The good news is, oil prices are tumbling ($95.91) and gas may be $1.99 by Xmas

[DainBramaged]

The bad news is NO ONE WILL HAVE A JOB (just kidding).:party:

http://www.oil-price.net/

[ibegurpard]

1. This affects the price of everything

Unless your community manufactures all of your needs locally

[OhioChick]

3. The U.S. doesn't manufacture jack-shit, anymore. n/t

[DainBramaged]

5. Are we the only ones who realize this (you, me and OS?)

:hi:

[OhioChick]

13. I often wonder.....

:hi:

[avaistheone1]

14. That need to change or we are going be poorer.

[margotb822]

2. The price of gas will never go down

I'm convinced. They've got us paying this much for it, why would they lower it? I'm still paying $3.49 and the cost of a barrel of oil has gone down $50.

[endthewar]

4. Make no mistake about it, oil prices will shoot up as soon as this is approved

The US dollar will plummet and oil prices will go up.

[DainBramaged]

6. Want to bet a nickle?

[endthewar]

10. Is that a nickel now or a nickel after the dollar plummets?

:rofl:

[DainBramaged]

12. Good one!

[Kurt_and_Hunter]

7. And if you don't trust oil as an indicator of future economic activity, there's the traditional

canary in the coal-mine commodity, copper.

Copper is used in a wide range of manufacture and construction and is the traditional leading indicator of recessions before oil took its place. (plastics!)

Copper was down 9% today.

[margotb822]

8. Historical Gas Prices

Has it really been three years since gas was below $2?

http://www.gasbuddy.com/gb_retail_price_chart.aspx?time=24

[DainBramaged]

11. Little less than 2 years ago in NJ (Feb 2007)

[kurt_cagle]

9. Cost of oil will drop down to $80, but not much more

Oil futures are reacting to anticipated business slowdowns globally, not just in the US, but OPEC won't let it fall much more than to $80 spot market. Moreover, China will likely try to lock in those prices as well - the better to build up their own reserves. Also, pay attention to Mexico, as its production has been dropping pretty quickly in the last couple of years, and at least for the US, that will drive prices up.

As to gas, that should ease as soon as the distribution infrastructure can recover from Ike. Something like 50% of the US oil processing capability was taken offline by the hurricane, and while the damage overall was not insignificant, by all indications biggest hurdles right now are reliable power and inspections.