How much lower will Oil/Gasoline prices go?

I agree kbot, but who is giving me money for 2,000 posts?

I think that cooking oil would be a good thing to switch over to or natural gas (CNG).

Actually there’s still big areas of oil like in shale or sands that big oil has barely started tapping. Those areas are getting less economical now since their daily profits aren’t as big.

Good point Jimmy. It appears that I am digging myself deeper and deeper into a hole . . . so if I find the proverbial black gold or gasoline, or anything valuble, I’ll send you the $$.

@ CD - as always I must agree with you!

Ok gotta to something else that has to do with gasoline prices going down. Yep I got it! What goes up must go down . . . . or it that something to do with gravity ? nev mind that’ll do.

I hope gas goes down below 2 dollars a gallon here without OPEC whining, it’ll only lower the cost of goods like Potato Chips.

How does lowering gas prices lower potato chip prices?
I’m getting confused.

Less cost to ship it to the store in fuel gulping trucks.:cool:

Hmm… I could think of some better comparisons, like medicines or water or chocolate rain!

Isn’t it just conveniently coincidental that this happens the month before elections here in the States? :confused: (and it happens every time! - look back at the records two years ago!) Someone in power has their finger on the “price dial” to keep their cronies in power to further pad their bank accounts. As with anything, follow the money trail: record profits for the oil companies, who owns significant interest in those companies?

A major contributing (controlling?) factor of oil prices is the futures market for crude. It has little to do with actual supply & demand of refined petrolium & related products, but rather speculation on what that will be at some time in the future. Its a practice that is minimally regulated by the FTC, so “manipulation” in that arena is entirely possible! Besides, recent oil discoveries, such as the shale formation in the western Dakotas called “the largest continuous type of oil accumulation that we have ever assessed” by the USGS, negate the myth of low current supply. (See here for more info. Also an interesting read.)

The American public, like any large group of people, present or past, is being manipulated by those who are able to do so. Whatever.