Gas & Diesel are going down! WOOT!

[fullhouse]

I am very happy you got a nice suprise at the pump today! Our local station suprised me by starting to carry E-85, and at a price enough less than gas it's resonable for me to use. Not sure that helps the big picture with everyone else, but it saves a little here!

 

[PurpleChicken]

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Are you serious?

 

[asher]

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I was amazed at the differences in prices on our trip. In lower WV, it was like $3.49 and in NY, it was up to $4.14 in some spots.

I'm afraid stocking up when it's low price will just be shooting yourself in the foot, though.

 

[tygab]

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That's kinda my point...
For the price to drop, one of two things has to happen.

1. World demand decreases, increasing (relative) supply.
2. World supply increases, meeting [holds steady] or exceeding demand increases [prices would drop].

Demand is increasing on the world level. I doubt we can increase supply at a rate that meets or exceeds the current increasing demand for oil.

And as for decreasing our own dependence on foreign oil, unless there is some requirement that 90% return into US markets or something,.... not much of it will end up here, despite our best intentions for doing so in the first place. It will go to the disproportionately to the highest bidders, e.g. the places with the strongest economies. That may well not be us here in the US...

 

[Mahonri]

...

 

[DrakeMaiden]

China’s GDP (gross domestic production) is currently running at about 12% -15% a year. At this rate, China will add approximately 300-400 million middle class consumers over the next ten years, all with surplus money to spend. This scenario will create enormous upward pressure on commodity prices such as gasoline, wheat, corn, cotton, lumber, steel etc.​

 

[happyhen]

If I'm not mistaken, economists have said that China's high gdp was based on Olympic preparations and will likely drop somewhat.

The pipeline in ANWR has become a haven for the native animals. The heat created attracts them and increases survival rates. Unfortunately I've read that the pipeline is a "use it or lose it" situation for humans, and will cease to be productive in about 10 yrs, which will greatly diminish our supply of oil and the numbers of native animals.

Just my 2 cents.

 

[gumpsgirl]

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Oh I completely agree! It definitely isn't over yet and I personally do not think it ever will be. With time, it is going to just get worse. I was just happy to see that some relief is coming. It may not last long and it may not be huge, but for those of us who haven't gotten our houses in order and stocked up on food (food storage) at least we might get a second shot at this before the big storm comes. I've just been praying that I'd get a second shot at that! With gas and diesel coming down some, I am hoping to get that chance. I certainly didn't mean to have this turn into some big political debate! I think we all know who's responsible for the high oil prices.

 

[cajunlizz]

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WISH everybody would POST where they from , NOT just give us your price of gas .

Lafayette Louisiana , GAS this morning was $3.63

 

[PurpleChicken]

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ANWR is a drop in the bucket, or could be a trickle. Every 1% increase counts.
Most Alaskans seem to support drilling there and all the data I've read indicates
minimal environmental impact.

The only thing I question is would the U.S. be better off holding it in reserve for
the future? We all seem to agree that the demand for oil is only going to increase.
Soon we may be looking back at $5 a gallon gas and saying "remember when we
could afford to drive our cars?".

Let's not forget about all the oil soaked shale we have on this continent either.