When Will Oil Hit $100 Per Barrel (Poll)

[TheNiche]

With regard to the other, all the evidence I need stands vacant off the South loop and my point wasn't so much to "diss" the owners as to say -- "What's taking so long? Let's build something already!".

Big projects don't work that way. They take time. There are several just south of the Loop like that.

[houstonmacbro]

I know when I filled up Thursday, I paid $2.99/gallon. That was a 20 cent increase from the week before when I filled up.

That said, I read an article that stated we WILL be paying anywhere from $3.40 - 3.60 per gallon by the summer.

This should be very interesting.

[lockmat]

$109 now? How will this ever get better? While energy companies are trying to find other ways to bring energy to our cars etc, what about finding alternatives for all the other uses oil has? Are companies who use it also trying to find alternative methods?

Will we ever see gas below $3.00 again?

[RedScare]

$109 now? How will this ever get better? While energy companies are trying to find other ways to bring energy to our cars etc, what about finding alternatives for all the other uses oil has? Are companies who use it also trying to find alternative methods?

Will we ever see gas below $3.00 again?

It will get "better" when the prices reaches a point that a substantial number of people purchase more efficient vehicles, cut driving, take public transit, and the economy simply cuts back to counter the high prices. Gasoline usage has already flattened in the past when prices hit this level. It will do so again.

[lockmat]

It will get "better" when the prices reaches a point that a substantial number of people purchase more efficient vehicles, cut driving, take public transit, and the economy simply cuts back to counter the high prices. Gasoline usage has already flattened in the past when prices hit this level. It will do so again.

I guess we have a tendency to think that we're using more oil than we ever have before? But I'm sure the rate of increase in use has stayed close to the same, or no?

I think something else we need to account for are other countries becoming more industrialized. The problems we face are numberous, I know...I guess I just thought of that one. Maybe an original thought to me, but not others already working/thinking about it.

[RedScare]

I guess we have a tendency to think that we're using more oil than we ever have before? But I'm sure the rate of increase in use has stayed close to the same, or no?

It kind of ebbs and flows. In 2004, it hardly slowed at all, with the increase around 2%. In 2005, the spike from Katrina caused gas usage to actually drop by a fraction. In 2006, as people got used to the new higher price, usage increased. In 2007, I believe usage increased, but more slowly. This year, with the economy slowing and record gas prices, experts predict less gas usage, which will cause a surplus, making prices drop. The continued shift toward smaller SUVs will also decrease demand. Of course, lower prices will cause gas usage to increase, repeating the cycle.

We will probably never see $2 gas again, but occasionally it will drop below $3.

[lockmat]

If yall dont feel like answering this, that's fine. But everyday things we use that we don't even realize, take oil to make. Yall know that already. But have the number things we use that take oil to make, increased in the past 20 years?

Most people are ignorant of that fact and they're not gonna stop purchasing those things b/c oil is high. Although, what they do purchase will increase along w/ the cost of oil I'm guessing, possibly tapering off their spending, but I doubt it to a certain extent. I'm not real sure how that factor plays out. Sorry, I'm just kind of thinking out loud. Maybe someone can piggy back on that?

Maybe it's a non-factor?

[houstonmacbro]

$109 now? How will this ever get better? While energy companies are trying to find other ways to bring energy to our cars etc, what about finding alternatives for all the other uses oil has? Are companies who use it also trying to find alternative methods?

Will we ever see gas below $3.00 again?

I am not sure we'll ever see 'cheap' gasoline again. There is no longer any cheap oil. If you think about it, we are at the same production levels of previous years, but more and more people want the same amount of oil.

It is going to get much worse over time.

If yall dont feel like answering this, that's fine. But everyday things we use that we don't even realize, take oil to make. Yall know that already. But have the number things we use that take oil to make, increased in the past 20 years?

Most people are ignorant of that fact and they're not gonna stop purchasing those things b/c oil is high. Although, what they do purchase will increase along w/ the cost of oil I'm guessing, possibly tapering off their spending, but I doubt it to a certain extent. I'm not real sure how that factor plays out. Sorry, I'm just kind of thinking out loud. Maybe someone can piggy back on that?

Maybe it's a non-factor?

We are not going to have a choice BUT to conserve. Get ready Houston. We're gonna be hard hit as more and more of pay through the nose at the pumps.

And this has not even started to threaten our house cooling and heating costs. Wait 'til that shock comes.

[Subdude]

Gasoline in the US is still much cheaper than almost anywhere else in the industrialized world. The incentive to change behavior to conserve is weak because people believe, rightly or wrongly, that the price will eventually drop. If there is to be meaningful long-term reduction in gasoline usage, it will be necessary to change expectations so that people believe it will remain expensive.

[jgriff]

If yall dont feel like answering this, that's fine. But everyday things we use that we don't even realize, take oil to make. Yall know that already. But have the number things we use that take oil to make, increased in the past 20 years?

Most people are ignorant of that fact and they're not gonna stop purchasing those things b/c oil is high. Although, what they do purchase will increase along w/ the cost of oil I'm guessing, possibly tapering off their spending, but I doubt it to a certain extent. I'm not real sure how that factor plays out. Sorry, I'm just kind of thinking out loud. Maybe someone can piggy back on that?

Maybe it's a non-factor?

You are absolutley correct. Fuel is not the only thing we use oil for. Almost every electronic device uses some kind of petroleum based parts in addition to cars, homes, furniture, etc... Nearly every modern product has some petroleum based components.

[houstonmacbro]

Last night the gas by me was $3.06 (it had dropped 3 cents over the weekend) and now it is listed at $3.13. Dammit, why didn't I get gas on Sunday!?!

Why!

[CDeb]

Last night the gas by me was $3.06 (it had dropped 3 cents over the weekend) and now it is listed at $3.13. Dammit, why didn't I get gas on Sunday!?!

Why!

Yo, macbro, a little perspective my man!

If you have a 20 gallon fuel tank, you cost yourself $1.40.

Not exactly a tale of woe

[houstonmacbro]

That was THIS week's increase. As I mentioned it has went up 6 or 7 cents last week and another 20 cents or so in the previous two weeks.

[musicman]

Last night the gas by me was $3.06 (it had dropped 3 cents over the weekend) and now it is listed at $3.13. Dammit, why didn't I get gas on Sunday!?!

Why!

it's all about priorities. fillup with gas...ipod...fillup with gas....ipod.......hmmm, i'll get both.

[houstonmacbro]

it's all about priorities. fillup with gas...ipod...fillup with gas....ipod.......hmmm, i'll get both.

Well, think of it this way ... when you run out of gas you'll have lots of stuff to listen to or watch...

[CDeb]

I got this in an email and think it is pretty good info. While I believe the benefits are pretty small, over the long run every bit helps. I'll add a bonus about one item at the end

======================================================

TIPS ON PUMPING GAS

I don't know what you guys are paying for gasoline.... but here in California we are also paying higher, up to $3.50 per gallon. But my line of work is in petroleum for about 31 years now, so here are some tricks to get more of your money's worth for every gallon.....

Here at the Kinder Morgan Pipeline where I work in San Jose , CA we deliver about 4 million gallons in a 24-hour period thru the pipeline. One day is diesel the next day is jet fuel, and gasoline, regular and premium grades. We have 34-storage tanks here with a total capacity of16,800,000 gallons.

Only buy or fill up your car or truck in the early morning when the ground temperature is still cold. Remember that all service stations have their storage tanks buried below ground. The colder the ground the more dense the gasoline, when it gets warmer gasoline expands, so buying in the afternoon or in the evening....your gallon is not exactly a gallon. In the petroleum business, the specific gravity and the temperature of the gasoline, diesel and jet fuel, ethanol and other petroleum products plays an important role. A 1-degree rise in temperature is a big deal for this business. But the service stations do not have temperature compensation at the pumps.

When you're filling up do not squeeze the trigger of the nozzle to a fast mode. If you look you will see that the trigger has three (3) stages: low, middle, and high. In slow mode you should be pumping on low speed, thereby minimizing the vapors that are created while you are pumping. All hoses at the pump have a vapor return. If you are pumping on the fast rate, some of the liquid that goes to your tank becomes vapor. Those vapors are being sucked up and back into the underground storage tank so you're getting less worth for your money.

One of the most important tips is to fill up when your gas tank is HALF FULL. The reason for this is, the more gas you have in your tank the less air occupying its empty space. Gasoline evaporates faster than you can imagine. Gasoline storage tanks have an internal floating roof. This roof serves as zero clearance between the gas and the atmosphere, so it minimizes the evaporation. Unlike service stations, here where I work, every truck that we load is temperature compensated so that every gallon is actually the exact amount.

Another reminder, if there is a gasoline truck pumping into the storage tanks when you stop to buy gas, DO NOT fill up--most likely the gasoline is being stirred up as the gas is being delivered, and you might pick up some of the dirt that normally settles on the bottom.

Hope this will help you get the most value for your money.

====================================================

Regarding the third item, filling your tank when half full. This is also a good cost-saving tip if prices are steadily rising. For example, let's say you generally fill your 16-gallon tank every ten days and let's say the price is rising a penny a day. You fill your tank is full on Day 0 when gas is $3.00 per gallon. If you let your tank run all the way down and fill it all the way at Day 10, you've bought 16 gallons of gasoline at $3.10 for a total price of $49.60.

Now, if you only burn half the gasoline in your tank, you will buy eight gallons at $3.05 on Day 5 and then eight more gallons on Day 10 at $3.10. You've just purchased the same 16 gallons of gasoline over the same 10-day span, but now you've only spent $49.20.

Yeah, I know, it's only 40 cents, but like all fuel economy tips, every little bit helps.

[lockmat]

====================================================

Regarding the third item, filling your tank when half full. This is also a good cost-saving tip if prices are steadily rising. For example, let's say you generally fill your 16-gallon tank every ten days and let's say the price is rising a penny a day. You fill your tank is full on Day 0 when gas is $3.00 per gallon. If you let your tank run all the way down and fill it all the way at Day 10, you've bought 16 gallons of gasoline at $3.10 for a total price of $49.60.

Now, if you only burn half the gasoline in your tank, you will buy eight gallons at $3.05 on Day 5 and then eight more gallons on Day 10 at $3.10. You've just purchased the same 16 gallons of gasoline over the same 10-day span, but now you've only spent $49.20.

Yeah, I know, it's only 40 cents, but like all fuel economy tips, every little bit helps.

I was thinking that same exact thing. I don't like getting gas, especially in the morning before work, but I think I'm gonna start tryin to do this.

I've also received an email pretty similar to this one. Yall think it's true? It sounds like it could be.

[brerrabbit]

It's true. I worked in Retail Fuel for several years and everything in the post is acurate. Only thing I would mention is you can get most of the same benifits if you gas up after 10:00 at night. (Good news for all you night owls) The temp in the tanks actually stays fairly constant as anyone with a swimming pool knows because the ground is a pretty good insulator. As far as more vapors in the heat that is very true. As far as filling up when a truck is delivering to the station that is very true. Not only does it stir up sediment but almost every underground tank has some level of moisture (read water) in them. The water settles to the bottom because it is heavier than the gas. However when a truck is delivering gas and dumping it into the tank it stirs it all up and you have a higher likelyhood of getting water in your fuel. Other fun facts: An 18 wheel tank truck that delivers to the stations hold just about 9,000 gallons of fuel and usually has two compartments for combination loads. It can carry regular and premium at the same time. Also there is not really a midgrade gas blend. Most stations have regular and premium tanks and when the sell midgrade its half regular and half premium mixed at the pump.

[jgriff]

If you do a lot of city driving you can improve your mileage by 2-3mpg just by changing a few driving habits. My car has a trip computer with instant mpg calculation. On my 5 mile drive into work I've been able to get my mileage up from 16.7mpg to 19.5mpg just by changing a few habits.

1. I look ahead for stop lights and let off the gas as soon as I know I'm going to hit one.

2. My car is a standard and I've started shifting at lower RPMs.

The less your foot is on the gas and brakes the better mileage you're going to get. The people behind me get frustrated when I'm slowing down for a stoplight, I see them whiz around me and speed up only to slam on the brakes when they get there.

[KatieDidIt]

If you do a lot of city driving you can improve your mileage by 2-3mpg just by changing a few driving habits. My car has a trip computer with instant mpg calculation. On my 5 mile drive into work I've been able to get my mileage up from 16.7mpg to 19.5mpg just by changing a few habits.

1. I look ahead for stop lights and let off the gas as soon as I know I'm going to hit one.

2. My car is a standard and I've started shifting at lower RPMs.

The less your foot is on the gas and brakes the better mileage you're going to get. The people behind me get frustrated when I'm slowing down for a stoplight, I see them whiz around me and speed up only to slam on the brakes when they get there.

Driving down Memorial I notice that gas is 20 cents cheaper outside the Beltway. A distance of 1 mile makes 20 cents difference.

[Chamo]

Ok, so Merrill Lynch is saying that Oil could hit as low as $25 temporarily; Their forecast for 2009 is now set at $50.

At $50 Houston should be still weathering the storm, but probably expect quite a slowdown in the industry.

To go back to the title of this topic, Oil will probably hit $100 per barrel again in 2011.

[Pumapayam]

Ok, so Merrill Lynch is saying that Oil could hit as low as $25 temporarily; Their forecast for 2009 is now set at $50.

At $50 Houston should be still weathering the storm, but probably expect quite a slowdown in the industry.

To go back to the title of this topic, Oil will probably hit $100 per barrel again in 2011.

I just read the same on CNN.com a few minutes ago. Sounds like a pipe dream, but so did $50 at one time.

[TheNiche]

Ok, so Merrill Lynch is saying that Oil could hit as low as $25 temporarily; Their forecast for 2009 is now set at $50.

At $50 Houston should be still weathering the storm, but probably expect quite a slowdown in the industry.

To go back to the title of this topic, Oil will probably hit $100 per barrel again in 2011.

$25 seems like a remote possibility. Demand destruction for oil is linked to the wider economy and especially to China's manufacturing sector. None of the physical supply-side constraints have gone away. When demand picks up again, the price will too. Having said that, I don't expect us to be flirting with $140ish oil again anytime soon.

If oil hits $25, I'm going heavy, long, and leveraged for unhedged E&P firms and those whose hedges expire very soon. It'd be the ultimate speculative play ever.

[rsb320]

I just hope the low cost of oil doesn't stall alternative energy projects like it did it the 80's. Otherwise, we'll end up right back where we've been the last few years.

[TJones]

So, who honestly thought that we would EVER see $1.50 gas again ? I was expecting $2.00 but not this cheap. So, when is it that AlGore said we were supposed to run out of oil ? Was it this week or next ?

I do however expect oil to go way back up as soon as the economy recovers some, and then we will get to hear all about "GLOBAL WARMING !!!" again.

[jgriff]

Ok, so Merrill Lynch is saying that Oil could hit as low as $25 temporarily; Their forecast for 2009 is now set at $50.

At $50 Houston should be still weathering the storm, but probably expect quite a slowdown in the industry.

To go back to the title of this topic, Oil will probably hit $100 per barrel again in 2011.

I work in the petrochem engineering business and the massive layoffs have already started. Projects are being canceled. Get ready for a bad 2009 and maybe a worse 2010 in Houston.

[Subdude]

At work our internal forecast is $35.

To go back to the title of this topic, Oil will probably hit $100 per barrel again in 2011.

May I ask why you think so?

[RedScare]

May I ask why you think so?

Guess he believes the world economy will have recovered by then.

[Subdude]

Yes, I understood that, only I wouldn't necessarily expect oil prices to rise that high again when the economy recovers.

[RedScare]

Yes, I understood that, only I wouldn't necessarily expect oil prices to rise that high again when the economy recovers.

Once a full recovery occurs, I would expect the same prices if we are driving the same vehicles. If last summer's $4.00 gasoline and the current recession cause the fundamental behavioral shift that some are predicting, then I would not expect prices to rise that high either. But, I don't find $100 to be unachievable in and of itself...except in this market.