Oil down on lower-than-expected US gas supplies »
Posted By STONERS 10 months ago in Business & FinanceOil prices fell for a fifth straight session Thursday after a lower-than-expected drop in U.S. gasoline supplies fed beliefs that a cooling economy is curbing fuel demand in the world's thirstiest consumer.
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STONERS10 months ago
"At the pump, a gallon of regular slid less than a penny overnight to a new national average of $3.678, according to auto club AAA, the Oil Price Information Service and Wright Express. Prices remain well above the year-ago average of about $2.792 a gallon but have fallen more than 10 percent from the July 17 record average of $4.114 a gallon."
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STONERS10 months ago
I paid 3.55 a gallon yesterday for reg. gasoline.. Middletown Ohio!!!
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GWHayduke10 months ago
Productivity and overall growth in China has all but stalled out in the past quarter, and a significant portion of their consumption of oil has been reduced.
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http://findarticles.com/p/articles/mi_m0WDP/is_200...
The most dramatic change in comsumer habits has come from the US where demand for gasoline has been impacted by the greatest decrease in 26 years....a total of (ironically) 800,000 bbls a day!
http://news.yahoo.com/s/nm/20080812/us_nm/usa_oil_...
EXACTLY the same estimate of production that would be offset by drilling in ANWR - 800,000 bbls per day!
Problem solved, huh?
Probably not, because the likes of tiredofwhiners doesnt like riding a bicycle and is ENTITLED to cheap gas NOW!
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tiredofwhiners10 months ago
Drill now, drill American. Replace every barrel of foreign oil with American oil. Stop the unbelievable transfer of $$ to foreign countries. Develop offshore oil, ANWR, shale oil, clean coal, gas from coal, solar, wind, geothermal, nuclear and hydroelectric. Then watch oil prices go way down. Don't wait another 10 years, do it now!
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miklkit10 months ago
If you want more American oil used in this country, then stop exporting it. Big oil is currently exporting more oil, right now today, than they expect to get from more drilling in the future.
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This drill, drill, drill stuff is a fools game. -
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Gransater10 months ago
I agree with just about all you are saying.
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One of the problems with that idea though, is that we don't have neighter enough qualified personnel, or equipment to make a serious dent in how fast we can produce additional oil. Refinery capacity is also a major obstacle.
As to the prices coming down, because more drilling, it will not have that great of an impact. Crude supposedly is sold on the open market, to anyone able to pay.
Worldwide. If we start with rationing for domestic purposes only, that can possibly have consequenses on things we buy outside of the country that we are unable to deal with, on a short term basis.
Our bed is made, and untill we change the sheets, so to speak, we will have challenges to deal with. As you say, drilling alone isn't the answer.
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tiredofwhiners10 months ago
For me it's not the economy, it's the high price of gas that causes me to drive less and combine trips. I think that applies to most who are smart about their budget. I drove to California (300 miles) and kept it at 65-70 mph and coasted down some of the long grades. I saved about 3-4 gallons on the 600 mile round trip. I also used the A/C only about half the time in the 100 F. degree heat. I won't go back to my old habits any time soon even if gas goes down significantly more.
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Nowalive10 months ago
tow,
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As a mechanic I can tell you that 60 is the optimum highway speed for fuel efficiency. Using the a/c does trim about 12% off your mileage as well. Additionally many people carry unnecessary items in their cars which adds weight. -
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Gransater10 months ago
If you rolled down the windows, the increased wind resistance unfortunately ate up more than what you saved. Good thought and intent though. Cudos for that.
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hbbuyze10 months ago
Just think,
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With all of the jobs being sent off shore per Mr. Bush, Mr Cheney and Mr McCain republican senate. Why do we need gas? If you don't have money to go the store to purchase food. Just think of all the good the republican goverment is doing for you.
They say we are all over weight. So they are doing us a favor. We don't need money to live on, so they are putting us a third world diet. Look at all the weight we are going to lose by riding our bikes.
Gee what a great goverment. Yes I want 8 more year of it.-
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Nowalive9 months, 2 weeks ago
hb,
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Ummmm....... You do know that the Democrats control both houses right?
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