Reply With Quote
What is the price in Texas? It's basically 4 a gallon here.
I figured id ask those of you in here who have a grasp on how this F'd up market works.
Is there somewhere down the line where gas may fall back down below 3 bucks a gallon?
Im strongly considering selling the boat i just bought, becaus i cant afford to put 70 dollars gas in my truck to go to the coast, then anotehr 200 in the boat to use it for 1 day.
crazy stuff.
What is the price in Texas? It's basically 4 a gallon here.
3.20 is pretty average in San Antonio.
Which i know is probably the lowest in the country, which is pretty in sad, considering that is just absurd.
I agree gas shouldnt be 98 cents a gallon, like back in 1998 1999, but over 3 dollars is just a bit out of whack. That eats such a huge portion of people's budget, you can only imagine why we are in a slumping economy.
It doesnt make sense, especially when you hear exxon, bp, etc are making billions and billions of dollars every quarter in profit alone.
Not likely. We need more refining capability in addition to stability in oil producing regions, for the price to drop more than seasonal changes. I suppose if world peace and stability pops up, it might go back down to $2.50 or so, but I wouldn't count on that (since it's never happened).
So depressing
Hopefully someone soon will work on making electric or hybrid outboard motor's, and somewhere down the line i can think about a boat again.
Highly unlikely.
The reasons would take a loooong post to spell out, and fyatuk outlined part of it.
There is SOME room for prices to come down in the short-term, but beyond a year or two, you will likely see fuel prices increase at rates much higher than overall inflation for the rest of your life.
Remember that for every barrel of oil, we are now in a bidding war with the two billion people in China and India, whose economies are growing about 2-4 times that of the US in most years. Every day it is estimated (news account I read somewhere) that tens of thousands of NEW drivers are being added to the roads in China that never owned cars before. They use the same fuel for their vehicles that we do here, and there are a LOT of them.
You would be better off getting rid of the boat and putting that payment in for your retirement anyways.
The answer is no, sell your boat but good luck with that, Boats are much worse off as investments than cars.
Don't give up hope. Read the following article. Now if
Congress would get off their tail and allow the oil companies to
drill off the coast of our Country we could tell the Middle East to
go suck a lemon. We might just be back into the oil export
business again. And think what it would do for our balance of
payments. Some on this board worry so much about that
balance of payment thing.
Bakken Oil Formation Holds Billions of Barrels in N.D.
Atlanta, GA 4/02/2008 11:00 PM GMT (FINDITT)
The Bakken Formation in North Dakota could boost America’s oil reserves by an incredible 10 times, according to a report Wednesday.
The Bakken Oil Formation, which covers North Dakota and portions of Montana and South Dakota, is believed to have 175 to 500 billion barrels of recoverable oil. The 200,000 square mile reserve that was initially discovered in 1951.
In 2007, EOG Resources of Texas drilled a single well in Parshal N.D. that is expected to have yielded 700,000 barrels of oil. Marathon Oil is investing $1.5 billion and drilling 300 new wells.
In the next 30 days, the U.S. Geological Survey (USGS) will release a new report giving an accurate assessment of the Bakken Oil Formation.
The United States imported about 14 million barrels of oil per day in 2007, which meant U.S. consumers have spent $340 billion dollars in exported oil.
As of Wednesday, the crude oil price is at $104.83 per barrel.
For more Scientific News, please go to http://www.transworldnews.com/NewsLi...?cat=12&wcat=4The Story
Quite opposite actually, boats hold their value exponentially longer than cars. I bought mine used for about 4k under value...so i think i stand to make at least my money back, if it sells at all.
People don't understand we will never drill and tap into our own oil. Uncle Sam wants to ensure we drain everyone elses supply, so that if hits the fan we have some for our own MILITARY. Our oil supply is only going to be used for emergency situations.
This has been a longstanding policy that will never change. Why should we tap into it? The oil tycoons are getting rich off of other peoples oil, no need to do it in our own backyard.
Wait til you put it up for sale, my cousin thought the same thing when he spent $60k on a boat 3 ($10k under valued)years ago and now can't get $40k for it, and there is nothing wrong with it, other than it sucks him dry for $350 per monh in storage fees.
Until then we won't have much to base any calculations on other than WAGs.
The US imports 5 billion barrels of oil every year, a number that increases with time at a rate that exceeds economic growth.
12.4/5.1= a bit over 2 years supply, if the entire thing was tapped right away, not considering development.
Now all we have to do is find one of these miracle new fields every 2 years.
Very hard to predict, but we need to act like it never will, and that it will be $5 or more in a couple years.
But ... we won't.
Maybe i should invest in some bad ass paddles for my boat.
All you need is a stationary bike and a good chain and you could rig something up with a stripped down outboard
What ever happened to our blood for oil program?
I am all about getting a bunch of people who want a free weight loss program of exercise and fresh salt sea air together for one of these babies:
you are stupid.
Big oil is squeezing the supply line at will, to make $$$$$$$$$$$$$$$$$$$$ don't you idiotic people get it.
Meh. You forget who owns Big Oil.
More probably, you never knew in the first place. Big Oil companies making profit is actually good for more people than you might think...
Statistics for Exxon Mobil(click on link to see origin of data):
Average Volume (3 month)3: 27,892,800
Average Volume (10 day)3: 24,444,400
Shares Outstanding5: 5.35B
Float: 5.35B
% Held by Insiders1: 0.09%
% Held by Ins utions1: 52.80%
Ins utions.
Translation:
Pension funds.
Yes indeed, the primary beneficiaries of high oil prices are: people saving for retirement.
Sorry to burst anyone's bubble.
If you like, I can pull up data from other oil companies.
Most stock in the US is owned by mutual funds who, in turn, are owned by large and small pension funds, 401ks and so forth.
Conoco Phillips:
Share Statistics
Average Volume (3 month)3: 13,688,500
Average Volume (10 day)3: 10,644,200
Shares Outstanding5: 1.56B
Float: 1.56B
% Held by Insiders1: 0.09%
% Held by Ins utions1: 78.30%
http://finance.yahoo.com/q/ks?s=COP
Chevron:
Share Statistics
Average Volume (3 month)3: 13,072,600
Average Volume (10 day)3: 10,245,200
Shares Outstanding5: 2.08B
Float: 2.08B
% Held by Insiders1: 0.02%
% Held by Ins utions1: 65.90%
Valero:
Share Statistics
Average Volume (3 month)3: 10,264,700
Average Volume (10 day)3: 10,975,000
Shares Outstanding5: 534.65M
Float: 533.03M
% Held by Insiders1: 0.30%
% Held by Ins utions1: 80.20%
Uhhh....
Call me stupid, and then go off on a tangent completely unrelated to what I said... Yeah, smart.....
There are currently 1 users browsing this thread. (0 members and 1 guests)
Posting Permissions
