I paid $4.04 for gas this morning!
Originally Posted by Big Rob
I hope like hell that isn't the case! But at this point, that wouldn't suprise me, one bit, Giacomo. 
It is already starting to happen. $5 is the key, once it goes over that, people will start really making changes. If it even got to $10 I wouldn't be driving my car anymore and it will be parked. I am not paying $200 to fill my car up every time. I will undust the bike off in the shed, and ride it. Seriously.
Originally Posted by G35_TX
It is already starting to happen. $5 is the key, once it goes over that, people will start really making changes. If it even got to $10 I wouldn't be driving my car anymore and it will be parked. I am not paying $200 to fill my car up every time. I will undust the bike off in the shed, and ride it. Seriously.
Saudi to boost oil production . . .
Well, hopefully, this will help ease things a bit.
(06-15) 16:09 PDT RIYADH, Saudi Arabia (AP) --
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
The U.N. secretary-general met with Oil Minister Ali al-Naimi in the port city of Jiddah during a one-day trip to the world's largest oil producer.
Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
By July, production should be at 9.7 million barrels a day, Haq said.
Ban also said Saudi Arabia understands that the current price of oil, which topped $139 per barrel earlier this month, is not normal, according to the official Saudi Press Agency.
"The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels," SPA quoted Ban as telling reporters in Jiddah. The report carried by SPA was in Arabic, and it did not say what language Ban spoke in.
Saudi Arabia is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.
The 200,000-barrel-a-day boost is not insignificant — it will raise Saudi Arabia's daily production by about 2 percent. But to a market that has been sending oil prices soaring to record heights due in part to strong global demand, the move might be seen as marginal.
The oil market largely ignored Saudi Arabia's 300,000-barrel-a-day output increase last month.
In electronic trading on the New York Mercantile Exchange late Sunday, crude oil futures were down 54 cents at $134.32 a barrel.
The kingdom has called for a meeting of oil producing and consuming countries on June 22 in Jiddah to discuss ways of dealing with soaring energy prices.
The New York Times reported on Saturday, citing unnamed analysts and oil traders briefed by Saudi officials, that a production increase of about 500,000 barrels per day was to be announced following the meeting.
On Saturday, al-Naim's adviser told The Associated Press that the minister would address the production increase reports the next day. But on Sunday, the adviser, Ibrahim al-Muhanna, said there was no meeting to address the reports scheduled.
Further attempts to reach al-Muhanna by phone later Sunday went unanswered.
Saudi Arabia, the world's largest oil producer, is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.
Crude prices have reached record highs, surpassing $139 per barrel on June 6 after surging nearly $11 in the biggest single-day price leap ever.
The prices had receded by Friday, with the benchmark light, sweet crude for July delivery falling $1.88 to settle at $134.86 on the New York Mercantile Exchange. In London, July Brent crude lost $1.84 to settle at $134.25 on the ICE Futures exchange.
The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna. OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices.
http://www.sfgate.com/cgi-bin/articl...&sn=002&sc=759
(06-15) 16:09 PDT RIYADH, Saudi Arabia (AP) --
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
The U.N. secretary-general met with Oil Minister Ali al-Naimi in the port city of Jiddah during a one-day trip to the world's largest oil producer.
Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
By July, production should be at 9.7 million barrels a day, Haq said.
Ban also said Saudi Arabia understands that the current price of oil, which topped $139 per barrel earlier this month, is not normal, according to the official Saudi Press Agency.
"The king believes that the current oil prices are abnormally high, and he is ready to restore prices to their appropriate levels," SPA quoted Ban as telling reporters in Jiddah. The report carried by SPA was in Arabic, and it did not say what language Ban spoke in.
Saudi Arabia is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.
The 200,000-barrel-a-day boost is not insignificant — it will raise Saudi Arabia's daily production by about 2 percent. But to a market that has been sending oil prices soaring to record heights due in part to strong global demand, the move might be seen as marginal.
The oil market largely ignored Saudi Arabia's 300,000-barrel-a-day output increase last month.
In electronic trading on the New York Mercantile Exchange late Sunday, crude oil futures were down 54 cents at $134.32 a barrel.
The kingdom has called for a meeting of oil producing and consuming countries on June 22 in Jiddah to discuss ways of dealing with soaring energy prices.
The New York Times reported on Saturday, citing unnamed analysts and oil traders briefed by Saudi officials, that a production increase of about 500,000 barrels per day was to be announced following the meeting.
On Saturday, al-Naim's adviser told The Associated Press that the minister would address the production increase reports the next day. But on Sunday, the adviser, Ibrahim al-Muhanna, said there was no meeting to address the reports scheduled.
Further attempts to reach al-Muhanna by phone later Sunday went unanswered.
Saudi Arabia, the world's largest oil producer, is concerned that sustained high oil prices will eventually slacken the world's appetite for oil, affecting the kingdom in the long run.
Crude prices have reached record highs, surpassing $139 per barrel on June 6 after surging nearly $11 in the biggest single-day price leap ever.
The prices had receded by Friday, with the benchmark light, sweet crude for July delivery falling $1.88 to settle at $134.86 on the New York Mercantile Exchange. In London, July Brent crude lost $1.84 to settle at $134.25 on the ICE Futures exchange.
The current president of the Organization of Petroleum Exporting Countries, Chakib Khelil, has said that the cartel will make no new decision on production levels until its Sept. 9 meeting in Vienna. OPEC ministers often follow the lead of the Saudis when discussing whether to increase production to take the pressure off rising prices.
http://www.sfgate.com/cgi-bin/articl...&sn=002&sc=759
Originally Posted by Andy2434
Well, hopefully, this will help ease things a bit.
(06-15) 16:09 PDT RIYADH, Saudi Arabia (AP) --
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
By July, production should be at 9.7 million barrels a day, Haq said.
The oil market largely ignored Saudi Arabia's 300,000-barrel-a-day output increase last month.
http://www.sfgate.com/cgi-bin/articl...&sn=002&sc=759
(06-15) 16:09 PDT RIYADH, Saudi Arabia (AP) --
Saudi Arabia plans to increase its oil production by 200,000 barrels a day next month, the kingdom's oil minister told U.N. chief Ban Ki-moon on Sunday, according to Ban's spokesman.
Farhan Haq, a spokesman who is traveling with Ban, said in an e-mail that the U.N. chief said al-Naimi told him Saudi Arabia would increase oil production by 200,000 barrels a day from June to July. In May, the kingdom increased its production by 300,000.
By July, production should be at 9.7 million barrels a day, Haq said.
The oil market largely ignored Saudi Arabia's 300,000-barrel-a-day output increase last month.
http://www.sfgate.com/cgi-bin/articl...&sn=002&sc=759
No matter how much we increases the oil production, its unlikely if not down right impossible to see the gallon of gas drop back down to $2.80 cents, where we were paying in 2005.
Last edited by ICANHASFRANKIE; Jun 16, 2008 at 11:53 PM.
Originally Posted by Grace
I thought it was a steal at 4.75 this morning.
...Until my gas tank did the halfway fill and stop thing.
...Until my gas tank did the halfway fill and stop thing.
i took it in a few times they claimed they fixed a relay or something but they "filled it up" at a local station and said it was fine no problems...
Registered User
iTrader: (10)
Joined: Jul 2006
Posts: 3,942
Likes: 7
From: PNW in Washington
6MT Coupe
Yeah it's down some. It's all about commodity trading on the market $/barrel. Supply and demand has nothing to do with it as so many are fooled in thinking.
Yeah my gas tank acts stupid at times too while filling. Go to a different pump nozzel or station and then works fine
Yeah my gas tank acts stupid at times too while filling. Go to a different pump nozzel or station and then works fine