cavaney said. "We need to focus on the factors shaping those higher prices and not be misled by claims that have been repeatedly disproved, have no basis in fact, and mask root causes."
Some oil executives warn that current fuel shortages could become a long-term problem, leading to higher prices at the pump. times
except that there aren't shortages! inventory reports track supplies increasing...and the price still goes up. the problem seems to be refineries...not enough capacity or a substantial part of refining capacity being down all at once for maintenance.
