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Glut of oil could push gasoline prices back down below $2 a

L.A. Times -- Energy experts say oil supply is outstripping demand. Eventually suppliers will tire of paying to store all of the surplus oil and flood the market, they predict.

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Submitted Jul 04, 2009 By: DeelSeeker

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honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,000 Joined:Nov 2008	Message Posted: Jul 5, 2009 6:09:13 AM Ignore honda0105 Report Abuse as I always say, my cracked, cloudy and mighty dusty crystal ball is more accurate then these predictions any day.
honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,000 Joined:Nov 2008	Message Posted: Jul 5, 2009 6:08:40 AM Ignore honda0105 Report Abuse Vette1967: yup.. same here.
honda0105 Champion Author Tallahassee Posts:15,252 Points:1,141,000 Joined:Nov 2008	Message Posted: Jul 5, 2009 6:08:11 AM Ignore honda0105 Report Abuse we wished!
Pete12 Champion Author Albany Posts:3,593 Points:1,243,575 Joined:Nov 2005	Message Posted: Jul 4, 2009 8:31:00 PM Ignore Pete12 Report Abuse This had to happen you can't keep bidding it up when ther is more than you need on hand.
Vette1967 Champion Author Albany Posts:3,644 Points:813,900 Joined:Jun 2009	Message Posted: Jul 4, 2009 6:28:29 PM Ignore Vette1967 Report Abuse Yeah...Like I believe in "energy experts". Wait until the hurricanes show up in the Gulf, a pipeline burst or some stupid with a match burns a refinery down to the ground. Better yet....Chinesse tankers anchored off shore waiting to fill up. Now that should relieve the suppliers tensions.
kfinto All-Star Author Texas Posts:614 Points:1,540,700 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:49:56 AM Ignore kfinto Report Abuse Obama will add a gas tax if the price drops below $2 a gallon.
mazdaboy Champion Author Portland Posts:5,543 Points:1,634,180 Joined:Aug 2003	Message Posted: Jul 4, 2009 8:47:09 AM Ignore mazdaboy Report Abuse Looking at my crystal ball. Nope I don't see it.
ChEPhD Champion Author Pittsburgh Posts:1,055 Points:223,345 Joined:Feb 2009	Message Posted: Jul 4, 2009 8:24:32 AM Ignore ChEPhD Report Abuse hopeful - but doubtful we'll need serious consideration for off-shore drilling to really do something more sustained
ghmortensen Champion Author Minnesota Posts:1,275 Points:1,303,225 Joined:Jan 2007	Message Posted: Jul 4, 2009 8:24:32 AM Ignore ghmortensen Report Abuse Let's keep our finger's crossed.
MG_Sputnik Champion Author Philadelphia Posts:5,144 Points:1,499,855 Joined:Apr 2006	Message Posted: Jul 4, 2009 8:24:17 AM Ignore MG_Sputnik Report Abuse Naah, they'll just think up a bigtime BS story that a refinery blew up somewhere and raise prices that way.
cresovia Champion Author Chicago Posts:2,150 Points:1,055,950 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:23:55 AM Ignore cresovia Report Abuse Big Oil and OPEC will try to come up with any lame excuse they can find to justify their keeping oil over $50/barrel.
taterVA All-Star Author Richmond Posts:635 Points:282,240 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:22:11 AM Ignore taterVA Report Abuse You can bet the refineries will never let gas go that low, hope they choke on all their oil and gas.
Tutootin Champion Author Toronto Posts:7,751 Points:2,610,430 Joined:Jun 2004	Message Posted: Jul 4, 2009 8:22:10 AM Ignore Tutootin Report Abuse Bring it on!!!
148366 Champion Author Spokane Posts:3,646 Points:1,367,275 Joined:Apr 2007	Message Posted: Jul 4, 2009 8:21:52 AM Ignore 148366 Report Abuse In this mornings paper they state oil will go to 20 dollars a barrel
LocalSpyGuy Champion Author Tampa Posts:5,469 Points:1,118,270 Joined:Nov 2008	Message Posted: Jul 4, 2009 8:20:31 AM Ignore LocalSpyGuy Report Abuse right now they are about $2.60 here
skyhawkcam All-Star Author Richmond Posts:983 Points:553,315 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:20:30 AM Ignore skyhawkcam Report Abuse Don't bet on it, BIG OIL will just lower production and they'll start switching refineries to start making the winter blend, reducing the amount of gasoline available, thus High Price.
spudly03 Champion Author Boise Posts:1,140 Points:276,740 Joined:Sep 2007	Message Posted: Jul 4, 2009 8:20:21 AM Ignore spudly03 Report Abuse Are there really "energy experts"?
rbrowdersr Champion Author Detroit Posts:4,192 Points:1,404,630 Joined:Aug 2006	Message Posted: Jul 4, 2009 8:18:01 AM Ignore rbrowdersr Report Abuse A convenient disaster could cause prices to rise.
ladyjj Champion Author Tennessee Posts:14,875 Points:427,710 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:16:45 AM Ignore ladyjj Report Abuse Maybe if they went down it would help out the folks out that are out trying to find jobs as well as to get to them if they have to drive very far? Most of these folks lives from pay check to pay check anyway!
altima2008 Champion Author Philadelphia Posts:5,788 Points:1,271,330 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:14:20 AM Ignore altima2008 Report Abuse I'm sure around wet behind the ears president will do whatever he can to keep the prices from going down to that price! Hey nobama why don't you resign as president and go back to illinois, I hear they need some hot air!
Ticoman54 Champion Author Miami Posts:4,935 Points:1,055,050 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:13:37 AM Ignore Ticoman54 Report Abuse I would love to see prices dip below $2 per gallon and I agree that market fundamentals cannot sustain the current level of prices. However, there is a lot of greed and available price manipulation in this industry allowing prices to be manipulated upward without any justification. Market fundamentals have not affected prices at all in 2009. Even though I agree with the assessment of this article, there are too many variables that are allowed to affect prices to negate market fundamentals effect on the pricing structure.
tidbitKY Champion Author Kentucky Posts:4,647 Points:907,090 Joined:Mar 2009	Message Posted: Jul 4, 2009 8:11:36 AM Ignore tidbitKY Report Abuse Conserve, conserve, conserve.
commins All-Star Author Riverside Posts:699 Points:751,180 Joined:Feb 2009	Message Posted: Jul 4, 2009 8:06:12 AM Ignore commins Report Abuse Welcome to Taxifornia --- what's in your wallet!! Get your gas in Navada or Arizona .30 a gallon cheaper. We have a lot of oil but you can't have it. Maybe the Chinese or muslums will drill for it in about 30 years from now.
OKRifle Champion Author Oklahoma City Posts:7,590 Points:1,350,880 Joined:Oct 2007	Message Posted: Jul 4, 2009 8:05:32 AM Ignore OKRifle Report Abuse "Revolution is brewing once again." How about let's start with some good old fashion GAS WARS! We have a generation of consumers that don't even know what one is! They don't understand what the definition of "is", "is", either!
WP62 Champion Author New Hampshire Posts:17,751 Points:1,604,515 Joined:Sep 2006	Message Posted: Jul 4, 2009 8:05:29 AM Ignore WP62 Report Abuse Seeing will be believing.
USAFA82 Champion Author Colorado Springs Posts:7,385 Points:1,369,990 Joined:Feb 2008	Message Posted: Jul 4, 2009 8:02:10 AM Ignore USAFA82 Report Abuse Storage space will eventually run out.
CptnCanada Champion Author Saskatoon Posts:5,038 Points:665,950 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:01:29 AM Ignore CptnCanada Report Abuse YES!!!!!!!!!!!
hank1326 Champion Author Los Angeles Posts:6,686 Points:1,278,440 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:00:25 AM Ignore hank1326 Report Abuse Conserve more than ever now!!
ICUUCME Sophomore Author Ohio Posts:245 Points:1,508,575 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:59:00 AM Ignore ICUUCME Report Abuse And the roller coaster of gas prices continues. More up than down. Where it should be and where it is, is a big difference. With greed in there somewhere.
LeeFree Champion Author Pittsburgh Posts:6,814 Points:1,780,950 Joined:Jun 2005	Message Posted: Jul 4, 2009 7:56:51 AM Ignore LeeFree Report Abuse Inventories have been high all year and yet the price has doubled. Proof that speculator money is the driving force in the market and not fundamentals.
Patch44 Champion Author Buffalo Posts:5,603 Points:1,355,285 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:53:50 AM Ignore Patch44 Report Abuse Now we need a 'glut' of gasoline.
Hunter114 Champion Author Chicago Posts:5,525 Points:990,885 Joined:Apr 2009	Message Posted: Jul 4, 2009 7:53:38 AM Ignore Hunter114 Report Abuse Yet more proof that current gas prices are artificially high. They won't be able to sustain it.
ThatHunt Champion Author Dallas Posts:4,487 Points:1,626,415 Joined:Jul 2006	Message Posted: Jul 4, 2009 7:52:16 AM Ignore ThatHunt Report Abuse Interesting, "the glut of oil."
montytexas Champion Author Houston Posts:1,883 Points:1,075,430 Joined:Jun 2006	Message Posted: Jul 4, 2009 7:50:44 AM Ignore montytexas Report Abuse I wonder how much the speculators have in storage on land and at sea in tankers...is it one week's consumption? or one month? or what? Does anybody know with reasonable certainity?
BBHybrid Champion Author Pittsburgh Posts:4,670 Points:931,260 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:49:43 AM Ignore BBHybrid Report Abuse i would love to see that, and stay under $2.00/gallon
BBHybrid Champion Author Pittsburgh Posts:4,670 Points:931,260 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:49:01 AM Ignore BBHybrid Report Abuse not enough oil, too much oil ... the circus is still in town
Cerberus2k Champion Author Phoenix Posts:1,197 Points:1,016,690 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:46:34 AM Ignore Cerberus2k Report Abuse gas should be $1
jmuse Champion Author Long Island Posts:2,219 Points:445,370 Joined:May 2008	Message Posted: Jul 4, 2009 7:46:18 AM Ignore jmuse Report Abuse We'll see.
ljmatney Champion Author Wichita Posts:4,024 Points:565,120 Joined:Jul 2008	Message Posted: Jul 4, 2009 7:45:47 AM Ignore ljmatney Report Abuse Just keep conserving. We need to make this a part of our daily lives. Not just fuel. When you think about it much of what we buy is on impulse and we seldome use it after we get it. Better to invest than to amass.
trojanskip All-Star Author Orange County Posts:636 Points:349,105 Joined:Mar 2008	Message Posted: Jul 4, 2009 7:45:19 AM Ignore trojanskip Report Abuse could, is the word.
tblue2005 Champion Author St. Louis Posts:7,325 Points:1,267,420 Joined:Mar 2005	Message Posted: Jul 4, 2009 7:45:08 AM Ignore tblue2005 Report Abuse That would help the economy if the prices really came down in the fall. With all these oil ships being stored with oil and not selling it at all isn't helping the economy at all right now and they should sell it now while they can because when the fall comes it sure looks like to me it could fall down to $40 a barrel at least. Sooner or later they are going to have to sell what is on those ships and they cannot continue to keep doing that. It just doesn't make any sense. If we don't have a bad hurricane season the prices could go down to a $1.50 a gallon average nationwide in October. That would be our next stimulus package if that happens. I sure wouldn't feel sorry for those oil companies that were making billions and billions in profits and those oil speculators also.
Wolfwings Champion Author Delaware Posts:6,393 Points:1,311,140 Joined:May 2004	Message Posted: Jul 4, 2009 7:45:06 AM Ignore Wolfwings Report Abuse Like this would be a BAD THING????? O, yeah, not good for the money grubbing SPECK-U-Lators or Oil execs, but otherwise, a good plan for us.
Eichhornchen Champion Author Detroit Posts:3,772 Points:747,390 Joined:Feb 2009	Message Posted: Jul 4, 2009 7:44:31 AM Ignore Eichhornchen Report Abuse this is probably wishful thinking
CzechSteve Champion Author Orange County Posts:1,705 Points:508,715 Joined:Jul 2008	Message Posted: Jul 4, 2009 7:42:51 AM Ignore CzechSteve Report Abuse great
pbc2001 Champion Author Dallas Posts:2,316 Points:417,405 Joined:Feb 2009	Message Posted: Jul 4, 2009 7:42:00 AM Ignore pbc2001 Report Abuse This is good to hear!
bicycler Champion Author Ontario Posts:12,680 Points:2,205,345 Joined:May 2005	Message Posted: Jul 4, 2009 7:41:57 AM Ignore bicycler Report Abuse Buck on Gas; But are the specdevils the same people as those who might be concerned with the cost storage?
weenerdog Champion Author Detroit Posts:7,329 Points:1,436,660 Joined:Jan 2008	Message Posted: Jul 4, 2009 7:41:03 AM Ignore weenerdog Report Abuse fat chance, but nice idea.
Buck_on_Bass Champion Author Tennessee Posts:5,170 Points:1,039,090 Joined:Jul 2007	Message Posted: Jul 4, 2009 7:38:24 AM Ignore Buck_on_Bass Report Abuse For several months many knowledgeable people have claimed that is a disconnect between the supply and demand situation and the prices in the futures market. This article is just more of the same. Once the speculators come to the conclusion that the oil prices rise is less than the cost of storage, the oil will come to the market and will place downward pressure on crude oil prices.
BazooQC Champion Author Montreal Posts:7,320 Points:1,170,430 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:38:08 AM Ignore BazooQC Report Abuse Is Supply the same as output? I am wondering how many different statistics are driving oil prices. The is Oil inventory, gas inventory and now supply. The stats coming in do not appear to support the speculation the investors are gambling on. So we could see crude oil prices crash like last fall.
montana920 Champion Author Chicago Posts:6,257 Points:1,190,325 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:31:55 AM Ignore montana920 Report Abuse I hope they are right it will help us all...