GasBuddy News Article

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Glut of oil could push gasoline prices back down below $2 a

L.A. Times -- Energy experts say oil supply is outstripping demand. Eventually suppliers will tire of paying to store all of the surplus oil and flood the market, they predict.

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Submitted Jul 04, 2009 By: DeelSeeker

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montana920 Champion Author Chicago Posts:3,509 Points:678,450 Joined:Oct 2008	Message Posted: Jul 4, 2009 10:31:55 AM Ignore montana920 Report Abuse I hope they are right it will help us all...
BurntOrange Champion Author Austin Posts:2,519 Points:613,840 Joined:Nov 2007	Message Posted: Jul 4, 2009 10:31:35 AM Ignore BurntOrange Report Abuse Wishful thinking from LaLa Land.
indyjim Champion Author Indianapolis Posts:4,742 Points:1,345,670 Joined:Jul 2006	Message Posted: Jul 4, 2009 10:31:25 AM Ignore indyjim Report Abuse When pigs what?
TwoEyes Champion Author New Haven Posts:1,683 Points:1,725,310 Joined:May 2005	Message Posted: Jul 4, 2009 10:30:54 AM Ignore TwoEyes Report Abuse Good! Bring it on.
HybridPete Champion Author Detroit Posts:4,542 Points:890,020 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:30:50 AM Ignore HybridPete Report Abuse That would be a great kick for the economy! [Edited by: HybridPete at 7/4/2009 10:31:02 AM EST]
whitemiata Champion Author Albany Posts:7,579 Points:1,653,700 Joined:Mar 2005	Message Posted: Jul 4, 2009 10:30:20 AM Ignore whitemiata Report Abuse I'd like to see that...
Hugo40 Champion Author Kentucky Posts:2,723 Points:647,010 Joined:Aug 2008	Message Posted: Jul 4, 2009 10:28:59 AM Ignore Hugo40 Report Abuse You are kidding, right?
BigBobOH Sophomore Author Cleveland Posts:217 Points:102,710 Joined:Mar 2009	Message Posted: Jul 4, 2009 10:27:38 AM Ignore BigBobOH Report Abuse Still waiting!!!!
maske_2222 Champion Author Manitoba Posts:3,103 Points:643,140 Joined:Oct 2008	Message Posted: Jul 4, 2009 10:25:19 AM Ignore maske_2222 Report Abuse good news
sjl08203 Champion Author New Jersey Posts:4,064 Points:970,315 Joined:Aug 2005	Message Posted: Jul 4, 2009 10:25:05 AM Ignore sjl08203 Report Abuse I hope it happens.
CSharpGuy Champion Author Colorado Springs Posts:4,544 Points:922,635 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:24:57 AM Ignore CSharpGuy Report Abuse Unless Obama has some say because he wants it higher.
Lizzylou Champion Author Stockton Posts:4,514 Points:1,499,880 Joined:Oct 2005	Message Posted: Jul 4, 2009 10:24:44 AM Ignore Lizzylou Report Abuse This is good to hear!
NatureBoyKY Champion Author Kentucky Posts:1,875 Points:616,940 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:24:00 AM Ignore NatureBoyKY Report Abuse It will, after Labor Day, when the speculators have stopped running up futures prices and there is no reason to store it. STUPID!
southjerseyal Champion Author New Jersey Posts:8,725 Points:1,217,440 Joined:Mar 2005	Message Posted: Jul 4, 2009 10:22:51 AM Ignore southjerseyal Report Abuse What is the shelf life of oil? Can it go bad like gasoline?
Cruiser340 Champion Author Grand Rapids Posts:7,509 Points:1,813,035 Joined:May 2004	Message Posted: Jul 4, 2009 10:21:23 AM Ignore Cruiser340 Report Abuse Even if they release this we still need to conserve to keep prices lower.
BigBobOH Sophomore Author Cleveland Posts:217 Points:102,710 Joined:Mar 2009	Message Posted: Jul 4, 2009 10:21:12 AM Ignore BigBobOH Report Abuse I'll believe it when I see it
honda0105 Champion Author Tallahassee Posts:10,709 Points:627,400 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:19:27 AM Ignore honda0105 Report Abuse Wishing everyone a happy and safe 4th of July and thank you to all military folks who make another safe one possible.
CASEYJONES38 Rookie Author Ohio Posts:1 Points:380,695 Joined:Dec 2007	Message Posted: Jul 4, 2009 10:18:28 AM Ignore CASEYJONES38 Report Abuse BS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
honda0105 Champion Author Tallahassee Posts:10,709 Points:627,400 Joined:Nov 2008	Message Posted: Jul 4, 2009 10:18:23 AM Ignore honda0105 Report Abuse snell_snail: you're so right. Big Oil will NEVER allow prices to fall beyond $2.00 although I saw $1.95 on a recent trip through GA. But it was one rogue station only.
be2u Rookie Author Maryland Posts:9 Points:452,755 Joined:Jun 2008	Message Posted: Jul 4, 2009 10:18:11 AM Ignore be2u Report Abuse Any day now... I'm waiting...
Tonester1 Champion Author New Jersey Posts:7,632 Points:1,364,170 Joined:Oct 2006	Message Posted: Jul 4, 2009 10:14:48 AM Ignore Tonester1 Report Abuse I wish.
murdershewrote Champion Author Riverside Posts:4,617 Points:1,630,285 Joined:Mar 2005	Message Posted: Jul 4, 2009 10:14:36 AM Ignore murdershewrote Report Abuse happy 4th all
snell snail Champion Author Atlanta Posts:1,878 Points:1,687,595 Joined:Feb 2004	Message Posted: Jul 4, 2009 10:13:14 AM Ignore snell snail Report Abuse ...IF this is true, oil cartel will manipulate a crisis or panic....
PizzaMon Champion Author Philadelphia Posts:2,183 Points:953,110 Joined:Jun 2006	Message Posted: Jul 4, 2009 10:13:00 AM Ignore PizzaMon Report Abuse Prices went down $.02 locally this AM. Big Deal.
Chummy37 All-Star Author Calgary Posts:845 Points:453,775 Joined:Jan 2008	Message Posted: Jul 4, 2009 10:11:56 AM Ignore Chummy37 Report Abuse Pure manipulation!
RedRam2005 Champion Author San Antonio Posts:3,544 Points:600,525 Joined:Dec 2007	Message Posted: Jul 4, 2009 10:10:09 AM Ignore RedRam2005 Report Abuse Another round in the price cycle
FordGuy48 Champion Author Albuquerque Posts:1,216 Points:469,190 Joined:Jul 2005	Message Posted: Jul 4, 2009 10:10:00 AM Ignore FordGuy48 Report Abuse Just wait, let's see if the likes of Goldman Sachs can figure a spin on this! This does sound like our conserving is working though!
NJColt Champion Author New Jersey Posts:7,830 Points:1,669,555 Joined:Aug 2005	Message Posted: Jul 4, 2009 10:08:27 AM Ignore NJColt Report Abuse thy should of never gotten this high, now they are CHOKING on their supply. I hope we conserve so much to render oil practically WORTHLESS!
biza4u Champion Author New Haven Posts:3,596 Points:654,480 Joined:Jan 2007	Message Posted: Jul 4, 2009 10:08:27 AM Ignore biza4u Report Abuse Theres been no shortage and still prices have risen
Don20 Champion Author Oklahoma City Posts:4,724 Points:1,643,825 Joined:Mar 2005	Message Posted: Jul 4, 2009 10:06:40 AM Ignore Don20 Report Abuse I guess our conserving and done some good in our favor. The people that own those tankers off shore full of oil must be getting jittery. If oil was $20.00 a brl it would do a lot to increase economy recovery.. Pump price for regular this morning was $2.09 the lowest.. Many station between that and $2.39..
EXTREMESNOW Champion Author Medford Posts:4,500 Points:947,785 Joined:Jul 2006	Message Posted: Jul 4, 2009 10:06:27 AM Ignore EXTREMESNOW Report Abuse Time will tell, hopefully soon.
nascar9 Veteran Author Tacoma Posts:416 Points:164,970 Joined:May 2008	Message Posted: Jul 4, 2009 10:06:07 AM Ignore nascar9 Report Abuse Gas prices around here have remained steady. They got it to &3.00 and they will leave it there as long as they can get away with it.
bbreff Champion Author Atlanta Posts:5,154 Points:1,635,120 Joined:Jun 2005	Message Posted: Jul 4, 2009 10:04:42 AM Ignore bbreff Report Abuse My question is why it is so high now?
yukonjack Champion Author Georgia Posts:4,384 Points:1,138,295 Joined:Oct 2004	Message Posted: Jul 4, 2009 10:04:16 AM Ignore yukonjack Report Abuse What was it? Five days ago, oil supplies were dropping quickly and the price of oil was escalating. Now we have an excess of supply. HMMMM. Sounds like the politicians are back at it with their 'Look what we did' actions.
915Chief Champion Author San Diego Posts:3,620 Points:710,825 Joined:Aug 2008	Message Posted: Jul 4, 2009 10:04:02 AM Ignore 915Chief Report Abuse uh-huh...so why aren't we seeing a bigger drop in prices at the pump?
cheapestgasND Rookie Author North Dakota Posts:41 Points:259,315 Joined:Dec 2008	Message Posted: Jul 4, 2009 10:03:04 AM Ignore cheapestgasND Report Abuse predictions again
Sabredude Veteran Author New York Posts:400 Points:711,125 Joined:Dec 2007	Message Posted: Jul 4, 2009 9:59:52 AM Ignore Sabredude Report Abuse Hmmm, just paid $2.79, let's see it drop!!
RoadhogMA Champion Author Boston Posts:2,064 Points:471,650 Joined:Dec 2008	Message Posted: Jul 4, 2009 9:57:47 AM Ignore RoadhogMA Report Abuse Realty has set in.
akeatts Champion Author Tennessee Posts:1,343 Points:271,000 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:57:37 AM Ignore akeatts Report Abuse Conservation will keep oil in it's place.
jayrad1957 Champion Author Los Angeles Posts:7,679 Points:619,215 Joined:Nov 2008	Message Posted: Jul 4, 2009 9:57:15 AM Ignore jayrad1957 Report Abuse I will believe it when I see it.
Mooseman1 Champion Author Manitoba Posts:5,530 Points:929,670 Joined:Jul 2007	Message Posted: Jul 4, 2009 9:56:22 AM Ignore Mooseman1 Report Abuse More good news, if only the glut would really push down gas prices.
Mowerman08 All-Star Author Milwaukee Posts:959 Points:429,700 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:55:24 AM Ignore Mowerman08 Report Abuse The sooner the better.
baitmn Champion Author New Orleans Posts:3,993 Points:1,126,000 Joined:Sep 2006	Message Posted: Jul 4, 2009 9:55:03 AM Ignore baitmn Report Abuse It goes to show you how much GREED they have in the oil industry.
SSchmidty Champion Author Illinois Posts:4,311 Points:815,365 Joined:Mar 2008	Message Posted: Jul 4, 2009 9:54:58 AM Ignore SSchmidty Report Abuse Actually, start X-ing off the months until 2012 ... the year that pig-oil prime minister (saudi Arbia stated in 7/12/08 press release in Australia that the demand for oil will be dropping .... Hummm!
macbeth2012 Champion Author Wisconsin Posts:1,783 Points:336,985 Joined:Jan 2009	Message Posted: Jul 4, 2009 9:54:50 AM Ignore macbeth2012 Report Abuse $.35 cent gas is about right.
Cuzilla Champion Author Indianapolis Posts:8,798 Points:1,546,540 Joined:Sep 2005	Message Posted: Jul 4, 2009 9:54:48 AM Ignore Cuzilla Report Abuse There is a glut of oil but there is not a glut of refining capacity. The Eco-Nazis and NIMBYs have done a good job at restricting new refineries in the US.
zornave Champion Author Louisville Posts:13,887 Points:2,204,540 Joined:Jul 2001	Message Posted: Jul 4, 2009 9:54:37 AM Ignore zornave Report Abuse Believe it only when you see it. I doubt that the manipulators will let it happen.
Tatalah Champion Author Riverside Posts:5,721 Points:1,498,410 Joined:May 2003	Message Posted: Jul 4, 2009 9:52:57 AM Ignore Tatalah Report Abuse Yeah, when pigs fly
dondee118 Champion Author Kansas City Posts:3,988 Points:742,190 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:52:35 AM Ignore dondee118 Report Abuse Can't wait for the day!
GasHound2009 Veteran Author Dallas Posts:287 Points:109,280 Joined:May 2009	Message Posted: Jul 4, 2009 9:52:13 AM Ignore GasHound2009 Report Abuse I hope it is soon as well. I've seen prices dropping steadily here in DFW.
rvn4me Champion Author Texas Posts:1,872 Points:550,935 Joined:Jan 2009	Message Posted: Jul 4, 2009 9:51:34 AM Ignore rvn4me Report Abuse It could but it wont. People as a whole are greedy.
Phzuyx Sophomore Author Wichita Posts:149 Points:77,150 Joined:May 2008	Message Posted: Jul 4, 2009 9:50:15 AM Ignore Phzuyx Report Abuse In big oil, when demand raises gas prices raise when demand falls gas prices raise