Gas prices dropping just like Bandar Bush promised his brother *

[linazelle]

Remember about three months ago Bandar denied promising that gas prices would be brought down in time to influence opinions about the economy to make *'s re-election chances more favorable?

Well, I'm paying about $2 less on average for a fill-up in the past two weeks. Anybody else seeing the same trend?

Seems like there was something to these reports long ago dropped down the memory hole. It'll be interesting to see what happens to prices the next few months.


Links:

http://www.commondreams.org/headlines04/0419-01.htm

http://money.cnn.com/2004/04/19/news/international/election_saudi/

http://www.hightimes.com/mainsite/Politics/content.php?bid=824&aid=2

[Catt03]

1. I'm paying $1.56 less a fill up but

It is still $2.37 a gallon.

[madrchsod]

2. 10 cents in some parts of northern illinois

1.79 is the cheapest i`ve seen..

[yankeedem]

3. NYMex Crude hit an all time record today

at $43.80/barrel so Bandar isn't doing much of a job.

[swag]

4. Bandar hasn't been able to get crude oil prices down

like he promised Bush, because there are other supply problems (Iraq war/sabotage, Yukos) affecting oil supply.

As a result, crude oil futures hit $43.85/barrel today (another record), corporate profits will suffer, economic growth will suffer, and Bandar won't be able to do anything about it for Bunnypants.

The crude supply problem will filter down to the gas pump level probably sooner rather than later.

[AntiCoup2K4]

5. Keep dropping those prices, Bandar Bush!

I'm going on vacation in a couple of weeks, and I could use a big drop in gas prices.

I still ain't voting for your brother though :D

[linazelle]

6. Link on gas price trends

http://tonto.eia.doe.gov/oog/info/gdu/gasdiesel.asp

[MuseRider]

7. I just filled up

today at the highest I have ever paid. $1.89 for diesel.

[trof]

8. Oil topped out at $43 TODAY.

All time high.
Those prices won't stay down until November.

[lapfog_1]

9. What makes you think that oil prices are EVER coming down?

The only thing that would cause oil to drop now is either

1. A huge new find somewhere (and then not until it's developed).

or

2. A huge global economic slowdown (this could happen, but not for
awhile).

[trof]

10. I don't. Peak oil.

google it

[lapfog_1]

13. Yeah, my guess is that we passed

the Hubbert point either right now, or sometime in the past.

What we are seeing today is the same as the Texas railroad
commission's "100 percent allowable" decision on Texas oil
in 1971 (the US has never produced as much oil as it did that
year, despite huge increases in the price oil fetches and much
better methods of oil discovery and drilling).

[wicket]

15. I just googled it

And now I have this sick panicy feeling. :scared:

[sendero]

11. Well...

... I personally don't think we'll ever see gas at the prices of a year ago.

I went out and bought a used car with a 1.5 liter engine and a 5 speed. It gets 30-36 mpg, more than twice what my normal driver does.

I realize that there is no way to predict this stuff, but when I look at the forces arrayed toward higher prices and compare them to the probability of lower prices, I'm betting gas stays high.

[Jacobin]

12. A deep world wide recession could drop prices temporarily

However, in the long run (a time period that is debatable) prices will go up, as World Peak Oil collides with our addiction to fossil fuels.

[cosmicvortex20]

14. I dont buy peak oil.

Do they take into account, as the price of oil rises, unconventional oil reserves will become profitable to exploit? Alberta's bitumen deposits contain 1.6 trillion barrels of oil. The Orinoco Oil Belt in Venezuela contains 1.2 trillion barrels of heavy oil. The United States has 2.1 trillion barrels of shale oil - the largest deposits being the Green River Shale deposits in western Colorado. Oil is already being produced in these area's, and there is absolutely no reason to believe that production couldn't increase if oil prices rose.

Iraq also comes to mind. From what I've read, only 1.5 million bpd are being produced in Iraq, yet it has a potential of 10 million bpd. Iraq's reserves are probably somewhere in the neighborhood of 432 billion barrels rather than the official 112 billion barrels. And Iraqi oil is the cheapest to produce in the world - only $1 per barrel. It's worth pointing out that Saudi Arabia hinted that its recoverable petroleum reserves were not 261 billion barrels, but closer to 1.2 trillion barrels That's more than the doom and gloomers are willing to admit exists on the entire planet. Likewise, Russian officials now believe their reserves could total 180 billion barrels of crude - three times earlier estimates.

[trof]

16. Good, cause it's gonna be REAL expensive.

;-)

[lapfog_1]

17. Peak Oil

Do they take into account...

Dr. Hubbert did take this into account. And when he proposed the
theory back in 1956 for US oil production (he predicted by early
1970s - peaked in 1971), he was roundly laughed and dismissed
as a "doom and gloomer". He was right.

As for the world wide reserves, it's been long rumored and speculated
that many large oil producing countries are intentionally overstating
their reserves, sometimes by HUGE quantities.

Try reading this...

http://www.petroleumequities.com/OilSupplyReport.htm

or the national geographic article in the June issue on the
same subject. It also covers the Alberta bitumen deposits
(it takes a lot of energy to convert this stuff into oil that
can be refined and it causes an enormous amount of environmental
damage). All for what... so we can stave off the date of no
more oil by 25 years, maybe 50... and at what cost. It won't
be "cheap oil" and our economy (as we have learned in the last
50 years) now depends on cheap oil, not just "available oil".

[rfkrocks]

18. Sorry-I will believe National Geographic over you

The recent issue and the article "the end of cheap oil" did it for me-also all those great predictions never factored in China booming and sucking oil at an increasing rate-but the Geographic story was great and Iraq won't be stable for decades to come-also Saudis production is one bomb ladened speed boat away from shutting down

[PROGRESSIVE1]

19. $1.97 down from $2.20 2 months ago.

[maxsolomon]

20. it comes down till november, then...

it goes up permanently no matter who sits in the white house.

jawbone them all you want.