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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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
AC-302 Champion Author Los Angeles Posts:14,826 Points:1,942,710 Joined:Aug 2004	Message Posted: Jul 4, 2009 9:48:43 AM Ignore AC-302 Report Abuse OIl ought to be about $35/bbl, and gasoline ought to be $1.49 to about $1.75/gallon. I'll be happy to see it get to two bucks.
kruk Champion Author London Posts:2,843 Points:332,715 Joined:Jan 2007	Message Posted: Jul 4, 2009 9:48:25 AM Ignore kruk Report Abuse hope it will be soon
Somis1 Champion Author Ventura Posts:8,318 Points:1,659,440 Joined:Jul 2005	Message Posted: Jul 4, 2009 9:47:35 AM Ignore Somis1 Report Abuse $20 a barrel by the end of the year, huh? I'll believe THAT when I see it.
Number43 Champion Author Lexington Posts:3,492 Points:676,175 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:47:17 AM Ignore Number43 Report Abuse The bubble will pop.
dick57 Veteran Author Winnipeg Posts:256 Points:95,945 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:47:11 AM Ignore dick57 Report Abuse I'll believe it when I see it - at the pump where it counts!
reb4 Champion Author Chicago Posts:7,492 Points:842,345 Joined:Sep 2004	Message Posted: Jul 4, 2009 9:46:53 AM Ignore reb4 Report Abuse Writer is forgetting the "greed" factor and the fact that it pays to give allusion that the glut is not there.... I don't see it going down, and will be happy if it does...
carlsonguitars Champion Author Portland Posts:4,205 Points:696,095 Joined:Jan 2008	Message Posted: Jul 4, 2009 9:46:43 AM Ignore carlsonguitars Report Abuse Well, we have had a SURPLUS of oil for the past year, but yet prices spiked up like they did.... there are no definites, obviously!!!!! Oil SHOULD be selling around $30 to $35 a barrel, but that isn't happening either now, IS IT??!?!?!?!
JadeKY Champion Author Louisville Posts:3,766 Points:749,705 Joined:May 2008	Message Posted: Jul 4, 2009 9:44:41 AM Ignore JadeKY Report Abuse That would help a lot, keep conserving.
spunky4443 Champion Author Washington Posts:3,999 Points:1,048,195 Joined:May 2005	Message Posted: Jul 4, 2009 9:44:06 AM Ignore spunky4443 Report Abuse We've had an over abundance of Oil, but the prices still went up.
DrivingFool2 Champion Author Wisconsin Posts:3,461 Points:643,790 Joined:Apr 2005	Message Posted: Jul 4, 2009 9:43:56 AM Ignore DrivingFool2 Report Abuse They need new innovative ways to store the crude. Maybe rent out peoples bathtubs.
DeepInOhio Champion Author Ohio Posts:1,930 Points:626,530 Joined:May 2008	Message Posted: Jul 4, 2009 9:43:42 AM Ignore DeepInOhio Report Abuse I'll have to see it to believe it.
hauler43 Champion Author Oakland Posts:4,804 Points:1,852,555 Joined:Sep 2003	Message Posted: Jul 4, 2009 9:42:33 AM Ignore hauler43 Report Abuse Don't hold your breath. Oil companies are use to billions of dollars in profits and that's not going to change.
CallJeffCa Champion Author Oakland Posts:2,102 Points:513,345 Joined:Oct 2007	Message Posted: Jul 4, 2009 9:42:20 AM Ignore CallJeffCa Report Abuse Do it quickly, I am moving my parents across country at the end of the month. :-)
Jamer Champion Author Orange County Posts:3,962 Points:696,525 Joined:Jul 2002	Message Posted: Jul 4, 2009 9:42:02 AM Ignore Jamer Report Abuse I'm waiting for that day to come.
StuCoFromage37 All-Star Author Illinois Posts:689 Points:109,055 Joined:May 2009	Message Posted: Jul 4, 2009 9:41:51 AM Ignore StuCoFromage37 Report Abuse I've heard this before. I do think gas will probably drop below $2 again, and it will be glorious when it does.
VetteBlue Champion Author San Jose Posts:5,471 Points:1,118,560 Joined:Jan 2007	Message Posted: Jul 4, 2009 9:40:38 AM Ignore VetteBlue Report Abuse We have had the oil glut for a long time. It has not keep prices from going up a lot.
Lonewolftx Champion Author Houston Posts:7,574 Points:1,504,490 Joined:Sep 2005	Message Posted: Jul 4, 2009 9:40:13 AM Ignore Lonewolftx Report Abuse Yeah, it will come after the summer driving season, mark my words.
tazdriver Champion Author Huntsville Posts:4,892 Points:1,178,250 Joined:Jan 2007	Message Posted: Jul 4, 2009 9:40:02 AM Ignore tazdriver Report Abuse These types of articles are just setting us up for more obamination and desolation translated into price hikes. Gas should be near $1.00 a gallon with the record supplies and low demand.
OilHo Champion Author Ontario Posts:6,226 Points:1,220,440 Joined:Jul 2006	Message Posted: Jul 4, 2009 9:39:22 AM Ignore OilHo Report Abuse Oil is over priced.
Grismer Champion Author Kitchener-Waterloo Posts:3,687 Points:762,665 Joined:Apr 2008	Message Posted: Jul 4, 2009 9:39:05 AM Ignore Grismer Report Abuse For this weekend pump prices remain relatively stable. Enjoy while you can and don't be concerned about "expert" predictions.
dollarwatcher Champion Author Wisconsin Posts:2,982 Points:558,775 Joined:Mar 2007	Message Posted: Jul 4, 2009 9:38:11 AM Ignore dollarwatcher Report Abuse On this site yesterday was an article saying just the opposite. Who to believe?
TeachR06 Champion Author Raleigh Posts:3,535 Points:1,012,760 Joined:Sep 2006	Message Posted: Jul 4, 2009 9:37:19 AM Ignore TeachR06 Report Abuse Nah.....somehow, this will make gas go up in the weird scheme of things. We'll have to pay a surcharge for storage on each gallon we buy!
SgtWalleye Veteran Author Iowa Posts:338 Points:152,695 Joined:Mar 2007	Message Posted: Jul 4, 2009 9:36:17 AM Ignore SgtWalleye Report Abuse There are oil tankers out floating with millions of barrels of crude. I hope the greedy blokes take a huge loss on it. [Edited by: SgtWalleye at 7/4/2009 9:36:35 AM EST]
goldilox88 Champion Author Montreal Posts:2,233 Points:620,580 Joined:Jun 2008	Message Posted: Jul 4, 2009 9:36:15 AM Ignore goldilox88 Report Abuse Gas is only going up!
VDubBill All-Star Author Jacksonville Posts:999 Points:484,575 Joined:May 2008	Message Posted: Jul 4, 2009 9:36:01 AM Ignore VDubBill Report Abuse So, they're running out of storage tankers?
cathevan Champion Author Manitoba Posts:2,132 Points:523,105 Joined:May 2007	Message Posted: Jul 4, 2009 9:35:59 AM Ignore cathevan Report Abuse well they been arisin pretty steady
mk9999 Champion Author Rochester Posts:2,952 Points:691,245 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:35:17 AM Ignore mk9999 Report Abuse Let's hope.
1RedJellyBean Veteran Author Greensboro Posts:452 Points:208,925 Joined:Jan 2009	Message Posted: Jul 4, 2009 9:33:25 AM Ignore 1RedJellyBean Report Abuse HAPPY BIRTHDAY AMERICA!!! And THANK YOU to our Men and Women in the Armed Forces keeping us FREE! God BLESS You All!!
TXGasPriceSpy Champion Author Fort Worth Posts:2,661 Points:499,545 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:33:23 AM Ignore TXGasPriceSpy Report Abuse I hope that this article is more than wishful thinking. It almost sounds too good to be true. Don't forget, it's only someone's opinion. Don't believe everything you read, then you won't be disappointed.
saveongasNC Champion Author North Carolina Posts:3,287 Points:721,000 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:30:42 AM Ignore saveongasNC Report Abuse Buy less pay less!
throttle Champion Author Maryland Posts:7,847 Points:1,650,205 Joined:Jul 2004	Message Posted: Jul 4, 2009 9:28:25 AM Ignore throttle Report Abuse The author is trying to be rational in an irrational market.
Theczecho Champion Author Long Island Posts:1,547 Points:445,030 Joined:Aug 2008	Message Posted: Jul 4, 2009 9:27:29 AM Ignore Theczecho Report Abuse Hurricane season will bail them out.
AvantiMick Champion Author Indiana Posts:8,006 Points:1,599,420 Joined:Dec 2005	Message Posted: Jul 4, 2009 9:27:22 AM Ignore AvantiMick Report Abuse Sure, but the oil companies will find a way to raise gasoline!!
Fataugie Veteran Author Rochester Posts:438 Points:247,015 Joined:Oct 2006	Message Posted: Jul 4, 2009 9:26:38 AM Ignore Fataugie Report Abuse Not if Barrack has anything to say about it.
tankneverfull Champion Author Charlotte Posts:4,217 Points:825,495 Joined:Apr 2008	Message Posted: Jul 4, 2009 9:25:45 AM Ignore tankneverfull Report Abuse More garbage about a gas issue that I am sure nobody believes is real or being truthfully told.
captngasTN Champion Author Tennessee Posts:1,730 Points:424,265 Joined:Jun 2009	Message Posted: Jul 4, 2009 9:25:04 AM Ignore captngasTN Report Abuse Finally the "experts" state the obvious -supply and demand. Stange how this finite amount of natural resources is now a glut.
jmg144 Champion Author Maryland Posts:6,735 Points:2,004,030 Joined:Jul 2004	Message Posted: Jul 4, 2009 9:24:44 AM Ignore jmg144 Report Abuse They are waiting for another major incident to occur
njteech Champion Author New Jersey Posts:7,783 Points:1,777,855 Joined:Aug 2004	Message Posted: Jul 4, 2009 9:24:38 AM Ignore njteech Report Abuse CONSERVE!!!!!!
gasie1 Champion Author Maine Posts:5,616 Points:1,566,090 Joined:Nov 2005	Message Posted: Jul 4, 2009 9:24:18 AM Ignore gasie1 Report Abuse Go ahead and make my day. Flood the market.
BHSJackson Veteran Author Indiana Posts:385 Points:131,680 Joined:Mar 2008	Message Posted: Jul 4, 2009 9:23:19 AM Ignore BHSJackson Report Abuse Why would they stop storing it? It's paying off handsomely.
DABEE1073 Champion Author San Diego Posts:2,968 Points:594,510 Joined:Jun 2008	Message Posted: Jul 4, 2009 9:23:10 AM Ignore DABEE1073 Report Abuse KEEP CONSERVING. WE'LL BEAT THE BAST__D'S YET.
puzzledperson All-Star Author Pennsylvania Posts:583 Points:740,875 Joined:Apr 2008	Message Posted: Jul 4, 2009 9:22:54 AM Ignore puzzledperson Report Abuse Good that's where gas prices need to be. These high prices for gas is just redicious.
VDubBill All-Star Author Jacksonville Posts:999 Points:484,575 Joined:May 2008	Message Posted: Jul 4, 2009 9:22:50 AM Ignore VDubBill Report Abuse I won't believe it until I see the bum on the corner with a sign, "Will speculate oil prices for food."
lightbulbman2008 Champion Author Worcester Posts:43,245 Points:649,335 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:22:45 AM Ignore lightbulbman2008 Report Abuse seeing is believing
gasman50 Champion Author Portland Posts:3,904 Points:1,432,690 Joined:Nov 2005	Message Posted: Jul 4, 2009 9:21:21 AM Ignore gasman50 Report Abuse Time will tell
armstrmb Champion Author Houston Posts:5,321 Points:1,109,705 Joined:Jun 2007	Message Posted: Jul 4, 2009 9:21:04 AM Ignore armstrmb Report Abuse I am really tired of articles on what could happen and what experts say might happen.
unloquacious Champion Author Indiana Posts:1,560 Points:697,640 Joined:May 2005	Message Posted: Jul 4, 2009 9:20:16 AM Ignore unloquacious Report Abuse marinasgrandpa, you hit the nail on the head! Another brilliant article from L.A. Times... [Edited by: unloquacious at 7/4/2009 9:21:53 AM EST]
Lengas Champion Author Gary Posts:8,365 Points:1,737,125 Joined:Nov 2004	Message Posted: Jul 4, 2009 9:19:54 AM Ignore Lengas Report Abuse What are you waiting for?
marinasgrandpa All-Star Author Atlanta Posts:791 Points:354,350 Joined:Oct 2008	Message Posted: Jul 4, 2009 9:18:09 AM Ignore marinasgrandpa Report Abuse if they thought they would tire paying the storage costs they wouldn't have started it-we consumers will be the ones paying for the storage with gas prices inflated by those same storage costs-the consumer gets the shaft once again
BumbleBeeOK Champion Author Oklahoma City Posts:2,310 Points:398,460 Joined:Sep 2008	Message Posted: Jul 4, 2009 9:17:45 AM Ignore BumbleBeeOK Report Abuse Eventually suppliers will tire of paying to store all of the surplus oil and flood the market, they predict. Wow, hurry and flood the market.