DelCamper
Delaware
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When crude oil was $150 a bbl I paid $4.30 / gallon which was a far cry from $3.20. That accounts for about $45 / bbl. Refining stocks (using a pure large refiner Valero) as an example) are not making big money. In their peak (outside of Katrina) they were $75 share and are about $23 presently.
I think the full effect of the drop in crude will not be felt for another six weeks assuming it sustains it's downward trend. These sudden drops are most likely geo-political with the world economy declining lowering demand. That kinda bumps the prices up and down. The good news is that new technology in crude oil production as an offshoot of fracking natural gas has the ability to dramatically increase US oil production. All of that oil trapped in shale rock can be harvested with this technology.
A bbl of oil is 42 gallons. $2 a gallon equals $84 per barrel just for crude. Refiners make 25 cents if lucky adding about $12 a bbl. Taxes are easily 40 cents gallon adding about $18 a bbl. The service station adds another 5 cents gallon for about $2 a bbl. Don't expect gasoline to be $2 a gallon until the price of crude drops to about $48 a bbl sustained.
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LindsayRichards
Tavares, FL
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Many of the OPEC nations are very mad a Saudi Arabia for over pumping their quota and reducing the price. Many think this is an attempt to lower fuel prices in an attempt to influence the upcoming elections. After the elections, then they will make their loses back. Oh Boy. Our defense against this is to use more of our own domestic oil. Additional oil produced here increases the world supply and reduces the price.
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DelCamper
Delaware
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Actually world demand is dropping significantly. When Greece and Spain take dramatic economic cuts it reflects in oil demand. US demand has dropped 3 million bbls / day since 2008. China demand is dropping as Europe and the US buy less stuff from them. Conversely US production is way up.
* This post was
edited 06/24/12 09:20pm by an administrator/moderator *
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gene327
Liberty Missouri
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Here in Liberty Mo, I bought diesel #2 for less than the price of regular unlead. I was amazed as this had not happened since the 1990s. Diesel was $2.98 and Gasoline was $3.04. At the Quick Trip
harold e steffee
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koda55
Jacksonville
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In Florida on I75 exit 285 at the Flying J gas was $3.05 and with the Pilot/ FlyingJ card paid $3.03 today.
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SRT
Head of the Lakes, MN
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Prices continue to very slowly drift downward. The highest price is now $3.69, down from $3.75. They are saying below $3.00 real soon now..
SRT
2000 32' HR Vacationer with Banks
1998 Subaru Outback Ltd. 5 spd
Brake Buddy & Blue Ox Aventa II tow bar
FMCA #266040 HRRVC #84109
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00 BUCK
NE Ohio
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Hurricane reported now watch the dog and pony show as prices go up
2011 Newmar - VENTANA -- with COMFORT DRIVE 
2011 Jeep Wrangler Unlimited Sahara
Blue Ox Aventa LX Tow bar w/ Roadmaster adapters
AirForce One brake system
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If your not the lead dog
the view never changes
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cekkk
Colorado
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00 BUCK wrote:Hurricane reported now watch the dog and pony show as prices go up
Becharite.
'11 Eagle 320RLDS
Equalizer WDH
'02 Ford F350 dually, unchipped 7.3 PSD, PacBrake,
6.0 cooler, Ford AIS and Isspro trans. gauge
Replaced old AirLift airbags
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LindsayRichards
Tavares, FL
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Looks like the hurricane is not going to increase fuel prices as it is not going to go into the present oil drilling or refining areas. Also, due to the long recession here and overseas, inventories are high. Experts are saying prices will continue to drop. Here in Florida, it is very, very wet, but is needed as we were behind in rainfall. Experts are folks who think they are experts. Every week, when the unemployment figures come out they are unexpected by the experts. Those experts do worse than a coin flip, so maybe the hurricane experts are wrong.
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cekkk
Colorado
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And the next week those figures are always revised and invariably to a worse number.
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