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Gas prices...

inmytreeinmytree Posts: 4,741
edited September 2008 in A Moving Train
are falling...

http://money.cnn.com/2008/09/08/news/economy/gas_prices/index.htm?eref=rss_topstories

Yeah, I understand the whole "supply and demand" thing...however, we've had a couple of hurricanes hit the gulf, Ike is raging and heading toward the gulf, Iran is saber rattling ( http://rawstory.com/news/2008/Iran_announces_war_games_plans_0907.html ), Nigeria still has rebels fighting ( http://africa.reuters.com/top/news/usnBAN130128.htm l)...

which are all common excuses for gas prices to fluctuate...yet, they continue to fall...I just find it interesting...
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  • LikeAnOpeningBandForTheSunLikeAnOpeningBandForTheSun Posts: 6,097
    the supercollider is going off tommorrow and killing everyone anyway, so our benevolent masters decided we should have cheap gas for a week.
  • yokeyoke Posts: 1,440
    MrSmith wrote:
    the supercollider is going off tommorrow and killing everyone anyway, so our benevolent masters decided we should have cheap gas for a week.


    lol, that was nice of them
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  • spyguyspyguy Posts: 613
    inmytree wrote:
    are falling...

    http://money.cnn.com/2008/09/08/news/economy/gas_prices/index.htm?eref=rss_topstories

    Yeah, I understand the whole "supply and demand" thing...however, we've had a couple of hurricanes hit the gulf, Ike is raging and heading toward the gulf, Iran is saber rattling ( http://rawstory.com/news/2008/Iran_announces_war_games_plans_0907.html ), Nigeria still has rebels fighting ( http://africa.reuters.com/top/news/usnBAN130128.htm l)...

    which are all common excuses for gas prices to fluctuate...yet, they continue to fall...I just find it interesting...

    they continue to fall because oil is falling. the hurricanes have not been as bad as originally thought although Ike still can be.

    all comes down to supply and demand. demand has nosedived
  • blackredyellowblackredyellow Posts: 5,889
    MrSmith wrote:
    the supercollider is going off tommorrow and killing everyone anyway, so our benevolent masters decided we should have cheap gas for a week.

    So what you are saying is that I should only get a few gallons on the way home and not fill up?
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  • g under pg under p Posts: 18,196
    I was going to start a thread about gas prices and the correlation between low prices and presidential elections.

    They always seem to drop around this time, am I right on this?

    Peace
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  • inmytreeinmytree Posts: 4,741
    spyguy wrote:
    they continue to fall because oil is falling. the hurricanes have not been as bad as originally thought although Ike still can be.

    all comes down to supply and demand. demand has nosedived

    I thought demand in China and India offset the lower demand in the US...?

    I just find it interesting, with all the common excuses still in place, prices are falling...

    last summer, when a hurricane was forecast, oil and gas shot up...now it's "they weren't that bad"....
  • normnorm Posts: 31,146
    *cough* end of summer *cough* :rolleyes:
  • inmytreeinmytree Posts: 4,741
    cutback wrote:
    *cough* end of summer *cough* :rolleyes:

    he he...I forgot about this excuse...yeah, I guess my commute to work will be shorter now that summer is over...I just read the grocery store is now closer to my house...

    oddly enough, the lines to drop off kids to school this fall are still long...

    weird..
  • Strangest TribeStrangest Tribe Posts: 2,502
    speculators are selling their holdings back to the market. Prices will continue to fall. Supply and Demand are only part of the equation.
    the Minions
  • iamicaiamica Posts: 2,628
    Gas prices always fall after Labor Day. Don't worry, they'll shoot right back up in the spring.
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    ...
  • spyguyspyguy Posts: 613
    inmytree wrote:
    I thought demand in China and India offset the lower demand in the US...?

    I just find it interesting, with all the common excuses still in place, prices are falling...

    last summer, when a hurricane was forecast, oil and gas shot up...now it's "they weren't that bad"....

    I'm not sure what you are getting at. you think there is some massive conspiracy going on?
  • chromiamchromiam Posts: 4,114
    spyguy wrote:
    I'm not sure what you are getting at. you think there is some massive conspiracy going on?

    yes ;)
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  • Solat13Solat13 Posts: 6,996
    inmytree wrote:
    I thought demand in China and India offset the lower demand in the US...?

    I just find it interesting, with all the common excuses still in place, prices are falling...

    last summer, when a hurricane was forecast, oil and gas shot up...now it's "they weren't that bad"....

    now that the Olympics are over, China's oil demands have fallen:

    http://www.forbes.com/reuters/feeds/reuters/2008/09/05/2008-09-05T145725Z_01_L5628989_RTRIDST_0_MARKETS-OIL-UPDATE-6.html

    So when demand is down with the two biggest consumers - US and China - prices fall.
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  • OffHeGoes29OffHeGoes29 Posts: 1,240
    g under p wrote:
    I was going to start a thread about gas prices and the correlation between low prices and presidential elections.

    They always seem to drop around this time, am I right on this?

    Peace

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  • OutOfBreathOutOfBreath Posts: 1,804
    g under p wrote:
    I was going to start a thread about gas prices and the correlation between low prices and presidential elections.

    They always seem to drop around this time, am I right on this?

    Peace
    Don't they drop in the fall of every year? Meaning it's a seasonal variation. It seems you Americans drive more in summer with vacationing and whatnot. Furthermore gas prices arent decided only by what happens in the US.

    It is my understanding of how these markets work that they price in the "usual dangers" well in advance which drives up prices, and when it wasn't as bad as expected, prices fall again. Drop in american consumption also brings the price down, although that is somewhat offset by increases elsewhere (China, India). But even if the overall consumption goes up, the price can fall on it not going up as much as expected. (since the bad news are priced in already) This happens with stocks as well when a company presents good results, but the market was expecting even better. (they will then probably had a generous increase in advance of the results, which are corrected a bit down again).

    Peace
    Dan
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  • Pacomc79Pacomc79 Posts: 9,404
    OutOfBreath wrote:
    Don't they drop in the fall of every year? Meaning it's a seasonal variation. It seems you Americans drive more in summer with vacationing and whatnot. Furthermore gas prices arent decided only by what happens in the US.

    It is my understanding of how these markets work that they price in the "usual dangers" well in advance which drives up prices, and when it wasn't as bad as expected, prices fall again. Drop in american consumption also brings the price down, although that is somewhat offset by increases elsewhere (China, India). But even if the overall consumption goes up, the price can fall on it not going up as much as expected. (since the bad news are priced in already) This happens with stocks as well when a company presents good results, but the market was expecting even better. (they will then probably had a generous increase in advance of the results, which are corrected a bit down again).

    Peace
    Dan


    Indeed, seasonal fuels are part of it too, the special blends that are required for emissions in each city.
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  • slightofjeffslightofjeff Posts: 7,762
    It might be a total coincidence ... but prices began falling at about the time Bush began to call for more drilling. It's almost as if the mere threat of more oil on the market has scared prices down a bit.

    I'm just sayin' ...
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  • Meltdown99Meltdown99 Posts: 10,739
    Paid .65 cents a litre today.  
    Give Peas A Chance…
  • mace1229mace1229 Posts: 9,365
    I realized since I moved I have no idea about gas prices anymore. Used to drive 17 miles each way to work and fill up about 5-6 times a month. 
    Now I live less than a mile, and fill up less than once a month. 
  • brianluxbrianlux Posts: 42,023
    This will sound like a commercial but it real is true: About a year ago, I stopped buying the cheaper gas and started using Chevron.  Since then, the car is running better and even though the gas is higher prices, what I save in service cost in the long run should save me money.  I believe it already has, and it's running cleaner and smoother too. 
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  • tbergstbergs Posts: 9,810
    I think I paid $1.53 yesterday. Lowest I can remember seeing it since before the Iraq war.
    It's a hopeless situation...
  • gimmesometruth27gimmesometruth27 Posts: 23,303
    i paid 1.69 on Sunday. I think that is the least i have paid in 10 years. with as much driving as I do for work and no way to be reimbursed for gas/milage, i will definitely take it.
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  • mickeyratmickeyrat Posts: 38,577
    gimmesometruth27 said:
    i paid 1.69 on Sunday. I think that is the least i have paid in 10 years. with as much driving as I do for work and no way to be reimbursed for gas/milage, i will definitely take it.
    its not a tax write of?
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  • gimmesometruth27gimmesometruth27 Posts: 23,303
    mickeyrat said:
    gimmesometruth27 said:
    i paid 1.69 on Sunday. I think that is the least i have paid in 10 years. with as much driving as I do for work and no way to be reimbursed for gas/milage, i will definitely take it.
    its not a tax write of?
    no. i am not a 1099 employee.
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  • BentleyspopBentleyspop Posts: 10,762
    Just paid $1.37 with supermarket discount
  • jerparker20jerparker20 Posts: 2,501
    Saw on the news this morning $1.07 at gas station in the southern burbs of the Twins cities. 
  • cp3iversoncp3iverson Posts: 8,688
    99 cents here
  • brianluxbrianlux Posts: 42,023
    cp3iverson said:
    99 cents here

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  • brianluxbrianlux Posts: 42,023
    Dang, and I thought $2.50 was low!  But still, at that rate, and getting 42 to 43 MPG, and considering we are only driving maybe 14 miles per  week, I won't need to be gassing up any time soon.
    “The fear of death follows from the fear of life. A man [or woman] who lives fully is prepared to die at any time.”
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