Oil Falls Below $118

[AUTailgatingRules]

Are we starting to see the bubble burst?  Imagine how low it will go if we really do something about exploration.  Congress needs to remove the ban on drilling immediately.

http://articles.moneycentral.msn.com/Investing/Dispatch/080806markets.aspx

[Saniflush]

Are we starting to see the bubble burst?  Imagine how low it will go if we really do something about exploration.  Congress needs to remove the ban on drilling immediately.

http://articles.moneycentral.msn.com/Investing/Dispatch/080806markets.aspx

We can't do that.  There may be some insignificant newt affected somewhere.

[Kaos]

Gas goes up $6 a barrel and gas prices spike 15 cents. 

Gas goes down $20 a barrel and prices fall a nickel.

Somebody's getting screwed. 

I wish somebody would do a comparison chart of per-barrel price and pump price to confirm my theory.

[Tarheel]

Gas goes up $6 a barrel and gas prices spike 15 cents. 

Gas goes down $20 a barrel and prices fall a nickel.

Somebody's getting screwed. 

I wish somebody would do a comparison chart of per-barrel price and pump price to confirm my theory.

Somebody did (at least through 2005):

http://inflationdata.com/inflation/Inflation_Rate/gas_vs_oil_price_comparison.htm

Here's some other interesting charts:

http://www.inflationdata.com/inflation/images/charts/Oil/Inflation_Adj_Oil_Prices_Chart.htm

http://www.inflationdata.com/inflation/images/charts/Oil/Gasoline_inflation_chart.htm

[Tarheel]

We can't do that.  There may be some insignificant newt affected somewhere.

I like what Rush said about this yesterday, to paraphrase, if drilling is so damn bad then why the hell are we doing it at all!!??

[AUTailgatingRules]

Have you seen all the pictures of the wildlife that surrounds the Alaskan pipeline?  Seems that they like the warmth provided by said pipeline and it has actually created a boom in their numbers.  Imagine that.

[Tarheel]

Have you seen all the pictures of the wildlife that surrounds the Alaskan pipeline?  Seems that they like the warmth provided by said pipeline and it has actually created a boom in their numbers.  Imagine that.

That's Big Oil Propaganda!   

[GarMan]

Have you seen all the pictures of the wildlife that surrounds the Alaskan pipeline?  Seems that they like the warmth provided by said pipeline and it has actually created a boom in their numbers.  Imagine that.

Well that might be true for some species, BUT the green-spotted, six-winged, orange-striped, horny dung fly is at risk of becoming extinct now.  The oil pipeline is blocking their natural migratory patterns, and they're too enlightened <read: stupid> to fly over it.  The value this dung fly brings to the local ecology is immeasurable. 

[Saniflush]

Have you seen all the pictures of the wildlife that surrounds the Alaskan pipeline?  Seems that they like the warmth provided by said pipeline and it has actually created a boom in their numbers.  Imagine that.

Even the animal kingdom digs on the sweaty sex.

[GarMan]

Gas goes up $6 a barrel and gas prices spike 15 cents. 

Gas goes down $20 a barrel and prices fall a nickel.

Somebody's getting screwed. 

I wish somebody would do a comparison chart of per-barrel price and pump price to confirm my theory.

It takes time for the complete price drop to hit the local gas pump.  Basically, the local gas station will charge you the price that was set when their tanks were filled.  If they get a refill before their tanks run dry, they charge the average the price based on the quantity that was replaced during the refill.  Eventually, you'll get the complete price drop, but it'll take a little time. 

Here's what I'm seeing in my area.  When I left town on July 21st, or 21st July, the average price in my area was around $4 per gallon.  I just got home last night, August 7th, or 7th August, and the price in my area has dropped to the $3.64-3.68 range.  That's a nice price drop...

[Saniflush]

When do you go back?

[AUTailgatingRules]

Heres hoping this article rings true.  I like the thought of $60 - $80 per barrell oil again.

http://www.telegraph.co.uk/opinion/main.jhtml?xml=/opinion/2008/08/08/do0801.xml

[GarMan]

When do you go back?

Not exactly sure...  I have reservations for Monday afternoon, but the client has requested that we "slow down" a bit.  I'm waiting for a response right now.  I'm either going to take a week of vacation or head back next week.  We'll see...

[Kaos]

It takes time for the complete price drop to hit the local gas pump.  Basically, the local gas station will charge you the price that was set when their tanks were filled.  If they get a refill before their tanks run dry, they charge the average the price based on the quantity that was replaced during the refill.  Eventually, you'll get the complete price drop, but it'll take a little time. 

Here's what I'm seeing in my area.  When I left town on July 21st, or 21st July, the average price in my area was around $4 per gallon.  I just got home last night, August 7th, or 7th August, and the price in my area has dropped to the $3.64-3.68 range.  That's a nice price drop...

I could buy all that except for the fact that the day a price-per-barrel increase is announced, the pump price rockets upward. 

I think you're drinking the koolaid.

[GarMan]

I could buy all that except for the fact that the day a price-per-barrel increase is announced, the pump price rockets upward. 

I think you're drinking the koolaid.

Point taken, but there's more at work.  The gas prices at the pump don't go up when an increase is announced.  At least, this is true for my area.  It's possible that different laws of the various localities play into affect on this.  For my area, the price only changes when the next fuel truck comes.  Of course, there's also an aspect of supply-and-demand that plays into this.  If there's an announced increase, I'm willing to bet that more people will immediately refuel or top-off their vehicles depleting the supply of the lower priced fuel.  This is likely why you see the hikes faster than the drops.