$3.36 here in Salem.

It's been going down...Oh yeah, the election is about a month away!

Yea I expect prices to go back up after the election.

$3.29.

On the way to work this morning it was $3.05. When I came home it was $3.01. I'm holding out for $2.99! Thank you speculators, you folks are great!.....but F'd up.

The second post to this thread waaaaaaaaaaay back in March 2007. In the words of Blood Sweat and Tears, "What goes up, must come down, spinning wheel got to go 'round."

I wouldn't mind $2.44 today, although it did drop to $2.99 here, South of the Pinelands.

$3.29 where I am although there were stations in Lancaster selling it at $2.97.

I saw it for $2.90 on the way to work this morning. I cannot remember the last time it was in the two dollar range.

I should borrow Newman's mail truck and haul some back to NY.

Of all the things to stockpile, gas is next to impossible for 99% of us.

Does anybody remember when Priceline (which is still around) was involved in gas? It was a great deal, but they had to have lost their shirt on it. I remember using it for several months in the summer of 2000, when gasoline went up to $2 per gallon, which was a huge increase at the time. I would usually end up buying it for about .25 off per gallon than what the station was charging.

2.78 today

Got ya by a penny Mig. Do you think we'll see $1.99? Depends on the economy.

It would be a miracle if it went to 1.99 huh? But I still think prices will go back up after the election.

Down to 99p a litre here!

First time it has been under a pound since medieval times,feels like

Local prices are down to $3.19 here. It's funny how the mind works.... I think that awful price is a bargain now.

And thus they have succeeded.

Well, at least Exxon won't post record profits this year.

I'm surprised they didn't get the government to bail them out... they may make only $25 billion in profits.

$2.83 here. It makes me giddy.

Between the gas prices and the Phillies, you must be positively delirious.

$2.78.

Oil below $76 as OPEC cuts forecast
Crude prices have plunged 48 percent since peaking at $147.27 on July 11
The Associated Press
updated 1:10 p.m. ET, Wed., Oct. 15, 2008

NEW YORK - Oil prices dipped below $75 a barrel Wednesday, a new 13-month low, as OPEC reduced its 2009 petroleum demand forecast amid signs that the global economy is headed for a severe downturn.

Light, sweet crude for November delivery fell $2.95 to $75.68 a barrel on the New York Mercantile Exchange after earlier sliding to $74.57, the lowest trading level since Sept. 5, 2007.

Oil prices have now plummeted 48 percent since peaking at $147.27 on July 11.

The stunning collapse has sent pump prices tumbling. A gallon of regular gas fell nearly 4 cents overnight to a new national average of $3.125, according to auto club AAA, the Oil Price Information Service and Wright Express. That left prices nearly 10 percent lower from where they were only a week ago and almost 25 percent down from their all-time high of $4.114 set July 17.

The Organization of the Petroleum Exporting Countries said rich nations in 2009 are expected to need only 400,000 barrels a day more oil than this year, whereas demand from developing countries will increase by an estimated 1.1 million barrels, with most of that growth coming from China, the Middle East and India.

OPEC’s report comes about a month before the cartel is scheduled to hold a special meeting to discuss ways to deal with oil’s slide, including the possibility of tightening output. OPEC controls 40 percent of the world’s oil supply, though analysts say a cutback in OPEC production likely would not dramatically alter crude’s downward direction.

A global economic slowdown caused by a seize-up in world credit markets is forcing consumers and businesses around the world to cut back on energy use. U.S. and European leaders this week announced plans to pump billions of dollars into the beleaguered banking system to jump start lending, though experts say the damage to the wider economy has already been done.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill, said oil traders were “undoubtedly” pricing a recession into the market.

“It’s just a question of severity,” Ritterbusch said. “And given the downward movement in oil, it’s beginning to look like a more severe recession than a lot of people had expected.”

The OPEC report reflected the extent of the downturn in developing countries while showing that appetite for crude remained robust elsewhere.

While total oil consumption dropped in developed countries by more than 1 million barrels a day as of September over a 12 month period, demand growth from developing countries increased by a daily 1.2 million barrels over the same time, OPEC said.

The U.S. plans to spend as much as $250 billion this year of a $700 billion bailout buying stock in private banks. Governments across the globe have pledged more than $3 trillion to prop up ailing banks in a bid to stabilize a credit crisis that began last year in the U.S. sub-prime mortgage market.

Worries about a recession are strengthening expectations that crude prices still have some way to go before they bottom out. Trader and analyst Stephen Schork suggested that $50 “is now within the realm of possibilities.”

Investors are also watching for signs of slowing U.S. demand in the weekly oil inventories report to be released Thursday from the U.S. Energy Department’s Energy Information Administration, a day later than usual because of the Columbus Day holiday. The petroleum supply report was expected to show that oil stocks rose 3.1 million barrels last week, according to the average of analysts’ estimates in a survey by energy information provider Platts.

The Platts survey also showed that analysts projected gasoline inventories rose 3.1 million barrels and distillates went down 850,000 barrels last week.

Crude stocks have grown as oil installations in the Gulf of Mexico began operating again after being shut down by Hurricane Ike last month.

“There is some demand destruction in that forecast, but there’s also hangover from the hurricane as refineries come back on line,” said Gerard Rigby, an energy analyst at Fuel First Consulting in Sydney.

In other Nymex trading, heating oil futures fell 4.07 cents to $2.219 a gallon, while gasoline prices fell 7.09 cents to $1.8139 a gallon. Natural gas for November delivery lost 13.3 cents to $7.191 per 1,000 cubic feet.

In London, November Brent crude was down $3.56 to $71.04 a barrel on the ICE Futures exchange.

3.09 here for the cheap stuff.

I know there's a lag between the price of a barrel and what we see at the pump, but how come we're still well above what we were paying at the pump a year ago?

Simply because the scumbag oil companies take their time to lower prices, but raise the prices instantly whenever oil prices go up.

Been steady at around $3.25 around here.

The Col. just got home from getting gas in his truck. He paid 2.71

I paid $2.85 yesterday.

I paid $2.75, who really give a F? My car got hosed.

I could only wish for >$3, fucking Chicagoland...

Thursday October 16, 2008


Oil plummeted to a 14-month low under the $70 level on Thursday after the government reported a bigger-than-expected jump in crude inventories.

The benchmark oil contract was recently trading lower by $5.17 at $69.37 a barrel. Oil is now trading more than 50% off its midsummer high.

The Energy Information Administration said crude stocks jumped by 5.6 million barrels last week, which comes in well above the 3.1 million barrel increase analysts expected.

Gasoline futures followed crude’s sharp decline, falling about 16-cents to $1.63 per gallon.