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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Lengas Champion Author Gary Posts:6,760 Points:1,453,610 Joined:Nov 2004	Message Posted: Jul 4, 2009 8:19:54 AM Ignore Lengas Report Abuse What are you waiting for?
marinasgrandpa All-Star Author Atlanta Posts:757 Points:236,195 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:18:09 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:1,372 Points:223,285 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:17:45 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.
ironbox_sara Champion Author Albany Posts:3,291 Points:1,027,160 Joined:Mar 2006	Message Posted: Jul 4, 2009 8:16:18 AM Ignore ironbox_sara Report Abuse Oh the poor oil companies.
largobob Champion Author Tampa Posts:11,380 Points:2,116,160 Joined:Dec 2003	Message Posted: Jul 4, 2009 8:15:24 AM Ignore largobob Report Abuse Pozole - that was funny!
mudshark57 Sophomore Author Oakland Posts:127 Points:1,407,190 Joined:Mar 2004	Message Posted: Jul 4, 2009 8:14:56 AM Ignore mudshark57 Report Abuse It COULD push gas prices down to $2, but you know Big Oil will just pocket the difference. And report another quarter of record profits.
6642337 Champion Author Illinois Posts:16,635 Points:654,250 Joined:Jun 2006	Message Posted: Jul 4, 2009 8:14:36 AM Ignore 6642337 Report Abuse OH that will not happen. refineries will shut down to stop that
largobob Champion Author Tampa Posts:11,380 Points:2,116,160 Joined:Dec 2003	Message Posted: Jul 4, 2009 8:14:27 AM Ignore largobob Report Abuse next article...a little black rain cloud forms in the gulf...prices rise...gas to be over $4 a gallon soon!
ERO Champion Author Milwaukee Posts:14,539 Points:2,421,195 Joined:Feb 2003	Message Posted: Jul 4, 2009 8:14:16 AM Ignore ERO Report Abuse Oil reporting is always suspect... this article is clearly good news to consumers. Remember the 70's? we were running out of oil...
greatscot08 All-Star Author Columbus Posts:749 Points:152,755 Joined:Jun 2008	Message Posted: Jul 4, 2009 8:13:24 AM Ignore greatscot08 Report Abuse WOW!!! Christmas in July!!!!!
thwadi Champion Author Cleveland Posts:2,006 Points:425,640 Joined:Mar 2008	Message Posted: Jul 4, 2009 8:12:55 AM Ignore thwadi Report Abuse Anything could happen. US economy is not going to recover with high prices. I hope they go down more.
Pozole Champion Author Portland Posts:2,420 Points:471,190 Joined:Mar 2005	Message Posted: Jul 4, 2009 8:12:31 AM Ignore Pozole Report Abuse ...spay or neuter your local speculator population...
techque Champion Author St. Louis Posts:2,458 Points:1,256,510 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:09:11 AM Ignore techque Report Abuse let us hope all the speculators pushing UP oil prices loose billions on their inflated futures bets !@!
CharlieC08 Champion Author Colorado Posts:2,352 Points:363,320 Joined:Oct 2008	Message Posted: Jul 4, 2009 8:07:48 AM Ignore CharlieC08 Report Abuse After Labor Day.
Marson Champion Author Scranton Posts:2,943 Points:860,795 Joined:Oct 2006	Message Posted: Jul 4, 2009 8:07:05 AM Ignore Marson Report Abuse Probably wont happen but it would be good.
abuck Champion Author Pittsburgh Posts:1,577 Points:318,110 Joined:Jul 2008	Message Posted: Jul 4, 2009 8:06:30 AM Ignore abuck Report Abuse I really don't see it happening.
psuray All-Star Author Hartford Posts:889 Points:213,075 Joined:Feb 2009	Message Posted: Jul 4, 2009 8:05:58 AM Ignore psuray Report Abuse Sounds like a lot of wishful thinking. Time will tell
butcheb Sophomore Author Virginia Beach Posts:196 Points:142,805 Joined:Apr 2005	Message Posted: Jul 4, 2009 8:04:24 AM Ignore butcheb Report Abuse great
arnerator Champion Author Seattle Posts:1,784 Points:369,510 Joined:Sep 2008	Message Posted: Jul 4, 2009 8:04:14 AM Ignore arnerator Report Abuse YES !!!! Give back some of what you stole from us.
YKK Rookie Author Atlanta Posts:46 Points:1,095,910 Joined:Sep 2005	Message Posted: Jul 4, 2009 8:03:02 AM Ignore YKK Report Abuse Open the gates and let the tankers roll!
madison8359 All-Star Author Cleveland Posts:902 Points:343,110 Joined:Apr 2008	Message Posted: Jul 4, 2009 8:01:42 AM Ignore madison8359 Report Abuse Then why is retail fuel going up in price? Tell me again what crude prices have to do with retail? I feel sorry for the speculators!
Yonkers111 Champion Author Scranton Posts:5,432 Points:417,490 Joined:Apr 2007	Message Posted: Jul 4, 2009 8:01:34 AM Ignore Yonkers111 Report Abuse Prices below $2 would not be good for the long term.
cincindie Champion Author Cincinnati Posts:9,784 Points:1,936,545 Joined:Mar 2004	Message Posted: Jul 4, 2009 8:01:21 AM Ignore cincindie Report Abuse Highly unlikely. OPEC and the traders will do all they can to keep it up.
vabites Champion Author Florida Posts:2,058 Points:374,940 Joined:Dec 2007	Message Posted: Jul 4, 2009 7:58:26 AM Ignore vabites Report Abuse this will put a bunch of speculators in the poor house...and then we'll bail them out! leaving only us and our future generations really poor. [Edited by: vabites at 7/4/2009 8:59:06 AM EST]
humblepie Champion Author Toledo Posts:6,272 Points:1,113,505 Joined:Mar 2006	Message Posted: Jul 4, 2009 7:56:56 AM Ignore humblepie Report Abuse and dinosaurs will roam central park
cableman31 Champion Author New York Posts:2,616 Points:788,765 Joined:May 2004	Message Posted: Jul 4, 2009 7:55:15 AM Ignore cableman31 Report Abuse That sounds like a "DREAM". But keep dreaming, you never know. [Edited by: cableman31 at 7/4/2009 8:56:00 AM EST]
winggnutt Champion Author Detroit Posts:6,332 Points:1,425,425 Joined:Aug 2005	Message Posted: Jul 4, 2009 7:54:36 AM Ignore winggnutt Report Abuse they will find a way screw us.....
DerHahn Champion Author Illinois Posts:6,214 Points:861,995 Joined:May 2004	Message Posted: Jul 4, 2009 7:52:40 AM Ignore DerHahn Report Abuse get rid of the speculators and it might have chance.
PrepHermit Champion Author New Jersey Posts:1,829 Points:391,295 Joined:Aug 2008	Message Posted: Jul 4, 2009 7:52:25 AM Ignore PrepHermit Report Abuse Sounds nice - but I'll believe it when I see it. Even if it does go down, speculators will see it as another opportunity to make money and drive it right back up again.
lightbulbman2008 Champion Author Worcester Posts:10,600 Points:366,460 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:51:45 AM Ignore lightbulbman2008 Report Abuse seeing is believing at$2.659/10 per gallon!!!!
03mdx Champion Author Syracuse Posts:1,135 Points:373,535 Joined:Sep 2008	Message Posted: Jul 4, 2009 7:49:44 AM Ignore 03mdx Report Abuse That would be nice, but not if big oil and their best friends the speculators have their way.
bumpygas Champion Author Nebraska Posts:2,164 Points:678,815 Joined:Oct 2007	Message Posted: Jul 4, 2009 7:48:10 AM Ignore bumpygas Report Abuse Their going to have to drown the speculators first.
Tundralimited2009 All-Star Author Dallas Posts:798 Points:232,955 Joined:Feb 2009	Message Posted: Jul 4, 2009 7:46:33 AM Ignore Tundralimited2009 Report Abuse What goes down, rebounds up!
almoose2558 Veteran Author New Jersey Posts:389 Points:119,495 Joined:Nov 2008	Message Posted: Jul 4, 2009 7:45:59 AM Ignore almoose2558 Report Abuse let them pay and pay some more like we have been paying because of thier greed. hope they drown in thier iol glut.
jb107 Champion Author New Jersey Posts:3,465 Points:1,372,405 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:44:08 AM Ignore jb107 Report Abuse Prices are going down but not by much.
Tommy4Wheel Champion Author Wilmington Posts:23,518 Points:1,845,775 Joined:Apr 2004	Message Posted: Jul 4, 2009 7:42:49 AM Ignore Tommy4Wheel Report Abuse Want prices to go down..Get rid of the Speculators..How simple can it get???
Lovelee Champion Author Detroit Posts:12,379 Points:804,725 Joined:Mar 2007	Message Posted: Jul 4, 2009 7:41:41 AM Ignore Lovelee Report Abuse Good and maybe price and supplies will stablize.
KillChain All-Star Author Albuquerque Posts:813 Points:319,725 Joined:Jun 2006	Message Posted: Jul 4, 2009 7:41:36 AM Ignore KillChain Report Abuse Oil is king, how do we get away from this addicition.
KNOTTUSLIM Rookie Author Kansas Posts:85 Points:114,825 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:40:58 AM Ignore KNOTTUSLIM Report Abuse THE PRICE HAS DROPPED TEN CENTS A GALLON THE PAST WEEK IN OUR AREA.
jony Champion Author Florida Posts:1,648 Points:565,050 Joined:May 2006	Message Posted: Jul 4, 2009 7:39:20 AM Ignore jony Report Abuse I agree with "Jarol". we do need to get away from the oil addicition.
TGJ Champion Author Maryland Posts:7,106 Points:1,408,815 Joined:Sep 2005	Message Posted: Jul 4, 2009 7:39:05 AM Ignore TGJ Report Abuse good!!
curlypooh Champion Author New Jersey Posts:3,069 Points:747,615 Joined:Apr 2007	Message Posted: Jul 4, 2009 7:38:49 AM Ignore curlypooh Report Abuse OH MY GOD!!! Please don't hit us with another price crash. How will we ever survive with cheap gas. We'll just have to let our engines idle all night and take the LONG way to work. HEAVEN HELP US :) :) :)
OleMiss79 Champion Author Fort Worth Posts:4,024 Points:461,930 Joined:May 2008	Message Posted: Jul 4, 2009 7:37:03 AM Ignore OleMiss79 Report Abuse keep conserving energy and driving the prices down more.
Jarol Champion Author Iowa Posts:1,831 Points:328,360 Joined:Nov 2007	Message Posted: Jul 4, 2009 7:35:41 AM Ignore Jarol Report Abuse Meanwhile ... back on the farm ... we need a permanent energy policy that gives us independence from foreign suppliers.
fordfan1 Champion Author Indiana Posts:2,734 Points:628,055 Joined:Jul 2007	Message Posted: Jul 4, 2009 7:31:16 AM Ignore fordfan1 Report Abuse Wishful thinking but it is only July 4th. We still have the rest of the summer and Labor Day to contend with. It is also Hurricane season too. Let one of these big storms loose in the gulf and watch the prices sky rocket.
Gas Slave Champion Author Lansing Posts:1,920 Points:503,200 Joined:Jul 2004	Message Posted: Jul 4, 2009 7:29:56 AM Ignore Gas Slave Report Abuse Sounds good, but I won't be holding my breath!
zippy452 Champion Author Cincinnati Posts:2,645 Points:542,035 Joined:Oct 2006	Message Posted: Jul 4, 2009 7:28:08 AM Ignore zippy452 Report Abuse Wishful thinking or good news for the 4th of July?
MightyDude Champion Author Minnesota Posts:3,869 Points:1,387,170 Joined:Mar 2003	Message Posted: Jul 4, 2009 7:22:19 AM Ignore MightyDude Report Abuse lovely article!!
LanguageMan1 Champion Author Tampa Posts:4,354 Points:471,325 Joined:Apr 2008	Message Posted: Jul 4, 2009 7:20:16 AM Ignore LanguageMan1 Report Abuse Doublespeak all the time now. Gas usage up, glut of oil, oil is up because of China and others buying oil. Hopefully, it will go down though a bit before they get it back above $3 a gallon, and they will within the next 18 months.
fltdoc Champion Author Oklahoma Posts:2,121 Points:348,440 Joined:Oct 2008	Message Posted: Jul 4, 2009 7:20:13 AM Ignore fltdoc Report Abuse If only it would really happen.
turbosaab Champion Author Cleveland Posts:6,733 Points:1,148,790 Joined:Sep 2006	Message Posted: Jul 4, 2009 7:19:32 AM Ignore turbosaab Report Abuse I'll believe it when I see it. Supply is too easily manipulated for there to be a long term benefit.