A Sea Of Red

On my way home tonight, I noticed that our gas prices are now $1.52. Price of a barrel of oil is dropping below $50/barrel. In July, it was $147/barrel. Some predictions expect the price of a barrel of oil to be around $40 by the end of the year, even with a drop of another 1,000,000-1,500,000 barrels of oil in production.

I believe even the Old Hags can get excited about the current trends of gas prices.

So, this is the question, how low can it go?

This Old Hag is shaking in his boots about the price continuing to drop. My livelihood depends a great deal on Big Oil making big bucks.

Sly, I guess I should say excited from a consumer standpoint. From a business perspective, I think the industry will continue many (not all) projects and keep staff. They learned their lessons 20+ years ago when the industry took a hit, they dropped their employees, people left the industry and there was limited availability of staff when it began to grow again.

Hang in there.

Training programs tend to be the first things that are cut back. But you are absolutely correct that I wouldn't expect massive layoffs this time around.

I don't know how low prices will actually go..but all I know is with the driving I have to do for my job it is saving me over $100 a month on gas...and I like it.

Doesn't the USPO pay for your gas? If not, it should under Obama.

Cider Jim wrote:Doesn't the USPO pay for your gas? If not, it should under Obama.

And all this time I thought the ponies used water.

Here's the problem now that gas has gotten back to 'non-ridiculous' levels. Countries that aren't very friendly with us depend on oil between $80 and $100, and that's at a minimum. That's how Iran & Venezuela sustains itself (and I use the word "sustain" lightly, because their respective economies are still in the toilet). Once OPEC nations say they want to curb production back (and yes, they have already said this), we should see another run-up in prices. Besides, one regional skirmish will cause a spike (see Iran, Israel).

Long story short, gas is cheap. Enjoy it while you can.

1.89 near SCHFOURTEENTEENs 'hood.

I'm thinking of digging a huge open pit in my backyard and filling it w/ about a million gallons of regular unleaded.

I'll put a tarp over it so the snow doesn't get in there.

If you do, don't let HMO inspect it while smokin' a Cuban.

Sly Fox wrote:Training programs tend to be the first things that are cut back. But you are absolutely correct that I wouldn't expect massive layoffs this time around.

Sly, big oil is still making killer profits bro. It's crazy.

scuzdriver wrote:

Sly Fox wrote:Training programs tend to be the first things that are cut back. But you are absolutely correct that I wouldn't expect massive layoffs this time around.

Sly, big oil is still making killer profits bro. It's crazy.

Good for them. Good for anyone that can make a profit.

scuzdriver wrote:

Sly Fox wrote:Training programs tend to be the first things that are cut back. But you are absolutely correct that I wouldn't expect massive layoffs this time around.

Sly, big oil is still making killer profits bro. It's crazy.

They were back this summer ... at current prices, not so much (at least in comparison).

call me selfish...but these lower prices helps a whole lot more people then it hurts...they raised the prices way to high...demand went way down, and hopefully the habits people learned while prices were high will continue even with the lower prices

thepostman wrote:call me selfish...but these lower prices helps a whole lot more people then it hurts...they raised the prices way to high...demand went way down, and hopefully the habits people learned while prices were high will continue even with the lower prices

Sure, like Americans remember anything past about 2 weeks ago.

hey...i can hope! don't burst my bubble!