Oil Hits Lowest Level in 6-1/2yrs...

[sleddriver]

Quote:
LONDON (AP) — The price of crude oil hit its lowest level in 6-1/2 years Friday amid concerns over a slowing economy in China, a huge energy consumer, and strong global production.

The U.S. crude contract fell as low as $41.35 a barrel, the weakest level since early 2009, when the global economy was in the throes of a massive financial crisis and recession. By late morning in Europe, the price was around $42 a barrel.

The oil contract has been declining since touching a high of $61.43 on June 10.

The main reasons are big increases in production in the U.S. and Canada, as well as expectations Iran's oil could soon return to the market. Meanwhile, China's devaluation of its currency this week highlights its concern about an economic slowdown.


http://apnews.myway.com/article/20150814/oil_prices-48e104867f.html

 

[LoneRanger]

So how come retail motor oil hasn't come down in price.

 

[BigCahuna]

Don't worry.They will invent some reason to drive the price of oil and gasoline back up.,,,

 

[tcp71]

Why are gasoline prices as high as when it was $100+/barrel.

 

[ExMachina]

Often times refinery capacity can fluctuate, creating local supply sagging:
http://www.npr.org/2015/08/14/432280655/...-in-the-midwest

 

[simple_gifts]

Originally Posted By: LoneRanger
So how come retail motor oil hasn't come down in price.


Raw materials are probably a small fraction of the cost; other expenses (healthcare) have gone up.

 

[eddy21]

Originally Posted By: LoneRanger
So how come retail motor oil hasn't come down in price.


The stuff on the shelves was bought at the higher price.

 

[OneEyeJack]

It's time for the EPA in California to come up with some more new rules. If you are alive in California, work for a living and drive a car you are polluting the environment and you must be corrected.

 

[steveh]

Originally Posted By: ExMachina
Often times refinery capacity can fluctuate, creating local supply sagging:
http://www.npr.org/2015/08/14/432280655/...-in-the-midwest
Gas prices in my area went from about $2.50 to $3.00 a gallon in about a week.

 

[OneEyeJack]

If prices drop too much our government will have to pass some new laws.

 

[CT8]

Originally Posted By: OneEyeJack
It's time for the EPA in California to come up with some more new rules. If you are alive in California, work for a living and drive a car you are polluting the environment and you must be corrected.
The majority of Californians are gullible fools.

 

[CT8]

Originally Posted By: tcp71
Why are gasoline prices as high as when it was $100+/barrel.
Are people not buying the gas?

 

[KzMitch]

$3.39 gal here in Chicagoland.
Last week it was reported that the BP refinery in a Whiting. Indiana had a "mechanical malfunction" which drove up the price literally overnight.

Ironically, cities in Indiana near Whiting didn't see the same sharp increase.

 

[CT8]

The economy is bad through out the world.

 

[sleddriver]

Oil can drop in price, but it needs to be refined into gasoline for use in a car. And refining capability hasn't kept up in most places. Here in Tx though we do have lots of refinery capability. Gas here in CenTex is about $2.45/ga and lower. EPA summer blends are probably still in effect until Oct though.

Another reason for higher gas prices might be cheap dollars. Have you noticed how high you grocery bill has increased in the last 7 years? Everything you buy there, was delivered on the back of a truck. Guess who's declared a WAR on fossil fuels?? Small wonder...

 

[NHGUY]

They know people will pay a certain price,why cut off their profits by dropping the price excessively? Do you really think,that if they could,the carmakers would drop full size pickup prices,to say...$20K base to increase sales? Nope,they are happy making $15K per truck at the prices they have now.

 

[ExMachina]

State gas taxes can vary quite a bit too.

 

[LoneRanger]

Originally Posted By: CT8
Originally Posted By: OneEyeJack
It's time for the EPA in California to come up with some more new rules. If you are alive in California, work for a living and drive a car you are polluting the environment and you must be corrected.
The majority of Californians are gullible fools.


My sister lives out there, outside of San Francisco of all places... She drives diesel, specifically Volkswagen TDi. On her 2nd one, after putting well into six numbers on the odometer of the first because she works as a sales rep and is on the highway a lot. Her bosses want her in a Pruis "for the image it projects" even though for her mission spec, which is logging lots of highway time, the Jetta TDI blows the Prius out of the water.

She's keeping her TDI.

 

[surfstar]

Originally Posted By: OneEyeJack
It's time for the EPA in California to come up with some more new rules. If you are alive in California, work for a living and drive a car you are polluting the environment and you must be corrected.


Yes, lets bring back the smog alert days. Not being able to work or play outside is great!

 

[HerrStig]

Originally Posted By: surfstar
Originally Posted By: OneEyeJack
It's time for the EPA in California to come up with some more new rules. If you are alive in California, work for a living and drive a car you are polluting the environment and you must be corrected.


Yes, lets bring back the smog alert days. Not being able to work or play outside is great!

Ban charcoal grills, that will do it. The "train to nowhere" will help.