Rays B4U Posted December 6, 2008 Report Share Posted December 6, 2008 Oil Could Sink Below $25 by Early 2009 Sending U.S. Gas Prices Below $1! Quote Link to comment Share on other sites More sharing options...
superredss Posted December 6, 2008 Report Share Posted December 6, 2008 thats the first i have heard of this but if gas dropped below a $1 a gallon that would be great!! Quote Link to comment Share on other sites More sharing options...
[email protected] Posted December 6, 2008 Report Share Posted December 6, 2008 reminds me of when i first got to georgia in 2001! $0.89-0.91 a gal for reg stuff, was a big change for someone that was paying $2.11+ for reg, in hawaii the day before! got my fingers crossed! Quote Link to comment Share on other sites More sharing options...
brobradh77 Posted December 6, 2008 Report Share Posted December 6, 2008 (edited) Thats horrible news people....look at the economy the price for oil is killing all kinds of buisnesses....Almost everything you do involves oil and gas in some shape or form and if you dont think it will effect you negativley you better think again.....trust me i would like cheap gas but I would rather pay $4 a gallon and now I/we all have a job....Its tuff to put $1 a gallon gas in a car with no money or job. My job is in the oil/gas field and last week a gallon of gas was cheaper than a gallon of oil...Think about that for a minute...what is gas made from? Edited December 6, 2008 by brobradh77 (see edit history) Quote Link to comment Share on other sites More sharing options...
WODY'S GIRL Posted December 6, 2008 Report Share Posted December 6, 2008 Thats horrible news people....look at the economy the price for oil is killing all kinds of buisnesses....Almost everything you do involves oil and gas in some shape or form and if you dont think it will effect you negativley you better think again.....trust me i would like cheap gas but I would rather pay $4 a gallon and now I/we all have a job....Its tuff ti out $1 a gallon gas in a car with no money or job. My job is in the oil/gas field and last week a gallon of gas was cheaper than a gallon of oil...Think about that for a minute...what is gas made from? Gas was below a $1 a gallon for years. whats makes it not ok now?? Quote Link to comment Share on other sites More sharing options...
fxstsmith Posted December 6, 2008 Report Share Posted December 6, 2008 Brad has a point here... Our economy does the best when oil is around 70-80 dollars a barrell. Quote Link to comment Share on other sites More sharing options...
misterp Posted December 6, 2008 Report Share Posted December 6, 2008 (edited) At the surface it would seem a good thing that your dollar buys you more than it used to. BUT look at the situation this way: if you already are today in a loan making payments on a house at $1400/month - last summer's $1400/month payment was equivalent to 10 barrels of oil (then at $140/barrel), view it as instead of giving the bank $1400 one-dollar-bills every month you are paying them with 10 barrels of oil per month. TODAY's $1400/month is now equivalent to over 20 barrels of oil, you are right now giving the bank twice the wealth each month than you used to - twice as much wealth per month than you agreed to. Your interest rate has (artificially) just skyrocketed; the bank can take your $1400 today and get a hell of a lot more for that money (almost double) than six months ago. If you feel I am flawed using the price of oil as a base then substitute whatever commodity you wish (silver, gold, beef, rubber pencil erasers, whatever hell I dunno) and you will find the bottom-line fact is the same - if you are making payments then deflation is going to crucify you. ANOTHER thought - why is the market still falling? Because traders are goddamned smart and they know if they buy an investment today it will be worth less tomorrow; so they are waiting for the bottom to completely fall out of the bucket so that when they DO decide to buy shares of a company stock they will see gains, and while they wait they will buy liquid assets so that when prospective investment returns they can quickly cash that stuff out and pour it back into investing. In the meantime, corporate and financial America flop on the deck like fish out of water. i.e. no new jobs, no new products, stagnation. Right now is not the time to be making payments on a house or car or large credit card debt; it is too late, it will now take you twice as long to get out of debt in the economy that is about to unfold this winter. Get out of debt FAST. Mr. P. Edited December 6, 2008 by Mr. P. (see edit history) Quote Link to comment Share on other sites More sharing options...
CoolBlueSS Posted December 6, 2008 Report Share Posted December 6, 2008 I do think we, as a country, need to be debt free. Your/our financial situation will be much stronger being debt free. Think of what you can do with your paychech if you owned everthing you're paying for right now. The big reason we're in the situation we're in right now is greed. Pure and simple. All these goobers on Wall St, and Washington have been playing games with mortgages and whatever else, and now we're all suffering. Here's a good article on the economy. economy Quote Link to comment Share on other sites More sharing options...
brobradh77 Posted December 6, 2008 Report Share Posted December 6, 2008 Brad has a point here... Our economy does the best when oil is around 70-80 dollars a barrell. At the surface it would seem a good thing that your dollar buys you more than it used to. BUT look at the situation this way: if you already are today in a loan making payments on a house at $1400/month - last summer's $1400/month payment was equivalent to 10 barrels of oil (then at $140/barrel), view it as instead of giving the bank $1400 one-dollar-bills every month you are paying them with 10 barrels of oil per month. TODAY's $1400/month is now equivalent to over 20 barrels of oil, you are right now giving the bank twice the wealth each month than you used to - twice as much wealth per month than you agreed to. Your interest rate has (artificially) just skyrocketed; the bank can take your $1400 today and get a hell of a lot more for that money (almost double) than six months ago. If you feel I am flawed using the price of oil as a base then substitute whatever commodity you wish (silver, gold, beef, rubber pencil erasers, whatever hell I dunno) and you will find the bottom-line fact is the same - if you are making payments then deflation is going to crucify you. ANOTHER thought - why is the market still falling? Because traders are goddamned smart and they know if they buy an investment today it will be worth less tomorrow; so they are waiting for the bottom to completely fall out of the bucket so that when they DO decide to buy shares of a company stock they will see gains, and while they wait they will buy liquid assets so that when prospective investment returns they can quickly cash that stuff out and pour it back into investing. In the meantime, corporate and financial America flop on the deck like fish out of water. i.e. no new jobs, no new products, stagnation. Right now is not the time to be making payments on a house or car or large credit card debt; it is too late, it will now take you twice as long to get out of debt in the economy that is about to unfold this winter. Get out of debt FAST. Mr. P. Exactly...guys I couldnt have said it any better....I know on the outside looking in we all want cheaper gas...I assure you I like the fact I can fill my truck up on $40 with the good stuff versus $100.....But as I do it I wonder if I am going to be the next statistic in this economy...Just here in my city of 100,000 people we have lost two big employers and every night it seems someone else here is laying off..we have a couple of thousand of layoffs here in a short time and its scary....I got my degree and alsways figured I would not have any trouble finding work but with all these plants closing and layoffs the market will now be flooded with engineers and the like when a year ago they couldnt find enough. Quote Link to comment Share on other sites More sharing options...
1BAD2K Posted December 6, 2008 Report Share Posted December 6, 2008 At the surface it would seem a good thing that your dollar buys you more than it used to. BUT look at the situation this way: if you already are today in a loan making payments on a house at $1400/month - last summer's $1400/month payment was equivalent to 10 barrels of oil (then at $140/barrel), view it as instead of giving the bank $1400 one-dollar-bills every month you are paying them with 10 barrels of oil per month. TODAY's $1400/month is now equivalent to over 20 barrels of oil, you are right now giving the bank twice the wealth each month than you used to - twice as much wealth per month than you agreed to. Your interest rate has (artificially) just skyrocketed; the bank can take your $1400 today and get a hell of a lot more for that money (almost double) than six months ago. If you feel I am flawed using the price of oil as a base then substitute whatever commodity you wish (silver, gold, beef, rubber pencil erasers, whatever hell I dunno) and you will find the bottom-line fact is the same - if you are making payments then deflation is going to crucify you. ANOTHER thought - why is the market still falling? Because traders are goddamned smart and they know if they buy an investment today it will be worth less tomorrow; so they are waiting for the bottom to completely fall out of the bucket so that when they DO decide to buy shares of a company stock they will see gains, and while they wait they will buy liquid assets so that when prospective investment returns they can quickly cash that stuff out and pour it back into investing. In the meantime, corporate and financial America flop on the deck like fish out of water. i.e. no new jobs, no new products, stagnation. Right now is not the time to be making payments on a house or car or large credit card debt; it is too late, it will now take you twice as long to get out of debt in the economy that is about to unfold this winter. Get out of debt FAST. Mr. P. WELL PUT!! most people dont realize this. its scary to me how much and fast gas is dropping. Quote Link to comment Share on other sites More sharing options...
F1SSS Posted December 7, 2008 Report Share Posted December 7, 2008 I am honestly not surprised about these gas prices, I am just worried for the economy ($1 gallon of gasoline like BroBrad, Mr. P said) and then I am scared congress wont help out the big three (think were in a recession now.....wait if the big 3 fold). This seems to be the beginning of it and the pieces are slowly falling together imo. Congress needs to act. I heard on the first of january gas will drop below $1 gallon. Quote Link to comment Share on other sites More sharing options...
70chevy03ss Posted December 7, 2008 Report Share Posted December 7, 2008 I don't think that we congress should help out the big 3. thats all I will say. but I did hear that mobil said that there is a 25% chance we will all see the gas prices down to 1. Quote Link to comment Share on other sites More sharing options...
mcmahan Posted December 7, 2008 Report Share Posted December 7, 2008 (edited) hey ray lets ray this happens lol cause its still hard to feed my truck lol Edited December 7, 2008 by McMahan (see edit history) Quote Link to comment Share on other sites More sharing options...
hndaklr Posted December 8, 2008 Report Share Posted December 8, 2008 I don't know, I guess I'm just young and naive. I personally don't think low gas prices will hurt anything other than oil based companies. I work for a company that builds pumping units and power transmissions. I know that our orders are down and that we will feel a crunch sooner or later, but on the whole, I do notice prices in stores coming back down. Shipping prices drive 90% of retail prices and with cheaper freight, prices can come back down. People can consider purchasing vehicles (given they can get credit during this economy). Jobs can be created during a low oil price economy. I do know that I have more money left over every month now and the only bill that has changed is what I pay each month on fuel.... everything else is the same. The reason everything seems to cost more is because our government created $700 billion dollars of imaginary money and started giving it to every one. What the hell does that do besides lower the value of the already existing money? "A government trying to tax it's way out of debt is like trying to stand in a bucket and pick yourself up by the handle." The country sucks because everything is ridiculous over inflated and we were lead to believe that we could afford things that we really can't and then when they decide we can't really afford it all the banks want to start collecting. All the interest rates go up and lending goes down. We haven't felt it much here in my local economy everything is about the same as it has always been, but then again we never had people paying $500k for a $100k house just because it's on a better block and other things of that nature. Quote Link to comment Share on other sites More sharing options...
fast4popper Posted December 8, 2008 Report Share Posted December 8, 2008 call me dumb to the whole situation, but i thought our american dollar was based on GOLD not Oil? my how times have changed i guess! it just seems like now we all are worried about Oil, i know its what makes the world go round but face it, our country controls everything about us! Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.