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View Poll Results: What will gasoline hit this summer (regular unleaded) per gallon - national average
$5.00 90 38.96%
$5.50 69 29.87%
$6.00 42 18.18%
$6.50 12 5.19%
$7.00 plus 18 7.79%
Voters: 231. You may not vote on this poll

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      06-07-2008, 11:27 PM   #23
calleballe
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It will go way above $5 this year...
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      06-08-2008, 12:37 AM   #24
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This is a bubble. Just like the housing market went through a bubble. As did the dot.coms before that. Same-old, same-old.

Then, as now, people were saying "things are different this time! This time, the market will go up and up and up without end!" All the while conveniently ignoring the silly little fact that the fundamentals didn't support the prices.

It'll drop back into the 3's at least.
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      06-08-2008, 03:22 AM   #25
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I'd say in the mid $5~ range.

Today paid $4.81

What ever happen to the good old days where I was complaining about $2.00 / Gallon.
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      06-08-2008, 03:35 AM   #26
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I go to the cheapest 76 in my area. Pico/Doheny, its always 30 cents or so lower then everywhere else
As of yesterday
Premium 91 octane was 4.59!!
Raised 30 cents in 8 days!


DEFINATLY DEFINATLY Premium 91 octane will hit 5.00 by end of June at my gas station

No doubt in my mind that it will reach 6.00 by end of summer
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      06-08-2008, 04:05 AM   #27
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Maybe. Then the price will crash.
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      06-08-2008, 05:13 AM   #28
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check out this topic guys.. three sites of gas prices
http://www.e90post.com/forums/showthread.php?t=146736

btw. I am still in the lead.. but maybe i am noncompetitive
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      06-08-2008, 05:35 AM   #29
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anyone had successful investments with the oil industry?
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      06-08-2008, 06:13 AM   #30
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Sigh, the Canadians are having a tougher time than us. It's about $5.24/gal up in Vancouver area.

Last edited by UWE90; 06-08-2008 at 02:48 PM.
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      06-08-2008, 06:28 AM   #31
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Quote:
Originally Posted by E90330iS View Post
anyone had successful investments with the oil industry?
I wish I had. By the time I figured it out, oil was too expensive.
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      06-08-2008, 06:39 AM   #32
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My guess is either below $5 or over $8. Depending.



(30% of the world's oil supply needs to travel between those narrow purple lines.)
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      06-08-2008, 08:01 AM   #33
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It's these gas prices that keep me from pulling the trigger to getting a M car...I wonder how long before "alternative fuels" really get implemented...challenge for Obama...
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      06-08-2008, 08:34 AM   #34
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Quote:
Originally Posted by E90330iS View Post
anyone had successful investments with the oil industry?
I put my wife's IRA into energy quite a few years ago. When Clinton began pushing free trade I thought it would ultimately result in a much, much higher worldwide demand for energy.

Her IRA is now worth 9x the original investment.

I've done OK with energy myself.



http://archives.cnn.com/2000/ALLPOLI.../clinton.pntr/



We have our politicians (both parties) working full-speed at cross-purposes to raise costs and restrict the energy supply. That's not what they say in their election literature, but that's what they're doing. Nuclear? Wind turbines? Coal-to-oil? Oil shale? Offshore drilling? Fugeddaboudit! What we get is ethanol that dissolves fuel pump seals and costs more energy to produce than it contains.
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      06-08-2008, 08:58 AM   #35
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Quote:
Originally Posted by galahad05 View Post
This is a bubble. Just like the housing market went through a bubble. As did the dot.coms before that. Same-old, same-old.

Then, as now, people were saying "things are different this time! This time, the market will go up and up and up without end!" All the while conveniently ignoring the silly little fact that the fundamentals didn't support the prices.

It'll drop back into the 3's at least.

But all bubbles need a reason to burst. So far demand has not gone down nor has supply been increased. As well the dollar remains low with no interest rate support from Europe and the rules of the game for invetsors/speculators remain the same.

Oil might take a 25% correction...but that might be from $150 to $112.
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      06-08-2008, 09:37 AM   #36
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One reason why it could be a bubble is that Oil Shale or tar sands in Canada and South America contain about 70 percent of known oil reserves.
The reason we don't use this source is that it costs much more to get oil out of this sand than liquid oil drilling.
However, at the current price of oil, they now become economic.
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      06-08-2008, 09:48 AM   #37
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Big Oil drinks my milkshake.
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      06-08-2008, 10:02 AM   #38
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If you average one tank of fuel per week at 18 gallons, for every $1.00/per gallon that gasoline increases will cost you $936 per year. This will effect people depending on their income, financial budgets and amount of debt they are carrying...but what is really crazy is take the average income...somewhere around $35,000 a year...for every $1/per gallon that gasoline increases in cost you are giving up 2.6 % of your pre tax income.

I believe that gasoline will see prices somewhere between $6-7.50 per gallon. I hate to see government step into private sectors but you have to wonder at what point will something be done to control the gross profits that oil companies are making before our nation turns into a "MadMax" scenario.

Remember, rising fuel prices are effecting everything we purchase, not just our gas at the pumps. Groceries and every retail good that arrives via a truck...and I don't know of many that don't, are escalating at an alarming rate...so while the average income is effected by 2.6% just at the pumps you can figure it's much higher than that when you factor in the remaining products we purchase. It's out of hand..and I don't see it getting under control anytime soon...I might start drilling in my backyard!!
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      06-08-2008, 10:03 AM   #39
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It's definitely going to hit $5.00 once summer "officially" starts, no doubt.
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      06-08-2008, 03:07 PM   #40
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Actually median household income is closer to 50, not 35. Nonetheless, there's no question these rising gas prices are having a tangible impact on most Americans.
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      06-08-2008, 03:51 PM   #41
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I've been hearing speculations bout oil prices being this bubble much like the internet and housing bubbles that burst. Where the demand sinks tremendously because the price rose too much and too fast. Hope this is the case, for gas prices nowadays is hitting everyone, even though Houston's is not as bad as other places. Heh, you beat me to it galahad05.
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      06-08-2008, 03:55 PM   #42
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      06-08-2008, 04:46 PM   #43
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Quote:
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Actually median household income is closer to 50, not 35. Nonetheless, there's no question these rising gas prices are having a tangible impact on most Americans.
You are correct, sorry for my mistake...this changes it to about 1.9% of your pretax income...let's analyze it a bit further...suppose you pay about 30% in taxes...that would leave you right at our previous $35,000....put it back up to the original 2.6%, actually closer to 2.7% of your net pay...two cars driving approximately the same distance using the same amount of fuel each week is doubling that...5.4% of your net income...now that's just an increase of $1 per gallon...I believe we will easily see at least a $2 per gallon increase...so you can take that number and double it...now you're burning up 10.8% of your net income on increased fuels costs...just at the pump. This doesn't count increases at the retail end (groceries, clothing, etc) which all see higher costs due to increased freight costs.

Put these percentages into dollars and you're talking $3780...over our current $4/per gallon cost which is already greatly effecting consumer confidence and the average persons level of discretionary income that is available for other products. This creates an extremely competitive atmosphere for people selling luxury goods...some people are simply shutting down right now...not spending anymore than they absolutely need to spend...this makes the problem worse as the economy suffers even greater damage.

I have to preach the doom and gloom, but unless our politicians have a plan we haven't seen anything yet. The media needs to learn to shut their cake eaters...they far too often drive the decisions behind our elected officials with their not so hidden agendas and they destroy consumer confidence. The only thing that gets the media off of this type of story are sensationalisitc events...Natalie Holloway, Scott Peterson, OJ Simpson, Nicole Smith, etc. So while I hate to see people like this and their families suffer, it's an unfortunate fact that they take the medias attention off of our economy and let things play out the way they're supposed to.

Our ultra liberal media may be single-handidly responsible for half of this countries problems...the other half clearly falls on this countries poor leadership, not just at the highest executive level (President) but right down to the very core of our country, Senators, Congressmen, Governors', etc. Don't get me wrong, I am not including everyone in this batch type statement, but this country is lacking in quality leadership...look at our Presidential candidates...Obama, Clinton and McCain...I don't think any one of these three is qualified for their current positions let alone the leader of the free world.
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      06-08-2008, 04:53 PM   #44
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Quote:
Originally Posted by RBP View Post
But all bubbles need a reason to burst. So far demand has not gone down nor has supply been increased. As well the dollar remains low with no interest rate support from Europe and the rules of the game for invetsors/speculators remain the same.

Oil might take a 25% correction...but that might be from $150 to $112.
Sorry, fundamentals don't support your reasoning.

The cost of pumping the world's most expensive barrels of oil is....wait for it.....

$50.00 per barrel. Naturally there are much cheaper barrels being pumped right now. Like Saudi Arabia's $5 / barrel...


The price of oil will crash back down to somewhere in the $70's, most likely.



EDIT: Hell, even the uber-expensive oil shale stuff only costs $70 / barrel to extract. When prices = high, then suppliers will jump in (as they are already doing with the shale and coal-to-oil converstions). With the high prices, demand will drop (as it already has in the U.S.). China will almost certainly drop their huge oil subsidies after the Olympics, thus bringing prices way up for their populace. This will further kill demand.
Excess supply + lower demand = ?
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