Interesting memo I wanted to pass along...
Interesting memo I wanted to pass along...
A long time family friend of mine owns several Texaco stores around Atlanta and called my mom last night to inform her that Texaco Corp. circulated an internal memo stating that gasoline WILL BE $7 a gallon by July.
Just thought I would pass that along...
Just thought I would pass that along...
Lexus Champion
Joined: Apr 2007
Posts: 11,053
Likes: 102
From: Southeastern PA
I wouldn't hit the panic button yet. I'm not sure why an independent gas station owner would be privy to an internal Texaco memo.
If gas goes up $3.25 in the next 7 weeks, there will be mass rioting. There's no way I believe this could happen.
If gas goes up $3.25 in the next 7 weeks, there will be mass rioting. There's no way I believe this could happen.
Pole Position
Joined: Sep 2006
Posts: 2,883
Likes: 1
From: Coral Springs, Fl
I agree. It ain't gonna happen. Besides, since when does Texaco Corp. circulate internal memos regarding RETAIL gas prices? Mis-information, if you ask me.
Lexus Fanatic
Joined: Oct 2003
Posts: 94,460
Likes: 251
From: Virginia/D.C. suburbs
Agreed. it's not going to be $7, but I wouldn't be surprised to see it briefly hit $5 before July.
And, with an election coming up, there's going to be pressure to keep the price down. Remember the HUGE drop in price from June-November 2006, before the last round of elections?
And, with an election coming up, there's going to be pressure to keep the price down. Remember the HUGE drop in price from June-November 2006, before the last round of elections?
Lexus Champion
Joined: Oct 2002
Posts: 11,204
Likes: 11
From: The Woodlands, TX
G35x - RWD/AWD goodness
Joined: Jul 2001
Posts: 2,950
Likes: 1
From: Michigan
OPEC President Does Not Rule Out $200/Barrel Oil Prices
More "fuel" for the fire.
Source: http://www.nasdaq.com/...
(RTTNews) - OPEC President Chakib Khelil reportedly does not rule out oil prices rising to $200 per barrel, even with adequate supply. Khelil pointed to the dollar slide as the reason for a string of record high prices.
The OPEC President also remarked in an interview in Algiers that OPEC will not increase crude oil output in September.
OPEC, which controls about 40% of the world's crude oil supply, will not meet again until September 9th to review its output. In their last meeting in March, the 13-member group decided to keep output quotas unchanged.
Khelil's comment comes as some analyst worry the cost of oil will drive the global economy into a recession. However, he suggested that the rise in oil prices was not responsible for slowing down the world economies. Khelil pointed to the economic recession in the U.S. as a reason for the country's slowdown.
The OPEC President remarked in his interview that a stronger dollar would help oil prices come down off their recent highs, and a U.S. economic improvement would help the market to stabilize.
The OPEC President also remarked in an interview in Algiers that OPEC will not increase crude oil output in September.
OPEC, which controls about 40% of the world's crude oil supply, will not meet again until September 9th to review its output. In their last meeting in March, the 13-member group decided to keep output quotas unchanged.
Khelil's comment comes as some analyst worry the cost of oil will drive the global economy into a recession. However, he suggested that the rise in oil prices was not responsible for slowing down the world economies. Khelil pointed to the economic recession in the U.S. as a reason for the country's slowdown.
The OPEC President remarked in his interview that a stronger dollar would help oil prices come down off their recent highs, and a U.S. economic improvement would help the market to stabilize.
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Lead Lap
Joined: Apr 2002
Posts: 4,892
Likes: 14
From: Virginia
Interesting, gas stations near my house in seattle are all over the place. some just raised their prices 10 cents while some just dropped theirs 10 cents... same brands... within like a mile of each other
Guest
Posts: n/a
Something big has to happen for it to jump that much in 2 months. I am not ruling that out but looking at trends, it won't rise that much that quickly.
Don't blame OPEC, blame our governments mismanagement of our money, the FED and the horrible fiscal policy that has caused the dollar to PLUMMET In value while BANKS get BAILED OUT.
This happened to the Dominican Republic a few years ago and we painted their president as a hoarde! We are doing the SAME THING, bailing out banks, putting more money in circulation, watching the value of the dollar drop.
Don't blame OPEC, blame our governments mismanagement of our money, the FED and the horrible fiscal policy that has caused the dollar to PLUMMET In value while BANKS get BAILED OUT.
This happened to the Dominican Republic a few years ago and we painted their president as a hoarde! We are doing the SAME THING, bailing out banks, putting more money in circulation, watching the value of the dollar drop.
Lead Lap
Joined: Apr 2008
Posts: 543
Likes: 0
From: NYC
Agreed. it's not going to be $7, but I wouldn't be surprised to see it briefly hit $5 before July.
And, with an election coming up, there's going to be pressure to keep the price down. Remember the HUGE drop in price from June-November 2006, before the last round of elections?
And, with an election coming up, there's going to be pressure to keep the price down. Remember the HUGE drop in price from June-November 2006, before the last round of elections?
Lexus Champion
Joined: Dec 2002
Posts: 3,474
Likes: 2
From: Tennessee
I have to say this is BS in some way or another...
There's no way a gas station owner is going to know anything more than any other economist about the future of fuel prices... sorry but it's just not going to happen. They're not privied to any more internal information about their commodity prices than a jeweler would be about the price of Gold... if they were then it they'd be making a killing on the commodities market investing in oil and gold with this insider knowledge.
Beyond all of that I'd bet my entire life savings that it won't even be $6/gal by July... much less $7.
In fact I'd bet a moderate amount of money that it won't clear $5 by July so long as we're talking about the nationwide average price for regular and not the peak high price for premium or something like that.
There's no way a gas station owner is going to know anything more than any other economist about the future of fuel prices... sorry but it's just not going to happen. They're not privied to any more internal information about their commodity prices than a jeweler would be about the price of Gold... if they were then it they'd be making a killing on the commodities market investing in oil and gold with this insider knowledge.
Beyond all of that I'd bet my entire life savings that it won't even be $6/gal by July... much less $7.
In fact I'd bet a moderate amount of money that it won't clear $5 by July so long as we're talking about the nationwide average price for regular and not the peak high price for premium or something like that.
Lexus Test Driver
Joined: Sep 2006
Posts: 1,386
Likes: 3
From: TX
Something big has to happen for it to jump that much in 2 months. I am not ruling that out but looking at trends, it won't rise that much that quickly.
Don't blame OPEC, blame our governments mismanagement of our money, the FED and the horrible fiscal policy that has caused the dollar to PLUMMET In value while BANKS get BAILED OUT.
This happened to the Dominican Republic a few years ago and we painted their president as a hoarde! We are doing the SAME THING, bailing out banks, putting more money in circulation, watching the value of the dollar drop.
Don't blame OPEC, blame our governments mismanagement of our money, the FED and the horrible fiscal policy that has caused the dollar to PLUMMET In value while BANKS get BAILED OUT.
This happened to the Dominican Republic a few years ago and we painted their president as a hoarde! We are doing the SAME THING, bailing out banks, putting more money in circulation, watching the value of the dollar drop.
Lexus Champion
Joined: Dec 2002
Posts: 3,474
Likes: 2
From: Tennessee
The US dollar has dropped about 4.5% in value relative to the rest of the world on average this year so far.
That's definitely not good, but it's far from enough of an explanation for how dramatically fuel prices have been increasing. OPEC is placing blame on our prices going up because of the dollar falling down but I'm pretty sure prices have gone up a lot more than 4.5% since Jan 1!
Gotta love how OPEC manages to find something new and fresh to point their finger at every time the heat comes down on them... hurricanes, market crashes, earthquakes, wars, 'market fears', currency values... blah.
That's definitely not good, but it's far from enough of an explanation for how dramatically fuel prices have been increasing. OPEC is placing blame on our prices going up because of the dollar falling down but I'm pretty sure prices have gone up a lot more than 4.5% since Jan 1!
Gotta love how OPEC manages to find something new and fresh to point their finger at every time the heat comes down on them... hurricanes, market crashes, earthquakes, wars, 'market fears', currency values... blah.
