Oil went up 7% yesterday and our local gas prices went up 10cents before the market closed... what a crock.
I paid $1.63 yesterday morning to top the tank off. I had to make several trips with the trailer to the recycling center for work. Well on the route home, by the same gas station it dropped to $1.54...
it is crazy to me that a gallon of milk costs more than a gallon of gas, thank God that OPEC doesn't own all the cows!
I saw this article and headline yesterday yesterday. But when you read the article the real reasons for the increased prices are the falling Canadian dollar and the drought in California that impacted crops. Wouldn't lower oil prices result in lower shipping? It should also translate to lower farming expenses since the price for fuel and petroleum based AG products should also be cheaper. The NYT is a rag. Headline: In Canada, the 8-Dollar Cauliflower Shows the Pain of Falling Oil Prices http://www.nytimes.com/2016/01/21/b...liflowers-cost-more-than-a-barrel-of-oil.html
Nothing wrong with lower oil prices except for oil companies and companies that provide them services. OTOH all commodities are down, to a large extent due to the strong dollar, and that is bad for manufacturers because it makes selling products more difficult outside the US. The relatively high prices for things made in the US has many of those stocks down by a large percentage. Just yesterday GE reported 4th quarter earnings and if you listened to the investor presentation by their management they had sales volume flattish rather than increasing much and actual earnings down due to the foreign exchange rate effects of the strong dollar. That is a company that actually makes products close to where they are used so the strong dollar only affects earnings, not sales. Oil prices are taken as a real world indication of the value of the dollar because it eliminates much of the currency speculator effects. When oil is up that is taken as an indication the dollar may be weakening and, yes, stock prices go up. $1.519/gallon around here yesterday.
Being the cheap bastard that I am, when the gas prices were rising, I would cram every ounce in the tank at fillup time knowing the next visit it would be more $. The other day I wondered if I should only get a few bucks A much better situation to be in for sure!
Filled up at Speedway today for $1.19/ gal. 16.5 gal fill for under $20.00 bucks. Never thought I would see the day.....
Well we just went to 1.99 a gallon but what do you expect with 56 cents in tax on every gallon and oil 10 minutes ago was 26.42 a barrel. of course the state says that because of high cost to fix roads but I'll stop there...
Rode past a station ast week on way to Dr,s and the posted price was 142.9. Not as nice as some, but better than others!
I've not gone through the full thread. However; I'm concerned about these prices. A news report a while ago indicated that Saudi Arabia refuses to reduce their production levels which is pushing prices lower. My fear is that OPEC is doing this to break the back of the US oil market which relies heavily on expensive fracking. I could see prices resuming to previous levels once US oil efforts are seriously damaged. On top of that, Obama wants to institute a $10/barrel tax on all oil. All of these makes me very tenative with the current situation.
boettg33, you are right. Saudi Arabia is doing this on purpose and we are reaping the benefits now. Many US oil companies are going to go bankrupt! I hope all of you got as much of these out of your retirements accounts. But these companies deserve to go under because they always listen to this time is different! most commodities but Oil especially has always run in 20/10 year cycles. Some old timers on this thread will tell you gas was cheap 50 and 60s. oil went high 70s with long lines down in 80 to 2005 is then skyrocketed. Also at that time China was buying every caterpillar product and building roads and dams for the Olympics I'm in the lower longer camp. I also hope US continues on its efficiency programs and technology so next time it goes up we can supply our own and have trucks that get 30 MPG.. but government is never that far sighted
Passed a gas station today that was $1.23 9/10. Planned on buying when came back. Wrong! Now $1.59 9/10.
