Oil

[Angler Systems]

From $147 at its high to $124 today. Nice move in the correct direction. Sure hope it continues and MAYBE we will see $3.50 gas again soon.

[Capt. Fred]

Yup I've got my fingers crossed that it will continue down for a while. I'm not sure what percentage of the price is due to speculation (I've read "expert" opinions from 5% to 50%) but just the mention of opening up more drilling seems to have helped some. Just speaking for myself I'd love to see some gas and oil rigs off of the Virginia and Carolina coasts. Their safety records are excellent and can you say structure! A win win in my book.

[FairWeather]

Yeah but i'm pretty sure the oil companies have no problem raising the cost per gallon quickly, but I bet you won't see the price drop down as quickly...

But we shall see..

[offshore]

The oil companies will cry that they bought oil at a high price and it will take 6 months for it to come down a dime. The funny thing is when they buy low and then price of oil goes up it only takes a week to go up a dime.....Mark

[peterbo3]

Originally Posted by offshore

The oil companies will cry that they bought oil at a high price and it will take 6 months for it to come down a dime. The funny thing is when they buy low and then price of oil goes up it only takes a week to go up a dime.....Mark

This is not just a US situation. Exactly the same thing happens here. Prices have not come down ONE CENT.

[blueh20pc]

Propane tracks crude prices, and usually we have a 2 week window to see the price increase or decrease.

I'm thinking it would need to drop to sub $100 levels per barrell to get back to under $3.00 per gallon.

And I concur with Capt Fred about oil or NG wells off the coast of NC. Structure, and pump that gas straight to Wanchese. Talk about an economic stimulus package for the local area.

[vettnman]

I wouldn't mind seeing platforms off our coast. After all, look at how the navy tower attracts fish. I have noticed a VERY small reduction in gas prices around here. We were at 4.09 -4.19 here and we are now seeing 3.95-4.00 even. I even saw a 3.89 today!! Hopefully, oil futures will drop even more and will one day be back at 2.00 a gallon

[bluewater]

I was in Kinston NC last week for the state All Star baseball tournament and I saw gas for 3.68 a gallon at a brand new gas station. It was their grand opening promo price. There were cars lined up out onto the streets for two days. It caused lots of traffic problems. On the last day I was there they went to their regular price of 3.75 a gallon. Even at their regular price that was much better than it is here at the beach. It is pretty sad when you think 3.75 a gallon is a good price.

I am all for offshore drilling off of our coast. Bring it on!!

[welder]

DRILL , we need the habitat.........

[vettnman]

I saw that sale in Kinston. I hit the amoco going east out of town that sat, came back sunday and it was back at 3.90 something