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Date:10/29/2008 Time: 02:03:27 PM      

 I think it's great!  It's putting things back where they should be again.   People will slowly start living their lives again and stop putting so much into their transportation costs and use the leftovers for things they want rather than things they need.

Whooo HOooo!!!!  Keep on dropping!


Comment From: Vail

what do you guys think the long term or overall economic implications will be of this?

Date:10/29/2008 Time: 02:08:06 PM      

 i agree. i just wonder what the hidden consequences are that i don't understand. $4 for a gallon of gas MY ASS!!


Date:11/13/2008 Time: 03:12:36 PM      

this is what i was afraid of, the hidden problems of dropping gas prices. let's hope people spend those dollars on other things that were spending on gas.
 

Oil falls below $56 as grim world economic news heightens fears of severe recession

 

Chicago Tribune - By Pablo Gorondi, Associated Press Writer

5:50 AM CST, November 13, 2008

 

Oil prices continued to slide, to near $55 a barrel Thursday before rebounding slightly, as bad economic news from the world's largest economies heightened fears that a severe global downturn will slash demand for crude.

 

By midday in Europe, light, sweet crude for December delivery was down 13 cents to $56.13 a barrel, after falling to as low as $54.67, in electronic trading on the New York Mercantile Exchange.

 

In London, December Brent crude fell 36 cents to $52.01 a barrel on the ICE Futures exchange.

 

The Nymex contract fell $3.50 overnight to settle at $56.16, the lowest closing price since January 2007, after the U.S. Energy Department slashed its 2009 oil consumption forecast.

 

"As the global economy continues to weaken, we're going to see further downward pressure on oil," said Stephen Roach, chairman of Morgan Stanley Asia, in Singapore. "I think we'll certainly challenge the $50 threshold. We could challenge the $40 threshold."

 

According the Paris-based Organization for Economic Cooperation and Development, the world's developed economies have slid into recession and will shrink further in 2009.

 

The OECD said Thursday that gross domestic product was likely to fall by 0.3 percent in 2009 for its 30 member countries, representing democracies with market economies.

 

It said the U.S. economy would contract by 0.9 percent, Japan's by 0.1 percent and the euro area by 0.5 percent.

 

The latest forecasts were a sharp downgrade since the last set in June, when the organization forecast OECD growth of 1.7 percent in 2009 and indicated that the worst of the financial crisis might have passed.

 

The International Energy Agency also made downward revisions to its global oil demand forecasts for this year and 2009 on Thursday, as rich-world economies sink into recession and growth slows in developing countries.

 

The IEA now expects global oil demand to average 86.2 million barrels a day this year, nearly flat compared to 2007, and 86.5 million barrels a day next year. Its forecast cuts 330,000 barrels a day from the previous 2008 estimate and 670,000 barrels a day from next year's.

 

The German economy, Europe's biggest, also tipped into recession in the third quarter as weakening exports fueled a bigger-than-expected fall in national output.

 

Gross domestic product contracted by 0.5 percent in the July-September period compared with the previous quarter, the Federal Statistical Office said, following a 0.4 percent fall in GDP in the second quarter.

 

The U.S. Energy Department said Wednesday it expects U.S. consumption of petroleum to drop next year more severely than any time since 1980. The department's Energy Information Administration said 2009 petroleum consumption is projected to sink by 250,000 barrels per day, or 1.3 percent, more than twice that projected in its previous outlook.

 


Date:12/01/2008 Time: 11:25:45 AM      

'Americans seem excited to go shopping again'

BLACK FRIDAY | Brisk sales may not last, but turnout strong

December 1, 2008

BY DAVID ROEDER droeder@suntimes.com

Thanksgiving weekend provided a fast start to the holiday shopping season, but retailers said Sunday they haven't forgotten that they'll need to work hard to clear their shelves.

For shoppers, that means discounts and promotions will continue as stores try to eke out a profit in a grim economy.

At Sears Holdings Corp., owner of the Sears and Kmart chains, the tactics included extending through the whole weekend certain "doorbuster" deals of Friday morning and inviting customer use of layaways, said spokesman Tom Aiello.

"There's a frugality that has definitely changed the way people are shopping this year," Aiello said. Still, he said, parents are sacrificing to make sure their children enjoy Christmas.

He said that has showed up in Kmart sales, where shoppers are buying toys on layaway plans, an old-fashioned option retailers revived this year that lets people purchase goods on installment payments.

The National Retail Federation estimated the average shopper spent $372.57 over the weekend, 7 percent more than last year's figure. The group also estimated that traffic to stores and merchandisers' Web sites increased 17 percent from last year, to 172 million visits.

"Holiday sales are not expected to continue at this brisk pace, but it is encouraging that Americans seem excited to go shopping again," said federation President Tracy Mullin. The group stuck with its forecast that the season's sales will rise only 2.2 percent this year, to $470.4 billion.

If correct, that would be the slowest growth in holiday shopping in six years.

At Woodfield mall in Schaumburg, most stores were reporting sales gains of from 7 percent to 10 percent from last year, said General Manager Marc Strich. He said activity over the weekend slowed from the "Black Friday" frenzy, but still appeared better than last year's Thanksgiving weekend.

He said the mall's car counts for its parking lots Sunday showed about 15 percent more visitors than the same day last year. Strich said some may have rushed to complete shopping before the snow forecast to hit later.

"We've been cautiously optimistic," Strich said, "and that's been based on strong weekend sales in November."

Sales on electronics brought out the early customers, but inclement weather in parts of the country led buyers to the apparel aisles. Aiello said winter coats were among the first items to sell out at Sears and Kmart.

Analysts have warned that retailers could register sales but not profits this year because of an emphasis on discounts. Shoppers have been warned about buying gift cards from stores that could disappear next year.

Also, discount stores could fare better than department stores and others that occupy malls. ShopperTrak RCT, a Chicago-based research firm, has estimated that mall foot traffic will drop nearly 10 percent this year compared with the 2007 season.


Date:12/20/2008 Time: 12:36:02 AM      

Chicago Tribune - By John Porretto, AP Business Writer
2:38 PM CDT, October 27, 2008
 
HOUSTON (AP) – Gasoline prices have fallen below $2 a gallon in some parts of the U.S. as the impact of plunging oil prices and reduced driving are finally taking hold.
 
In Ohio, the Web site GasBuddy.com, where consumers post prices they spot, said a few stations in the Cincinnati suburbs were now charging $1.99 for regular.
 
The national average for a gallon of regular fell 3 cents overnight to $2.668, according to auto club AAA, the Oil Price Information Service and Wright Express. That's roughly a dollar less than what was paid just a month ago and 18 cents below year-ago prices.
 
The U.S. Energy Information Administration was scheduled to release its weekly gasoline and diesel fuel price update later Monday.
 
Only three states — Alaska, California and Hawaii — have average prices for regular grade above $3 a gallon, AAA said.
 
Gasoline prices have been sliding as oil prices have dropped to the lowest level in more than a year, dipping below $62 a barrel at one point Monday. Oil prices have plunged 57 percent from a record $147.27 on July 11.
 
The markets are worried about the potential for a severe global economic slowdown that would curb demand for fuel.
 
As well, gasoline prices typically decline at this time of year after the peak summer driving season, adding to the steep fall off, said oil trader and analyst Stephen Schork. He says the national average for gas could reach $2.25 a gallon in the coming weeks.
 
"We have to appreciate what extraordinary circumstances we're now dealing with," Schork said. "We've had a major correction in the price of crude oil, and that correction is having a knockout effect on gasoline prices. This great unraveling that we're seeing in all commodity prices is exaggerating the seasonality of this market."
 
The rise and fall of fuel prices has certainly had an effect on Americans' driving habits.
 
From last November through August, Americans drove 78.1 billion fewer miles than they did over the same 10-month period a year earlier, according to data from the Transportation Department released Friday.
 
Despite the price decline, however, some retailers say gasoline sales are down on weekends by as much as 10 percent from a year ago — a sign that some are driving only when necessary.
 
"I think the mentality of the consumer is, 'Yes, it's nice to have $2.50 gasoline, but I feel much poorer today than I did when it was $4 a gallon,'" said Ben Brockwell, director of data, pricing and information services for the Oil Price Information Service. "I think people are still in a money-saving mode."


Date:12/23/2008 Time: 01:42:26 PM      

Prices here seem to keep going up and down around the 1.65 per gallon range.  In other parts of the state I've seen as low as 1.43.  Why they have to stick it to us here, I don't know.


Date:01/12/2009 Time: 05:01:41 PM      

I'm getting a little aggravated by the recent rise in gasoline again.  For no apparent reason, gas prices are on the rise.   Anyone else seeing the same thing in their areas?  Today I saw it for $2.04 per gallon and in other areas I've seen  it for $1.91.  There hasnt' been anything in the news about oil going up per barrel but yet the prices are back on the rise.  If the oil tycoons in Saudi think that they can just keep sticking it to us for the simple fact that they want to make more money, they are going to bleed the world dry.  Which then, who will be left to buy their oil? 

For the future, I'm just glad that if we all go for solar power, the only people that might try to charge for sunlight is Mike Meyers like in some kind of Austin Powers movie.  I mean, who else would try to do that.  But to the oil tycoons, cool it!  You may be trading today's customers for tomorrows. 


Date:10/04/2009 Time: 07:14:19 PM      

This is an email I just received a few minutes ago which looks like it's been around and around the internet for quite a while.  Seems plausable...

Subject: Interesting read--US oil
 


 
Be sure to click on the link at the bottom to verify this article.

 I did and it appears to be true based on a USGS assessment done in April 2008. Why are we not developing this vast resource? We would never need to depend on mideast oil again!! Charlie

 
Here's an interesting read

 
Also if I may add, about 6 months ago I was watching a news program on oil and one of the Forbes Bros. was the guest. This is out of context, but this is the actual question as asked. The host said to Forbes, "I am going to ask you a direct question and I would like a direct answer, how much oil does the U.S. have in the ground." Forbes did not miss a beat, he said, "more than all the Middle East put together." Please read below. 
 
 
 
The U. S. Geological Service issued a report in April ('08) that only scientists and oil men knew was coming, but man was it big.  It was a revised report (hadn't been updated since '95) on how much oil was in this area of the western 2/3 of North Dakota ;  western South Dakota ; and extreme eastern Montana .... check THIS out:

The Bakken is the largest domestic oil discovery since Alaska 's Prudhoe Bay , and has the potential to eliminate all American dependence on foreign oil. The Energy Information Administration (EIA) estimates it at 503 billion barrels. Even if just 10% of the oil is recoverable.... at $107 a barrel, we're looking at a resource base worth more than $5.3 trillion.

'When I first briefed legislators on this, you could practically see their jaws hit the floor. They had no idea..' says Terry Johnson, the Montana Legislature's financial analyst.

'This sizable find is now the highest-producing onshore oil field found in the past 56 years' reports, The Pittsburgh Post Gazette.  It's a formation known as the Williston Basin , but is more commonly referred to as the 'Bakken.'  And it stretches from Northern Montana, through North Dakota and into Canada .  For years, U. S. oil exploration has been considered a dead end..  Even the 'Big Oil' companies gave up searching for major oil wells decades ago.  However, a recent technological breakthrough has opened up the Bakken's massive reserves.... and we now have access of up to 500 billion barrels.  And because this is light, sweet oil, those billions of barrels will cost Americans just $16 PER BARREL!

That's enough crude to fully fuel the American economy for 2041 years straight.

2. And if THAT didn't throw you on the floor, then this next one should - because it's from TWO YEARS AGO!

U. S. Oil Discovery- Largest Reserve in the World!
Stansberry Report Online - 4/20/2006 


Hidden 1,000 feet beneath the surface of the Rocky Mountains lies the largest untapped oil reserve in the world. It is more than 2 TRILLION barrels.  On August 8, 2005 President Bush mandated its extraction. In three and a half years of high oil prices none has been extracted. With this motherload of oil why are we still fighting over off-shore drilling?

They reported this stunning news:  We have more oil inside our borders, than all the other proven reserves on earth. Here are the official estimates:

- 8-times as much oil as Saudi Arabia
- 18-times as much oil as Iraq


Date:10/04/2009 Time: 07:21:06 PM      

 

 

Subject: Results of "Cash for Clunkers" now in

 

I guess I must be on the wrong page…
A vehicle getting 15 mpg and 12,000 miles per year uses 800 gallons a year of gasoline.
A vehicle getting 25 mpg and 12,000 miles per year uses 480 gallons ayear.
So, the average Clunker transaction will reduce US gasoline consumption  by 320 gallons per year
They claim 700,000 vehicles – so that's 224 million gallons per year.
That equates to saving a bit over 5 million barrels of oi l per year. I  repeat---per YEAR.
5 million barrels of oil is about ¼ of one day's US consumption.
And, 5 million barrels of oil costs about $350 million dollars at $75/bbl.
Our Government "gave" each Clunker Trader $4,500 per car for 700,000  transactions which cost US Taxpayers $3,150,000,000--not including Washington's astounding administrative costs.
So, we all contributed through our taxes to spend more than $3 billion to save $350 million.
How good a deal was that ???
They'll probably do a great job with health care though.


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