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Tue Jun 24, 2008 8:56 am Post subject:
$2 per gallon gas? |
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Got this from MarketWatch:
| Quote: | WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets.
Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.
"Record oil prices are inflated by speculation and not justified by market fundamentals," according to Gheit. "Based on supply and demand fundamentals, crude-oil prices should not be above $60 per barrel."
Futures trading in London has not been a major factor in rising oil prices, testified Sir Bob Reid, chairman of the Chairman of London-based ICE Futures Europe. Rising prices are largely a function of fundamental supply and demand, not manipulation or speculation, he said.
"Energy speculation has become a growth industry and it is time for the government to intervene," said Rep. John Dingell, D-Mich., chairman of the full committee. "We need to consider a full range of options to counter this rapacious speculation." It was Dingell's strongest statement yet on the role of speculators. |
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Tue Jun 24, 2008 9:22 am Post subject:
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| {uZa}renegade wrote: | Around $10 a gallon still here  |
You mean it's like $210 US to fill a 21 gallon tank out there??? 
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Tue Jun 24, 2008 9:34 am Post subject:
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That is correct VS
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Build a man a fire, and he'll be warm for a day. Set a man on fire, and he'll be warm for the rest of his life.
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Tue Jun 24, 2008 9:38 am Post subject:
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Dear God in heaven, keep the government out of the mix. They have already screwed it up enough. 
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Despite all my rage I am still just a rat in a cage!
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Tue Jun 24, 2008 12:03 pm Post subject:
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80 Litre tank £1.36 A Litre for superunleaded which Zed likes .And you have to treat a lady right  I have some cheapo in at the moment as they ran out of super.That is £1.17 a litre.Cheapest superunleaded in sheffield is £1.16 a litre but it is 8 miles away on some very quick roads So it would cost me a gallon to go get it They have to sell fuel in litres as part of being in the European union But we still use miles 
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Tue Jun 24, 2008 1:53 pm Post subject:
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haha 1,68 euro/liter in holland glad my car runs lpg thats only 0,62 and pay no tax because its 30 jrs old lol
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Tue Jun 24, 2008 2:44 pm Post subject:
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It is $1.29/litre here...not sure how much that is in the states..... Still cheap compared to a lot of other places.
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Tue Jun 24, 2008 3:28 pm Post subject:
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If it goes down to $2 a gallon I will shed tears of joy!!!
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Tue Jun 24, 2008 3:33 pm Post subject:
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| TxGirl wrote: | | If it goes down to $2 a gallon I will shed tears of joy!!! |
If I could get petrol for $2 a gallon I would be having twin turbos fitted next week and the 155mph limiter removed
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Tue Jun 24, 2008 11:22 pm Post subject:
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The sad part is that we will NEVER see gas any "cheaper" than what is is now... The big corporations will welcome the oil price reductions, but the savings will only make it as far as the corporate exec. pockets... It doesn't matter if they regulate the commodities market, take oil off that market all together, allow drilling in Alaska, or discover a way to pull oil out of thin air for free... They will claim hardship, costs, etc... Anything to keep our money in their pockets...
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Kill 'em all and let God sort 'em out!
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Wed Jun 25, 2008 9:44 am Post subject:
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Gosh, HTR, you sound kind of.....cynical. 
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Despite all my rage I am still just a rat in a cage!
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Wed Jun 25, 2008 12:06 pm Post subject:
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Hmmm... Coming from you, I'll take that as a compliment... 
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Kill 'em all and let God sort 'em out!
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Wed Jun 25, 2008 12:47 pm Post subject:
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| {uZa}HiTechRedneck wrote: | | The sad part is that we will NEVER see gas any "cheaper" than what is is now... The big corporations will welcome the oil price reductions, but the savings will only make it as far as the corporate exec. pockets... It doesn't matter if they regulate the commodities market, take oil off that market all together, allow drilling in Alaska, or discover a way to pull oil out of thin air for free... They will claim hardship, costs, etc... Anything to keep our money in their pockets... |
Very true.
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Wed Jun 25, 2008 1:51 pm Post subject:
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| {uZa}Canadian Girl wrote: | | It is $1.29/litre here...not sure how much that is in the states..... Still cheap compared to a lot of other places. |
1 US gallon = 3.78541178 liters
So
3.78541178 x 1.29 = $ 4.88 a gallon
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