OPEC melts down and oil drops 5%

[GeoFisher]

Oil Tumbles as IEA Announces Release of 60 Million Barrels

http://www.foxbusiness.com/markets/2...s-oil-release/

[Tyme2fish]

So why haven't pump prices decreased $.05gallon because of this "news"?

Gas prices seem to rise whenever a sheik passes wind so why don't they drop just as rapidly?

[artcarney_agr]

So why haven't pump prices decreased $.05gallon because of this "news"?

Gas prices seem to rise whenever a sheik passes wind so why don't they drop just as rapidly?

Because they are trading oil that hasn't come out of the ground.....hence the term "oil futures"

You'll see the drop in about 3-4 weeks....

[Tyme2fish]

Because they are trading oil that hasn't come out of the ground.....hence the term "oil futures"

You'll see the drop in about 3-4 weeks....

I beg to disagree. The threat of a hurricane in the gulf will cause local gas prices to increase immediately and that gas is already in the pipelines.

[kydonky]

You know the last time oil was at $91.50 gas was in the $2.25 range.

So $0.05 drop would be bull dung. Should see a drop of around $1.75.

Problem is we have two major powers pitting us agianst one another. OPEC and Big OIL. One is as bad as the other.

Lately my concerns are that big oil is the biggest problem and they give us a convienent scapegoat that is forign oil.

Too easy for them to shift blame as long as we are looking at OPEC.

The good ole USA has invested and place all her eggs in the oil basket (Bucket). Rails have been disassembled trillions spent on oil using roads. Big oil has influenced every step of the way to insure our dependence on their product.

Big Oil are the ones that have empowered oil countries,and now they ask us to controll them.

So should the next country invade be Exxon/Mobile?

[GeoFisher]

You know the last time oil was at $91.50 gas was in the $2.25 range.

So $0.05 drop would be bull dung. Should see a drop of around $1.75.

Problem is we have two major powers pitting us agianst one another. OPEC and Big OIL. One is as bad as the other.

Lately my concerns are that big oil is the biggest problem and they give us a convienent scapegoat that is forign oil.

Too easy for them to shift blame as long as we are looking at OPEC.

The good ole USA has invested and place all her eggs in the oil basket (Bucket). Rails have been disassembled trillions spent on oil using roads. Big oil has influenced every step of the way to insure our dependence on their product.

Big Oil are the ones that have empowered oil countries,and now they ask us to controll them.

So should the next country invade be Exxon/Mobile?

Not Quite:

I think back in December, 2010 the price of OIL was around 91/barrel......it certainly didn't drop to 2.75/gallon for gas. I think the average was 2.91, WITHOUT TAXES......

http://www.eia.gov/oil_gas/petroleum...s_history.html

And it should REALLY chap your ass that during that time, when oil was fluctuating between 87 - 92 dollars, for 2 or so months, gasoline actually went up. Of course refiners blamed this on spills and switch over.

Later,

Geo

[artcarney_agr]

The threat of a hurricane in the gulf will cause local gas prices to increase immediately and that gas is already in the pipelines.

You're correct on that too. There are more factors on the pump price than just oil futures, which is why you can't really get all wound up or cheer about this OPEC news.

[kydonky]

Not Quite:

I think back in December, 2010 the price of OIL was around 91/barrel......it certainly didn't drop to 2.75/gallon for gas. I think the average was 2.91, WITHOUT TAXES......

http://www.eia.gov/oil_gas/petroleum...s_history.html

And it should REALLY chap your ass that during that time, when oil was fluctuating between 87 - 92 dollars, for 2 or so months, gasoline actually went up. Of course refiners blamed this on spills and switch over.



Later,

Geo

I guess it depends on the propaganda you read. The big oil website shows on thing and another website shows another.

Here are statisticcs from the US Energy Information Website. The following was copied and pasted.

Price of oil for the week of 12/10 to 12/14 2007
2007 Dec-10 to Dec-14 87.72 90.12 94.41 92.35 91.31

Price of gasoline for the week of 12/10 to 12/14/2007

2007 Dec-10 to Dec-14 2.175 2.194 2.313 2.291 2.263

So on 12/14/2007 oil was $91.31 and gas was $2.26

Today oil is around $91.00 yet gas is still ups around $3.50

So maybe my statement of $1.75 less was a little off, maybe more like $1.25

BUT STILL MORE THAN A NICKLE

Here is the link http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

No reason to be rude with body parts.

[GeoFisher]

I guess it depends on the propaganda you read. The big oil website shows on thing and another website shows another.

Here are statisticcs from the US Energy Information Website. The following was copied and pasted.

Price of oil for the week of 12/10 to 12/14 2007
2007 Dec-10 to Dec-14 87.72 90.12 94.41 92.35 91.31

Price of gasoline for the week of 12/10 to 12/14/2007

2007 Dec-10 to Dec-14 2.175 2.194 2.313 2.291 2.263

So on 12/14/2007 oil was $91.31 and gas was $2.26

Today oil is around $91.00 yet gas is still ups around $3.50

So maybe my statement of $1.75 less was a little off, maybe more like $1.25

BUT STILL MORE THAN A NICKLE

Here is the link http://www.eia.gov/dnav/pet/pet_pri_spt_s1_d.htm

No reason to be rude with body parts.

Not really..........

You said the LAST time...........

2007 was not the last time. 2010 was. But I AGREE with you on the fact that we are paying way too much for it and the speculators are still ripping off the american people.

People.......common folks as well as LOTS of other folks are getting really good and playing the futures market. I got a buddy that made 50k last month betting on the futures game. AND he made that 50k on a 100k investment.

If you're willing to make the gamble, and you KNOW how to use some very simple tools, you can make a boatload of money.

MORE and MORE folks are trying their hand at commodity trading. Those that are good are really beginning to understand how to manage and manipulate the market to their advantage.

It is not just the big boys that play the game.

Later,

Geo

[kydonky]

Amen brother

[HURRICANEBOB]

Oil prices ought to be more like older men. Down more often, and down for longer periods of time. I mean from a perspective of working vs resting of course.

[bassin_bug]

Oil prices ought to be more like older men. Down more often, and down for longer periods of time. I mean from a perspective of working vs resting of course.

That's interesting; are you speaking from experience? I saw a guy this morning who told me about a 99 year-old bachelor who is in a nursing home. He had never been married....until last Sunday. I wonder if the wedding gift from his doctor was a prescription for Cialis.

I have a cousin who is a doctor and has a great sense of humor. He said that if Hugh Hefner had used Cialis instead of Viagra that pretty young woman wouldn't have broken their engagement. lol