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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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Author Topic: Glut of oil could push gasoline prices back down below $2 a Topic is locked Back to Topics
REPLIES (newest first)
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montana920
Champion Author Chicago

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Message Posted: Jul 4, 2009 9:31:55 AM

I hope they are right it will help us all...
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BurntOrange
Champion Author Austin

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Message Posted: Jul 4, 2009 9:31:35 AM

Wishful thinking from LaLa Land.
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indyjim
Champion Author Indianapolis

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Message Posted: Jul 4, 2009 9:31:25 AM

When pigs what?
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TwoEyes
Champion Author New Haven

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Message Posted: Jul 4, 2009 9:30:54 AM

Good! Bring it on.
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HybridPete
Champion Author Detroit

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Message Posted: Jul 4, 2009 9:30:50 AM

That would be a great kick for the economy!

[Edited by: HybridPete at 7/4/2009 10:31:02 AM EST]
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whitemiata
Champion Author Albany

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Message Posted: Jul 4, 2009 9:30:20 AM

I'd like to see that...
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Hugo40
Champion Author Kentucky

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Message Posted: Jul 4, 2009 9:28:59 AM

You are kidding, right?
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BigBobOH
Sophomore Author Cleveland

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Message Posted: Jul 4, 2009 9:27:38 AM

Still waiting!!!!
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maske_2222
Champion Author Manitoba

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Message Posted: Jul 4, 2009 9:25:19 AM

good news
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sjl08203
Champion Author New Jersey

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Message Posted: Jul 4, 2009 9:25:05 AM

I hope it happens.
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CSharpGuy
Champion Author Colorado Springs

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Message Posted: Jul 4, 2009 9:24:57 AM

Unless Obama has some say because he wants it higher.
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Lizzylou
Champion Author Stockton

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Message Posted: Jul 4, 2009 9:24:44 AM

This is good to hear!
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NatureBoyKY
Champion Author Kentucky

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Message Posted: Jul 4, 2009 9:24:00 AM

It will, after Labor Day, when the speculators have stopped running up futures prices and there is no reason to store it. STUPID!
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southjerseyal
Champion Author New Jersey

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Message Posted: Jul 4, 2009 9:22:51 AM

What is the shelf life of oil? Can it go bad like gasoline?
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Cruiser340
Champion Author Grand Rapids

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Message Posted: Jul 4, 2009 9:21:23 AM

Even if they release this we still need to conserve to keep prices lower.
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BigBobOH
Sophomore Author Cleveland

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Message Posted: Jul 4, 2009 9:21:12 AM

I'll believe it when I see it
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honda0105
Champion Author Tallahassee

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Message Posted: Jul 4, 2009 9:19:27 AM

Wishing everyone a happy and safe 4th of July and thank you to all military folks who make another safe one possible.
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CASEYJONES38
Rookie Author Ohio

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Message Posted: Jul 4, 2009 9:18:28 AM

BS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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honda0105
Champion Author Tallahassee

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Message Posted: Jul 4, 2009 9:18:23 AM

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.
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be2u
Rookie Author Maryland

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Message Posted: Jul 4, 2009 9:18:11 AM

Any day now... I'm waiting...
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Tonester1
Champion Author New Jersey

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Message Posted: Jul 4, 2009 9:14:48 AM

I wish.
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murdershewrote
Champion Author Riverside

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Message Posted: Jul 4, 2009 9:14:36 AM

happy 4th all
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snell snail
Champion Author Atlanta

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Message Posted: Jul 4, 2009 9:13:14 AM

...IF this is true, oil cartel will manipulate a crisis or panic....
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PizzaMon
Champion Author Philadelphia

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Message Posted: Jul 4, 2009 9:13:00 AM

Prices went down $.02 locally this AM. Big Deal.
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Chummy37
All-Star Author Calgary

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Message Posted: Jul 4, 2009 9:11:56 AM

Pure manipulation!
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RedRam2005
Champion Author San Antonio

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Message Posted: Jul 4, 2009 9:10:09 AM

Another round in the price cycle
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FordGuy48
Champion Author Albuquerque

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Message Posted: Jul 4, 2009 9:10:00 AM

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!
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NJColt
Champion Author New Jersey

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Message Posted: Jul 4, 2009 9:08:27 AM

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!
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biza4u
Champion Author New Haven

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Message Posted: Jul 4, 2009 9:08:27 AM

Theres been no shortage and still prices have risen
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Don20
Champion Author Oklahoma City

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Message Posted: Jul 4, 2009 9:06:40 AM

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..
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EXTREMESNOW
Champion Author Medford

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Message Posted: Jul 4, 2009 9:06:27 AM

Time will tell, hopefully soon.
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nascar9
Veteran Author Tacoma

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Message Posted: Jul 4, 2009 9:06:07 AM

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.
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bbreff
Champion Author Atlanta

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Message Posted: Jul 4, 2009 9:04:42 AM



My question is why it is so high now?

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yukonjack
Champion Author Georgia

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Message Posted: Jul 4, 2009 9:04:16 AM

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.
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915Chief
Champion Author San Diego

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Message Posted: Jul 4, 2009 9:04:02 AM

uh-huh...so why aren't we seeing a bigger drop in prices at the pump?
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cheapestgasND
Rookie Author North Dakota

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Message Posted: Jul 4, 2009 9:03:04 AM

predictions again
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Sabredude
Veteran Author New York

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Message Posted: Jul 4, 2009 8:59:52 AM

Hmmm, just paid $2.79, let's see it drop!!
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RoadhogMA
Champion Author Boston

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Message Posted: Jul 4, 2009 8:57:47 AM

Realty has set in.
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akeatts
Champion Author Tennessee

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Message Posted: Jul 4, 2009 8:57:37 AM

Conservation will keep oil in it's place.
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jayrad1957
Champion Author Los Angeles

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Message Posted: Jul 4, 2009 8:57:15 AM

I will believe it when I see it.
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Mooseman1
Champion Author Manitoba

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Message Posted: Jul 4, 2009 8:56:22 AM

More good news, if only the glut would really push down gas prices.
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Mowerman08
All-Star Author Milwaukee

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Message Posted: Jul 4, 2009 8:55:24 AM

The sooner the better.
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baitmn
Champion Author New Orleans

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Message Posted: Jul 4, 2009 8:55:03 AM

It goes to show you how much GREED they have in the oil industry.
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SSchmidty
Champion Author Illinois

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Message Posted: Jul 4, 2009 8:54:58 AM

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!
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macbeth2012
Champion Author Wisconsin

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Message Posted: Jul 4, 2009 8:54:50 AM

$.35 cent gas is about right.
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Cuzilla
Champion Author Indianapolis

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Message Posted: Jul 4, 2009 8:54:48 AM

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.
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zornave
Champion Author Louisville

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Message Posted: Jul 4, 2009 8:54:37 AM

Believe it only when you see it. I doubt that the manipulators will let it happen.
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Tatalah
Champion Author Riverside

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Message Posted: Jul 4, 2009 8:52:57 AM

Yeah, when pigs fly
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dondee118
Champion Author Kansas City

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Message Posted: Jul 4, 2009 8:52:35 AM

Can't wait for the day!
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GasHound2009
Veteran Author Dallas

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Message Posted: Jul 4, 2009 8:52:13 AM

I hope it is soon as well. I've seen prices dropping steadily here in DFW.
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rvn4me
Champion Author Texas

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Message Posted: Jul 4, 2009 8:51:34 AM

It could but it wont. People as a whole are greedy.
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Phzuyx
Sophomore Author Wichita

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Message Posted: Jul 4, 2009 8:50:15 AM

In big oil, when demand raises gas prices raise
when demand falls gas prices raise
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