Crude under $92 / barrel - we are being so gouged by big oil!

[MichDem10]

[GOPNotForMe]

1. I've noticed that oil has gone down down down yet gas prices are the same.

[Historic NY]

3. Demand for high profits....

last yr this time it was 2.81.2 cents per gallon

http://tonto.eia.doe.gov/dnav/pet/hist/mg_rt_usw.htm

[godai]

2. It's oil speculators who now are losing their shirts.

A lot of the investment banks and AIG invested in oil futures and now they are dumping those investments. The oil bubble appears to have burst. I don't think the oil companies caused the bubble, though they benefited. It was speculators who are now getting what they deserve. Of course, gas prices should drop to around $3 a gallon or less but don't hold your breath.

[Statistical]

4. Not everything is a conspiracy

Ike shut down the entire refinery network. So stockpiles are dropping. Supply = lower, Demand = higher --------> Prices = upward pressure.
Also oil bought today won't reach pumps for about 2-3 weeks.

Ike may even cause prices to rise over the next couple days before falling to reflect lower oil prices.
By Oct I expect a $0.50ish drop in fuel prices.

[godai]

5. The point is...$140 oil was gouging/speculation.

There's been no huge drop in demand to lower oil prices so drastically. I think it was primarily speculation by investors that caused the oil bubble, which has now burst, for the time being.

Southwest Airlines is an exception...they purchased oil futures to use. That's one big reason why their fares are the lowest.

[OllieLotte]

6. Agreed. Just as the price of oil went unrealistly high...

...I expect it to swing the other way and fall below where it "should be".