Originally Posted by richpjr (Post 5194736)

It has very little to do with the oil companies and everything to do with futures. When oil hit it's peak, there was no supply/demand reason why it should have been higher than $70 something a barrel. The fact it went to twice that high was all do to futures trading. Now that the economy is in the tank consumption is down, the speculation on it is ending and the price has plummeted. The ironic thing is that all those guys who kept buying it and jacking up the price and making a fortune on it are now going to lose their shirt if they weren't smart enough to get out - and a LOT of them were not.

Originally Posted by BigCatDaddy (Post 5194790)

This is it in a nutshell. It was all the speculators pumping in billions at the first of the year. The oil companies and OPEC are pissed that they jacked up the market so bad that it altered the demand for their product over the long haul.

Originally Posted by InChiefsHell (Post 5193746)

*sigh*

I'm done. Believe what you will. Pay no attention to the FACT that American Oil Companies control about 6% of the world market...yet somehow you all believe they are influencing the price of oil...that's a fuggin' joke. It's just simple numbers. I believe US consumption is down something like 7-8% from last year at this time, that's huge.

Now, as far as why it came down so quickly, I'd lump it on the world economy. I do have to say though that it seems we should have been seeing a drop earlier, but I don't know all the factors in the market.

What I DO know is that for the last 30 years or something the Senate always calls in the oil execs to nail them for gouging the market, and every time, EVERY TIME they come away with nothing. Because the oil guys aren't doing anything evil, except for making money, which apparently IS evil here in the USSA...

Originally Posted by Valiant (Post 5194981)

Demand has been that low for the whole year.. I get the economy aspect of the last few months.. But by that gas should have been somewhat cheaper this past March then what it was..

The gas companies and speculators manipulated the market to skyrocket prices.. Then even though world demand is up so I am told, OPEC countries are cutting back on supplies to keep prices up even though demand is still high world wide, sans the 7-8% percent drop here..

Originally Posted by GoDonger (Post 5195632)

Crude down to $60.77.

Originally Posted by The Grand Poobah (Post 5199075)

2.29 is the cheapest I've seen it around here.

Originally Posted by BigChiefDave (Post 5199084)

Is Grand Poobah, Flopnuts? I can't keep track of all these name changes...

Originally Posted by Over-Head (Post 5199234)

Holy shit!
It's ALMOST DOWN to $4.00 a gallon.
I paid $1.04 a liter today

PBJ PBJ PBJ