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Author	Topic: Oil closes out surprising week nearly 9% lower	Post a Reply Back to Topics

PD Moderator	Message Posted: Aug 13, 2010 11:22:16 AM Ignore PD Report Abuse Aided by temporary concerns about a weaker economy, oil and gasoline futures both took a beating this week. After closing out last week near $82, oil saw massive declines of near 9% to $75/bbl. Even a less than stellar Department of Energy report couldn't push oil higher. In fact, it seemingly accelerated the decline. Turning to what this means for motorists... decreasing gasoline prices! The U.S. average peaked on August 6 at $2.787 and has slowly begun to drop. According to live GasBuddy numbers, that price is currently $2.775. While that doesn't amount to a whole lot, expect prices to begin dropping faster this weekend. Due to different pricing strategies, I expect prices on the West Coast will fall the slowest. On... Visit GasBuddy Blog for full article

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Message Posted: Aug 13, 2010 11:22:16 AM

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Aided by temporary concerns about a weaker economy, oil and gasoline futures both took a beating this week. After closing out last week near $82, oil saw massive declines of near 9% to $75/bbl. Even a less than stellar Department of Energy report couldn't push oil higher. In fact, it seemingly accelerated the decline.

Turning to what this means for motorists... decreasing gasoline prices! The U.S. average peaked on August 6 at $2.787 and has slowly begun to drop. According to live GasBuddy numbers, that price is currently $2.775. While that doesn't amount to a whole lot, expect prices to begin dropping faster this weekend.

Due to different pricing strategies, I expect prices on the West Coast will fall the slowest. On...

Visit GasBuddy Blog for full article

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POLELANE Champion Author Ohio Posts:7,148 Points:828,370 Joined:Mar 2008	Message Posted: Aug 26, 2010 4:44:02 PM Ignore POLELANE Report Abuse the administration doesn't want us to see lower gasoline; force alternatives on us.
sabob Champion Author Pennsylvania Posts:12,501 Points:1,128,270 Joined:Dec 2008	Message Posted: Aug 26, 2010 3:41:33 PM Ignore sabob Report Abuse We'll never see $2.00 a gallon gas again
davidel57 Champion Author Houston Posts:5,120 Points:1,188,235 Joined:Apr 2008	Message Posted: Aug 25, 2010 10:11:20 AM Ignore davidel57 Report Abuse "MASSIVE DECLINES" Sound the bell...the sky is falling...no that's the economy and the markets getting back to where they should be in this kind of economic situation...recession...depression...call it what you want.
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: Aug 17, 2010 11:47:41 PM Ignore Vette1967 Report Abuse Oil and gasoline prices hardly ever coincide with one another.
ENORMS Champion Author Colorado Posts:3,020 Points:1,591,505 Joined:Sep 2006	Message Posted: Aug 14, 2010 8:04:19 PM Ignore ENORMS Report Abuse Now lower the price at the pump!!
koinhyuk All-Star Author Sacramento Posts:699 Points:146,925 Joined:Feb 2010	Message Posted: Aug 14, 2010 5:26:35 PM Ignore koinhyuk Report Abuse needs to be lower... gas prices
remay Champion Author Houston Posts:6,968 Points:2,118,365 Joined:May 2006	Message Posted: Aug 14, 2010 10:49:45 AM Ignore remay Report Abuse 9% drop = ~0% drop in gas prices around here.
ScottTee Champion Author Detroit Posts:4,391 Points:1,063,595 Joined:Mar 2010	Message Posted: Aug 14, 2010 10:41:39 AM Ignore ScottTee Report Abuse better
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Aug 14, 2010 7:21:29 AM Ignore honda0105 Report Abuse jcurley: you get a lot of that from Southern folks. But they don't realize that it's CA which is in the forefront of working on changing the dependency on oil to some degree. I guess you can't teach those who don't want to be taught?
honda0105 Champion Author Tallahassee Posts:18,632 Points:1,610,495 Joined:Nov 2008	Message Posted: Aug 14, 2010 7:19:17 AM Ignore honda0105 Report Abuse and I'm going to cry... yea... crocodile tears...
BMW2014 Champion Author Toronto Posts:1,794 Points:365,150 Joined:Jun 2010	Message Posted: Aug 14, 2010 5:10:46 AM Ignore BMW2014 Report Abuse Good.
NekoSJG Champion Author San Jose Posts:5,168 Points:974,600 Joined:Jun 2010	Message Posted: Aug 14, 2010 3:26:37 AM Ignore NekoSJG Report Abuse Need couple more weeks like this.
jcurley Champion Author California Posts:7,908 Points:1,776,220 Joined:Dec 2007	Message Posted: Aug 14, 2010 1:50:57 AM Ignore jcurley Report Abuse Of course oil prices are heading down, it is nearing the end of the summer driving season! However, we have learned that oil prices have LITTLE affect on gas prices. (Thank you oil refiners and speculators!) hubcapLA -- us west coasters appreciate your kind thoughts and words of wisdom. How christian of you.
rfaramir Veteran Author Texas Posts:466 Points:470,280 Joined:Dec 2009	Message Posted: Aug 14, 2010 1:43:14 AM Ignore rfaramir Report Abuse Food for thought: with gasoline, lower prices are better, right? Then why are we so afraid of deflation? It's the same thing. Lower prices mean our money goes farther and we are effectively richer. Higher prices mean our money doesn't go as far, so we are poorer. Only an extreme (or perpetual) debtor is afraid of deflation. He desires inflation so he can pay off his debts with cheaper dollars. Who is the biggest debtor of them all? The US Government! Who wins with inflation? Debtors and those who print the money. The government is both! Who wins with deflation? Creditors and savers. People with morals who save for a rainy day. So the government's monetary policy is part of the cause of social decay in this nation (punishing thrift), and a direct cause of poverty (by stealing through inflation, let alone taxation). Yet you already know this when you look at the price of gas: down is good, up is bad.
hubcapLA Champion Author Louisiana Posts:3,905 Points:940,435 Joined:Apr 2009	Message Posted: Aug 14, 2010 1:27:42 AM Ignore hubcapLA Report Abuse All of you West Coast complainers SHOULD accept the higher gas prices or start drilling off your "precious" coast. I have absolutely NO sympathy for you while you keep saying "no drilling in my backyard". Stupid environmentalists get what you deserve!
saveongasNC Champion Author North Carolina Posts:4,407 Points:1,094,015 Joined:Aug 2008	Message Posted: Aug 14, 2010 1:23:38 AM Ignore saveongasNC Report Abuse It is getting there!
BobD2009 Champion Author Long Island Posts:6,994 Points:1,240,760 Joined:Apr 2009	Message Posted: Aug 14, 2010 1:22:41 AM Ignore BobD2009 Report Abuse Not low enough.
DrCashFlow Champion Author Massachusetts Posts:7,074 Points:1,628,200 Joined:Jun 2008	Message Posted: Aug 14, 2010 1:22:10 AM Ignore DrCashFlow Report Abuse double dip recession on the way.
OnTheWater Champion Author Orange County Posts:2,123 Points:623,130 Joined:Nov 2009	Message Posted: Aug 14, 2010 1:13:54 AM Ignore OnTheWater Report Abuse Yeah no kidding it freaking sucks living on the west coast especially California!!!! We always have the highest gas prices in the US and it always seems to go up here 1st before other places. But yet we will be the last ones to see prices fall what a crock of........ You know what I mean!!!!!!!!!!!!!
NOTSOGRN Champion Author Michigan Posts:2,056 Points:1,512,040 Joined:Dec 2007	Message Posted: Aug 14, 2010 1:13:51 AM Ignore NOTSOGRN Report Abuse Gas up before Labor Day this will help to do just that.
stevieboy79 Rookie Author British Columbia Posts:2 Points:18,395 Joined:Jan 2009	Message Posted: Aug 14, 2010 1:12:58 AM Ignore stevieboy79 Report Abuse $1.07 a litre here in Canada where I am. 1 US Gallon = 3.78 Litres. 3.78 x $1.07 = $4.04 a US Gallon. OUCH!
jackson661 Champion Author Columbus Posts:3,770 Points:1,477,830 Joined:May 2006	Message Posted: Aug 14, 2010 1:08:12 AM Ignore jackson661 Report Abuse $2.40.Indiana ...wow ...has not drop here yet....
EcoVore Champion Author Los Angeles Posts:3,538 Points:728,775 Joined:Jun 2008	Message Posted: Aug 14, 2010 12:58:44 AM Ignore EcoVore Report Abuse "Due to different pricing strategies, I expect prices on the West Coast will fall the slowest." Yes we on the west coast suffer the higher price per gallon,lol.
alterman156 Champion Author New York Posts:7,490 Points:1,557,750 Joined:Dec 2008	Message Posted: Aug 14, 2010 12:56:52 AM Ignore alterman156 Report Abuse Gas will probably come down in time.
scrounger Champion Author Vancouver Posts:9,778 Points:3,044,305 Joined:Mar 2003	Message Posted: Aug 14, 2010 12:50:26 AM Ignore scrounger Report Abuse and gas is 9% higher..........go figure
comprof Champion Author Houston Posts:6,864 Points:1,357,725 Joined:Jul 2009	Message Posted: Aug 14, 2010 12:50:23 AM Ignore comprof Report Abuse But wait until next week or month.
72_Monte Champion Author Twin Cities Posts:7,775 Points:1,997,435 Joined:Aug 2005	Message Posted: Aug 14, 2010 12:49:32 AM Ignore 72_Monte Report Abuse Surprising week...it's the same loop every week.
REVLAW Champion Author San Antonio Posts:10,435 Points:2,007,245 Joined:Jul 2007	Message Posted: Aug 14, 2010 12:42:43 AM Ignore REVLAW Report Abuse Games and speculation ... that is all that it is. No market based strategy.
flyfast Champion Author Kansas City Posts:9,253 Points:1,826,785 Joined:Jan 2008	Message Posted: Aug 14, 2010 12:41:52 AM Ignore flyfast Report Abuse oil will go back before gas drop
craigsf38 Champion Author Rochester Posts:5,718 Points:1,511,230 Joined:Jun 2008	Message Posted: Aug 14, 2010 12:36:03 AM Ignore craigsf38 Report Abuse I cannt wait to see some relief @ the pump I just hope that it lasts awhile
Long_gone Champion Author Chicago Posts:2,653 Points:461,445 Joined:Jan 2010	Message Posted: Aug 14, 2010 12:35:06 AM Ignore Long_gone Report Abuse ...but don't turn your back on 'em.
Rageagainsttm Champion Author Tampa Posts:8,308 Points:1,903,955 Joined:Jul 2007	Message Posted: Aug 14, 2010 12:31:11 AM Ignore Rageagainsttm Report Abuse They are all just itching for a chance to justify raising the price.
mynt Champion Author Ottawa Posts:5,285 Points:1,070,080 Joined:May 2010	Message Posted: Aug 14, 2010 12:23:49 AM Ignore mynt Report Abuse Nice to get a small break in gas prices for a change.
Huskersed All-Star Author Atlanta Posts:703 Points:337,950 Joined:Nov 2008	Message Posted: Aug 14, 2010 12:17:31 AM Ignore Huskersed Report Abuse West coast has one of the highest gas price in the country, so it's expected to fall the slowest
cutter1330 Champion Author Oklahoma Posts:8,035 Points:1,694,115 Joined:Jul 2005	Message Posted: Aug 14, 2010 12:14:22 AM Ignore cutter1330 Report Abuse By line needs coma after week. English is to ......a englishy.
roadrunnerMO Champion Author Kansas Posts:8,411 Points:1,700,440 Joined:Jul 2008	Message Posted: Aug 14, 2010 12:14:15 AM Ignore roadrunnerMO Report Abuse The market dropped a lot during the week as well.
judgemobile Champion Author Ohio Posts:7,575 Points:2,446,110 Joined:Nov 2005	Message Posted: Aug 14, 2010 12:13:15 AM Ignore judgemobile Report Abuse when big drops happen, we get that savings in "trickle down" but when there is increase, we get HUGE jumps same day or next day, even though the inventory they are selling costs them much less. Greed and speculation are still in place--no HOPE OR CHANGE there.
Hunter114 Champion Author Chicago Posts:9,106 Points:1,450,710 Joined:Apr 2009	Message Posted: Aug 14, 2010 12:11:50 AM Ignore Hunter114 Report Abuse The prices need to drop a lot more than that, the true market value isn't being reflected.
HA4CNN Champion Author Toronto Posts:5,629 Points:1,544,365 Joined:Dec 2006	Message Posted: Aug 14, 2010 12:09:17 AM Ignore HA4CNN Report Abuse Be patient prices will begin to fall at the pump very soon .
14of45SSR Champion Author Saskatchewan Posts:2,370 Points:1,082,290 Joined:Dec 2008	Message Posted: Aug 14, 2010 12:07:38 AM Ignore 14of45SSR Report Abuse Oil Drops, hopefully so will the the pump prices!
grouch311 Champion Author Peoria Posts:6,378 Points:1,573,755 Joined:Jun 2007	Message Posted: Aug 14, 2010 12:07:33 AM Ignore grouch311 Report Abuse not around here. the greedy SOB's got us
CumminsFanOH Champion Author Columbus Posts:1,670 Points:827,990 Joined:Jan 2009	Message Posted: Aug 13, 2010 11:58:04 PM Ignore CumminsFanOH Report Abuse We won't see prices drop much. That would eat into profit too much.
Vette1967 Champion Author Albany Posts:5,972 Points:1,276,975 Joined:Jun 2009	Message Posted: Aug 13, 2010 11:54:49 PM Ignore Vette1967 Report Abuse When the price of a barrel of oil drops...the stock market declines. When the price rises...the stock market declines again. Just wake me up when the price of gasoline does the same thing.
52MPG Champion Author Dayton Posts:7,267 Points:1,742,680 Joined:Apr 2006	Message Posted: Aug 13, 2010 11:50:36 PM Ignore 52MPG Report Abuse Gas is still higher than a year ago.
CrackedLCD Champion Author Alabama Posts:9,036 Points:1,755,800 Joined:May 2008	Message Posted: Aug 13, 2010 11:50:10 PM Ignore CrackedLCD Report Abuse Not surprising enough. :P
Buddy2264 Champion Author Tampa Posts:11,659 Points:2,360,945 Joined:Oct 2005	Message Posted: Aug 13, 2010 11:49:26 PM Ignore Buddy2264 Report Abuse It always drops this time of year as they found out we are not going to drive as much as they thought. It seems we should also be able to buy cheaper fuel oil at this time. Conservation keeps your money in your pocket.
TIGERPAW46 Champion Author Florida Posts:7,131 Points:1,356,655 Joined:Mar 2004	Message Posted: Aug 13, 2010 11:49:11 PM Ignore TIGERPAW46 Report Abuse even $75/brl is too high & still falsely elevated by speculators. It should stay around $60/brl. Everything else is just extra money in the investors & speculators pockets.
Bonito Champion Author Dayton Posts:15,754 Points:3,007,895 Joined:Jun 2004	Message Posted: Aug 13, 2010 11:47:59 PM Ignore Bonito Report Abuse Surprising week? Who wrote this the head of Ford P.R.
vulcan96 Champion Author Ohio Posts:26,926 Points:3,104,650 Joined:Aug 2004	Message Posted: Aug 13, 2010 11:47:50 PM Ignore vulcan96 Report Abuse come on down.....
PetroScopper Champion Author Houston Posts:6,625 Points:1,550,910 Joined:Aug 2008	Message Posted: Aug 13, 2010 11:39:16 PM Ignore PetroScopper Report Abuse That's great news!! Maybe it will continue to drop, despite the fact that the Summer driving season still has some steam left in it.