$74.54 per barrel

[awptickes]

We're at 80.10/b so far. Not a good sign. So much of our economy is propped up by the price of oil.

Crude oil prices have continued to plunge in recent weeks, down from the record highs seen in mid-July. Benchmark WTI
crude has fallen by half to below $80/b earlier this week. With the recent sharp declines, crude oil prices now stand close to
the levels seen in September of last year.

The ongoing downward trend in crude oil prices reflects the dramatically worsening conditions in global financial markets
in recent weeks and their negative impact on the real economy, as well as the decline in the demand for oil.

Futures trades are down too, and this only helps the trend. Another pointer to how our economy is getting better, due to the lack of credit. Only people who can afford to spend are spending. Or, as the OPEC board states:

Continued US dollar strength prompted by the credit crisis drove investors from the crude oil futures market.

Anyone else want to talk about this?

 

[Celerity]

You forgot the chart that shows the decline of pirates too.

 

[B16RacerN2NR]

I sure as hell ain't seeing these low prices at the pump...

 

[|Chaz|]

I filled up for $3.28 the other day. Not bad considering it was at $4.28 not that long ago.

 

[awptickes]

You forgot the chart that shows the decline of pirates too.

Or did I?

As you can see, pirates aren't declining.... They're inclining.

 

[awptickes]

I sure as hell ain't seeing these low prices at the pump...

That's because the oil refining companies don't like to lower prices dramatically. If the oil suddenly costs less than half of what they were paying per barrel, and they're still charging what it cost them to refine it (let's leave this one be for the sake of the argument) when the price was high, they're making a lot more money.

It used to cost $150/b, it used to sell in its refined state as $4.60/gal.

Now it costs $75/b, and it sells in its refined state as $3.96/gal.


Do you see the potential (ceteris paribus) profit margin here ?

 

[GSRCRXsi]

gas has gone down about 50c here. and about 10c just in the past few days. im not complaining.

 

[Briansol]

i saw 2.83 for the cheap stuff this morning

 

[George777]

$2.79 Regular
$3.05 Premium

 

[reikoshea]

$2.90 a gallon for premium this morning...filled up the s2k for less than 30 bucks (had about 4 digi-bars left).

 

[Z6CRX]

You forgot the chart that shows the decline of pirates too.

 

[Bisimoto]

$2.64 what I saw this morning for 87.

 

[Capt. Orygun]

I don't get it, oil goes up and that's bad, oil falls and that's bad?

Let me give you a hint

nobody was complaining about not having enough money for groceries because of gasoline in 2000.

Let it fall

 

[eastbxc]

i know it sucks paying high gas prices but i would rather pay a little higher and have our economy in better shapw

 

[khrisb]

i know it sucks paying high gas prices but i would rather pay a little higher and have our economy in better shapw

stfu mr. exxon

 

[nootrac22]

don't worry the price will go back up in november. OPECs next meeting is then and they are expected to cut production. Enjoy it while it lasts.

 

[reikoshea]

2.80 for premium this morning

 

[eg6sir]

mom emailed me telling me there was gas for 2.99 up the street from my house.. woot!.. i know where i'm going..haha

 

[Sabz5150]

I don't get it, oil goes up and that's bad, oil falls and that's bad?

Let me give you a hint

nobody was complaining about not having enough money for groceries because of gasoline in 2000.

Let it fall

You've got it a bit mixed up there... the issue is that when oil prices jump, gas prices are right behind. When oil prices fall, we hear about refining costs and damaged pipelines.

Translation: "You're our bitch and you'll enjoy it, bitch."

 

[Sabz5150]

Our local grocery store has a program called "Fuelperks" which gives us 10 cents off every gallon of gas for every 50 bucks we buy in groceries. Good thing is that it's cumulative (until you use it, then its back to zero, waiting to be refilled again). Right now we've got a little over a buck off of gas, so I'm gonna fill up for somewhere around $1.98/gal. tomorrow