How high are gas prices going to go?

[JasonA]

Drivers on I-95 sure didn't seem affected by the gas prices. I drove down to Savannah and back this week and set the cruise on 75, and was one of the slower ones out there. Must truckers were between 70-75, but most cars were between 75-85 I'd guess. A colleague drove her old Nissan Sentra down there and got 35 MPG. I drove my STS and got about 22-23 MPG. Interestingly, I got slightly better mileage on the return trip, in the rain (about 23-24). Maybe my average speed was slower because speeds were often down to 65 as trucks tried to pass each other among all the rooster tails.

[JimD]

Oil futures (September delivery) are trading at less than $120 per barrel today. That is down from ~~$145 less than one month ago.

Gasoline (87 octane) is around $3.85 in this part of GA. I'm expecting less than $3.00 after Labor Day.

[jking220]

Oil futures (September delivery) are trading at less than $120 per barrel today. That is down from ~~$145 less than one month ago.

Gasoline (87 octane) is around $3.85 in this part of GA. I'm expecting less than $3.00 after Labor Day.

I got gas for 3.53 last thursday. I got it yesterday for 3.65. 3.00 prices would be nice, but isnt it pathetic that we are now happy with 3.00. What happened to being mad about 2.00?

It is like almost everything else we NEED, the prices will never go down, atleast not in the long run.

[95SevilleSLS]

Oil futures (September delivery) are trading at less than $120 per barrel today. That is down from ~~$145 less than one month ago.

Gasoline (87 octane) is around $3.85 in this part of GA. I'm expecting less than $3.00 after Labor Day.

I got gas for 3.53 last thursday. I got it yesterday for 3.65. 3.00 prices would be nice, but isnt it pathetic that we are now happy with 3.00. What happened to being mad about 2.00?

It is like almost everything else we NEED, the prices will never go down, atleast not in the long run.

Yeah, I remember saying, "They should just put it to $2.50 and leave instead of dropping it and raising it again." That would be nice right about now.

The prices have definitely changed my driving habits. I let all girls on their cell phones pass me and take it easy in town and I stay below 65 on all highways now. I've been thinking about getting a sticker to put on the back that says, "Don't B$%@! about fuel prices if you're passing me."

[MAC]

If Obama is elected, who knows. He said he wouldn't mind seeing $5 a gallon gas.

[jackc]

The plan for gas prices is already set. It doesn't matter who's president, what the state of the world is, or what the price of oil is.

It'll go down to 3.50-3.60 through the winter, then they'll run it up to 5 bucks next summer. After that it'll drop to 4.50-4.60 and they'll run it up to 6 bucks the next summer.

Its a big game and we're all just a bunch of chumps along for the ride................

[WarrenJ]

The plan for gas prices is already set.

If only my stockbroker and I could rely on that!

To be truthful, I think you're largely correct.

And debt?

I expect our uncle will be running the presses at breakneck speed to pay it back with dollars that are worth less every day.

I'm interested in gold. Any sane person should give it a look.

Regards,

Warren

[KHE]

If Obama is elected, who knows. He said he wouldn't mind seeing $5 a gallon gas.

That just goes to show how out of touch with reality and the public the cretin politicians really are...

[WarrenJ]

Even on a good day I can't summon any felt need to see McCain as our president.

OTOH, I suspect even Bill Clinton might be worried about Obama. He's slicker than Bill, you see. Whouda thunk it possible?

Regards,

Warren

[navion]

If Obama is elected, who knows. He said he wouldn't mind seeing $5 a gallon gas.

I wonder if Mr. Obama has even thought about what impact such fuel prices have on the economy as a whole? What about those of us who live in areas that cannot be economically served by public transportation?

After all of the pressure for tapping our own resources Mr. Obama has reluctantly and minutely changed his position on drilling. If anyone noticed he added the words "limited" and only if "I decide" to his concession to drilling.

I thought that he was running for President, not emperor!

This person has NO PLAN FOR and has NO CONCEPTION of the problem facing this country.

The mere fact that we are sending over SEVEN HUNDRED BILLION DOLLARS A YEAR overseas to people who hate us should be all the reason needed for any sane person to want to bring our own resources online.

He should realize that every barrel of oil produced here at home is one less barrel that we have to send money overseas for!

$5.00 a gallon gas or even $10.00 a gallon gas won't affect him or his immediate family. Even if he is defeated, as a former Senator, he will get a pension for life that will be adjusted annually for inflation and cost of living.

I apologize for making a political statement on this forum.

But we need to realize that if this person has his way, our vehicles will become prohibitively expensive to operate. And that will be the least of our problems!

Britt

[WarrenJ]

navion,

No apologies necessary, but I'll go you one better.

If our Mr. Obama is so incensed about oil company windfall profits, and sees a need to tax them, perhaps the millions of book dollars earned by his ownself should also be taxed confiscatorily?

Exxon-Mobile in the last quarter paid $3 in taxes for every $1 in after tax earnings. Our government is making out like a multi-billion dollar bandit where oil company profits are concerned. Oil companies profit about $0.10/gallon of gasoline sold and they work their butts off for that. Your government profits about $0.50/gallon of gasoline sold and they do exactly what for that?

1.5% of Exxon-Mobile stock is owned by company executives; the remaining 98.5% is owned by thee and me in mutual funds, retirement accounts etc. If oil companies are punished via "windfall" taxes, who will ultimately be punished? Right. Us!

Oil is a boom and bust business. If you're going to "windfall" tax them during periods of great profit are you also willing to support them during the "bust" years?

Yeah, I didn't think so.

Regards,

Warren

[navion]

navion,

No apologies necessary, but I'll go you one better.

If our Mr. Obama is so incensed about oil company windfall profits, and sees a need to tax them, perhaps the millions of book dollars earned by his ownself should also be taxed confiscatorily?

Exxon-Mobile in the last quarter paid $3 in taxes for every $1 in after tax earnings. Our government is making out like a multi-billion dollar bandit where oil company profits are concerned. Oil companies profit about $0.10/gallon of gasoline sold and they work their butts off for that. Your government profits about $0.50/gallon of gasoline sold and they do exactly what for that?

1.5% of Exxon-Mobile stock is owned by company executives; the remaining 98.5% is owned by thee and me in mutual funds, retirement accounts etc. If oil companies are punished via "windfall" taxes, who will ultimately be punished? Right. Us!

Oil is a boom and bust business. If you're going to "windfall" tax them during periods of great profit are you also willing to support them during the "bust" years?

Yeah, I didn't think so.

Regards,

Warren

The Democratic party has been hi-jacked by the ultra left.

My grandparents, who were raised as Democrats would not recognize today's "Democratic" party.

My parents, late in their lives realized this shift and changed party affiliations.

The Democratic Party's response to anything is to raise taxes. High profits? Tax them. More social programs? Raise taxes. not enough revenue? Raise taxes.

Then they castigate firms choose to move overseas solely to avoid unreasonable taxation.

Apparently they have never read nor chosen to understand the fable about killing the goose that laid the golden eggs.

Another truth that they refuse to acknowledge is the fact that no matter who is taxed, the end consumer, (you and me) are the ones that end up paying those taxes.

A windfall profits tax on oil companies would do absolutely nothing to bring down the cost of fuel.

Another thing, the House Speaker is defying the will of the people by not allowing a vote on drilling. She is a leading Democrat. That is something that needs to be remembered this next election cycle.

Britt

[WarrenJ]

The Democratic party has been hi-jacked by the ultra left.

My grandparents, who were raised as Democrats would not recognize today's "Democratic" party.

Britt

At the risk of giving away my age, I'd note that JFK, by todays standards, would be considered a Republican. I was a Democrat in those years, but I eventually saw the light.

The Republican party hasn't yet been hi-jacked by the ultra right, but it faces that possibility.

Regards,

Warren

[BodybyFisher]

Politicians are bucking the rules of supply and demand and playing right into investors/speculators hands. Because we are prevented from drilling because of the environmentally controlled, socialist Democrats to provide more supply, prices have continued to rise. It is important to keep in mind that China is growing in leaps and bounds and they and the Arab Emigrates (Dubai) and INDIA have created more DEMAND. THAT demand HAD TO be met with MORE SUPPLY or prices will RISE as we have seen. Supply and Demand is a BASIC economics LAW, taught in Economics 1 in college. The world demand MUST be met with more supply or prices will rise.

Today's democraps are influenced by environmentalists to not drill or build nuke plants or refineries, their own socialist ideology wants to destroy 'the greedy' corporations and to have the government run them. Every time a big industry or corporation rises the democraps go after it, recall what they did to Microsoft in the 90's as the democraps proceeded to burst the tech bubble quickly by killing the golden goose. Europe that the left idolizes, provides most of its electric via nuke plants, but here we are prevented from doing so, because of an accident at Three Mile Island that from what I understand did NOT result in the release of nuke materials. We are the world leader in technology and we are being prevented from building nuke plants, which are cleaner than coal burning electric plants. The other thing the left has grabbed on to is the Exxon Valdez an accident that was cleaned up and from what I understand there is no evidence of the accident happening today. Accidents do happen but as a result new regulations are born.

Has anyone noticed that since Bush called for an opening of drilling AND the Republican Senators continued talking AFTER PELOSI closed the congress for their SUMMER vacation, the oil prices are coming down? Just the FN threat of drilling and movement by our officials causes the price to drop there was not a democrat to be seen! We landed on the MOON in less then TEN YEARS! Clinton vetoed drilling in Alaske 10 years ago. See this information> Anwar Information

In addition, we have decreased our consumption, people are moving away from SUVs that are NOW worthless, auto manufacturers have seen the light and moved away from SUVs and started producing much more fuel efficient cars as a result of this. For the DEMS to continue to PUNISH the US public is unnecessary, Pelosi, Reed and the dems must NOT get control. She continues to spew emotional garbage about 'our children and the planet'. Our entire ECONOMY is going to be wrecked because of this (trucking of goods, airlines, travel, heating fuel).

I think its VERY important to understand that the democrats ideology is Marxist/socialist and they are only interested in the redistribution of income. I listen to Mark Levin every day. His shows are down-loadable and streaming and you can listen to him. I would HIGHLY recommend listening to his shows starting about two months ago and come forward. DO NOT shoot the messenger, Mark can be angry and rude to libs, but his message, and the guests he has on, are right on what is happening in this country. PLEASE do me a favor and start listening, to him. If we elect a dem, the US as we know it will be lost and we will have handed it over to what we have been fighting in North Korea, Vietnam, Hollywood and China.

Start listening today, start about a month or two ago and come forward, I promise you that if you have never listened to him, you will be enlightened:

Mark Levin Show Audio Clips

With all due respect to Britt, there is NO WAY to discuss this issue without bringing up politics. I am thinking this topic needs to be moved to the 19th hole.

[navion]

I will understand if this is moved to the 19th hole, but I think that more people will see it here.

This situation affects us all and our vehicles!

Britt

[BodybyFisher]

I will understand if this is moved to the 19th hole, but I think that more people will see it here.

This situation affects us all and our vehicles!

Britt

I agree.

[BodybyFisher]

There was a news story on TV today!

OIL PRICES ARE PLUMMETING!!!!!!

and WHY?

In the run up to the Olympics CHINA was STOCKPILING OIL and GAS, to ensure that they did not have any shortages!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

This PROVES exactly what we have been saying about SUPPLY and DEMAND!!!!! MORE DEMAND, HIGHER PRICE.....

We need to DRILL and create more SUPPLY, PERIOD.... sweep the environmentalists and no drill polititians out of office in 89 days

[KHE]

There was a news story on TV today!

OIL PRICES ARE PLUMMETING!!!!!!

and WHY?

In the run up to the Olympics CHINA was STOCKPILING OIL and GAS, to ensure that they did not have any shortages!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

This PROVES exactly what we have been saying about SUPPLY and DEMAND!!!!! MORE DEMAND, HIGHER PRICE.....

We need to DRILL and create more SUPPLY, PERIOD.... sweep the environmentalists and no drill polititians out of office in 89 days

Yet gas shot up 20 cents per gallon yesterday morning where I live....

[BodybyFisher]

It won't hit the pump that fast, I don't believe especially not in the high demand months of summer here, even though the country is driving less.

[WarrenJ]

Interesting article on supply/demand/speculation:

http://www.telegraph.co.uk/opinion/main.jh...8/08/do0801.xml

[KHE]

Windfall profit taxes will do absolutely nothing to bring prices down. The politicians who are calling for such a tax are too stupid to realize that the oil companies will just pass the cost on to the consumer and the end effect will be still higher fuel costs... The economy cannot continue to endure $4.00+ gasoline...

It is as if the politicians have their heads so far up their a$$es that they really need glass belly buttons so they can see where they're going.

[Marika]

Gas in NJ is coming down. I paid $3.59/gallon for regular this morning in highly expensive, overpriced Bergen county. Farther south in NJ, gas is down to $3.47/gallon for regular. Last year gas was about $2.49/gallon for regular in NJ.

I read that the "big three" (GM, Chrysler and Ford) are threatening bankruptcy because they're not selling enough trucks and SUV's so they're losing a lot of $$$. I'm wondering if there's a relationship between the possible upcoming bankruptcy of the "big three" and the prices of gas moving downward. Oh and by the way, Toyota also reported losses this past quarter. They're not selling many trucks or SUV's either. I think there comes a point where the economy reaches saturation, the point being where you can only get so much out of consumers before they can't spend any more money. I think the oil companies have realized that the saturation point has been met and if the prices don't start coming down the entire economy will tank.

Even the price of gold and silver are coming down. At the time of writing this, silver is $15.27 and gold is $855.50, spot prices. Just a few months ago gold was over $1,200.00 and silver was peaking at nearly $30.00. Even Rhodium has dropped for $9,600.00 to $8,947.00. Those are all troy ounce prices.

We'll have more interesting times ahead.

[Marika]

Interesting article on supply/demand/speculation:

http://www.telegraph.co.uk/opinion/main.jh...8/08/do0801.xml

The price of oil was rising basically because Wall Street investors are trying to make up for their losses from the mortgage fiasco. Once the economy reached saturation point and people started buying less gas, the clever investors had to figure out new ways of increasing profits. Currently, the largest holder of oil reserves in the USA is NOT the federal government, it's Morgan Stanley. That's right, Morgan Stanley is currently the owner of more oil then what you would find in the government's strategic reserve. The price of oil is coming down **Probably** because private investment houses are snapping it up in record amounts and they're buying it on margin. They're paying about $8.00 or so a BARREL on margin, in preparation of reselling it at massive profits. Gas is coming down but don't expect it to stay down. It's bound to sling-shot WAY up sometime in the future. If Americans are lulled into a sense of security because of the current fall of prices they'll be foolish. Americans are on the right course by not driving as much as they traditionally have and they should stick to the practice of not driving as much regardless of how low the prices fall.

What distinguishes the American economy from Europe is that most Europeans don't use credit cards to pay for purchases. If we really want to straighten out the American economy we have to do two things, we have to get people to stop using credit cards and we have to get the credit card companies to lower their interest rates to a level where people will see a noticeable difference in their credit card bill every month when they send in a payment. If I'm carrying a balance on a credit card of $4,000 and I send in a $200 payment and my new balance is $3,980 there really isn't much incentive for me to pay down my balance since it's obvious the $200 payment went completely toward interest.

On a final note, I think George Carlin said it all in his comments about baby boomers and politicians:

http://www.youtube.com/watch?v=kF05oDvHPq8

[BodybyFisher]

Drill, Drill, Drill Is Working

Thursday, August 7, 2008 5:45 PM

By: Larry Kudlow

As Sen. John McCain and the GOP leadership nationalize the drill, drill, drill message, the Republican Party might conceivably be riding a summer political rally. The question of offshore drilling, along with expanded domestic energy production, has suddenly become the biggest political and economic wedge issue of this election. Is there a Republican tsunami in the making?

According to the major polls, McCain has overcome a big deficit to pull even with Barack Obama. Meanwhile, according to a Rasmussen survey, Democratic Party identification has slumped.

While Republicans on the House floor shouted "vote, vote, vote" and "lower gas prices," the Democratic majority turned off the lights, cameras and microphones (and cut their throats). Determined Republican Senate leader Mitch McConnell offered unanimous-consent requests to vote on lifting the ban on deep-water exploration, and the Democrats objected. When McConnell asked Democrats if they'd overturn the ban at $4.50 a gallon, they replied, "No." When he raised the price to $5, $7 and $10, they cried, "No," "no" and "no." (gotta love it)

On the Stephanopoulos Sunday news show, House Speaker Nancy Pelosi underscored her refusal to allow a drilling vote. Asked about the Republican rebellion in the House, she said, "What you saw in the Congress this week was the war dance of the handmaidens of the oil companies." She went on to say, "We are spending all of this time on a parliamentary tactic, when nothing less is at stake than the planet, the air we breathe, our children breathe." (emotional garbage as usual)

Oh, really? Voters have a much different view. Polls suggest that two-thirds to three-quarters of the nation wants to drill. (that is called the people's majority) To wit, while a just-released Obama-(fill up your tires and get a tune up) campaign ad attacks McCain as a tool of big oil, McCain has taken his first-ever lead in a Rasmussen tracking poll.

There is a voter revolt going on, and it reminds me of the anti-tax rebellion that lifted Ronald Reagan into office 28 years ago. Is the conventional wisdom about to be swept away? (conventional wisdom?) As Republicans press home the drill, drill, drill message, might they pick up seats in Congress this year? And might the national clamor for a more realistic and balanced energy policy — one that includes more oil, natural gas, clean coal, nuclear, and the alternatives of wind, solar and cellulosic — carry John McCain to a convincing victory over Obama?

Without even realizing it, the GOP drilling offensive has become a new contract with America. And it appears to be working. The public is putting aside global warming (phony garbage) and choosing instead new-energy production, a stronger economy and more job creation. Voters want growth, not austerity. They want Ronald Reagan, not Thomas Malthus. And by resisting this grassroots call, the Democratic Party is digging itself into one of the biggest political dry holes in history. Gotta love it!

New economic statistics highlight the damage done by the unprecedented oil-price shock. Only a year ago, real gross domestic product was growing at 4 percent to 5 percent. Then came the dramatic rise of energy prices and down came the economy. (and yet Dems ignore that, 'for the children')

GDP contracted slightly late last year and rose a miniscule 0.9 percent in this year's first quarter. And although real growth picked up to nearly 2 percent in the second quarter, that number is suspect, since the government does not count surging import prices from food and energy.

Wall Street blames everything on the housing slump and the subprime credit crisis. Of course, these are significant. But the drop in housing starts, sales and prices has been going on for nearly two years, without crunching down the economy.

It's the oil shock that has brought us perilously close to recession. In fact, despite a slight rise in GDP, non-farm corporate payrolls have declined for seven consecutive months, while private payrolls have fallen for eight straight months. A year ago, the unemployment rate was 4.5 percent. Today, it's 5.7 percent. Topping it off, the inflation rate has climbed from 2 percent to 4 percent over the past year.

Right now, the recession call is still an open question. But the economic damage caused by skyrocketing energy prices is a no-brainer. (except for Pelosi who has no brain).

When President George W. Bush eliminated the executive moratorium on offshore drilling a month ago, effectively launching the drill, drill, drill offensive, oil was close to $150 a barrel. Since then, the barrel price has dropped to nearly $120, as futures-market traders anticipate a major shift in federal drilling policy. (JUST THE THREAT of drilling).

Over at the Intrade pay-to-play prediction market, the probability of an offshore drilling bill passing in 2008 is now handicapped at 50 percent, up from 25 percent only a few days ago. Clearly, investors know market prices will move well before we see actual new energy supplies from offshore drilling. The likelihood of greater energy supply will incentivize those much-vilified traders to slash barrel prices much more, bringing relief at the pump and earning the gratitude of a whole nation.

At the same time, those wrongheaded Democratic leaders, from Obama to Harry Reid to Pelosi, will see their political fortunes plummet deep into bear-market territory. Bye Bye now

© 2008 Creator's Syndicate Inc.

[JimD]

Oil futures (September delivery) are trading at less than $120 per barrel today. That is down from ~~$145 less than one month ago.

Gasoline (87 octane) is around $3.85 in this part of GA. I'm expecting less than $3.00 after Labor Day.

Oil traded at less than $114 per barrel today. For those in Loma Linda, that is a $6.00 decline in 10 days.

Gold is trading at less than $800 per ounce compared to the high $9xx figure of not too long ago.

And the $US is showing some gains against the Euro and other currencies.

Just a few of the signs that we are getting this ship headed in the right direction.