Oil price over $147 for the first time-now above $80

[gtalum]

You know, I did the math once: Here in Denison I was still able to get gas at $3.97 when oil was at $145+ per 40-gallon barrell. That's an oil price of $3.62/gallon.

Therefore, gasoline only costs about $0.35 cents per gallon to ship, refine, transport, pay gasoline taxes, and pass along massive profits to Exxon's shareholders. The rest goes to the Saudis, the Russians, the Iranians, and the rest of the hands that feed us, and the oil speculators on Wall Street who feed them.

Not exactly. gasoline is only one of many products refined from oil. It's also one of the cheapest. The reason gas is as cheap as it is is that the other distillates are much much more expensive. Just for a comparison, I use a lot of epoxy resin in my business, which is a petroleum distillate. It runs wholesale about $1.50 per pound, or $12 per gallon.

The cheapest petroleum distillates are diesel fuel, bunker fuel (really thick diesel oil used by big ships), and asphalt.

[gtalum]

How is it possible that NOBODY is going to decide to sell their long contracts until the last minute?

It's not literally everybody who decides to do this. It's just that there were enough people betting that the price would go up all throughout the last day and holding onto their long contracts as long as possible that the demand for them outstripped the supply for a while, driving up the price. It was only possible because an unusually large number of people were shorting oil futures because of the almost continuous decline over the past few months, and were thus stuck buying contracts at the last minute to cover their shorts.

[lurkey]

Gas prices are going down fast .. .

3.25/gallon 3.16 w/car wash -- today at nearby gas station

The lowest on last Saturday when I bought gas was 3.75/gallon . .

[JonathanBelles]

I got gas yesterday for $3.36. I'm beginning to think $2.99 is possible again.

[HURAKAN]

I pumped gas today for $3.37. The gasoline prices have been the only good news lately.

[weathermom]

I got gas yesterday for $3.36. I'm beginning to think $2.99 is possible again.

I saw a station yesterday advertising $2.98 cash OR credit. And by the way, there is no pumping my own here in Jersey! That price includes someone else getting to smell like gas! Never thought I would actually be happy about paying 3 bucks a gallon........

[Ed Mahmoud]

Another $20 or $30 a barrel drop, I can start worrying about massive 1998 style layoffs in the oilfield again. Well, what is bad for me is also bad for the dictator of the once and future Soviet Union, Putin, the Marxist Chavez, and Achmedinejehad. Maybe they'll create a crisis to bolster oil prices. Maybe not.


Getting positively deflationary.


Of course, people who have jobs, aren't retiring right away, and purchased their homes to have a place to live, not as an investment, may feel poorer right now, but their standard of living shouldn't change. Falling prices should actually boost their standard of living.

[Cyclenall]

It is indeed the only really good news right now. I'm actually hoping for gas prices to return back to "normal" (early 2000s type prices or 79 cents a litre) here in Canada.

[vbhoutex]

I've seen 3.02/gallon here in Houston.

[RL3AO]

Oil down over $6.

[southerngale]

I got gas yesterday for $3.36. I'm beginning to think $2.99 is possible again.

I saw a $2.93 and $2.99 in Beaumont today.

[JonathanBelles]

I got gas yesterday for $3.36. I'm beginning to think $2.99 is possible again.

I saw a $2.93 and $2.99 in Beaumont today.

WOW!! Congrats!

[Stephanie]

I just bought Regular at $2.80 tonight!

[somethingfunny]

Psst. $2.57 at the Walmart in Sherman, TX....pass it on....but dont all come at once because that parking lot is always a charley-fox! >_<

[DanKellFla]

.... and the election is 4 weeks away.

[CajunMama]

Geeze, the lowest i've seen here was $3.25 and that was yesterday at valero. How come y'alls prices are so much lower?

[angelwing]

Gas in Philly is $3.19, I filled up yesterday in NJ for $2.91, that was around 5AM, it was down to $2.85 at the same place at 4PM.

Taxes are much lower in NJ for gas than in PA, at least that's why it's cheap in NJ, plus they have no self-servs stations (it's against the law)so that's a plus, especially when it's freezing

[CajunMama]

Full serve gas stations. Wait! I think i remember those!

[Bunkertor]

You can´t control what the oil do...

[lurkey]

Gas prices are going down fast .. .

3.25/gallon 3.16 w/car wash -- today at nearby gas station

The lowest on last Saturday when I bought gas was 3.75/gallon . .

It's 2.99/gallon today. . .. If I wait one day to get gas, do ya think it might lower?