Gas expected to fall 25 cents by Labor Day
#16
07-27-2008, 12:34 AM
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#18
07-27-2008, 03:07 AM
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#20
07-27-2008, 09:45 AM
The cracks in the price of oil have been forming for the last two months. I'd expect gas prices to fall more than the .25 they're saying. I'd expect by Christmas, barring anything catastrophic, for gas to be below $3.00 and a lot closer to $2.50 and maybe even less. Once the price starts to slide- look out! Here's a Bloomberg article on it:
OPEC's oil supply will probably increase in July by 200,000 barrels a day, or 0.6 percent, as Saudi Arabia fulfills its pledge to boost production, according to preliminary estimates from PetroLogistics Ltd.
The 13 members of the Organization of Petroleum Exporting Countries will provide 32.9 million barrels daily this month, compared with 32.7 million a day in June, PetroLogistics founder Conrad Gerber said in an e-mail from Geneva. OPEC contributes more than 40 percent of the world's oil.
Saudi Arabia, the world's largest oil exporter, pledged on June 22 to increase output by 200,000 barrels a day in July, on top of a previous 300,000-barrel-a-day boost scheduled for June.
``The Saudis can produce more but they can't sell it,'' Gerber said in a telephone interview. ``The demand's not there.''
The Saudi kingdom increased supplies to world markets to 9.45 million barrels a day this month, from 9.32 million a day in June, according to PetroLogistics.
Still, Saudi Arabian supplies to customers in July are well short of the 9.65 million a day produced in June as the Gulf kingdom is unable to find buyers for its sulfur-heavy crude types, Gerber added. Low-sulfur varieties are preferred by refiners during summer months because of their suitability for making gasoline.
Angola and Iraq also contributed to the extra volumes in July, PetroLogistics said. Angola raised supplies by 100,000 barrels a day to 2.015 million a day, and Iraq by 120,000 a day to 2.45 million barrels a day.
Iranian output dropped to 4.05 million barrels a day in July from 4.14 million the previous month after OPEC's second- largest member suspended the release of inventories held in storage, Gerber added.
OPEC's oil supply will probably increase in July by 200,000 barrels a day, or 0.6 percent, as Saudi Arabia fulfills its pledge to boost production, according to preliminary estimates from PetroLogistics Ltd.
The 13 members of the Organization of Petroleum Exporting Countries will provide 32.9 million barrels daily this month, compared with 32.7 million a day in June, PetroLogistics founder Conrad Gerber said in an e-mail from Geneva. OPEC contributes more than 40 percent of the world's oil.
Saudi Arabia, the world's largest oil exporter, pledged on June 22 to increase output by 200,000 barrels a day in July, on top of a previous 300,000-barrel-a-day boost scheduled for June.
``The Saudis can produce more but they can't sell it,'' Gerber said in a telephone interview. ``The demand's not there.''
The Saudi kingdom increased supplies to world markets to 9.45 million barrels a day this month, from 9.32 million a day in June, according to PetroLogistics.
Still, Saudi Arabian supplies to customers in July are well short of the 9.65 million a day produced in June as the Gulf kingdom is unable to find buyers for its sulfur-heavy crude types, Gerber added. Low-sulfur varieties are preferred by refiners during summer months because of their suitability for making gasoline.
Angola and Iraq also contributed to the extra volumes in July, PetroLogistics said. Angola raised supplies by 100,000 barrels a day to 2.015 million a day, and Iraq by 120,000 a day to 2.45 million barrels a day.
Iranian output dropped to 4.05 million barrels a day in July from 4.14 million the previous month after OPEC's second- largest member suspended the release of inventories held in storage, Gerber added.
#22
07-27-2008, 02:00 PM
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#23
07-27-2008, 02:29 PM
Hmm....Ive been away for the weekend so Im not sure what gas is...I will have to check when I get back. I sure hope it goes down. I spent 160 bucks on gas just last weekend between two fill ups...had over 1/4 of a tank both times I started to fill up...
Think....we used to shat at the thought of 2 dollar a gallon gas....now we would give our first born to have 2 dollar gas.
Think....we used to shat at the thought of 2 dollar a gallon gas....now we would give our first born to have 2 dollar gas.