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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
Category: Daily News Article Discussions > Topics Add to favorite topics   Post new topicPost New Topic
Author Topic: Glut of oil could push gasoline prices back down below $2 a Post a Reply Back to Topics
REPLIES (newest first)
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montana920 Car icon
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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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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Champion Author Indianapolis

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

When pigs what?
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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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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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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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Champion Author Kentucky

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

You are kidding, right?
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Sophomore Author Cleveland

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

Still waiting!!!!
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Champion Author Manitoba

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

good news
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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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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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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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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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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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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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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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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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Rookie Author Ohio

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

BS !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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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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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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Champion Author New Jersey

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

I wish.
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Champion Author Riverside

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

happy 4th all
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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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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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Veteran Author Calgary

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

Pure manipulation!
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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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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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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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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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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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Champion Author Oregon

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

Time will tell, hopefully soon.
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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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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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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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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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Rookie Author North Dakota

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

predictions again
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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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All-Star Author Boston

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

Realty has set in.
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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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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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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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Veteran Author Milwaukee

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

The sooner the better.
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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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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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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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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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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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Champion Author Riverside

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

Yeah, when pigs fly
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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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Sophomore 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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All-Star 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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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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