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View Full Version : $1/gallon gas by Jan 1st


jason
12-06-2008, 09:44 PM
http://www.thebostonchannel.com/automotive/18210468/detail.html

"The oil market is a manic-depressive market. It tends to overshoot," said Joe Petrowski, CEO of Gulf Oil.Petrowski, who has been studying the oil business since the 1970s when he wrote his Harvard thesis, said that the price of oil could sink to $20 per barrel, WCVB-TV of Boston reported.

"There is a better than 25 percent probability that we'll see oil go as low as $1 a gallon sometime after the first of the year," he said.

leistb
12-07-2008, 01:10 AM
http://www.thebostonchannel.com/automotive/18210468/detail.html

"The oil market is a manic-depressive market. It tends to overshoot," said Joe Petrowski, CEO of Gulf Oil.Petrowski, who has been studying the oil business since the 1970s when he wrote his Harvard thesis, said that the price of oil could sink to $20 per barrel, WCVB-TV of Boston reported.

"There is a better than 25 percent probability that we'll see oil go as low as $1 a gallon sometime after the first of the year," he said.

This may be true but it depends on what the "surprise" announcement will be when OPEC meets the middle of this month.

Ought Six
12-07-2008, 05:00 AM
If an oil company CEO says anything about the future price of oil, it is pure market manipulation.

Mousehound
12-07-2008, 09:44 AM
I paid 1.04 Euros a liter for diesel today at the gas station. I can't even remember when it was last so cheap here. I felt like a child finding money lying on the ground.

caonacl
12-07-2008, 10:47 AM
We've seen this before. It happens every time America decides to free itself from bondage to Mid East Oil. As T Boone Pickens says, ["We export $700 Billion a year of National wealth for a product that we consume, while at the same time we do not develop our own very abundant resources."]

Oil will go down to $20 per barrel; we will suspend our effort to produce energy effient and alternative energy vehicles; Hummers will once again lumber down our narrow city streets; and our grandchildren will fight the next oil war.

It's just stupid energy policy.

leistb
12-07-2008, 11:46 AM
We've seen this before. It happens every time America decides to free itself from bondage to Mid East Oil. As T Boone Pickens says, ["We export $700 Billion a year of National wealth for a product that we consume, while at the same time we do not develop our own very abundant resources."]

Oil will go down to $20 per barrel; we will suspend our effort to produce energy effient and alternative energy vehicles; Hummers will once again lumber down our narrow city streets; and our grandchildren will fight the next oil war.

It's just stupid energy policy.

I don't think that's quite the whole picture this time. There are a numbers of issues that have aligned to force the downward price of oil that don't have anything to do with America trying to free itself from Mid East Oil. Too many economies (not just individual nation policy-setting) are involved in the result of slumping demand. Furthermore, many Mideast countries as well as Russia have their fiscal policies centered around oil being priced between $70 and $90 a barrel. The current price for oil reflects a far deeper economic problem than one country threatening to modify its dependency on oil.

Potemkin
12-07-2008, 02:08 PM
US$1.55/gal here.