Exactly. I was just baffled this morning when I read they were considering lowering it. Here’s the article:
http://money.cnn.com/2008/09/10/news/economy/fed_outlook/index.htm?postversion=2008091014
I’ll give you some offshore drilling.
Well, after the oil traders start digesting this:
http://www.nyspeed.com/forums/showthread.php?p=1083772
I’d say sub $100 is pretty likely to happen today. It saw 100.18 already.
I agree. I think people are going to bail on futures for a while until this stabilizes out and word comes if OPEC is gonna bring them back or if this is gonna be their going forward decision. I can see it down to $90 by the end of the month if this keeps up.
Oil $100.90 -$1.68
i cant believe we have virtually no gulf production going on, and a possible Cat 4 slamming into Texas and price is still dropping. if Ike doesnt do too much damage we may be looking at $90 a barrel late next week or the week after.
now if the fucking pump prices would drop
The wholesale price of gasoline ranged from $4 to nearly $5 a gallon at the U.S. Gulf Coast on Thursday, said Tom Kloza, publisher and chief oil analyst of the Oil Price Information Service in Wall, N.J. That was up significantly from about $3 to $3.30 a gallon on Wednesday, Kloza said.
“We’re looking at the highest wholesale prices ever for a huge swath of the country,” he said. “People understand that regardless of what happens with Ike, it’s going to shut down the biggest refining cluster for a period of five, six, seven days.”
The wholesale price is what refineries charge retailers. Retailers then mark up those prices for the customer to make a profit — so if these wholesale prices hold, it could mean that pump prices for U.S. drivers easily break through the July 17 record of $4.114 a gallon.
:uhh:
Yeah, if Ike lives up to the predictions it’s going to cause a short term spike in gas prices. Fill up tonight/tomorrow and if you’re the typical 12k/year driver chances are you’ll be able to miss most of the price spike.
Great, I have a 1500 mile road trip coming up…
Buy some 55 gallon drums and stock up now.
Heh yeah, especially rocking the Jeep. Doing Rochester -> Detroit -> Indianapolis -> Grand Rapids -> Detroit -> Rochester. 1450 some miles by Google Maps…
I’ll be doing about 750 between today at 4pm and Sunday afternoon. At least I’ll get cheaper gas on the way there tonight. Might be expensive coming home.
Yeah, hopefully prices won’t spike too badly. Most of my traveling will be on Friday and Monday, so I might be ok.
lol, gas was 3.99/gal on the way to work.
it was 3.65 last night 
You are in NC, right?
Location: NCSpeeder
$3.36 this morning at 7:30 am
$3.59 at 12:00 pm
DOH!
tis correct
I heard on the news it was gouging over $5 at some stations
assholes
94.42
:jawdrop:
no shit
goes to money.cnn.com
wow
Price Change Trades Volume
07:42 - $ 96.21 4.97 4.91% 17,734 50,683