L-188
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Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 11:09 am

Alaska North Slope crude fell by $3.66 today in the spot market. Other crude grades also experienced a similar fall.

Other oil grades experience similar falls in major markets.


See what happens when you get rid of the uncertainty, That is what caused the speculation that increased the prices earlier.
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
MxCtrlr
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 11:29 am

Maybe so, but I notice the oil companies aren't racing to drop prices at the pump real quickly! (In fact, in my area, they just went UP again! Figure THAT!  Angry)

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L-188
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 11:53 am

Just want to add that drop in the Alaska price is about 9%.


It was just about unheard of.

MxCtrlr, I do think they are a little slow on the stick to lower prices. But I wouldn't expect it tommorrow.
OBAMA-WORST PRESIDENT EVER....Even SKOORB would be better.
 
Ilyushin96M
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 11:56 am

Great. So tell me, when does the price-gauging stop? It's simply unpatriotic.
 
N79969
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 12:02 pm

I do not believe that this war is being fought for oil. However, if you want to discuss how crooked oil companies are, I am all ears. The production, distribution, and sale of gasoline is pretty much a racket in my opinion.
 
DC10GUY
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 12:12 pm

Well gas in PHX is still 2 bucks a gallon .....
Next time try the old "dirty Sanchez" She'll love it !!!
 
desertjets
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 1:50 pm

It takes more than a day for oil to go from the well head to the gas pump. Plus the distributors are, for the most part, seperate companies from the major oil companies.

The DJIA and NASDAQ soared on Monday as well. Seems kinda odd, but with war being a certainty it must have been enough to kick start the market. Or they could just be F@cking with us.
Stop drop and roll will not save you in hell. --- seen on a church marque in rural Virginia
 
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STT757
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 1:58 pm

In '98-'99 the Wawa gas station near me dropped to .70 Cents a gallon for about two weeks.

It stayed at .89 Cents a gallon for a few months.

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Arrow
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 2:06 pm

Iraq has the second largest proved oil reserves after Saudi Arabia. Prices are going down because there's an anticipation that, before too long, Iraqi production will be back to where it was before the first war -- and that will have a very depressing effect on prices. Watch for prices to go back into the $25 range -- maybe lower.

It takes a very long time for a barrel of crude oil bought today to make it through a refinery and into a gas station's tanks. Market prices for gasoline won't respond to the daily fluctuations of crude oil.

Americans have the cheapest gasoline in the world, and Canadians are a close second. It's cheaper now, in real dollars, than it was in the 50s. North Americans are spoiled rotten on energy prices -- and that's why our energy consumption is the absolute worst in the world per capita.

Most of the price escalations in the last decade have come from taxes -- especially in Canada.

If there is ever to be any hope of reducing the per capita consumption in North America, the price needs to go much higher -- so high that no one can afford to run a gas guzzler any more. Then sanity will prevail.

Until then -- be grateful you still have cheap gas, and try not to waste it.
Never let the facts get in the way of a good story.
 
JetService
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RE: Wow Did Oil Prices Sink Today

Wed Mar 19, 2003 2:28 pm

I95M, price-gouging is illegal. If you know of a station doing it, report them!!!
"Shaddap you!"
 
Dash8King
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RE: Wow Did Oil Prices Sink Today

Thu Mar 20, 2003 1:16 am

Here in YZF we are paying 98cents a liter for regular and I am not sure about premium.

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