Here We Go Again - Oil Touches $70

**SuperFly03** · 06-09-2009 01:38 PM

Crude prices are expected to average $58.70 a barrel this year, the EIA said in a monthly report. That's up from the $52 a barrel the EIA had forecast a month ago.

It also raised the outlook for next year's crude price to $67.42 from $58. The EIA also said regular gasoline prices are expected to average close to $2.70 a gallon in July. The average regular gasoline price averaged across the full year is expected to be $2.33 a gallon.

In another words... the EIA can't forecast for ****.

**SuperFly03** · 06-09-2009 01:42 PM

This is bad ju ju.

Watch the oil climb again and soak up disposable income again... and cause more harm to the economy.

**BaldEagle** · 06-09-2009 02:28 PM

Originally Posted by SuperDouche

This is bad ju ju.

Watch the oil climb again and soak up disposable income again... and cause more harm to the economy.

I recall someone said this some time ago in reference the why the Bush stimulus dollars went poof and again why the economy had signs of recovery (green shoots) in spite of that whopping 5% of the stimulus money that's been spent primarily on welfare programs...

Wonder who that old bird was?

Originally Posted by SuperDouche

Oil and gas are what I do. I audit OFS clients year round. I watch them like a hawk. Oil prices will make some companies tick. $85 a barrell is still a significant uptick for the year, or flat.... depending on your take.

It will take a crap load of dealership failures, car sales declines (in excess of the 40% seen to date) and a depression to bring back $2/gallon gas. It just ain't going to happen. Period.

Yep, happened and it didn't take long at all....

Originally Posted by SuperDouche

Personal predictions are for the upper 30's with most of the year spent above 40 and maybe the tail end of the year flirting with the $50 range.

Oil was ridiculously... and I mean ridiculously overpriced earlier in the year and most of 07. I think $2.25-2.50 is sustainable in the short to medium term. $3 on the high side for premium. Note: these gas prices do not correspond with my predictions of crude costs per barrel. I am making separate predictions.

OK now's your turn to dig up something of mine that is...

I so deserve it...

**SuperFly03** · 06-09-2009 02:35 PM

Originally Posted by BaldEagle

OK now's your turn to dig up something of mine that is...

I so deserve it...

I will when I get home from work.

Game on!

Though admittedly the prediction about getting to $2/gallon was accurate about what it would take... I just didn't think it would happen.

**logain** · 06-09-2009 02:47 PM

I knew this would happen. Gas prices and oil prices drop before the election and climb up again afterwards. Nothing new really.

**X-Ray** · 06-09-2009 03:43 PM

The oil prices are following the market as the market recovers, which is a joke. Prices are supposed to be based on supply and demand, but demand has not gone up at all and there is still a ton of excess reserves of oil, yet we're paying through the nose for gas again because the price is based on speculation and not the actual supply and demand of it. And the economy is not recovering yet. I hope the stock market crashes again so oil crashes too. It's not like the market recovery is real anyways, so it can go ahead and crash.

**Dean** · 06-09-2009 03:49 PM

Originally Posted by logainofhades

I knew this would happen. Gas prices and oil prices drop before the election and climb up again afterwards. Nothing new really.

Yeah. It cracks me up (in a morbid sense) that people were like "whew... gas prices are down again... I'm going to go buy an SUV now" when they couldn't afford it, and now they're going to be screwed. Good move, guys!

**beerandcandy** · 06-09-2009 03:55 PM

we need to figure out how to power a car with piss or something

**SuperFly03** · 06-09-2009 03:57 PM

Originally Posted by beerandcandy

we need to figure out how to power a car with piss or something

We need a back to the future car.... runs on garbage and beer.

**Dean** · 06-09-2009 03:59 PM

Originally Posted by SuperDouche

We need a back to the future car.... runs on garbage and beer.

"Honey, my car's low on gas again"
"Hand me another beer..."

**beerandcandy** · 06-09-2009 04:03 PM

used beer lol

**Harvestor** · 06-09-2009 06:08 PM

It always happens when the summer traveling season rolls around.

At least around here once the price of oil goes up, people head for alberta for the "big" money leaving good jobs around here open, which i am hoping to be able to grab one

**SuperFly03** · 06-09-2009 06:39 PM

Originally Posted by Harvestor

It always happens when the summer traveling season rolls around.

At least around here once the price of oil goes up, people head for alberta for the "big" money leaving good jobs around here open, which i am hoping to be able to grab one

Increasing for summer is goin up $10-12 not doubling in 3 months from $35 to $70.

**BaldEagle** · 06-10-2009 05:51 AM

Originally Posted by SuperDouche

Increasing for summer is goin up $10-12 not doubling in 3 months from $35 to $70.

Right on...

Part of the jump in pump prices is the reformulated summer fuel mixes (Around $.10 except California where it's more like $.25), however, the major part of what we are seeing in increases is due to oil rising to $70/bbl.

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