so is there a crazy “sell sell sell” that is going down right now or will that be monday if is stays under 117???
There’s likely no straight out magic number. All of the big holders have different squeal points. But with anything with this much speculation, momentum is key. Falling prices mean more falling prices. :tup:
am i wrong to expect a more noticeable drop in the cost of a gallon of gas at the pumps with such a quick and major oil price fall? Its fallen just about 14 or 15% in the past week or two. Prices are VERY quick to rise when there is an increase in cost, or even fear of an increase in cost. Mobil/Exxon still charges more than 4 at most of their stations around here with other stations not much under the 4 dollar mark. When oil was sub-120 we were paying around 3.65-3.75
Price stickiness.Gas didn’t climb as fast as oil did, it won’t fall as fast either.
Looking at some data, there was a 5 day lag between the highwater mark for crude and the highwater mark for gas prices nationally. So, give it a week to follow the trend, I guess.
now onec it hits that " number " it will drop like dumb crazy and we will see like $30 less in like a day?? and will it hold or will this just do this for ever
lol. Yep, it’ll do that. I’d be surprised if we ever see less than $80/barrel for any sustained period of time again.
Oil $116.05 -$3.97
:jawdrop:
maybe $115?
:jawdrop: :bigclap: :party2:
I wouldn’t make that bet.
I agree. It wont get that low ever again. Once people see it drop, they suddenly decide to take that road trip they put off or go back to the old way of life.
Maybe the newer generation of cars getting better gas mileage instead of people buying SUVs will lower the demand slightly over the next few years and cause it to drop down to near $100 but I will bet it never drops below $100 again in our lifetime unless a new breakthrough comes out.
it will drop back down to $80-90.
^ agree
I wouldn’t be surprised to see to sustained around 80. Didn’t the head of Opec even say that the price “should” be around 75 pb?
In the current situation what changes have been made that it will drop down? No advancement has been made in alternative energy to lower oil prices that much other than newer cars being better on gas. Only change in the next 5 years are when leases come up and people trade in their truck of SUV for a more practical car which still wont lower it down that much.
People are lazy including the government. People are driving less and working on all the alternative energy sources now that gas has hit $4.50. As soon as it goes down under $3/gallon at the pumps people will go back to their typical lives of driving more, not caring about alternative sources, and will drive prices back up.
Plus, do you really think that OPEC will let it go that low? If it gets close to $100 they will just slow production way down to keep prices up.
EDIT: Didnt last year when oil floated close to $100/barrel they head of OPEC cut production?
^ You clearly buy into the bullshit that oil hit 147 because of supply and demand.
Oil hit 147 because the dollar tanked.
Oil is purchased in dollars, so it took more dollars to buy a barrel.
When the dollar tanked investors ran looking for other things to invest in. This is why gold, oil and a bunch of commodities shot up so fast. Way too much speculative money got dumped into commodities looking for a hedge against inflation.
Now that the dollar is coming back investors are getting out and oil is starting to go back to a real supply and demand based price. It’s shed a lot of the speculation markup already and as the dollar continues to rise the price per barrel will continue to slide.
Those guys at OPEC, they know what a barrel SHOULD cost. You should listen to them.
EDIT: Not saying we won’t see oil fluctuate with world events, but that’s what it should be doing when it’s being priced on supply and demand.
:bigclap: Bravo!, Braaaaaaaaaaaavo!!!
Bet. case of beer?
3 yr vesting period.
If the gas prices are based on just the dollar tanking, why is gas not $4.50 here in the US and only $2 in Europe? I can understand your basis on the US oil situation and know that part of the issue was our dollar getting so bad but there is other factors than just our dollar. Its a world wide issue.
uhh no it is not
There not driving around with crappy 87. There paying like $5-6 a gallon.