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View Full Version : Kuwait says thanks...

01WhiteCobra
09-05-2005, 03:20 AM
for its liberation in 1991...


Wealthy OPEC nation Kuwait said on Sunday it is donating $500 million in oil products and other humanitarian aid to its ally the United States to ease severe shortages caused by Hurricane Katrina.


And the Saudis offer some relief as well...


Saudi Arabia, the world's largest oil exporter, has cut all its October crude oil selling prices (OSPs) to the United States and Europe by between 25 cents and $2.75 a barrel, trade sources said on Monday.
propellerhead
09-05-2005, 06:32 AM
Are gas prices gonna drop?
Pwebbz28
09-05-2005, 06:59 AM
Well hell no they wont drop. Its not the oil we need its the gasoline. Having oil with less refineries is like having a rotating assembly with no block. Once they get the refinery up and running it will slowly go down. I wouldn't be looking for it to happen in the next month or so though.
Denny
09-05-2005, 07:56 AM
It will help in the long run, but don't expect anything immediate and don't expect anything drastic. Gasoline will NEVER be below $2, that's for sure.
01WhiteCobra
09-05-2005, 11:38 AM
Well hell no they wont drop. Its not the oil we need its the gasoline. Having oil with less refineries is like having a rotating assembly with no block. Once they get the refinery up and running it will slowly go down. I wouldn't be looking for it to happen in the next month or so though.


Gas was already falling last Friday. It was speculated to over 2.50 a gallon on the future markets for Katrina and plunged 22 cents on Friday. Markets are closed in the US today but the European markets are once again putting pressure on oil and gas today (IPE Brent down another $1.50 today)

Gas is sitting over 30 cents less than it did last Wednesday.

Lets see how fast gas prices fall...
Fox466
09-06-2005, 07:58 PM
Damn, it looks like my Iraqi friend was right...
Saladbar
09-06-2005, 08:09 PM
Gas prices go up a whole lot faster than they come down... If ever. So funny the way that works out.

heh
Paladin
09-06-2005, 08:39 PM
Gas prices go up a whole lot faster than they come down... If ever. So funny the way that works out.

heh

Amazing, isn't it?
Saladbar
09-06-2005, 08:52 PM
Amazing, isn't it?

yep.. someone's gotta make sure their pockets stick out more than their belly. lol.
Pro Trash
09-07-2005, 08:25 AM
It will help in the long run, but don't expect anything immediate and don't expect anything drastic. Gasoline will NEVER be below $2, that's for sure.


I believe gas prices will get back to below $2.00 a gallon when the supply becomes greater than the demand. During the embargos of the 1970's people thought prices would stay high also. There are several reasons the oil prices have risen so sharply. No new oil refineries thanks to Environmentalists who have succeeded in halting the building of such. Then you have to look at the Asian money issue back in 1998 when it was assumed that Asia would suffer a long term depression which didn't happen. This caused oil prices to fall and some OPEC nations just halted output and basically stopped exporting oil. All in all gas prices dropped, we became less concerned with consumption, bought cars that burned more fuel and bought more gas which created an essential demand where a surplus once existed. Also even if the supply of oil was abundant refining it is what has caused the great issue. In closing this past hurricane put some of our gulf coast gas assets back a little which creates a little panic, increases demand, drives the economy and is subject to change. Once people modify their commuting, start to conserve, supply increases, the market will react and prices will drop, just not any time soon.