Quote :

"EPIC OIL COLLAPSE"

http://www.time.com/time/business/article/0,8599,1849215,00.html?cnn=yes

p.s. WHY THE FUCK IS GAS STILL EXPENSIVE?????

10/11/2008 2:25:45 PM

very serious bidness

10/11/2008 2:26:24 PM

higher oil prices means gas price shoots up the very next day

lower oil prices means...gas price stays high for weeks?

wtf

10/11/2008 2:28:31 PM

Quote :

"lower oil prices means...gas price stays high for weeks months?"

10/11/2008 2:31:08 PM

because stores bought their gas at the higher price

they arent going to willingly lose money

10/11/2008 2:32:09 PM

^that and the middle men are greedy and taking in the profits because no one will call them out on it

10/11/2008 2:34:42 PM

^^ whatever they are not gonna drop prices until the guy across the street does

the guy across the street is not gonna drop his until they drop theirs


In the mean time bend over.

10/11/2008 2:36:04 PM

NC Has Most Expensive Gas in Continental US

Quote :

"Raleigh, NC -- Some parts of North Carolina have the most expensive gasoline in the continental United States, but the prices already are dropping in some areas. North Carolina motorists paid an average of $3.79 a gallon for regular gasoline Tuesday, The News & Observer of Raleigh reported Wednesday. That's 31 cents above the national average and higher than any other state except for Alaska and Hawaii. The statewide average dropped to $3.76 a gallon Wednesday, according to the AAA Carolinas auto club, compared to a national average of $3.44 a gallon. Average prices ranged from $3.52 a gallon in the Wilmington area to $3.85 in the Raleigh area, AAA said. Prices even drew comment from Michelle Obama, wife of Democratic presidential candidate Sen. Barack Obama, who told a crowd in Jacksonville that they were a problem. "You feel it in your stomach when you fill up," she said during a campaign stop. "You're stuck with some of the highest gas prices in the country." Industry and government officials say the hurricanes that disrupted production in the Gulf of Mexico are responsible for the higher prices. Much of the gasoline brought into the state while the pipeline was being refilled came on tanker truck convoys, but kept the prices higher, said Carol Gifford, spokeswoman for Charlotte-based AAA Carolinas. "We had to ship it from Jacksonville, Fla., to Charlotte, just to get some of those stations wet," said Pete Sodini, president of the Sanford-based Pantry chain that has 1,600 stores in 11 states. "It cost almost 30 cents a gallon to truck it from Jacksonville, but we had no choice." Extra deliveries at the port of Wilmington improved supplies in the eastern part of the state and some stations had prices Monday below $3.40. The Daily News of Jacksonville reported prices had dropped sharply -- between 20 and 30 cents a gallon -- in Onslow County within two hours Tuesday. One station was selling regular gasoline for $3.41 a gallon. The CEO of GoGas, which operates several stations in eastern North Carolina, said in an e-mail to The Daily News that the last month had been challenging. Reggie Stanley said his company bought eight loads of gasoline in September for $5.25 a gallon but sold then for $3.79. Mike Stater of Clayton wondered why prices were so high. "At the $90 per barrel price for crude, shouldn't (gas) prices be back down in the ranges they were a year ago?" said Stater. "Sounds like some gouging going on to me." The North Carolina attorney general's office has investigated reports of price gouging, but a spokeswoman would not say Tuesday whether there is any evidence of overcharging. AP"

http://www.digtriad.com/news/top/article.aspx?storyid=112060&catid=14

10/11/2008 2:45:59 PM

Quote :

" How far can it fall? People have been anxiously wondering as they watch the plunging stock market. But increasingly the same question is being asked about another crucial figure: the price of oil. It has plummeted nearly 40% in just three months, from about $147 a barrel in July to below $83 on Friday, with no obvious bottom in sight. If that sounds good, you are probably a driver who winces these days at filling your gas tank. But the downward spiral could mean trouble for oil-rich countries and for the environment. Oil analysts admit that most of them failed to predict how fast oil prices would drop. Just a few months ago, some were saying oil might reach $200 a barrel by year's end. "The analysts have been quite surprised by the pace and volatility of the decline," says David Fyfe, senior oil analyst for the International Energy Agency in Paris, which as a rule does not predict oil prices. "The volatility has been quite marked." This year's sky-high oil prices are partly responsible for the drop. Since oil hit $100 a barrel for the first time early this year, Americans (who consume one-quarter of the world's energy) began cutting back. When gas began selling above $4 a gallon, American consumers made "a psychological shift into the sense of crisis and a sense of permanence," says Greg Priddy, oil analyst for the Eurasia Group in Washington. Instead of believing that gas prices would finally fall again, many began changing their daily habits — they started driving the smaller car in a two-car garage or consolidating shopping trips. That has meant a huge slump in Americans' gas use. Even before the market meltdown, Americans consumed 800,000 barrels of oil a day less during the first half of this year than the same period last year. As demand fell, so did prices, and as prices have fallen, investors have begun pulling money out of the oil market, fearing a collapse, says Leila Benali, an expert on Middle East oil for the Cambridge Energy Research Associates in Paris, adding: "People are getting nervous about demand next year. There is talk of a global recession." For oil-rich countries the slump has come at a bad time. As the oil price began rising during the past few years, governments and big oil companies plowed billions into exploring and developing new fields in Russia, Angola, Mexico, Brazil and Saudi Arabia — projects whose costs have more than doubled in the past few years, in part because soaring steel prices drove up drilling equipment costs and oil-rig rentals. Just as global demand has begun to slow, millions more barrels of oil a day from new fields have hit the world market. The big oil producers have good reason to be nervous. Many are still haunted by a disastrous error made at an Opec meeting in Jakarta in 1999, when the cartel — which produces more than a third of the world's oil — opted to raise its production levels. Within weeks Asian stock markets tumbled, driving world oil prices down to $11 a barrel. Oil officials in Saudi Arabia and elsewhere have cited that price crash as the reason they've rebuffed pleas from President Bush to pump more oil. Says Benali: "Countries have learned the lessons of the past." Though oil-producers and environmentalists rarely agree about anything, both groups have done extremely well from sky-high oil prices during the past year. The high price at U.S. gas pumps has pushed both Barack Obama and John McCain into making the development of alternative fuels and electric cars key elements of their campaign platforms. But if gas prices continue to drop, those initiatives might begin to seem unnecessarily costly to many Americans. (Time's Bryan Walsh reported this week that some countries are already reviewing environmental initiatives as gas prices fall.) "If gas prices drop under $3 a gallon, it will be interesting to see whether it saps the political will," says Priddy. "Americans like their sprawl and generally don't like to give those things up." If oil producers have their way, oil prices could start rising again. Their growing anxiety erupted early this week, when Iranian and Venezuelan officials warned that if Opec waited much longer before cutting its output, it could face another massive price collapse. On Thursday, Opec officials scheduled an emergency meeting in Vienna for Nov. 18 rather than wait until the cartel's scheduled summit in Algiers in early December. In the meantime, the world's biggest oil producer, Saudi Arabia — which increased production in the summer — has already begun loading less oil on its tankers, according to global oil figures. For some countries there is a fear far greater than an economic recession: political turmoil. Iran, which earns 80% of its revenues from oil exports, set this year's budget on the assumption that oil would trade at $90 a barrel — a figure which seemed conservatively low until recently, but which is now above the world price. "If the price stays there a while Iran would cut spending," Priddy says. That might include cutting heavy gas subsidies for Iranian drivers, who have rioted in the past when the government tried to ration gas or raise the price at the pump. Hugo Chavez could face similar problems in Venezuela if oil prices drop below $75 a barrel — the rate at which the country calculated this year's budget. The problems lower prices could cause in those countries could be more visceral than those posed so far by the current financial upheaval. "

http://www.time.com/time/business/article/0,8599,1849215,00.html?cnn=yes
LoL CNN

10/11/2008 2:57:38 PM

The two things that sent the economy down the shitter was 1) housing market crash 2) gas prices.

Maybe one will fix itself.

10/11/2008 2:58:44 PM

RAWR RAWR (THE BIG OIL ROAR)

IT IS BAD FOR ECONOMY AND MOAR IMPORTANTLY ENVIRONMENT

lol

10/11/2008 3:01:54 PM

I like how the hippies at Time.com put

"CHEAP OIL, IS IT A GOOD THING?"

HOW THE FUCK IS IT NOT A GOOD THING

10/11/2008 3:07:52 PM

inorite

10/11/2008 3:09:02 PM

CHEAP FOOD
PLENTY OF OXYGEN
ADEQUATE WATER SUPPLIES

IS IT A GOOD THING?

10/11/2008 3:31:41 PM

Quote :

"OIL PRICE FAIL"

12/14/2008 1:18:29 AM

again? or are you bumping [old] news?

12/14/2008 3:42:24 AM

no, he's just sucking his own e-dick by bumping his own old threads

12/14/2008 4:00:43 AM