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$25/barrel oil, Gulf Oil CEO says $1/gal @ Pump

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As long as those airfares will sustain even $0.01 in profit...I welcome the suckers stuck in highway traffic. That would equal more seats for me when I want to fly somewhere. God knows we're losing every other perk...maybe non-revving will get easier.

Wishful thinking...

I know what you mean. It used to be only a question of whether or not that you could get a first class seat.
 
OPEC wants you to go out and buy your big SUV today so you will be stumped next time oil goes to $140/barrel.
People have short memories.
 
Opec won't stand for this. They are pissed that it is not at 75bbl. They are having a meeting in a week or so to discus a third massive reduction in production. Some experts have said a cut of 3 million bbls a day will drive that price up. Funny thing is most of the OPEC countries can't cut production that much because of government budgeting. It's BS we have to deal with a cartel to run our country. Any new drilling or increased productions from non-opec countries will do nothing b/c opec will just cut that same amount. Look at the histroy, they have been doing that for some time.

It is great filling up my car for $25 again!

If they do drive up prices in this current market they will help deepen the recession and destroy demand for their product further. The OPEC countries are already feeling the pain as they planned on selling 90 dollar a barrel oil in their national budgets. They need to be careful or else they could send themselves back to the stone age.
 
I'm going to fill my pool with 10000 gal of gas at $1.00/Gal.........a Plastic solar blanket and I'm in business.......Yeah it HAS to work
 
Opec won't stand for this. They are pissed that it is not at 75bbl. They are having a meeting in a week or so to discus a third massive reduction in production. Some experts have said a cut of 3 million bbls a day will drive that price up. Funny thing is most of the OPEC countries can't cut production that much because of government budgeting. It's BS we have to deal with a cartel to run our country. Any new drilling or increased productions from non-opec countries will do nothing b/c opec will just cut that same amount. Look at the histroy, they have been doing that for some time.

It is great filling up my car for $25 again!

One thing you have to understand about OPEC is that they need to money from the oil. They talk big when faced with cameras or in the presence of their other cartel members. However, if one thinks back to when the prices started their slide, OPEC announced a 1.5M barrel cut, prices slide the next day by a considerable amount. Point is, OPEC members cheat. They will produce oil because they need to revenue. As you pointed out, these countries hav e enacted programs that require these prices but they can't cut because they need to all the money they can realize here.

We missed the boat on the American companies exploring for more oil. Canada has scaled back their sand oil production. All these have been shelved because the high costs will not be repaid because oil has fallen so much.

In the end, I don't believe we will see $25 a barrel. $35 is not out of the question. We will see a gallon of gas bottoming out around $1.25. On another note, remember all the doom and gloomers saying we will never see this again?
 
I agree with you. I do think that this decrease in oil is temporary and is directly linked to the economy. As soon as that goes up so will our oil.
 

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