Gas Price

ALH_4

How about "a record setting production test" at Jack No. 2 well at Walker Ridge Block 758 in the U.S. Gulf of Mexico? During the test, the well sustained a flow rate of more than 6,000 barrels of crude oil per day, Chevron said.

Hello cheap oil. I'm waiting until it gets back to $1.15/gal to fill my tank.

Funny, gas prices are almost as high as they have ever been here in Montana. Last I filled it was $3.00/gal. I think our peak (so far) has been $3.10/gal. It seems the downward pressure doesn't count.

-Andrew

Mike T., Swampeast MO

Upward pressures:

Prudhoe bay in virtual shutdown.

Mideast certainly no more stable.

Continued high demand with increasing consumption.

Nigeria still way below capacity.

Chavez still kooky and doing everything in his power to .

Iran nuclear standoff nearing climax.

Downward Pressures

Reduced hurricane forecast.

Incumbent party in power who receives the bulk of the bribes (oops, free-speech donations) from the oil industry fighting for its life with election in less than two months.

Somehow This Produces

Significantly lower gas prices with further and deeper reduction expected in the short-term.

Someone. Please explain to me how oil prices are the result of a "free and natural" market...

Perry_2

Unfortunately....

US oil and gas consumption no longer drives the price of world oil and gas.

Demand from the rest of the world drives prices. With China and India using more and more as they are expanding their economies - the world has essentially reached a point where the oil & gas prices will largly be driven by the highest bidder.

There will be some ups and downs; but nothing that happens in the US - even the new discovery will not really change what happens on the world market.

6000 barrels a day is a drop in the world oil production. It may produce a temporary decrease in oil prices in the US; but nothing long term.

I predict that in a couple of years that people will wish gas was $3.00 per gallon, and that a therm of gas (in the midwest) was about a dollar.

Perry

Steamhead (in transit)

Prices are in free-fall in the Baltimore area

the three stations close to me- two Exxon, one Citgo- are always in a price war anyway, but they've all dropped about 40 cents per gallon in three weeks.

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mtfallsmikey

Just noticed this morning

$2.45 / Gal. in NW Va. where I live. Maybe I can afford to start using the Dulles Greenway again soon!

joel_19

wow

2.45$ ? Cheapest I've seen in Mass is 2.80$

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Mike T., Swampeast MO

About $2.38 here. Believe the "cash only, gas only" station was $2.30.

ALH_4

Drop in the bucket

The frustrating part for me is that these seemingly minor negative influences, such as the BP pipeline issue a few weeks ago, affect the price. So my rhetorical question is why shouldn't some minor good news affect it as well?

-Andrew