massive oil deposit could increase US reserve 10x

[nightrider2]

Re: massive oil deposit could increase US reserve 10x

holy crap if gas hits $1.xx/gal I'm doing Heads, cam, and carb on the DD

[HokieBird]

Re: massive oil deposit could increase US reserve 10x

sad to remember the days of gas for 90 cents :(

Oh man, when we were just starting to drive I thought I wouldn't be able to afford 89-99 cents for gas.

[vanbibber]

Re: massive oil deposit could increase US reserve 10x

haha i know! but id always find a way to throw 10 bucks in the tank and drive non stop for the entire day.

[SpeedingFirebird]

Re: massive oil deposit could increase US reserve 10x

we'll see....

dont celebrate till you see the gas prices go back in the 1.50-2.00 range

I doubt that will ever happen. Since society never reduced their consumption even at $3/gal, there is little incentive for the price to come down.

[Mogobs30th]

Re: massive oil deposit could increase US reserve 10x

I doubt that will ever happen. Since society never reduced their consumption even at $3/gal, there is little incentive for the price to come down.

Exactly. They're just going to get richer, for a LONGER period of time.

[eazy_e6996]

Re: massive oil deposit could increase US reserve 10x

Exactly. They're just going to get richer, for a LONGER period of time.

Exactamundo why lower prices to 1.xx when they can drop it 30 cents and everyone will go nuts

[Gatt9]

Re: massive oil deposit could increase US reserve 10x

I doubt that will ever happen. Since society never reduced their consumption even at $3/gal, there is little incentive for the price to come down.

I think you're too pessimistic, for a chain of reasons, I'll try to explain what I'm thinking.

1. The Feds nailed the oil companies following Katrina over gouging, mostly for the sake of popularity, but they did go after them.

2. The Feds have a major economic problem. The housing market's crashing, people are losing their houses at record pace, the economic indicators are in the toilet and pointing at recession.

3. The best way to pull out of a recession is to put money back in people's pockets. Fastest way to do that is find a way to cut gas pricing, as if they keep cutting away at interest rates they're just going to cause new problems down the road and it doesn't help the little guy who drives the economy.

My conclusion, Gas prices drop if they can tap that reserve down into the $2 range. Especially since we just pissed off Russia and they probably won't back us on Iran leaving us with a problem...

[Fireball27]

Re: massive oil deposit could increase US reserve 10x

It all depends if they can get it out of the ground for a reasonable price. IIRC all that oil is in a kind of rock (can't think of the name) and very difficult to get out, so it was never previously cost effective. hopefully new technology is finally making it possible to get it out for cheap.

Oil Shale or something iirc

[John G.]

Re: massive oil deposit could increase US reserve 10x

gas prices with a 1 at the front... such a nice thought...

such was the case when we had a Democrat in the White House :stp:

[SpeedingFirebird]

Re: massive oil deposit could increase US reserve 10x

I think you're too pessimistic, for a chain of reasons, I'll try to explain what I'm thinking.

1. The Feds nailed the oil companies following Katrina over gouging, mostly for the sake of popularity, but they did go after them.

2. The Feds have a major economic problem. The housing market's crashing, people are losing their houses at record pace, the economic indicators are in the toilet and pointing at recession.

3. The best way to pull out of a recession is to put money back in people's pockets. Fastest way to do that is find a way to cut gas pricing, as if they keep cutting away at interest rates they're just going to cause new problems down the road and it doesn't help the little guy who drives the economy.

My conclusion, Gas prices drop if they can tap that reserve down into the $2 range. Especially since we just pissed off Russia and they probably won't back us on Iran leaving us with a problem...

The Feds have very little to do with oil prices. If they release reserves, the supply may go up some, but not enough to drop the price back to $2/gallon. Wall Street saw people willing to pay $3/gallon, and they set the prices. (Yes, I am simplifying.) I am not being pessimistic, I am being realistic.

[00 Silver 6]

Re: massive oil deposit could increase US reserve 10x

such was the case when we had a Democrat in the White House :stp:

clinton didnt do some amazing economic job while he was in the white house... he served during an expansionary period, and we are now in a recession... it is called the business cycle, why does no one understand that???

[slowpoke]

Re: massive oil deposit could increase US reserve 10x

Cause no one wants to.

It is too much work to find out the real truth, it is easier to listen to BS from people who stir the crap and call that the truth. you see no work involved

[IwannaCamarosoBad]

Re: massive oil deposit could increase US reserve 10x

I wished it would come down some, I can remember being 12 and it being $1.25 (Guessing here) and my parents complained ...... and look at us now i think its in the $2.80's right now and when spring break hits it'll go to $3.00

[Gatt9]

Re: massive oil deposit could increase US reserve 10x

The Feds have very little to do with oil prices. If they release reserves, the supply may go up some, but not enough to drop the price back to $2/gallon. Wall Street saw people willing to pay $3/gallon, and they set the prices. (Yes, I am simplifying.) I am not being pessimistic, I am being realistic.

But they do have alot to do with price fixing, because in theory capatilism should drive the prices downwards assuming that Supply is good shape.

It helps too that they have the manufacturers pushing against oil's interest at this point, since both are lobbyists. Manufacturers would rather keep selling SUV's and other gas guzzlers with bells and whistles and trinkets that people drop 30-40k on.

Plus, the manufacturers can't possibly be happy about CAFE and it's effects on the sports segment, I mean GM just ate what? A 300 million project and years of structuring to push Pontiac with stronger cars(From what I've read), they can't possibly be happy about that.

I do understand Wall Street and pricing, I just don't put much stock in it(pun intended) as far as Oil goes. Too many little guys dependant on the end pricing, and too many other markets dependant on the little guys. Yes people paid $3 a gallon, but the other segments will gladly tell Oil what it is that people aren't paying for since the money's going in the tank.

Something has to give, when spending goes up in one area and income doesn't change, spending goes down in another.

Edit:

As an example, now that I'm paying $90 every two weeks for gas instead of ~$75, that's one less movie every two weeks that Hollywood isn't selling me.

[IwannaCamarosoBad]

Re: massive oil deposit could increase US reserve 10x

I wished it would come down some, I can remember being 12 and it being $1.25 (Guessing here) and my parents complained ...... and look at us now i think its in the $2.80's right now and when spring break hits it'll go to $3.00

I have to say that the gas is higher then I thought, I went to the pump yesterday and payed $3.04 a gallon