the price of a barrel of oil is dropping,China is using less oil.the price of oil should continue to drop the next 2 weeks,,important to the fiero owners with other vehicles with very large fuel tanks..
We must continue to purchase as many shoddy foreign products as possible to ensure gas goes to $8 a gallon,save here, pay more there?? neato system
Yes, 2-3 refineries are in the process of their annual maintenance cycles, usually called turnarounds or maintenance shutdowns. They are usually spread out, but the bitter winter across the country postponed some that normally take place in jan-feb timeframe.
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March 21, 2014: AAA has predicted that gas prices will continue to rise by as much as about 20 cents more per gallon over the next few weeks, in part because of tighter supplies caused by annual refinery maintenance shutdowns and switchovers to summer blends of gasoline.
Been under $3 a gallon for a couple weeks here - everywhere. The pundits are guessing that the Saudis are driving prices down to punish Russia, to hinder ISIS, to keep the boom in oil from the US and Canada from being profitable. Oil is under $80 a barrel, hasn't been in the 70's for some time. I remember hearing some news story of why low oil and gas prices were not that good for the economy... oh please.
How long will it last? I just hope those few people who use oil heat get their tanks filled pronto. And the US government shores up our reserves. I adjusted my use years ago, so it doesn't affect my day to day behaviors, but if it means lower cost food and transportation costs for goods, I'm all for it.
Been under $3 a gallon for a couple weeks here - everywhere. The pundits are guessing that the Saudis are driving prices down to punish Russia, to hinder ISIS, to keep the boom in oil from the US and Canada from being profitable. Oil is under $80 a barrel, hasn't been in the 70's for some time. I remember hearing some news story of why low oil and gas prices were not that good for the economy... oh please.
How long will it last? I just hope those few people who use oil heat get their tanks filled pronto. And the US government shores up our reserves. I adjusted my use years ago, so it doesn't affect my day to day behaviors, but if it means lower cost food and transportation costs for goods, I'm all for it.
Prices were already down before Saudi began lowering their ask price. They didn't think Keystone would ever be a reality, but nce it became a real possibility in the weeks right before mid term election they announced they would not cut production like they had in the past to try to get rid of the oil glut and get prices up. If they can keep crude prices down long enough, their hope is thatthe North American oil industry itself will decide keystone isn't worth the effort. Saudi is old oil--they can survive a long time with low oil prices, but the NA shale oil industry is new oil--hasn't yet reached break even on total revenues and can't survive as easily as Saudi and the rest of OPEC can. Would love to have been a fly on the wall at the meeting between Saudi Oil Minister and Venezuela a couple weeks ago in Caracas.
I believe the XL pipeline was being built specifically for oil tar sands on Canada. This is not light crude oil. It takes specific cracking equipment to break it down. Right now the Marathon refinery in Detroit just built a new addition that is specifically for the tar sands oil. They are already processing it.
I think that the Suadi's are hoping to bring world oil prices down to a point where the tar sands oil and some of the other methods of producing oil in the US, like fracking, become to expensive to produce at that pricing. The Saudi's can hold out for quite a while and they hope that they can eliminate their competition. That is what monopolies try to do, manipulate the market to their advantage. Can we and should we as a country fight back against this, the Suadi's, ploy.
True, but in 2008, the Alberta crude was expected to be the big provider of oil independence, not Bakken Shale or Eagle Ford Shale. Bakken wasn't in 2008, the proven reserve it has turned into today. Right now, most of Bakken crude is travelling by tanker and rail--out of ND and Montanna--great for rail industry but not very economical or efficient.
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The Keystone Pipeline System is an oil pipeline system in Canada and the United States. It runs from the Western Canadian Sedimentary Basin in Alberta, Canada, to refineries in the United States in Steele City, Nebraska; Wood River and Patoka, Illinois; and the Gulf Coast of Texas.[notes 1][2] In addition to the synthetic crude oil (syncrude) and diluted bitumen (dilbit) from the oil sands of Canada, it also carries light crude oil from the Williston Basin (Bakken) region in Montana and North Dakota.[2The proposed Keystone XL pipeline starts from the same area in Alberta, Canada, as the Phase 1 pipeline.[11] The Canadian section would consist of 526 kilometres (327 mi) of new pipeline.[20] It would enter the United States at Morgan, Montana, and travel through Baker, Montana, where American-produced oil would be added to the pipeline, then it would travel through South Dakota and Nebraska, where it would join the existing Keystone pipelines at Steele City, Nebraska.[1] This phase has generated the greatest controversy because of its routing over the top of the Ogallala Aquifer in Nebraska.
Oil is dropping to around $40 a barrel and prices are dipping below $2 a gallon for gas. At what point does this encourage inflation? And is the timing for that good? Oh, and check page One of this thread... from 2005?
[This message has been edited by USFiero (edited 01-05-2015).]
Oil is dropping to around $40 a barrel and prices are dipping below $2 a gallon for gas. At what point does this encourage inflation? And is the timing for that good? Oh, and check page One of this thread... from 2005?
The news I read said fears of DEFLATION. Seriously? Wall Street panics because costs might go down? If rising oil prices cause recession, why shouldn't low oil prices cause a economic upturn?
The price per barrel is getting down. I am going to have to look and see if acrylic sheets have likewise fallen as much. I was told before when it was skyrocketing in price that it was directly related to the price of crude.
The price per barrel is getting down. I am going to have to look and see if acrylic sheets have likewise fallen as much. I was told before when it was skyrocketing in price that it was directly related to the price of crude.
Depends "when" the crude and other raw material that the acrylic is made from were 'purchased". Some 'plastics' are made from pelleted byproducts of fuel production, and these by-products are stored until needed. The daily cost on any given day reflects both the original cost of those raw materials and the replacement costs, but I don't know how much of each.
Saw an interesting article the morning. It said US Oil was down below $50/barrel, and the last time oil dropped that much that fast ($40/bbl in 6 months, IIRC) was in 2008 just before the bubble burst. Any skilled investors want to weigh in? Are we heading for another crash this year?
I don't think so 88. < Crude $ will weigh the energy and it's service sector down somewhat, but the overall benefit in lower prices will buoy up the rest of the economy. There will be some drop in steel production related to OCTG and some drop in energy exploration related financial institutions, but for the bigger picture, I don't see a national recession, tho market volatility is going to be commonplace.
[This message has been edited by maryjane (edited 01-06-2015).]
I don't think so 88. < Crude $ will weigh the energy and it's service sector down somewhat, but the overall benefit in lower prices will buoy up the rest of the economy. There will be some drop in steel production related to OCTG and some drop in energy exploration related financial institutions, but for the bigger picture, I don't see a national recession, tho market volatility is going to be commonplace.
And pursuant to that--here we go. (today's WSJ) PITTSBURGH— U.S. Steel Corp. said it will idle plants in Ohio and Texas and lay off 756 workers, becoming one of the first big U.S. industrial casualties of the recent collapse in global oil prices.
The plants make steel pipe and tube for oil and gas exploration and drilling. With oil prices more than 5½-year lows and hovering around $50 a barrel, energy companies have far less incentive to drill for new supply, reducing demand for the plant’s products.
The Lorain, Ohio operation, which will shed 614 workers, produces more than 700,000 tons a year. Houston, where 142 will be laid off, generates over 100,000 tons annually.
“The company has suddenly lost a great deal of business because of the recent downturn in the oil industry,” Tom McDermott, president of United Steelworkers local 1104 in Lorain wrote to workers, in a letter reviewed by The Wall Street Journal. “What appeared just a few short weeks ago as being a productive year, [with new hires in December and extra turns going on], has most abruptly turned sour.” The union declined further comment.
The weakness could extend beyond U.S. Steel. In the last five years, U.S., French and Chinese companies have built up millions of tons of new capacity from Ohio to Texas, lured by a resurgent American auto industry and the country’s booming oil and gas sector.
Might be time to buy US Steel stock. They cut their labor overhead at the same time their energy cost is going down. Too bad for the working guys there. Good times for the suits. I could be misreading this since I'm no expert. Don't buy the stock on my advice. I'm not.
They cut their labor overhead because of lesser demand for the steel pipe they were making. OCTG means Oil Country Tubular Goods=drill pipe, drill collars and casing as well as line pipe for pumping oil and gas to a collection point. I suspect their yards are full of pipe already and they have already began to get cancelled orders for more pipe.
After a decade of price gouging, oil may finally get back in line. This is how unregulated capitalism works. It will eventually fix the problem, but it can go decades even centuries and many people get hurt in the mean time. Something like the lamp oil gouging of old.
[This message has been edited by dennis_6 (edited 08-19-2015).]
Ten and a half years since I started this thread. And gas prices are about the same now as they were then. At this moment. Paid $1.93/gallon yesterday.
the price has fluctuated quite a bit just low at present
wanna have fun --- what the percentage of the price is federal/state/county/city taxes...and how much more it has risen or dropped since the thread started---
Federal is the same, states and local have risen in areas.
Now, isn't it funny how the price magically falls during a election year, so people can say gas was 2.00 a gallon when Obama was prez, or Bush, or Clinton?
[This message has been edited by dennis_6 (edited 10-08-2015).]
Federal is the same, states and local have risen in areas.
Now, isn't it funny how the price magically falls during a election year, so people can say gas was 2.00 a gallon when Obama was prez, or Bush, or Clinton?
if Russia makes the middle east into a royal cluster, the us oil guys will be back to work soon
After a decade of price gouging, oil may finally get back in line. This is how unregulated capitalism works. It will eventually fix the problem, but it can go decades even centuries and many people get hurt in the mean time. Something like the lamp oil gouging of old.
lots of buzz words thrown out there, allegations and inferences, but little if any proof of any kind--as has always been the case with any commodity that is traded on a global market. Crude oil and it's primary products (including gasoline and diesel) are all traded on CME and other global exchanges. $1.49 last night here. That must be because "Big Oil" (whoever that is) must want it that low, since they have the power to set it at any price they want at a whim.
[This message has been edited by maryjane (edited 01-25-2016).]
Over the next week, gas prices are expected to rise between 20 cents and 35 cents a gallon, GasBuddy analysts predict.
“We knew this was going to come, but didn’t expect the prices to rise that dramatically,” said Allison Mac, a Gas Buddy petroleum analyst. “Prices have been low because stations are trying to get rid of winter blend gasoline. So they’ve been dropping very dramatically, more than they should be, like a blow-out sale. Now that we’re putting in summer blend gas at the stations, the prices are going to start increasing.”
After a quick rise in prices, Mac expects them to plateau.
All gas stations must switch to the summer blend by April 1. The mix reacts better in higher temperatures but costs roughly 10 cents a gallon more to make.
As refineries switch to the gas, maintenance issues often arise which can cause partial or complete refinery shutdowns. An explosion during a switch at the ExxonMobil refinery in Torrance last February put the plant offline. Mac added that the refinery will reopen soon, which should nudge gas prices down.
Advocacy group Consumer Watchdog warned Thursday that the slide in gas prices could end abruptly as early as Friday.
“Drivers in Southern California should fill up now, because gasoline prices are going up quickly and not coming back down for a while,” said Jamie Court, the group’s president, in a statement.
So we had a couple pipeline disasters, an impotent OPEC meeting and what I would suppose are some seasonal changes to push prices up 5%. Unless someone thinks the election outcome had any effect positively or negatively?
I wouldn't get too worked up. Oil is down near 4% today.
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Oil prices tumbled nearly 4 percent on Monday on concern that record Iraqi crude exports and rising U.S. output would undermine OPEC's efforts to curb global oversupply.
U.S. crude futures settled at $51.96 per barrel, down $2.03, or 3.8 percent. That was the weakest daily closing level since Dec. 16. Brent crude futures were down $2.22, or 3.9 percent, at $54.88 a barrel at 2:35 p.m. ET (1912 GMT), near the lows of the day.
In Iraq, OPEC's second-biggest producer, oil exports from the southern Basra ports reached a record high of 3.51 million barrels per day (bpd) in December, the oil ministry said.
Iraq's oil ministry underscored that the high levels from the south would not affect the country's decision to lower production in January to comply with the OPEC agreement. But some remained concerned over the feasibility of the cuts — which would have to come from the north.
Originally posted by dratts: Might be time to buy US Steel stock. Don't buy the stock on my advice. I'm not.
Funny how Trump advocates for US Steel instead of Chinese steel for the Keystone pipeline and in the last year their stock value has gone from around ten bucks a share to $39.
