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Old 12-01-2016, 09:51 AM   #29
cleoent

 
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always funny how quickly gas prices shoot up on news like this, and how SLOWLY they go down when there's news opposite of this.

Gas station owners will start jacking up prices even if their costs havent changed.
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Old 12-01-2016, 09:59 AM   #30
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Originally Posted by whiteboyblues2001 View Post
The Saudis tried to kill the US fracking (and other "unconventional oil" producers) by flooding the market. Turns out, the fracking industry got hurt, but not killed off. They can't frack much at $30/barrel, but right now, oil is approx. $50/barrel. If it goes even to $60 (and there is confidence it will stay there), the frackers will start drilling again, and supply will increase containing prices. This will be good for US energy jobs, but gas will go up a bit. BUT, I highly doubt we will see $100-$140/barrel like we saw before the frackers came onto the scene. I am comfortable paying a bit more in exchange for more US jobs.

And don't forget, the Russians and others constantly cheat on these quotas all the time. The Saudis may end up getting hurt more than anyone. They will lose market share, and the price will not recover to pre-fracking levels.
This ^^^^^^^^^^

...It's not just OPEC that influences the supply....Russia, Venezuela, Mexico...This price per barrel and expected jump in pump prices depends on all parties world-wide limiting oil production...It won't hold together for long at all...The temptation to "cheat" on their own agreements is too great for them to avoid the temptation.

The US will finally get serious about energy independence to avoid wild fluctuations caused from foreign production quotas....
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Old 12-01-2016, 10:00 AM   #31
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Originally Posted by cleoent View Post
always funny how quickly gas prices shoot up on news like this, and how SLOWLY they go down when there's news opposite of this.

Gas station owners will start jacking up prices even if their costs havent changed.
Yep, funny how that works
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Old 12-01-2016, 10:58 AM   #32
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I drive like 5k a year in my camaro-np.
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Old 12-01-2016, 11:11 AM   #33
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Wish I would have bought more oil stock....
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Old 12-01-2016, 11:21 AM   #34
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It would have been a bad buy. OPEC is going to drown in their own oil and they're just grasping for straws at this point. They now control so little of the world oil supply that this just amounts to a last ditch temper tantrum.
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Old 12-01-2016, 12:00 PM   #35
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It would have been a bad buy. OPEC is going to drown in their own oil and they're just grasping for straws at this point. They now control so little of the world oil supply that this just amounts to a last ditch temper tantrum.
Yes, but if you can find some US companies that stand to gain from increased drilling activity here in the US because of higher prices, you could make some money off their stock. But the Saudis are screwed. They will not see $100+ per barrel they need for their state budgets, the Russians and others will cheat, and the increased price will only start the frackers drilling again. All this means the Saudis will lose market share, and still sell at a low (for them) but better price. The US industry will make more profits and drill more, which will help contain prices on the upswing and give the US more market share, and boost our economy in the process.

That's why the Saudi's are developing natural gas and solar resources as we speak. The writing is on the wall, and they are diversifying.

So, a savvy investor could stand to make some money, but not by blindly buying any old energy stock. You would have to pick ones related to drilling activity and the services that support that. And of those, you have to pick ones that know what they are doing, and are financially fit to do so. AND, you have to find one that others have not already found yet. That's lots of ifs...
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Old 12-01-2016, 12:28 PM   #36
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OPEC is not the 800 lb gorilla they used to be. US production is going to increase. We may see some rise in pricing, but I don't think it will be too bad.
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Old 12-01-2016, 12:37 PM   #37
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2 years ago we were paying $3 a gallon.....
I paid $2.99 per gallon yesterday for 92. This is normal here. I get quite jealous when I see postings of prices sub $2, I haven't seen that on 87 in years.
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Old 12-01-2016, 12:39 PM   #38
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OPEC deal to cut production = higher prices at the pump. Lots of other countries following suite...not good.

https://www.yahoo.com/news/m/dc078f7...-is-done..html
shouldnt buy these types of vehicle if your so broke you cant afford the gasoline.
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Old 12-01-2016, 12:39 PM   #39
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When the wind blows the wrong way in the Middle East, gas companies will jump the price of gas by $1.00 a gallon, i'm sure they are foaming at the mouth with this news. $4.00 a gallon by Jan 2017.
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Old 12-01-2016, 12:43 PM   #40
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Not going to change my driving habits... That would be un-American.

I recall in 2008 when gas crept past $4 a gallon... I was stationed in Guam and we saw prices above $5 a gallon... It was insane. Then the solar market started making major strides... Hybrids that were previously laughed at became standard fare. Auto makers cried for a bailout. Chevy said the Volt was the future.

While I am ambivalent, there is a special nostalgia to seeing the prices go back up. I do hope it brings back solar and alternative fuel/energy research and development. I don't plan on getting rid of my 2SS because of it, but I'll be fine if everyone else is driving a Prius.
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Old 12-01-2016, 12:56 PM   #41
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Of course nobody wants to pay more for gas, but I'm not worried about how much it costs to fill up my SS. You gotta pay to play.
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Old 12-01-2016, 12:59 PM   #42
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Quote:
Originally Posted by pkssauce View Post
I paid $2.99 per gallon yesterday for 92. This is normal here. I get quite jealous when I see postings of prices sub $2, I haven't seen that on 87 in years.
I have a love/hate relationship with gas buddy or -insert your states name-gas prices.com. However it has saved me $.30-.$40 cents per gallon at times.
For example in WA. http://www.washingtongasprices.com/GasPriceSearch.aspx

For me the closest place to purchase top tier premium (in IL) is around $2.60. However there is one station that is always less expensive in the next nearby town at $2.28 with plenty at $2.40ish. Am not saying it is worth a major trip out of ones way. Though sometimes worth it for some to take a look around.

All that aside, was waiting for the immediate price spike here yesterday due to oil going up. But has not changed locally yet. Which is surprising.
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