The true "straw that broke the camel's back" and clusterfucks is when oil and gas march back up.

agreed!

Second that.

I've been wondering about that . . .

Your right on!

Thread: THINGS EXPLAINED: The mysteries behind oil and gas prices
Ed Wallace's article helped me understand the difference between the price for gasoline and the price for a barrel of oil.

the price of oil is going down yet the price at the pump keeps rising. Paying avg of 1.99 per gallon now

Ved utgangen av 2008 hadde StatoilHydro påviste reserver på 5584 millioner fat. Ett år tidligere lå reservene på 6010 millioner fat. Det betyr at 426 millioner fat olje er forsvunnet fra StatoilHydros balanse.


From Norways "Atfenposten" 16 feb 2009

TRANS

"AT the start of 2008 StatoilHydo had proven reserves of 5584 million barrels. One year earlier the reserves were 6010 million barrels. That means that 426 million barrels have disappeared from StatoilHydro's balanse."

Just saying.

And By the way, check out the North Sea Reserves of UK, Danmark and Netherlands.

It's not going to get any better!

LUVGAV

Gas prices overshot on the downside and were actually cheaper than the oil it took to produce. Top that with the fact that alot of the oil we used is traded on the BRENT index which is trading up to 10 dollars higher than West Texas intermediate which is the prices most people in the US are quoted.

So if that doesn't make sense to you then you need to get your ass to a book store. I've made a lot of money trading oil and DO know what I am talking about.

Plus a lot of refiners are making a higher percentage of diesel out of the oil and as a result many places in the country have a lower cost for diesel than gasoline for the first time in 8 years.

it's already gradually climbing here in the uk

Yes, a lot of speculators got walloped hoarding when oil was 140 /barrel. My friend Greg in Houston who is in the business told me at the peak there was not a drop of surplus storage space available in the gulf coast.

I agree. And everytime I hear some jackass environmentalist say that gas has to be four dollars a gallon to spur the development of energy efficient cars I feel like punching them in the face. And I'm not a violent person.

I heard that old has been, Lee Iacocca say on the radio that gas prices have to rise. But high gas prices will destroy the ability struggling companies have to make a profit.

its not like it's cheap now even.

I just paid 2.23 per gal to fill up. While better then 4.40 which it was up around here...2.23 aint cheap especially with my gas hog I need to get rid of.

If it peaks back to 4 dollars a gallon I agree it could be the final straw.

There is a divergence from the index price. More and more hedging and forward selling because of the volatility in recent years. And I suspect high level manipulation to keep prices artificially low. Production of oil and particularly gas is being shut down everywhere and there will be a nasty shock when supply and demand whizz by one another. Incredibly destructive situation.