So gas is gonna drop to $1.15 next year?

[fett]

I thought this would be helpful. http://tonto.eia.doe.gov/oog/info/twip/twip.asp I still think there is more than enough oil and gasoline to drive the prices even lower.

[Top Jimmy B]

We just had a drop to .94/L from $1.21. It's hard to believe that our current .94/L is exciting and appears a "deal".

[lerxstcat]

The speculators were finally driven out of the market. The "fear premium" had been running above $15/bbl and was kept there by the constant stream of dire news from the Middle East that propped this bubble up much longer than it should have. Now that the so-called deadlines for Iran to give up its nuclear program have come and gone with no fireworks on either side there's little to support the speculation and prices have tanked to more reasonable levels. Supplies are moderately tight and tanker traffic to N. America is still running at almost 100% capacity so any little disruption is going to send prices right back up. The new discovery in the gulf won't come online until around '10 and won't significantly impact supplies/prices until at least '12.

That is true, but the psychological value of that large discovery means a lot coming at the same time that the Iran deadline passed without a major war erupting over it (yet). It eases fears in that this is oil that we know we'll be getting in a few years without having to run the ME gauntlet.

And yes, supply disruptions would send the prices right back up, so let's just hope that doesn't happen for awhile and dig the prices of almost 2 years ago that we find ourselves with now. Dig 'em while they last.

[RacerX]

Here's that article: http://www.msnbc.msn.com/id/14678206/

It will take a lot of time & $ to get it though, so I don't think this is the main reason for the recent drop, Rich.

Here are the real reasons:

1. BP opened the Prudhoe Bay pipeline (you'll recall it was shut down last month due to corrosion)
http://www.smh.com.au/news/Business/...036571684.html

2. No major hurricanes in the South

3. Iran tensions cooled down recently

[Norton]

Oil companies are gonna suck so bad,when I invent the perfect solar energy panels.

[horns666]

Oil companies are gonna suck so bad,when I invent the perfect solar energy panels.

Dude, did you just take some Ambien..

inside joke..yeesh..I did last night..wow!!