Gulf Oil CEO says gas could hit $1 next year
 

Nice!

http://www.patriotledger.com/busines...s-prices-ahead

-S

It has to. They've raped the general public of everything with these high prices, and there's nothing left to take.

It's not great news. It's reflective of how poor the economy is expected to be.

PD

I think that there will be a slump in prices in the near to mid future as the world economy slows and people reduce costs. The fact that there has been a move to more fuel efficient cars and everyone driving less will mean that demand will keep falling untill the world economy starts to pick up.

Agreed. The bonus will be less financial power to the big oil producing guys-Russia, Iran etc.

I think it's funny how big oil stopped raping us only after it was clear Obama was going to win and he was talking about "windfall taxes" for big oil.

You do realize that any such scheme would just be passed on to the consumer right?

Not for long. The bottom line is the government still holds all the cards in this country. They obviously didn't want to test Obama. They will have to be careful now that Bush made America a socialist state.

Any increase in the bottom line, which taxes are a part of, is passed onto the consumer in the form of higher prices at the pump. There is no avoiding it.

Obama isn't going to let corporate America dump all over us like Bush. Under Bush I paid 60$ to fill my tank on a car. Now I pay 27$ and Obama isn't even farting in the oval office yet.

I'm glad you enjoyed paying double at the pumps, I sure didn't.

You might as well credit Obama with making the sun rise in the morning and be just as accurate in your assessment of the situation.

1. Gas prices are down now because demand is down.
2. Demand is down because the economy is down.

Simple economics.

Trying to blame your troubles on the Corporate boogy man (who probably provided the majority of the stuff around you at the moment) is to ignore reality.

So in other words "pay no attention to the man behind the curtain".

:roll:

I knew there was a reason I did not get rid of my 650hp 455 engine. Now I just gotta find a vehicle to go along with it.:up:

As you guys are saying how great it will be to have petrol at a $1 a gallon, even when oil prices were at there peak the price of petrol in the US was still half of that in the UK.

I would like you to also think about how if oil drops further then oil workers will be laid off. Wells mothballed, exploration dropped until it is worth it. The result being when the economy does pickup and demand starts to increase the price will shoot back up. Oil needs to be a certain amount for the companies to find it profitable to drill new wells.

I could happily live with $80 a barrel which I think is the true price as that allows it to be high enough for companies to go look for new wells and low enough that it doesn't sting too much.

The thing is governments and oil companies need to work together to take a look at this or we are going to get massive peaks and troughs instead of an evening out of the price.