Oil down to below $50/barrel

[spiveyrat]

WOOHOO! (http://cnn.netscape.cnn.com/ns/news/story.jsp?id=2005042914340002867199&dt=20050429143400&w=RTR&coview=)

[Holmes_Fans]

http://news.yahoo.com/s/ap/20050429/ap_on_bi_ge/oil_prices

[pirate44]

$0.99 per gallon gasoline, here we come!:rolleyes:

[Phil C]

Keep it coming down!

[JHS_c/o_06']

This means i can finally drive to school again!!!:D

[lepfan]

Originally posted by pirate44
$0.99 per gallon gasoline, here we come!:rolleyes:

Stop smoking crack!!! ;) :D

[sahen]

its not the price of oil by itself that sets the gas prices....they havent built a new refinery in about 15-20 years....while the amount of refineries has remained constant the demand for gas has skyrocketed due to gas guzzling SUVs and people that buy 2 cars for one person and things like that....since supply has remained constant and demand gone through the roof the price per gallon has gone way up.....just thought i'd let yall know that.....

[lepfan]

Originally posted by sahen
its not the price of oil by itself that sets the gas prices....they havent built a new refinery in about 15-20 years....while the amount of refineries has remained constant the demand for gas has skyrocketed due to gas guzzling SUVs and people that buy 2 cars for one person and things like that....since supply has remained constant and demand gone through the roof the price per gallon has gone way up.....just thought i'd let yall know that.....

True...I have an article in my hand that I printed from www.msnbc.com here is a quote from W "It is time for America to start building again.".....referring to the fact that a new refinery has not been built in the US for over 30 years. I say build them....

As I age I am being less wasteful and am looking at a more efficient vehicle...even though it is going to be tough giving up the size of my pick up!

[LH Panther Mom]

Originally posted by sahen
its not the price of oil by itself that sets the gas prices....they havent built a new refinery in about 15-20 years....while the amount of refineries has remained constant the demand for gas has skyrocketed due to gas guzzling SUVs and people that buy 2 cars for one person and things like that....since supply has remained constant and demand gone through the roof the price per gallon has gone way up.....just thought i'd let yall know that.....

:clap: :clap: I would've typed a book to get this across. Thanks!

[pirate44]

Originally posted by sahen
its not the price of oil by itself that sets the gas prices....they havent built a new refinery in about 15-20 years....while the amount of refineries has remained constant the demand for gas has skyrocketed due to gas guzzling SUVs and people that buy 2 cars for one person and things like that....since supply has remained constant and demand gone through the roof the price per gallon has gone way up.....just thought i'd let yall know that.....
the biggest cause of gas prices IS the price of crude per barrel. there are other factors, which could bring the cost down, but crude is the main factor. the fact it is hovering at $50 per barrel makes a big difference. there are just as many refineries around now as there was when i paid $0.69 6 years ago.
and what does buying 2 cars for 1 person matter? you can only drive one at a time.

[sahen]

more people have cars now days is what i meant pirate....so more people have cars therefor more people are using gas therefor they need more.....u can disagree w/ me and i dont have all the answers to this however that was how my dad explained the sitaution to me (what i put in my first post on this thread) and he works for exxonmobil....

let me add also that crude oil prices do help determine the price....it isnt just the fact that refineries havent been built in forever that causes the price to skyrocket....but the way it has always been explained to me is that the price is high now cause the demand has gone through the roof the past 5 years...

[lepfan]

Originally posted by sahen
more people have cars now days is what i meant pirate....so more people have cars therefor more people are using gas therefor they need more.....u can disagree w/ me and i dont have all the answers to this however that was how my dad explained the sitaution to me (what i put in my first post on this thread) and he works for exxonmobil....

sahen, it seems that the "ones in the oil business" think alike...this was my husbands soap box just the other night....in fact it was almost word for word.

[sahen]

yeah....i think the oil buisness knows what they need to do to lower the prices but they probably dont want to spend the money to do it OR it isnt worth it....like they wont make enough money to pay for the refinery for a while....my guess is they just dont want to spend the money to build new refineries, however i dunno i normally defend the oil buisness being that is what feeds me but it seems to me if they know this and make billions of dollars a year they could pop a couple more refineries up....i havent discussed that one w/ my dad though so who knows what the reasoning is behind that.....

[pirate44]

http://money.cnn.com/2004/09/28/pf/crudeandgas/doe_gas_pump.gif
we cant tell opec how much to pump and we cant set the price. demand is a huge factor, but the ones causing demand suprisingly arent only the U.S.
China will be exceeding u.s. in demand soon.

according to Bloomberg:

China will account for almost 25 percent of the worldwide increase in petroleum demand between 1995 and 2005. China's total additional growth of 3.4 million barrels a day during that time would even exceed the 3.2 million barrel increase predicted for the United States.

so all the blame for increase demand cant be blamed entirely on the u.s.

[sahen]

:clap: :clap: :clap:
wow im impressed!.....a chart and everything.....i dont have one of those, maybe we should just drill Alaska and not share w/ anyone...then we would get the price per barrel cheaper....

[pirate44]

Originally posted by sahen
:clap: :clap: :clap:
wow im impressed!.....a chart and everything.....i dont have one of those, maybe we should just drill Alaska and not share w/ anyone...then we would get the price per barrel cheaper....
i cant take credit for the chart. this thread isnt THAT important to me LOL
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.
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no offense intended spiveyrat. i appreciate the update. i just wouldnt draw a chart to prove a point that is kind of silly since i cant change anyones minds here.

[LH Panther Mom]

Originally posted by sahen
:clap: :clap: :clap:
wow im impressed!.....a chart and everything.....i dont have one of those, maybe we should just drill Alaska and not share w/ anyone...then we would get the price per barrel cheaper....

I briefly heard President Bush on the radio yesterday - he was talking about this part of the time. It sounds like a plan to me.

As far as China's increase in demand, my husband was complaining about that the other day.

[sahen]

not to turn this into a political thing, bush has always wanted to drill ANWAR in Alaska however some people have reasons to disagree with him and want to keep the habitat of animals in tack.....i however do not seek to turn this into a politcal thread im just saying they have arguments over this at capitol hill....(oh yah im not saying either side is better than the other either)

[pirate44]

Originally posted by sahen
not to turn this into a political thing, bush has always wanted to drill ANWAR in Alaska however some people have reasons to disagree with him and want to keep the habitat of animals in tack.....i however do not seek to turn this into a politcal thread im just saying they have arguments over this at capitol hill....(oh yah im not saying either side is better than the other either)
uh oh...just saying "im not making this political" will attract the debaters here on the low to this thread like white on rice on a paper plate in a snow storm :D

[sahen]

true i prolly shouldnt have put that.....however the mods know i dont intend to cause probs so hopefully they will take that into consideration if poeple try to turn it political.....back to the original thread......yeah crude is below 50! hopefully it can keep dropping :)

[Ranger Mom]

I thought I heard on the news a few weeks that drilling in some part of Alaska was going to be allowed now!!

[slpybear the bullfan]

Good info guys...

Right on the money about supply and demand... gasoline supply and demand does affect prices... but the chart was a good illustration that the price of crude just has a lot bigger impact.

Someone else mentioned our inability to dictate production to OPEC? Bingo.

Drill the ANWAR!

By the way, 23 new electrical generation plants built or started in 2003 in Texas.... every one of them fueled by Natural Gas.

I will try and dig up a thread from the WSJ I read today... talks about local stuff...

[slpybear the bullfan]

Here you go...

One from 2002 that talks a lot about the background on the Barnett Shale...

http://www.aapg.org/explorer/2002/07jul/barnett_shale.cfm

and a more recent one with some pretty impressive graphs...

http://www.aapg.org/explorer/emd/05_02.cfm

I tried to get a link to the WSJ, but you have to be a subscriber... the jist of the article was that the largest natural gas producing field in the work is now the Barnett Shale field in North Texas... centered in Wise and Denton Counties.

Sorry about the links... they are pretty dry reading for most... but some of us take an interest to the patch...

1.75 BB cubic feet a day of Natural Gas... Keep it coming boys... keep it coming...