houstonmacbro Posted October 26, 2007 Share Posted October 26, 2007 Oilman T. Boone Pickens was on CNBC earlier this year and he predicted oil would hit $100 per barrel before the end of 2007. I think we'll hit it before December and that is gonna mean higher gas and energy costs for most of us.Get ready! Link to comment Share on other sites More sharing options...
HtownWxBoy Posted October 26, 2007 Share Posted October 26, 2007 Oilman T. Boone Pickens was on CNBC earlier this year and he predicted oil would hit $100 per barrel before the end of 2007. I think we'll hit it before December and that is gonna mean higher gas and energy costs for most of us.Get ready!I'll say November... just a guess. Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 26, 2007 Author Share Posted October 26, 2007 Yeah, I am thinking either next week or early November. I wonder what this is gonna do to our gas prices?I'm guessing at or around $3/gallon for regular here in Houston before the end of the year? Link to comment Share on other sites More sharing options...
Mr. Chenevert Posted October 26, 2007 Share Posted October 26, 2007 I think we've all seen that crude prices arent the only factor in gasoline prices. Gas was $3/gallon a couple of years ago, and oil has steadily climbed that whole time, yet our gas prices are still under $3/gallon.Refinery capacity is a big factor... $100 oil will not change that, instead it will lower the profits of the oil companies. Link to comment Share on other sites More sharing options...
TheNiche Posted October 26, 2007 Share Posted October 26, 2007 Refinery capacity is a big factor... $100 oil will not change that, instead it will lower the profits of the oil companies.It might hurt retailers and refiners a little if higher prices for refined products force people to reduce their consumption, but gasoline consumption is fairly 'sticky' and many other refined products only contribute a little to the total cost of producing consumer goods, so the prices of those items probably wouldn't rise enough for many people to notice. The consumer response occurs over the course of many years rather than overnight.BUT IT WILL HELP EXPLORATION AND PRODUCTION (E&P), OILFIELD SERVICE FIRMS, AND MANUFACTURING!!! High oil prices are the impetus for further E&P because they mean more revenue. Without high prices, our oil companies would wither. Link to comment Share on other sites More sharing options...
plumber2 Posted October 26, 2007 Share Posted October 26, 2007 It might hurt retailers and refiners a little if higher prices for refined products force people to reduce their consumption, but gasoline consumption is fairly 'sticky' and many other refined products only contribute a little to the total cost of producing consumer goods, so the prices of those items probably wouldn't rise enough for many people to notice. The consumer response occurs over the course of many years rather than overnight.BUT IT WILL HELP EXPLORATION AND PRODUCTION (E&P), OILFIELD SERVICE FIRMS, AND MANUFACTURING!!! High oil prices are the impetus for further E&P because they mean more revenue. Without high prices, our oil companies would wither.Does that also mean that higher health care costs will bring improved health care?If plumbers are paid more for their services will the plumbing industry improve? I'm all for this one Niche! You can be my next customer. Link to comment Share on other sites More sharing options...
TheNiche Posted October 26, 2007 Share Posted October 26, 2007 Does that also mean that higher health care costs will bring improved health care?Depends where the costs are coming from. If the higher healthcare costs are caused by a shortfall of doctors, then it means that the price of doctors will go up and we will get more doctors. If the healthcare costs are caused by overly-litigious patients and government regulation, then the demand for lawyers will increase, there will likely be a shortfall of lawyers, lawyers' compensation will increase, and we will get more lawyers. If you think that more lawyers will improve the healthcare industry, then yes, higher healthcare costs will bring improved healthcare.This is, of course, assuming that government doesn't screw everything up...that is to say, improbable.If plumbers are paid more for their services will the plumbing industry improve? I'm all for this one Niche! You can be my next customer.If plumbers' compensation goes up as a result of increased demand, then more people will become plumbers. I can't say whether that will 'improve' the industry; that is probably more subjective. Quality of plumbing services rendered really isn't very comparable to the quality of crude that is extracted from the ground, so that'd be an irrelevant point anyhow. Link to comment Share on other sites More sharing options...
KinkaidAlum Posted October 26, 2007 Share Posted October 26, 2007 Egads. $100 a barrel!I hope it isn't a cold winter. My heating bills last year (natural gas boiler) were CRAZY and I only kept the house at 65 degrees! Link to comment Share on other sites More sharing options...
TheNiche Posted October 26, 2007 Share Posted October 26, 2007 Egads. $100 a barrel!I hope it isn't a cold winter. My heating bills last year (natural gas boiler) were CRAZY and I only kept the house at 65 degrees!Incidentally, I just read a report from the Fed that stated that heating oil inventories are at five-year highs. Link to comment Share on other sites More sharing options...
HtownWxBoy Posted October 26, 2007 Share Posted October 26, 2007 Egads. $100 a barrel!I hope it isn't a cold winter. My heating bills last year (natural gas boiler) were CRAZY and I only kept the house at 65 degrees! My company deals with weather and we are forecasting a warmer than average winter for Houston. That's not to say it won't get cold... that just means that overall winter will be warmer than average. I would like to add, though, that I am not a fan of long-range forecasting... it's hard enough to forecast a week or two out let alone 3 or 4 months. Link to comment Share on other sites More sharing options...
gto250us Posted October 26, 2007 Share Posted October 26, 2007 We will see $100 oil on 2 November 2007. After next weeks Oil Inventory report and $ lowering. Link to comment Share on other sites More sharing options...
MidtownCoog Posted October 26, 2007 Share Posted October 26, 2007 Did you know the Houston economy contracts any time oil is below $50.00 {by Barton Smith's numbers). Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 26, 2007 Author Share Posted October 26, 2007 Did you know the Houston economy contracts any time oil is below $50.00 {by Barton Smith's numbers).No, I did not know that. I thought Houston's economy had diversified more. Link to comment Share on other sites More sharing options...
TJones Posted October 26, 2007 Share Posted October 26, 2007 We will see $100 oil on 2 November 2007. After next weeks Oil Inventory report and $ lowering. I tend to agree with you gto, it was at $91.90 today. Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 26, 2007 Author Share Posted October 26, 2007 Closer to $100 than $70, that is for sure. And wasn't it at $70 just a few weeks back? Link to comment Share on other sites More sharing options...
Subdude Posted October 27, 2007 Share Posted October 27, 2007 Have gasoline prices increased? Link to comment Share on other sites More sharing options...
TJones Posted October 27, 2007 Share Posted October 27, 2007 Have gasoline prices increased?Just by a couple of pennies. I have seen anywhere from $2.52 to $2.59 for regular. It was $2.46 2 weeks ago. Link to comment Share on other sites More sharing options...
RedScare Posted October 27, 2007 Share Posted October 27, 2007 Just by a couple of pennies. I have seen anywhere from $2.52 to $2.59 for regular. It was $2.46 2 weeks ago.Where you live, perhaps. I have seen it at $2.59 to $2.62 for weeks around me. Just filled up at $2.61, but the price appears to be going up slightly. Since the summer driving season is over, it is hard to raise prices, so the oil companies have to settle for reduced profits right now. But, if you look at prices over the last 3 years, every year is up substanially over the previous year. For instance, in the winter of 2004, the price dropped back to about $1.75, in 2005, it dropped back to around $2.00, last year to about $2.25, and here we are today thinking $2.50 to $2.60 aint too bad. There is nothing to suggest that next spring will not see another record high well above $3.00. Link to comment Share on other sites More sharing options...
KinkaidAlum Posted October 27, 2007 Share Posted October 27, 2007 Where you live, perhaps. I have seen it at $2.59 to $2.62 for weeks around me. Just filled up at $2.61, but the price appears to be going up slightly. Since the summer driving season is over, it is hard to raise prices, so the oil companies have to settle for reduced profits right now. But, if you look at prices over the last 3 years, every year is up substanially over the previous year. For instance, in the winter of 2004, the price dropped back to about $1.75, in 2005, it dropped back to around $2.00, last year to about $2.25, and here we are today thinking $2.50 to $2.60 aint too bad. There is nothing to suggest that next spring will not see another record high well above $3.00.I had to fill up the tank this week. Luckily, I only fill up about once every two months since I hardly drive anymore. That said, 89 at the Chevron station in Braintree, MA was at $3.01. Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 29, 2007 Author Share Posted October 29, 2007 Looks like it is heading that way in early November, unless it pulls back drastically.Oil Surpasses $93 A BarrelSINGAPORE -- Oil prices surpassed $93 a barrel Monday in Asian trading to hit a new trading high amid concerns about political tensions in the Middle East and the weakening U.S. dollar.Full article Link to comment Share on other sites More sharing options...
Gary Posted October 29, 2007 Share Posted October 29, 2007 Looks like it is heading that way in early November, unless it pulls back drastically.Oil Surpasses $93 A BarrelSINGAPORE -- Oil prices surpassed $93 a barrel Monday in Asian trading to hit a new trading high amid concerns about political tensions in the Middle East and the weakening U.S. dollar.Full articleI have a Ford F250 diesel, and I'm paying $3.05 at a minimum. Most stations are charging at least $3.15. It's absolutely rediculous!!!!I'm gonna have to go look at some hybrids next weekend. Link to comment Share on other sites More sharing options...
gto250us Posted October 29, 2007 Share Posted October 29, 2007 The price of gas is high, but it must not be TOO high because lots of folks still have enough money buy $2500 TVs. Link to comment Share on other sites More sharing options...
urban909 Posted October 29, 2007 Share Posted October 29, 2007 There is nothing to suggest that next spring will not see another record high well above $3.00.actaully more like over $4.00... Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 29, 2007 Author Share Posted October 29, 2007 I just filled up and it was $2.65. This morning, the same station was $2.60 and it was the cheapest one around.I have a friend at work who is contemplating an SUV purpose. I told her flat out she must be crazy and that she should really consider getting something smaller like a Civic or a something. She just laughed, but when I quizzed her on her driving habits she indicated that she is already filling up once a week and she is in a mid-sized Mazda. Doing some quick math it would be apparent that a 15-20 gallon tank in an SUV would be setting her back anywhere from $45 - $60 a week with the coming $3/gallon prices.That's an extra $180 - $240 month on top an SUV note and insurance!Gawd bless America. Link to comment Share on other sites More sharing options...
westguy Posted October 30, 2007 Share Posted October 30, 2007 It's the death knell for the US auto industry who thought they could ride the SUV gravy train forever. Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 30, 2007 Author Share Posted October 30, 2007 It's the death knell for the US auto industry who thought they could ride the SUV gravy train forever.Yeah, even GM who is promoting its 'new' line of SUVs and how fuel efficient they are still have numbers in the teens. Are these people crazy!The price of gasoline is never coming back down!My car (on average) gets about 30 mpg and I am trying to alter my driving habits and group trips to improve the amount I spend on transportation. I am still filling up and it bites when you are pumping $30 for 12 gallons of gasoline.I literally see the day when people essentially abandon their vehicles on the sides of the roads. Link to comment Share on other sites More sharing options...
urban909 Posted October 30, 2007 Share Posted October 30, 2007 My car (on average) gets about 30 mpg and I am trying to alter my driving habits and group trips to improve the amount I spend on transportation. I am still filling up and it bites when you are pumping $30 for 12 gallons of gasoline.is that with the new EPA standards? my mazda3 (2007) was listed something like 25/28. now its 22/25 for 2008. same exact car, but based on the EPA's listing for that model... Link to comment Share on other sites More sharing options...
houstonmacbro Posted October 30, 2007 Author Share Posted October 30, 2007 Yeah, that is based on my mileage between fillups. Not a chart and not any kind of estimates from the EPA (most are wrong). I reset my mileage after each fill up and know how many gallons I pump. Link to comment Share on other sites More sharing options...
Subdude Posted October 30, 2007 Share Posted October 30, 2007 It's the death knell for the US auto industry who thought they could ride the SUV gravy train forever.I think the price of oil will drop back down again - there's no reason to think it would continue increasing indefinitely - and when it does SUV sales will rebound. That said, I certainly don't expect that a fall in price will wipe out the gains of the past couple of years. Link to comment Share on other sites More sharing options...
RedScare Posted October 30, 2007 Share Posted October 30, 2007 Yeah, given that nearly 25% of world oil production comes from Russia, Venezuela and Iran, and given the US government's cozy relationship with all 3 countries, I expect the oil spigots to be wide open any day now. We'll be swimming in the stuff. Two Suburbans in every garage. Link to comment Share on other sites More sharing options...
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