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will oil drop below $100?
It has fallen from a high of $110 earlier this month and getting close to dropping below $100 this coming week. Do you think it will happen? We might see below $3 a gallon gasoline if it continues downward for a few more weeks.
Former Mini Mart Magnate
I am just here for my amusement.
Replies
Why? Less fuel being bought if they don't go to work.
West Texas Intermediate tumbled for a third week on forecasts that the U.S. budget impasse may hurt growth in the world’s largest oil-consuming country and as easing tension in Syria reduced supply concerns.
http://www.bloomberg.com/news/2013-09-27/crude-set-for-third-weekly-loss.html
Former Mini Mart Magnate
I am just here for my amusement.
It jumped because of the tension in Syria and such. I keep waiting on something to happen. The experts have been saying oil is overpriced and it should be closer to $80 a barrel.
Former Mini Mart Magnate
I am just here for my amusement.
Then there are the government employees who will look upon this as a short vacation and go camping or fishing, thereby increasing the amount of fuel being used.
Gas is down because of the summer driving season ending and summer mixes of addatives are no longer needed. It will be a few months before winter mixes are needed, but that effects only 1/2 of the country.
Now, which oil are we talking about?
WTI is at $102.87, down .16%
Brent is at $108.63, down .53%
Projections are for it to be an average of $118 WTI for the next year as the Balken reserves are being depleated much faster than projected.
Wait and see... It the same MO with the crowd in DC and the cats controlling the markets.
Speculation, of course
http://www.marketwatch.com/story/gold-oil-and-government-shutdowns-2013-09-27
http://money.cnn.com/data/commodities/
Who are you using as the forecaster? The EIA is predicting $92.96 for WTI for 2014.
Former Mini Mart Magnate
I am just here for my amusement.
Talking heads mentioned that Iran's new leader may be willing to talk to U.S. in part b/c of significantly reduced demand for Iranian oil.
The restructuring of U.S. auto market away from Bush's idea that driving Gas Guzzlers was pursuing the American Dream, to Obama's idea that new high fuel efficiency CAFE standards will be good for everyone, has dramatically reduced U.S. addiction to foreign oil.
Looks like confirmation that fuel conservation is even more effective than 'Drill Baby Drill'.
Your recollection of history is on par with your "splice counting" prowess. How does that go, oh yeah..."read it & weep". :rotflmao
Energy Independence and Security Act of 2007
Corporate Average Fuel Economy (CAFE) Increase
Section 102
Corporate Average Fuel Economy (CAFE) Increase
Requires a phased increase to an overall combined (city and highway) CAFE standard of 35 miles per gallon (mpg) by 2020. Implementation begins with Model Year (MY) 2011. Also requires a rule by December 2010 for work trucks and commercial medium- and heavy-duty trucks.
Groucho Marx
The comical popular perception that the Chinese are "10' tall economic supermen" will then be discarded next to the previous misconception which was also used to describe the Japanese.
Or us.
Bush enthusiastically fought long & hard against the 2007 Energy Bill, before world events & progressives finally forced him to capitulate. Bush promoted Gas Guzzlers, gave them big tax incentives & essentially let Big Oil write their own regulations. Bush & Cheney were clearly in bed with Big Oil & drove the auto industry into the ditch. Bush did much to defund EPA, essentially giving automakers a Free Pass on CAFE, before the ax fell.
http://www.pbs.org/now/shows/347/oil-politics.html
Obama signed CAFE standards that extend the Soft Ball goal of 35 MPG, to a much more meaningful & challenging 54.5 MPG & also included light trucks.
Whatever you do, don't Google U.S. oil imports, b/c you'll see how foreign oil consumption has decreased since Obama saved the U.S. auto industry from Gas Guzzlers. The Bail Outs required auto makers to agree to build high fuel efficiency vehicles. If you read it, you will weep. Only your fairy tales will keep you laughing.
Obama has gutted nearly 2B from the EPA budget since 2010, I challenge you to find an example of Bush doing the same.
Thanks to the Bush "Twenty in Ten" energy policy, he pioneered the first legislative change to the CAFE standard (including light trucks) since it was created in 1975. Obama fuel standards, he didn't build that.
Obama says: "Reduce Carbon Emissions." A Bush policy.
Obama says: "Invest in a Clean Energy Future." A Bush policy.
Obama says: "Support Next Generation Biofuels." Another Bush policy.
Obama says: "Set America on Path to Oil Independence." Yet another Bush policy.
Obama says: "Improve Energy Efficiency." Still another Bush policy.
Try this "Google" search, "most severe recession since WWII" plus "hydraulic fracking" and you will learn the truth behind reduced "US oil imports". We are fortunate Obama has embraced the energy policy of his predecessor, would it be asking too much for him to give credit where due?
Groucho Marx