Gas prices WILL go lower...

[Grandeos]

Not sure what "FTFY" means..... But thanks, lol.

[Havok]

Originally Posted by Grandeos

Not sure what "FTFY" means..... But thanks, lol.

Fixed that for you/ya

[el ess A]

Originally Posted by IrocJack

10 yrs from now we will all be saying, "remember when gas was $4.00 a gallon"

I certainly do.

Here's a couple of pics YEARS apart. Once when I actually worked at the gas station, and years later when we stopped in while visiting my dad. SAME gas station with the same owner, and virtually the same picture (better camera the second time, though).

First week of April, 1979 the day after I bought my then-new-to-me 1971 Olds 442.



July 2, 2008

[cab2g]

Come back in another 30 years and they'll have another digit (same first 3 digits though) added to the pricing And the gas station will be owned by China and not the British :P

[NYJets77]

All speculators fault. A lot of people are pushing for new regulations: you have to have cash in hand, AND take delivery. That should eliminate the knuckleheads pushing the price up.

Unfortunately, the "knuckleheads" are probably the only thing causing the gains in our 401ks.

[klatterblast]

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read:


The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana ..... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5...3 trillion.


"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.


"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reportsThe Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana , through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves..... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!


That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!


U.. S. Oil Discovery- Largest Reserve in the World


Stansberry Report Online - 4/20/2006


Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?


They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:

- 8-times as much oil as Saudi Arabia


- 18-times as much oil as Iraq

- 21-times as much oil as Kuwait

- 500-times as much oil as Yemen

- 22-times as much oil as Iran

- and it's all right here in the Western United States ..


HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?


Got your attention yet? Now, while you're thinking about it, do this:


Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices - by doing NOTHING, you forfeit your right to complain.


Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.

By the way...this is all true. Check it out at the link below!!!

GOOGLE it, or follow this link. It will blow your mind.

http://www.usgs.gov/newsroom/article.asp?ID=1911

http://www.usgs.gov/corecast/details.asp?ep=38

[ssump29]

Originally Posted by VTXrider

$35 per barrel. Can you explain where you get this figure from, what data/analysis did you use or did you just pull a wishful number out of the air? Don't get me wrong I would love gas about $1.85 as a national average but I am confused as to why this type of price would be necessary for a sustainable economy?

Ummm, no he is right in 2008 after the spike and after the economy took a shit. The price of a barrel dropped to as low as 34.XX and stayed there for a while before it even moved back into the 40-50 range. I have the numbers here in the office as we pretty much stocked up on oil when it was so low, but I would have to scan it into the computer and I'm not about to publish inside financial numbers. But he is correct it did happen. Gas did hit 1.9XXX or so as well too.

[ssump29]

"Oil traded below $70 on October 16, 2008. On December 21, 2008, oil was trading at $33.87 a barrel, less than one fourth of the peak price reached four months earlier. Prices did not rebound once 2009 started. Instead, after initially climbing above $48, prices descended by mid-February to below $34, hurt by forecasts for further declines in world demand. Through March and April 2009, oil traded at about $40 per barrel. By August 2009, prices returned to $70 a barrel.[22"

[grocerygetter]

^^he said 'pennis'..

[VTXrider]

Originally Posted by ssump29

Ummm, no he is right in 2008 after the spike and after the economy took a shit. The price of a barrel dropped to as low as 34.XX and stayed there for a while before it even moved back into the 40-50 range. I have the numbers here in the office as we pretty much stocked up on oil when it was so low, but I would have to scan it into the computer and I'm not about to publish inside financial numbers. But he is correct it did happen. Gas did hit 1.9XXX or so as well too.

Oh, yeah. Just went back and reread what the post said. I thought he said that oil had to be at 35 to avoid a recession/depression, now I see he said it went to 35 in the crash.

[VTXrider]

Originally Posted by klatterblast

About 6 months ago, the writer was watching a news program on oil and one of the Forbes Bros. was the guest. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer; how much oil does the U.S. have in the ground?" Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read:


The U. S. Geological Service issued a report in April 2008 that only scientists and oil men knew was coming, but man was it big. It was a revised report (hadn't been updated since 1995) on how much oil was in this area of the western 2/3 of North Dakota, western South Dakota, and extreme eastern Montana ..... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable... at $107 a barrel, we're looking at a resource base worth more than $5...3 trillion.


"When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea.." says Terry Johnson, the Montana Legislature's financial analyst.


"This sizable find is now the highest-producing onshore oil field found in the past 56 years," reportsThe Pittsburgh Post Gazette. It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.' It stretches from Northern Montana , through North Dakota and into Canada . For years, U. S. oil exploration has been considered a dead end. Even the 'Big Oil' companies gave up searching for major oil wells decades ago. However, a recent technological breakthrough has opened up the Bakken's massive reserves..... and we now have access of up to 500 billion barrels. And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!


That's enough crude to fully fuel the American economy for 2041 years straight. And if THAT didn't throw you on the floor, then this next one should - because it's from 2006!


U.. S. Oil Discovery- Largest Reserve in the World


Stansberry Report Online - 4/20/2006


Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels. On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?


They reported this stunning news: We have more oil inside our borders, than all the other proven reserves on earth.. Here are the official estimates:

- 8-times as much oil as Saudi Arabia


- 18-times as much oil as Iraq

- 21-times as much oil as Kuwait

- 500-times as much oil as Yemen

- 22-times as much oil as Iran

- and it's all right here in the Western United States ..


HOW can this BE? HOW can we NOT BE extracting this? Because the environmentalists and others have blocked all efforts to help America become independent of foreign oil! Again, we are letting a small group of people dictate our lives and our economy.....WHY?

James Bartis, lead researcher with the study says we've got more oil in this very compact area than the entire Middle East -more than 2 TRILLION barrels untapped. That's more than all the proven oil reserves of crude oil in the world today, reports The Denver Post.

Don't think 'OPEC' will drop its price - even with this find? Think again! It's all about the competitive marketplace, - it has to. Think OPEC just might be funding the environmentalists?


Got your attention yet? Now, while you're thinking about it, do this:


Pass this along. If you don't take a little time to do this, then you should stifle yourself the next time you complain about gas prices - by doing NOTHING, you forfeit your right to complain.


Now I just wonder what would happen in this country if every one of you sent this to every one in your address book.

By the way...this is all true. Check it out at the link below!!!

GOOGLE it, or follow this link. It will blow your mind.

http://www.usgs.gov/newsroom/article.asp?ID=1911

http://www.usgs.gov/corecast/details.asp?ep=38

Unfortunately, just because it's on Snopes doesn't mean it is completely accurate. Do some more reading on the Bakken reserve and I think you will find the cost of this oil is much higher than $16 and with current technology very little of this oil can be extracted. Long term this reserve will keep prices from skyrocketing as we invent new ways to get at this oil but it will be a slow process over decades. I doubt much of this oil can be produced without $70 oil prices (better than the current $100 but not $16)

Remember the cost of pumping oil is often small relative to the cost of building the infrastructure, this is why oil production is so high it might be $20 per barrel to pump it out of the ground but this does not include the $4,000,000,000 the company had to invest upfront to develop the field before pumping any oil. This easily adds $20-$50 per barrel to the cost of pumping the oil.

[klatterblast]

you know more than me about it i was just sharing some info that was sent to me, seems we should use more of our own oil at a cheaper price maybe our economy would benefit also.

[ketel0ne]

6 year trend.

[VTXrider]

In my view, if you go back to the early 2000s oil was 25 and everyone was happy, both producers and consumers. Everyone liked the price and the price was far.

Adjust that $25 to today. First lets assume 3% inflation for 10 year, that's about 35% and then a 65% loss in the strength of the dollar. All of these figures are approximations because I am not going back to look up specifics, but they are close enough.

If you do this you come to about $55 per barrel, this seems like a price I would be happy with.

On the other hand, I do understand that marginal global capacity is at a cost near $75 so I can see where that won't be produced without maybe $85 long term prices. I could probably be ok dealing with that. Over time Bakken oil will be more accessible with tech gains, I don't see much over $100 as sustainable currently