Oil Prices Down

[StarsFan4Life]

Oil was down to around $120-122 this morning, yet my local gas station raised their price $.07 overnight. WTF?!

About to start flying my space ship to work!



*****Update*****
But Morgan Stanley analyst Ole Slorer is not a criminal

Approaching $140 by the time the day is done.

$14 rise in one day and not done.

Biggest one day jump in Nymex history on the words of one criminal.

6-6-2008 Prices pushed sharply higher Friday after Morgan Stanley analyst Ole Slorer said he expected strong demand in Asia could drive prices to $150 by Independence Day

http://news.yahoo.com/s/ap/200...nnS4d2Q2WwUN33EWis0NUE


The meteoric surge builds on a huge gain the previous day and sets the stage for the biggest two-day gain in the history of the New York Mercantile Exchange.

 

[YoungGun21]

They want your moneys. Do not give them the moneys!!

 

[BlahBlahYouToo]

be happy gas didn't go up at the same rate the oil was.

 

[CaptainGoodnight]

It dropped from $3.89 to $3.82 where I am.

 

[StarsFan4Life]

Originally posted by: BlahBlahYouToo
be happy gas didn't go up at the same rate the oil was.

Oh yes...I should be so happy gas only went up 80% in the last 6 months.


Yippee!

 

[Special K]

The price of oil quoted is for futures contracts. I believe the futures contracts trading now are for a barrel of oil that will be delivered sometime in July. There is a lag between oil prices and the price at the pump. The prices you are seeing now are the result of the price of oil barrels last month.

 

[Baked]

Prospecting prices.

 

[CaptainGoodnight]

I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

 

[2Xtreme21]

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

 

[StarsFan4Life]

Originally posted by: 2Xtreme21

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

'Nuff said..

 

[CaptainGoodnight]

Originally posted by: StarsFan4Life

Originally posted by: 2Xtreme21

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

'Nuff said..

In a world of uncertainty, uninformed cynicism ultimately leads to inaction, leaving others to pull the strings. By believing you are a puppet, you become a puppet. Uninformed cynicism lulls you into an eternal sleep.

Everyone feels safe making bland claims like "No, it's just rape of consumers-- nothing more."

What we need are informed cynicism.

 

[AmpedSilence]

If i'm not mistaken, there is a 6 week lag in the prices you see in the NYSE and the prices at the pump. so, the rise you are seeing now is from the crazy prices 6 weeks ago. As the current barrels go down in price, the prices will go down at the pump the remote future.

 

[Riverhound777]

Its pretty much like this: if the price of oil goes up, the price of gas goes up. If the price of oil goes down, well there is a delay, it might take a while, unless next week the price of oil goes back up, in which case the price of gas will go up as well.

 

[2Xtreme21]

Originally posted by: CaptainGoodnight

Originally posted by: StarsFan4Life

Originally posted by: 2Xtreme21

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

'Nuff said..

In a world of uncertainty, uninformed cynicism ultimately leads to inaction, leaving others to pull the strings. By believing you are a puppet, you become a puppet. Uninformed cynicism lulls you into an eternal sleep.

Everyone feels safe making bland claims like "No, it's just rape of consumers-- nothing more."

What we need are informed cynicism.

Don't worry. I'm well aware that this needs to be the wake up call for developing alternative fuel sources and that a quick fix will do absolutely nothing and will harm us in the long run. Though when I look at the fact that oil surpluses are the highest they've been in years and that simple supply & demand economics is being completely thrown out the window, I know that there are other factors at work-- factors that are ultimately hurting everyone at the expense of a few wealthy oil companies.

 

[mundane]

Originally posted by: AmpedSilence
If i'm not mistaken, there is a 6 week lag in the prices you see in the NYSE and the prices at the pump. so, the rise you are seeing now is from the crazy prices 6 weeks ago. As the current barrels go down in price, the prices will go down at the pump the remote future.

I'm not at all knowledgeable on the subject (future commodities, economic theory, etc) but from a consumer POV I see the price of gas shoot up as soon as the quoted oil price rises. Or maybe it's just a skewed perspective on my part, only really paying attention when the price goes up.

 

[So]

When oil prices go up, gas prices increase to pay for the cost of oil. When oil prices go down, gas prices increase to hedge against future increases in the cost of oil. It's a vicious cycle.

 

[Tweak155]

Originally posted by: Riverhound777
Its pretty much like this: if the price of oil goes up, the price of gas goes up. If the price of oil goes down, well there is a delay, it might take a while, unless next week the price of oil goes back up, in which case the price of gas will go up as well.

 

[goog40]

Prices went up 18 cents between last Friday and yesterday at my local stations.

 

[LegendKiller]

Originally posted by: StarsFan4Life

Originally posted by: 2Xtreme21

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

'Nuff said..

Gotta love ignorance.

 

[Casawi]

$4.09 here in MI

 

[Raduque]

Maybe we should make futures trading of oil illegal?

 

[LegendKiller]

Originally posted by: Raduque
Maybe we should make futures trading of oil illegal?

So people who have legit reasons for doing so cannot do it?

There are thousands of good reasons why people should be able to hedge using oil futures and it is certainly a huge benefit to the world economy.

 

[dmcowen674]

Originally posted by: LegendKiller

Originally posted by: Raduque
Maybe we should make futures trading of oil illegal?

So people who have legit reasons for doing so cannot do it?

There are thousands of good reasons why people should be able to hedge using oil futures and it is certainly a huge benefit to the world economy.

Deleted by suggestion

By the way oil is no longer "down":

6-5-2008 Oil jumps $4 as dollar slides

Oil jumped $4 to over $126 a barrel on Thursday, rebounding from a sharp two-day sell-off as the dollar slid after the European Central Bank signaled it could raise interest rates this year.

.S. crude traded up $4.00 to $126.30 a barrel by 2:06 p.m. EDT after ending at $122.30 on Wednesday, its lowest settlement in almost a month. London Brent gained $3.83 to $125.93 a barrel.

Investors have rushed into oil and other commodities as a hedge against the weak dollar and inflation, helping drive crude to a record $135 a barrel in May.

 

[LegendKiller]

Originally posted by: dmcowen674

Originally posted by: LegendKiller

Originally posted by: Raduque
Maybe we should make futures trading of oil illegal?

So people who have legit reasons for doing so cannot do it?

There are thousands of good reasons why people should be able to hedge using oil futures and it is certainly a huge benefit to the world economy.

Yea right :roll:

How much have you made on this latest spike?

With shit like this, why aren't you perma-banned yet? You're an obvious troll who adds nothing to a conversation.

 

[RbSX]

Originally posted by: CaptainGoodnight

Originally posted by: StarsFan4Life

Originally posted by: 2Xtreme21

Originally posted by: CaptainGoodnight
I believe the current price of gas is more a reflection on what the oil companies paid for it a week ago. So there is this "lag" effect. Not 100% sure on this.

No, it's just rape of consumers-- nothing more.

'Nuff said..

In a world of uncertainty, uninformed cynicism ultimately leads to inaction, leaving others to pull the strings. By believing you are a puppet, you become a puppet. Uninformed cynicism lulls you into an eternal sleep.

Everyone feels safe making bland claims like "No, it's just rape of consumers-- nothing more."

What we need are informed cynicism.

I think that they're right, though it might be uninformed.

When oil prices go up, they say gas prices go up because of the change in commodity prices that day.

When commodity prices go down, then they say it's the futures prices.

Speaking out of both sides of their mouths.