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Old 12-05-2008, 06:27 PM   #1
franknbeans
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Question Gas under $1 a gallon??

Isn't amazing how things can change in a few months? You all remember what happened in July this summer when crude oil prices reached a record-breaking $147 a barrel pushing average prices at the U.S. pumps over $4.10 a gallon. Well, now Merrill Lynch Commodity Strategist Francisco Blanch and an Gulf Oil CEO Joe Petrowski are both predicting that crude oil prices may very well fall below $25 a barrel by early next year resulting to an unthinkable drop in gas prices to below a $1 a gallon!



"A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-OPEC cuts are required," Blanch said. "In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations."


Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.


On Friday, crude oil prices fell to $43.64 a barrel with gas prices in the U.S. currently at $1,77 a gallon compared to $2.37 a month ago and $3.03 a year ago, according to AAA.

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Old 12-05-2008, 06:29 PM   #2
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I can take DA Hemi out and not use all of the income!
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Old 12-05-2008, 06:31 PM   #3
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I actually paid $5 dollars per gallon at one point.
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Old 12-05-2008, 06:31 PM   #4
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Old 12-05-2008, 06:34 PM   #5
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I think they will go back up again if our economy heads back in the right direction...
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Old 12-05-2008, 06:40 PM   #6
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I think they will go back up again if our economy heads back in the right direction...
of course - there's only so much gas in the world - the only way the price of gas is going to fall is if there's low demand. Nobody wants gas, then they can't charge you $5, but if everyone wants it, you're going to have to pay. Either way it's not as good as it sounds. Sure you can get $1.00 gas, but the economy is going to be so bad nobody's going to be able to afford a car to put the gas in...and if the economy goes up and you can afford a car, gas will be $5 and you won't be able to afford the gas!

Either way - I hope I have the opportunity to fill up my camaro for $15...I'd love to go on a nice road trip!
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Old 12-05-2008, 06:50 PM   #7
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I paid 1.57 for gas today. I honestly cannot remember the last time I paid that. It's incredible what a difference a few months can make on the economy. I still see tons of cars on the road every day. I just don't see where the reduction in demand is coming from. Surely there are not that many hybrids on the road already?
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Old 12-05-2008, 06:58 PM   #8
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I paid 1.57 for gas today. I honestly cannot remember the last time I paid that. It's incredible what a difference a few months can make on the economy. I still see tons of cars on the road every day. I just don't see where the reduction in demand is coming from. Surely there are not that many hybrids on the road already?
You'd be surprised. When I was at the local meijers for groceries, I was parked between an Escape Hybrid and a FIRST GEN INSIGHT!? Yeah, that's right. Someone still has a first gen Insight around here. Also had Western stickers so I'm guessing it's some college prof that thought he was 'ahead of the curve' but really must have just gotten his tenure. -_-

Yeah, I'll be serious and say that I've seen quite a few hybrids and Aveos on the roads more lately..

I still pay upwards of 1.65/gal. ;_;
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Old 12-05-2008, 07:03 PM   #9
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Originally Posted by Eighty-Six Z View Post
I paid 1.57 for gas today. I honestly cannot remember the last time I paid that. It's incredible what a difference a few months can make on the economy. I still see tons of cars on the road every day. I just don't see where the reduction in demand is coming from. Surely there are not that many hybrids on the road already?

Lower demand doesn't have much to do with hybrids, although they def. slow demand. I've noticed that in bigger cities people are getting more hybrids. However! the biggest reduction is b/c of the poor economy. People are shopping less, travelling less, less vacations, car pooling...I know a lot of my friends ride their bike to work or take the bus now. Also, trucks and SUVs don't sell anymore - more people are getting smaller cars.

People driving a lot less in smaller cars that get great gas mileage = a HUGE difference!
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Old 12-05-2008, 07:33 PM   #10
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I still see tons of cars on the road every day. I just don't see where the reduction in demand is coming from. Surely there are not that many hybrids on the road already?
It goes way beyond petroleum demand for automobiles. Depressed global economy means reduced demand for goods of all types, that in turn causes a reduction in manufacturing, which reduces energy demand. Fewer trucks on the road, fewer goods moved by ship and rail. It all means a reduction in demand for oil/energy. Oil prices fall, gasoline prices fall.

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Old 12-05-2008, 08:07 PM   #11
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Old 12-05-2008, 08:08 PM   #12
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funny to remember when .88/gal was high!
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Old 12-05-2008, 09:54 PM   #13
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It's gonna go back up again like it always does. horde it while you can, maybe you can store enough up during the winter months
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Old 12-05-2008, 10:07 PM   #14
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I just filled (8) 5-gallon containers that i had sitting in my garage at $1.42 a gallon. Put stabil in them and hope they will last a few months
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Old 12-05-2008, 10:16 PM   #15
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funny to remember when .88/gal was high!
I'm so old, I remember Full Service, check your oil, 35 cents a gallon.

Gulf No-Knox. Filled with, yum, lead.

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I just filled (8) 5-gallon containers that i had sitting in my garage at $1.42 a gallon. Put stabil in them and hope they will last a few months
You'll be fine with Stabil.
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Old 12-05-2008, 10:23 PM   #16
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Well, now Merrill Lynch Commodity Strategist Francisco Blanch and an Gulf Oil CEO Joe Petrowski are both predicting that crude oil prices may very well fall below $25 a barrel by early next year resulting to an unthinkable drop in gas prices to below a $1 a gallon!

Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.
just in time for me to be driving to and from school everyday (most likely requiring at least 2 gallons a day)
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Old 12-06-2008, 12:29 AM   #17
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funny to remember when .88/gal was high!
Regular was approx. 83cents when I started driving. I remember when it hit $1 and everyone thought that crazy. Not to mention when it his $1.25 and $1.50. LOL

Now it's $1.55 here and everyone rejoices.
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Old 12-06-2008, 03:01 AM   #18
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I remember that .85 cents a gallon. THAT was nice!

Shoot...if gas falls below a buck a gallon, I just might have to take off a few days and go on a road trip!
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Old 12-06-2008, 03:18 AM   #19
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Granted I was a kid but I remember .22 Cents a gallon living in LA. We had a Phillips 66 across the street from our apartment and my dad taught me about numbers by reading the gas prices on the pumps.
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Old 12-06-2008, 05:48 AM   #20
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Gas is 1.49 here at the moment. Under 1 dollar? I have a feeling it will turn around by then, but it certainly seems possible.
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Old 12-06-2008, 10:28 AM   #21
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Once this world economic down turn ends and most analysts say that will be in 2010 then gas will go WAY UP , so enjoy it while you can . India and China are still in the MEGA GROWTH industrial revolution just like Canada and the US were in the early 1900s , even now China still has 6% growth with this world recession that's amazing because a good annual growth rate for most country's is 3% in good times. So once all this mess is cleaned up watch out as these developing nations will be back to 10%+ growth and some analysts predict a barrel of oil to hit 200 dollars next time around .. China and India are supposedly building 4000 cars a day as more and more people become middle class in those country's and they all want new cars , they will need MEGA FUEL in the near future , the world is running out of easy to access oil and that's a fact they keep having to drill deeper and go further to get it , we are lucky in Canada since we have the OIL SANDS in Alberta giving us oil for up to 100 years with the worlds BIGGEST OIL RESERVE as the SAUDIS which had the largest supply will be dry within 10 to 15 years most analyst say , that is why they are switching to tourism have you guys seen the stuff they are building in places like DUBAI WOW worlds tallest building , man made islands etc..

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Old 12-06-2008, 10:31 AM   #22
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I can actually afford gas for the Envoy and Sonoma now!
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Old 12-06-2008, 11:05 AM   #23
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I can actually afford gas for the Envoy and Sonoma now!
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Old 12-06-2008, 11:43 AM   #24
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Maybe the oil copmanies that made 13bill+ in the 3rd quarter of this year should be helping to "bail out" the car makers?

Wonder how long it will be before the governmant has companies with profits put a percentage in a "fund" to be held for future bed economic times....like social security for businesses....
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Old 12-06-2008, 12:02 PM   #25
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I live in South Carolina and gas is 1.45 today, about 6 months ago it was 4.00 I know when the hurricane season starts next year we will be getting dry humped again. Just like this past year, if you saw a tropical storm off Africa in the news, you couldn't get to a gas station fast enough to beat the price gouge. These commodity strategists and speculators are not our friends either. Its all about the money, screw the economy and the people. I really thought last summer that soon we might all be riding bicycles and mopeds. I hope I don't have to save money for a vacation just to get the new camaro out, but thats what I'll do.
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