NJMurvin

In my huge sample of ONE Shell station around the corner from my office, I was shocked to see the price drop from 5.19 to 4.99 in one day. I can't believe I'm happy to see it ONLY 5 bucks a gallon. I just hope this is some kind of downward trend in the making.

NJMurvin

Not likely a trend with a Yahoo headline that reads like this . . .

• Oil prices soar on prediction of $150 a barrel by July 4

Roperteacher

Yep, same here, dropped from 5.27 to 4.79 in 2 days!!! Lets keep it up!@

CalDodge

Same here, but the gas prices still keep going up. Premium is $4.69, diesel is $4.79. It sure would be nice to see diesel go below gas again.

DBLR

From the NY Times on line: Oil Prices Jump $6, Sending Stocks Down Sharply.

Oil was up more than $6.10 a barrel, or about 5 percent, to $133.89 within the first hour and half of trading, hitting a new record high.

chipmonk

http://news.yahoo.com/s/ap/20080606/..._ge/oil_prices
yup, all this happened after morgan stanley predicted $150/barrel by july 4th.
here's a great story about morgan stanley (and other investment companies) hoarding oil in huge tanks, to drive up the price.
http://peakoildebunked.blogspot.com/...age-tanks.html
companies like morgan stanley and goldman sachs are now not just in the commodities business, but they are also in the energy business. they are buying oil, pipelines, refineries, etc., so when they make predictions about big increases in the price of oil, they are actually pumping up their own business, ensuring that they will make billions because of their 'predictions', not to mention hoarding millions of barrels that were headed for the market, to affect current supply and artificially drive up prices.
http://www.reuters.com/article/rbssH...21450820080526
now that the mortgage industry is in shambles, morgan stanley has been selling off their interests in mortgage companies, and is looking to buy into as much of the oil and energy business as possible (not only investing in companies, but owning and controlling them). if this continues, we may only be at the early stages of high fuel and home heating costs.

NJMurvin

Wow!!! Talk about market manipulation. This doesn't differ a lot from the Enron boys phoning up the California powerplants and instructing them to shut down for "maintenance" while selling replacement power to us at the ridiculously inflated prices. Don't we have gov't watchdogs in place for crap like this?

ThatGuy34

thats a negative. lets keep it down.

sdaly

Of course we do, and they're "watching" as everyone is getting screwed.

Oh yeah, and while they watch us all get screwed, we're paying their salaries too.

Gotta love the Guv'mit!

irocpractice

Uh NJ,where do you think the suede shoe boys from Enron wound up?Maby the back rooms of the brokerage houses that we just bailed out?

chipmonk

hard for gov't to watch out for us, as they're looking at the industry through $30+ million goggles (not to mention the many politicians who have personal/business links to big oil, and the speculation market).
http://findarticles.com/p/articles/m...7/ai_n16353824

sdaly

Yep! That "windfall tax" idea always gives me a good chuckle. Windfall tax just means the politicians want their share of the booty from screwing the American people. If the politicians really cared about us, they'd be working to get the money back into the peoples' hands, not into the guv'mit's hands.

And that's the way it usually works with guv'mit watchdog groups. They stand around and watch the plunder on the American people as long as they can. Eventually when the people get restless enough, the watchdog groups get off their duffs and shut the scam down, for risk of losing face. Finally they hold "senate hearings" which is really just a shakedown on those involved in the scam, so the politicians can make sure they get their cut in the deal. Industry leaders walk away happy, politicians walk away happy, but the people are still screwed.

chipmonk

but don't worry- our gov't is on top of the situation. U.S. Energy Secretary Samuel Bodman says he does not see oil prices as a crisis, and there's no need for regulations in the oil and speculation markets (he said this AFTER oil hit $139/barrel today). in testimony before the House Judiciary Committee, Bodman reiterated the words of the oil company execs, who were also questioned, by saying it's just supply and demand at work- nothing that the oil companies or speculators are doing, is artificially driving up prices. there should be a big 'craftsman' sign in D.C., because it apears that our capital is filled with a bunch of tools.
http://www.wtop.com/?nid=116&sid=1408520