Oil Prices Drop!

[camaro5]

Ya baby

Thursday May 29, 5:12 pm ET
By Tim Paradis, AP Business Writer

Stocks jump after oil prices retreat, revision to GDP eases some concern about economy


NEW YORK (AP) -- Stocks rose for the third straight session Thursday as oil prices fell sharply and the government reported that the economy grew last quarter at a faster pace than previously estimated.

A rising dollar helped push crude oil prices down by more than $4 per barrel, the biggest single-session drop since March.


FULL STORY:http://biz.yahoo.com/ap/080529/wall_street.html

[bouncertime]

But how long till we see a drop at the pumps, the prices are still rising here in San Diego.

[GTAHVIT]

^ +1

Watching....

[CamaroSpike23]

its the stimulus package at work.

how long it will work is another matter

[MerF]

Here's something pathetic...the stimulus package paid for a 1 month's supply of gas for me in my commute. Peachy.

[Kyle2k]

The stimulus package is a joke and an attempt to buy some happiness back in the American people. A weeks paycheck worth of money (or less) isn't going to make a boost like that.

What people really need is someone to tell them to grow some balls and start investing no matter what speculators seem to "know" and put the people back in control of the economy.

[NOODLESgoneWILD]

How about the goverment regulate Oil prices...that would jump start our economy better than anything else.

[CamaroSpike23]

Originally Posted by NOODLESgoneWILD

How about the goverment regulate Oil prices...that would jump start our economy better than anything else.

the govt already does. bush owns all the oil companies (or has them in his pocket), and he controls the military...lol


seriously tho, i hate the man.

[GTAHVIT]

Originally Posted by NOODLESgoneWILD

How about the goverment regulate Oil prices...that would jump start our economy better than anything else.

Are you serious?
The way I see it, if you wouldn't want the gov to regulate your paycheck then they shouldn't regulate anything else. jmho.

Edit: In some of my earlier posts I've cited data that shows the government makes far more money on a dollar of gas then the oil companies do. This thread is full of good information that may be worth your time, if you haven't already seen it.

http://www.camaro5.com/forums/showthread.php?t=4228

I don't think we want them to be able to set the price of gas at will. The only people who make more money on a gallon of gas is OPEC. Too close to socialism for me.

[GTAHVIT]

Originally Posted by CamaroSpike23

the govt already does. bush owns all the oil companies (or has them in his pocket), and he controls the military...lol


seriously tho, i hate the man.

Unfounded, unproductive, unnecessary and off topic. If you want to bash President Bush, or any other politician, start another thread. That way those of us that don't want to hear it can avoid it.

Otherwise relate your claims and opinions about the President to the current thread in a way that at least makes your position arguable.

[Mr. Wyndham]

The way the market is...it will be QUITE A WHILE before this $4 drop is reflected in gas prices...and if it even so much as goes up a dollar...we probably won't see it ever. There's "lag-time", if you will.

[Mindz]

Gas consumption and demand has been down. Gas prices still keep going up. 20 cents in the past week. =(

[Mr. Wyndham]

Originally Posted by Mindz

Gas consumption and demand has been down. Gas prices still keep going up. 20 cents in the past week. =(

Because NOW they're not making the same $$ per gallon!! How dare we not buy gas 'cause it's expensive?

[stovt001]

Calm down. Gas prices lag. The reason gas prices are jumping hard now even though oil is falling is because they're just now adjusting to the huge jumps oil made in the past.

I wouldn't read too much into this drop, nor the spike last week. Historically prices always ramp up just before Memorial day and drop right afterwards in a selloff. The dollar has strengthened in the past few days, and if it really makes up ground soon we may indeed see a material drop in oil prices. It sounds like Bernake has finally got to the part in his Econ primer textbook that talks about inflation so we may just see a rate hike soon, which would almost certainly give the dollar a real effective strength boost. Not only would a stronger dollar make oil cheaper for us, it would also make it more expensive for everyone else, checking global demand.

The government has no business regulating oil prices. The market is doing a beautiful job matching prices to demand and supply conditions. Interfering with that would only cause shortages and all other sorts of chaos on a grand scale.

By the way, I'm still loving my less congested commute. Higher gas prices mean more time at home with my wife, and you just can't put a price on that.