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Discussion Starter · #1 ·
Isn't amazing how things can change in a few months? You all remember what happened in July this summer when crude oil prices reached a record-breaking $147 a barrel pushing average prices at the U.S. pumps over $4.10 a gallon. Well, now Merrill Lynch Commodity Strategist Francisco Blanch and an Gulf Oil CEO Joe Petrowski are both predicting that crude oil prices may very well fall below $25 a barrel by early next year resulting to an unthinkable drop in gas prices to below a $1 a gallon!



"A temporary drop below $25 a barrel is possible if the global recession extends to China and significant non-OPEC cuts are required," Blanch said. "In the short-run, global oil demand growth will likely take a further beating as banks continue to cut credit to consumers and corporations."


Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.


On Friday, crude oil prices fell to $43.64 a barrel with gas prices in the U.S. currently at $1,77 a gallon compared to $2.37 a month ago and $3.03 a year ago, according to AAA.

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Is there a middle-finger icon? It's for all the people telling me I would look foolish paying $6/gallon at the pump by the time I got my new Camaro!
 

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Discussion Starter · #4 ·
It has to come soon. . . heck 60% of every thing on the shelfs are made in china. . . and when we can't /don't buy it then there's no reason to make anymore.
 

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I remember all the "sky is falling" threads saying that the Camaro would never get built because gas would be $10 a gallon by spring '09.

Now we just have to deal with all the "sky is falling" threads saying that the Camaro would never get built because GM is going under.

What next? I will be VERY thankful when I drive MY Camaro out off the lot next spring...it's been a long strange trip. :patriot: :patriot:


Speaking at a South Shore Chamber of Commerce on Wednesday, Joe Petrowski, CEO of Massachusetts-based Gulf Oil said that that the price of oil could sink to as low as $20 per barrel which could lead to gasoline prices dropping under $1 per gallon by early next year.
sweet...than we can all start buying SUV's again:thumbsup::thumbsup::thumbsup:
 

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the word around the refinery is that OPEC is crying that there is too much gas being produced now that gas is in quanity again it's time to slow down production and bring the price of crude back up to around 65-70$ a barrel by march or may 2009 that will make gas about 2.25-2.50$ per gal. thats what the future holds for us.
 

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if crude goes to 25 $p/barrel they will start closing oil refineries nation wide starting in Texas first, off shore oil rigs will be slowed way down. from 150-300,000 barrels a day production to about 50-75,000 barrels a day...not good for our nations economy but great at the pumps.
 

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if crude goes to 25 $p/barrel they will start closing oil refineries nation wide starting in Texas first, off shore oil rigs will be slowed way down. from 150-300,000 barrels a day production to about 50-75,000 barrels a day...not good for our nations economy but great at the pumps.
yea....
why cant they make a lot of the gas...
i mean if it goes way back up we will go into a depression
and if we do go into a depression no one will need it lol
i wonder if the oil companies know that...
they need to put it into reserves for later
or something
they will slow it down
gas wont ever be below 1.00 dollar again...
 

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its that great thing called supply and demand.

now that there is less of a need for gas/diesel,due to companys changing vehicles to more economic cars, using big trucks less or closing factories, less deliveries are being madeto stores.the steel industry is just about bankrupt in the midwest cause most cars these days are plastic/composite or steel from other countries are being used.very few companys are expanding.less jobs less cars are on the roads less gas needed.

the expansion project in Detroit for the Marathon refinery(changes production from 120,000 barrels a day to 500,000) was scheduled to be complete in may 2010 which would have employed 3,000 people for 3 years then reduce to 700 or so opon completion,has been slowed way down now the goal is 2013/14 completion, over 1,800 people have been cut. :( luckily im not one of them
 

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what a difference 5 months makes.:rolleyes::confused:
 

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I made a calculator and it has been pretty close so far

Take the current oil price per barrel and divide by 33.40 and that gives you what gas should be by the time that it gets to the pump which takes a little while.

So right now its $40/ 33.40 = $1.19 at the pump.
 

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yea....
why cant they make a lot of the gas...
i mean if it goes way back up we will go into a depression
and if we do go into a depression no one will need it lol
i wonder if the oil companies know that...
they need to put it into reserves for later
or something
they will slow it down
gas wont ever be below 1.00 dollar again...
I hope that means the gov is filling up those strategic oil reserves that we dipped into a couple of times over the last 5 years. I honestly don't see any refineries closing -- the complaint for the last several years was that we didn't have enough refining capacity to meet increased demand (and hadn't built a new refinery in 30 years). The last thing we need is less refining capacity when China starts consuming more than we ever did.
 

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I hope that means the gov is filling up those strategic oil reserves that we dipped into a couple of times over the last 5 years. I honestly don't see any refineries closing -- the complaint for the last several years was that we didn't have enough refining capacity to meet increased demand (and hadn't built a new refinery in 30 years). The last thing we need is less refining capacity when China starts consuming more than we ever did.
yea i can see that
we need to really stock up on gas
i mean a crap load of it...
staybil in it lol
i dunno how to spell that
but yes if china starts consuming more i dunno what is going to happen
 

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This is all part of the ongoing cycle. Which means gas prices will slowly drop over the winter months and then come spring, guess what. They'll start climbing again. At the peak of next summer, gas prices will be back over $3 a gallon as always before beginning their slow fall again next fall.

This is nothing new, it has happened every year for the past decade this way. Summer is always when the demand for gasoline is high enough that they can get away with higher prices. It's all about making as much profit as the consumer will accept.
 

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This is all part of the ongoing cycle. Which means gas prices will slowly drop over the winter months and then come spring, guess what. They'll start climbing again. At the peak of next summer, gas prices will be back over $3 a gallon as always before beginning their slow fall again next fall.

This is nothing new, it has happened every year for the past decade this way. Summer is always when the demand for gasoline is high enough that they can get away with higher prices. It's all about making as much profit as the consumer will accept.
one thing is supply and demand
people cut back about 10% during summer because of it
which is a crap load
i think it will stabilize around 3.00
who knows the oil companies know they hurt the economy which in turn made people stop buying gas as well
drove up prices every where
so if gas prices stay low as they are now the economy will come back
 

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I can not beleive they want to cut production to fill thier coffers with money again in this climate. cheap oil is a good thing and the only thing keeping a lifeline in this economy going...its below 2 bucks and people are using that to buy more things right now. If it goes back up people will stop spending and send us in more of a free fall.
 
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