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poor Saudis . . .

I am not sheading any tears for anyone-including US oil companies....

The thing with most companies that don't pump oil out of the ground, they must all pay the same price per barrel to get the oil, that includes companies like BP, Exxon-Mobil, etc, this is why the gas prices rise. Yes it seems it takes time for the prices to come back down and quickly to go up, but the companies are paying down the inventory. That's why a company like Southwest was able to keep their prices somewhat low (they had other issues but we're not talking about those here). They paid a low price in future delivery of jet fuel so they were able to stretch it out longer than the other airlines who were paying the Spot Prices which would be what the current market price is.

I'm hoping that oil can get down to under $100. I am very concerned about the panic that will hit when people in the north start filling their home heating oil tanks this fall..

Skibo wrote:I'm hoping that oil can get down to under $100. I am very concerned about the panic that will hit when people in the north start filling their home heating oil tanks this fall..

Right now, the oil prices are estimated to be about $5000 for the winter minimum. Probably headed close to $8000. People are starting to buy pellet ovens to heat their homes. There is a run on them.

I really don't want to say this but if we listened to Carter 29 or 30 years ago......

However the short term memory disease kicked in. The price went down a few months later and new technology research went out the window. So now here we are. If prices go back down to double digits (unlikely) you can bet the SUV's will be back in production. Plus an oil slick floating off Florida.

It's all part of the Republican campaign strategy!

Skibo wrote:I'm hoping that oil can get down to under $100. I am very concerned about the panic that will hit when people in the north start filling their home heating oil tanks this fall..

There are quite a few in the Northwest that have already gotten their winter oil delivered.

pair8head wrote:

Skibo wrote:I'm hoping that oil can get down to under $100. I am very concerned about the panic that will hit when people in the north start filling their home heating oil tanks this fall..

There are quite a few in the Northwest that have already gotten their winter oil delivered.

This is true, most of those are responsible people that understand the situation. For every one of those there are 3 more that wait until the last minute...I have a friend that is a the credit manager for an oil company...oh the stories she has told. There is still a huge backlog of past due accounts from last year that she is trying to clear. She has gone as far to call the known problems and try to get them on annual payment plans. These people refuse. Unfortunately for these less responsible people, fuel oil is not a public utility and delivery can be refused.