Oil Drops Below $100

[UNTflyer]

Crude oil prices dipped below 100 dollars a barrel in New York Friday, hitting 99.99 dollars as traders anticipated Hurricane Ike would spare most oil installations in the Gulf of Mexico.

[chrisfisher]

Nice!!!

[untbowler]

you would not know it here as gas has shot up 35 cents since 9 AM this morning.

Can we say gouging!?!?!?

[KRAM1]

can you say "supply and demand"? Gasoline stores are down and demand is up. Seems pretty classic case of supply and demand to me, but IT STILL HURTS that the price of oil continues to drop and the price of gasoline rises. Just sucks as a consumer, but I think the price of gas will drop in the near future. Ain't economics great? You gotta love it!

[Guest JohnDenver]

can you say "supply and demand"? Gasoline stores are down and demand is up. Seems pretty classic case of supply and demand to me, but IT STILL HURTS that the price of oil continues to drop and the price of gasoline rises. Just sucks as a consumer, but I think the price of gas will drop in the near future. Ain't economics great? You gotta love it!

I can say "FEAR" and "GOUGING."

They can replace their oil at today's price cheaper than they are selling the gas they have in their tanks. Until they buy their next supply of oil, the price shouldn't be reflected. Unless you think that supply and demand works under all circumstances... like.. at the end of the week with the gas station is running low because the tanker has showed up (they are 4 hours behind schedule). Since they are running low, they should raise their prices.. because supply is low (at that station) and the demand remains the same... hell... maybe the demand is higher that day, since it is payday and people are heading to the lakes.

[JesseMartin]

You guys just made me "fear" looking at prices later...We were down to about $3.40 here yesterday.

Fortunately, I filled up about a week ago, so I should be good until early to mid October (plus my wife keeps winning free gas gift cards, so we haven't actually "paid" for gas in over a month).

[KRAM1]

John Denver...you may just get the hang of it one of these days.

[Guest JohnDenver]

John Denver...you may just get the hang of it one of these days.

Riiiiiiight. I am just educated stupid.

[GoMeanGreen1999]

you would not know it here as gas has shot up 35 cents since 9 AM this morning.

Can we say gouging!?!?!?

Gas on 380 yesturday morning was $3.36. Yesturday evening it was up to $3.48 and now it is up to $3.59. Just heard in Russellville, AR that the price is up to $3.89.

[GreenBat]

I heard on the news that gas is going to be more than $4 a gallon next week.

[Guest JohnDenver]

Gas on 380 yesturday morning was $3.36. Yesturday evening it was up to $3.48 and now it is up to $3.59. Just heard in Russellville, AR that the price is up to $3.89.

Supplies must be getting short before the storm even hits...

[Buford_Julep]

During the 1973 and 1979 oil crises, the price went up and gas stations ran out of gas.

For the past three years we keep hearing "supply and demand" as the prices continue to go up, but it seems that all the gas you can afford is always readily available. There hasn't been any gas stations out of gas, lowering of speed limits to conserve gas, printing of rationing coupons (albeit unused) or congress passing and a Republican President signing an Emergency Petroleum Allocation Act authorizing price, production, allocation and marketing controls. All that happened in 1973. I'm sorry but if there is plenty of $5 a gallon gas available after this, I want to know why.

[meangreendork]

During the 1973 and 1979 oil crises, the price went up and gas stations ran out of gas.

For the past three years we keep hearing "supply and demand" as the prices continue to go up, but it seems that all the gas you can afford is always readily available. There hasn't been any gas stations out of gas, lowering of speed limits to conserve gas, printing of rationing coupons (albeit unused) or congress passing and a Republican President signing an Emergency Petroleum Allocation Act authorizing price, production, allocation and marketing controls. All that happened in 1973. I'm sorry but if there is plenty of $5 a gallon gas available after this, I want to know why.

Right now, as in within the last 24-48 hours, it's been gouging.

http://abcnews.go.com/Business/story?id=5791480&page=1

YAY for price gouging in states where there's not even a risk of hurricane damage!

[UNTFan23]

The increase in price has everything to do with 20% of production going offline due to the storm hitting the Texas coast.

Simple economics says that when there is a decrease in supply and demand remains the same, price will go up. Of course, as price goes up, I'd say more people will consume less but not enough to stop gas hitting new record levels that some are predicting.

[Cr1028]

Has anyone figued out how U.S. gasoline supplies are at an 8 year low despite American drivers consuming less?

[GoMeanGreen1999]

Has anyone figued out how U.S. gasoline supplies are at an 8 year low despite American drivers consuming less?

I have yet to figure out 1/10 of the gas stuff. You hear stuff, then read something that contradicts what you just heard, but no one can answer you. They tell you one reason why it is going up, that reason is disproved and they are on to another reason. I just have give up on trying to figure it out and pay whatever it is at the pump and move on.

[GreenBat]

Has anyone figued out how U.S. gasoline supplies are at an 8 year low despite American drivers consuming less?

The liberal media is reporting that the refineries, especially the one is galveston has been closed for more than a week, making the supply of gasoline low, resulting in higher prices.

That's what the liberal media is saying, don't know if it's true or not.

[e-bone ver2.awesome]

Saudi Arabia just left OPEC, too.

[SilverEagle]

Back in 73 and 79 the price of oil went up, plus it was in short supply (which caused rationing etc) because our supply from the middle east was being limited (actually for a while it was shut off) as punishment for supporting Israel. It was then that we started getting into smaller cars (many of which got better mileage than some of the small cars of today) which greatly reduced the demand. Eventually the supply resumed. Maybe because of better diplomacy, but maybe because the Arabs got a glimpse of our potential to wean ourselves off foreign oil. It didn't take long for the oil to start flowing over here again, and for us to continue our gas crack habit.

The current spike in prices have nothing to do with oil inventories, but rather the ability to process the inventories and deliver them to the distribution outlets (gas stations). I've read that the refineries will be back on-line anywhere from a few days to a few weeks. I've also read that the shut-down represents about 20% of the refinery capacity.

Oil keeps going down. But then, the last time it started going down this noticably was during another election year (2006).

[GoMeanGreen1999]

It is definately in a free fall this week, now dropping close to $10 a barrel.

[KingDL1]

It is definately in a free fall this week, now dropping close to $10 a barrel.

I read $91.54.

[yyz28]

Oil and Car Fuel are different issues. One impacts the other in the same direction assuming all else is equal. ...but right now, supplies are down for several reasons, the two biggest are:

1. Some percentage of our refinery capacity (as high as 25%) has been offline since before Gustav hit. As refining capacity hit by Gustav comes back on line, here comes Ike...

2. "Boutique" blends - due to different regulations in each state, there are roughly 35 different "formulas" PER SEASON (so there are a total of 70, one for fall/winter, one for spring/summer) fuel producers have to make, store and transport various different products to different states. If they are out (or are low) on your state's blend and can't produce more, they can't simply send Texas' blend to Alabama to make up the difference.

[GoMeanGreen1999]

Oil is up $23 today.

[JesseMartin]

Since you guys know so much about this...why haven't we seen an increase in the cost of plastic toys?