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$3.00 Gas in U.S. in Summer of 2012? Lower Prices Expected...

Discussion in 'General Yachting Discussion' started by YachtForums, Jun 29, 2012.

  1. YachtForums

    YachtForums Administrator

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    Catching up with news because I've been offline for a couple of days, I just came across the best news I've seen in a while...

    As prices drop toward $3 a gallon, one expert predicts the end... | www.palmbeachpost.com

    (copying this to YF's server in case link is disabled)

  2. Capt J

    Capt J Senior Member

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    If you look back at prices, right before the last US presidential election 4 years ago, for a 6 month period gas was in the low $2's and bottomed at $1.80 a gallon.........well after 6 months it was right back in the mid to high $3 and has held there. While I would love to see the days of gas in the low $2's all of the time, I'm not holding my breath. The only thing that would make that a promise, would be opening up drilling in the US. Either OPEC will cut production, or with all of this Middle East tension going on, oil prices will shoot right back up...... There are so many ticking time bombs over there with North Korea, Iran, Syria etc......
  3. K1W1

    K1W1 Senior Member

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    Hi,

    Would you care to define the geographical position of "over there"?
  4. YachtForums

    YachtForums Administrator

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    I think he did when named specific countries. The point is, wherever there is unrest, it can create conditions that will effect markets.
  5. travler

    travler Senior Member

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    we just took on fuel in seattle and it was just below 3.00 for the first time in a long time

    travler
  6. K1W1

    K1W1 Senior Member

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    Hi,

    I was just fishing for an opinion.

    I normally think of over there as somewhere in front of where one is.

    Given that the Middle East is well to the East that could be understood, N Korea on the other hand is to the west of FLL, so it is over both fences that a watch needs to be taken if I understand the crux of the post.
  7. Capt J

    Capt J Senior Member

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    The Middle East and other oil producing Nations where production could be effected with a conflict resulting from Iran, Syria, or even North Korea that would result in less oil production shortening supply.
  8. brian eiland

    brian eiland Senior Member

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    Well I'm over in Asia at the moment, and Bloomberg Businessweek is reporting:

    BANGKOK (AP) — Oil rose above $97 a barrel Tuesday in Asia, clawing back some losses after prices unexpectedly took a plunge the day before.

    Benchmark crude for October delivery was up 44 cents at $97.06 a barrel at midday Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $2.38, or 2.4 percent, to finish at $96.62 a barrel on the Nymex on Monday

    Oil rises above $97 a day after price plunge - Businessweek

    Now I think the USA is seeing prices at the $120 a barrel range. Wonder what accounts for such a big difference??

    You don't think it has anything to do with the fact that big oil doesn't want to see the current President re-elected, do you :confused: :rolleyes:
  9. Kevin

    Kevin YF Moderator

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    And just last week we popped the $1.50/L bubble again...

    That works out to about US$5.83/gallon. :rolleyes:
  10. SHAZAM

    SHAZAM Senior Member

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    I've already filled up a couple of times over the last week (in my car) at $4.999. I don't see this changing any time soon.
  11. kkreicker1

    kkreicker1 Senior Member

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    Here in the American mid west, gas is still around $3.99 and at the boat docks close to $5.
  12. Berean

    Berean Senior Member

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    Diesel at Marina Jack (Sarasota) $4.44/gal today. I paid $3.50 in June. Not liking this trend...
  13. Talon

    Talon Senior Member

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    The UK is still very expensive, for cars and boats.
    Current pump price for diesel equates to $9.08 p/gallon, marine pumps are running at the $7.00 mark.

    These will be going up, not down, with no reduction likely in the next 9 months.
  14. Berean

    Berean Senior Member

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    Unfortunately as I consider all the current tension in the ME (I.e Straits of Hormuz, etc) I don't see any fuel price mitigating factors either. Sad that everybody but the US appears poised to exploit the oil in the FL Straits, GOM, etc...
  15. K1W1

    K1W1 Senior Member

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    Sign of things to come?

    Hi,

    This was taken this morning in Holland.

    It works out to $8.96 a US Gal

    Attached Files:

  16. brian eiland

    brian eiland Senior Member

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    Refinery Capacity

    Funny how this 'refinery capacity' is often brought up subject wise when they want to increase the fuel prices here in the USA....just not enough capacity available for a variety of reasons.

    But now that they want this new pipe line deal for transporting all that Canadian tar sands oil, 'we have more than enough capacity to refine that oil'....and even enough capacity to refine huge extra amounts to ship overseas. :rolleyes:

    What a manipulative bunch of ____....these oil companies :mad:

    Price Manipulation: No Fundamental Reason for Oil to Move Higher?

    ...and we US taxpayers are paying these MOST PROFITABLE companies subsidies to do their business...unbelievable to be paying VERY profitable companies to do their business.
  17. YachtForums

    YachtForums Administrator

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    They have us over a barrel.
  18. Pascal

    Pascal Senior Member

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    Correction: we US taxpayers are NOT paying these MOST PROFITABLE companies subsidies to do their business, they are receiving the same tax deduction every other US manufacturer receives.

    The only real subsidies we US taxpayers pay for are the billions of direct funding given to all those so called alternative energy companies.
  19. Navatech

    Navatech New Member

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    Terminology

    A tax break is NOT a subsidy... A tax break is when you take less then the maximum tax... And these exact same tax breaks are given to other US companies that meet the criteria set for them...

    A subsidy is when you GIVE the company money!... Seeing as the government doesn't actually make any money that money that's being given away comes out of everybody's pocket...

    I have nothing against "lefty" ideals even though I don't hold with them... After all, it's a free country last time I checked... However, what I object to is using the wrong terms...
  20. brian eiland

    brian eiland Senior Member

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    Subsidies, or some other name?

    ...just two references among many

    1) Fossil Fuel Subsidies in the U.S.
    $2.4 Billion: subsidies to the Big Five producers debated and defeated in the Senate in 2011 and 2012




    2) Senate Fails to Cut Favors to Big Oil, Once Again

    Cutting $2.4 billion in subsidies annually to the biggest companies – BP, Chevron, ConocoPhillips, ExxonMobil and Shell – might seem like a solid initial step. But it’s just the tip of the iceberg. The oil and gas industry receives at least $10 billion annually in special favors.

    Big Oil makes money.
    Subsidies make sense when they foster the growth of a new industry. They are intended to be a temporary crutch to enable companies to find their footing until they can be competitive on their own. With oil prices exceeding $100 per barrel, U.S. oil production is hugely profitable. The five biggest oil companies made $137 billion in 2011 alone. Most independently-owned companies that produce oil and gas in the U.S. have market capitalizations in the hundreds of millions and multi-billion dollar range.
    How is this a sector that continues to need taypayer support?