[D3f3ND3R]

ouch even tho its 4 gals, but still...

[Dubbsy]

my fuel saving method - I bought a motorcycle

14-15MPG in a 4WD 01 Tahoe vs 44MPG on my CBR.

[.OrgOwner]

Oil is coming down! back down to $127 last time I looked.

[TKDmasterZ]

$4.39 for regular in So Cal! That's dirt cheap!

[pwrpapa]

The high fuel prices are gonna leave a "mark" on the economy!

[.OrgOwner]

Originally Posted by pwrpapa

The high fuel prices are gonna leave a "mark" on the economy!

So how are prices in Dubai?

[pwrpapa]

Originally Posted by .OrgOwner

So how are prices in Dubai?

.45 cents a gallon.

[.OrgOwner]

Originally Posted by pwrpapa

.45 cents a gallon.

So they are ripping off the locals then. I might have to move there.

[pwrpapa]

There's no shortage of oil like people are trying to make you think there is. ,, LOL

[.OrgOwner]

Originally Posted by pwrpapa

There's no shortage of oil like people are trying to make you think there is. ,, LOL

I just hope it comes back down like the rest of the world. From what I hear the real price is about $70US not $130 - $140. The trading and speculation have more or less doubled the price. I'm sure there is plenty of oil but it will be nice when Dubai is famous for it's solar exports and tourism and oil is a distant bad memory..... Are they switched on to the Sun and it's energy producing potential in that part of the world yet?

[.OrgOwner]

$124 today, they are almost giving the stuff away now! Lets hope it settles down to about half that number.

[pwrpapa]

Originally Posted by .OrgOwner

$124 today, they are almost giving the stuff away now! Lets hope it settles down to about half that number.

I remember back in the 90's when oil was 13 bucks a barrel. Between the current banking and oil fiasco things could get real ugly.

[.OrgOwner]

I can tell you this much, if I run out the door and buy some oil contracts today the price will go through the floor. It's not going to be me who saves the planet this time.

[Surffrog]

Originally Posted by .OrgOwner

I can tell you this much, if I run out the door and buy some oil contracts today the price will go through the floor. It's not going to be me who saves the planet this time.

Oh, go on, Orgowner. I'll be your best friend

Seriously though, price drop is down to speculators running back to the Asian markets. China has remained strong even after the fuel price hike and their likely to raise them again. Singapore's inflation has just gone up, but they're in a position to trade out of the rise. India's government just won a vote of confidence, so everyone's feeling warm and cuddly over here. But it won't last. Don't hold your breaths, guys. Oil will go up again just not so high!

[LoopyLee]

Here in the UK...

Supermarkets began a petrol price war yesterday, bringing relief for millions of motorists in response to a fall in oil prices. Asda announced a cut in the cost of unleaded and diesel by 3p a litre, a move that triggered Morrisons' 4p a litre reduction for unleaded petrol and diesel.
Sainsbury's followed suit with a two-week promotion offering a 5p per litre reduction for customers spending £50 or more in its stores, while Tesco said it was lowering prices by up to 4p a litre.
BP, the owner of 223 petrol stations across the UK, said it would reduce prices by an average of 1p per litre.

Nice to see Sainsbury's only offering money off if you spend even more money at their stores.. And BP (one of the big guys) only taking 1p a litre off.. guess where I'm going to be buying fuel, and luckily Morrisons is the petrol station I pass everyday on my way to work and back..

[Surffrog]

Here we go again:

Oil Rises a Second Day on Halt to Dollar's Gains, Iran Concern
July 25 (Bloomberg) -- Crude oil rose as the U.S. dollar snapped a three-day rally, bolstering the appeal of commodities, and as supply concerns persisted in Iran and Nigeria.

Commodities such as oil and gold drew investors seeking an inflation hedge when the U.S. currency weakens. Iran, second- largest Middle East producer, may have to be forcibly prevented from acquiring nuclear technology, an Israeli general said. In Nigeria, militants threatened to attack major oil pipelines in response to claims it took payouts from the government.

``U.S. economic data released yesterday doesn't favor a Fed rate hike in the near-term, which could mean more dollar weakness and positive sentiment on commodities,'' said Harry Tchilinguirian, senior analyst at BNP Paribas SA in London. ``Any build in geopolitical tension in Nigeria or Iran on top of tight fundamentals will also be supportive.''

Crude oil for September delivery gained as much as $1.02, or 0.8 percent, to $126.51 a barrel in electronic trading on the New York Mercantile Exchange. It was at $125.97 a barrel at 11 a.m. London time. Yesterday, oil rose $1.05, or 0.8 percent, to settle at $125.49 a barrel. Futures are up 66 percent from a year ago.

Oil prices have fallen more than $20 a barrel from a $147.27 record on July 11 on signs of falling demand in the U.S. The amount of petroleum products supplied from refiners dropped for a third week to 19.9 million barrels a day last week, the lowest since January 2007. Crude stockpiles have dropped 7.3 percent in the past 10 weeks.

The dollar slipped to $1.5722 against the euro at 10:16 a.m. in London after touching a two-week high yesterday, and to 106.92 yen after reaching its highest in a month yesterday.

Iran Exports

Iran, which produced about 3.85 million barrels of oil a day last month, has warned it may blockade the Strait of Hormuz, the export channel for a quarter of the world's crude, if it's attacked. The country has the second-biggest proved oil reserves and is the second-biggest producer in the Organization of Petroleum Exporting Countries.

``We all realize, both the Americans and us, that all options must be prepared,'' Israeli Lieutenant-General Gabi Ashkenazi said in an interview from Washington on Israel Radio. ``There is no doubt that diplomacy must be given priority.''

``You've got these geopolitical risk factors of a possible strike on Iran by Israel and the intransigence of Iran on the negotiations,'' said Anthony Nunan, the assistant general manager for risk management at Mitsubishi Corp. in Tokyo. ``That really keeps a fire under the market.''

Brent Crude

Brent crude oil for September settlement rose as much as $1.07 cents, or 0.9 percent, to $127.51 a barrel on London's ICE Futures Europe exchange. It was at $127.13 a barrel at 10:22 a.m. London time. The contract rose $1.15, or 0.9 percent, to settle at $126.44 a barrel yesterday.

The Movement for the Emancipation of the Niger Delta, a Nigerian militant group, threatened on July 23 to attack a pipeline that feeds two of the country's four refineries.

The group, also known as MEND, disputed claims by Nigerian National Petroleum Corp. head Abubakar Yar'Adua in Nigerian newspapers that it took millions of dollars in payouts for allowing repairs to the Chanomi pipeline. The pipeline was attacked in February 2006 and repairs were completed earlier this year.

To contact the reporter on this story: Grant Smith in London at gsmith52@bloomberg.net

Last Updated: July 25, 2008 06:02 EDT

[slayer]

Here in South Africa we pay R10.50 per litre 95 octane, which is about 1.7 usd. I bought myself a little 125cc honda e-storm for commuting to work and back. It gives me 30km/l! NOW THATS A FUEL SAVER.

[nedro]

Originally Posted by Stu748R

You dont know how lucky you are,in the UK we are paying over $10 a gallon for our lowest octane gas because over 65% is pure tax.
That is realy hurting everyone over here.

You don't know how lucky you are to have public transportation. To have a country that can be spanned in a day. To have you work close to home. To have fish and chips and Bangers. O.K., just kidding about that last one.

[LoopyLee]

Originally Posted by nedro

You don't know how lucky you are to have public transportation. To have a country that can be spanned in a day. To have you work close to home. To have fish and chips and Bangers. O.K., just kidding about that last one.

Public Transport.. is that what its called Costs a fortune to use, never runs on time if at all.. generally can get you where you want, provided you dont mind being late, taking a 100 mile detour and having to walk the last couple of miles..

The best bit about living here is the bangers.. but I prefer mine with mashed potatoes and onion gravy

[Surffrog]

Originally Posted by LoopyLee

Public Transport.. is that what its called Costs a fortune to use, never runs on time if at all.. generally can get you where you want, provided you dont mind being late, taking a 100 mile detour and having to walk the last couple of miles..

The best bit about living here is the bangers.. but I prefer mine with mashed potatoes and onion gravy

I still miss decent bangers and mash. You can't get good ones here for love nor money

[Surffrog]

Originally Posted by nedro

You don't know how lucky you are to have public transportation. To have a country that can be spanned in a day. To have you work close to home. To have fish and chips and Bangers. O.K., just kidding about that last one.

Nedro, I dare you to do a week traveling on England's public transport. Then you'll change your mind about it. Clapham Junction was the busiest station in England because every train (near enough) would stop there, but only to dump you off and then head in a completely different direction to the one originally posted at Victoria. If, as Loopy has already stated, the bloody thing turned up at all!

It will drive you crazy

[.OrgOwner]

Oil down to $122 -

[LoopyLee]

Anounced Yesterday..

BP was under fire at home and abroad yesterday after reporting a 23% jump in first half profits to $13.4bn (£6.7bn) on the back of soaring oil prices and a strong performance from its endangered Russian joint venture, TNK-BP.
The company, which has been at war over recent months with private shareholders in Moscow, found British trade union leaders calling for a windfall tax on its £37m a day income and motoring organisations criticising its high pump prices.
BP said the vast bulk of its profits came from its exploration and production (E&P) operations and that it made only a "few pence per litre" at the dwindling number of its chain of petrol stations it controls in Britain.
"We made over $10.7bn over the second quarter from upstream (E&P) worldwide with only $539m from refining and marketing [which includes petrol sale]," said a spokesman.

[Surffrog]

Originally Posted by .OrgOwner

Oil down to $122 -

I wonder if this is because the US has been talking about renewed drilling again. Apparently Alaska is down to just 700,000 barrels per day but the area can support far greater levels of extraction.

Also, previous statements about the 10-year period needed to get the US up to full speed for oil extraction are apparently rubbish. A top US driller in the Gulf said the the kit is already in the area it just needs to be relocated and it won't take more than 2 to 6 year tops to be pumping over the several billion barrel deficit that the country is currently buying from elsewhere.

[Bigdaddy75]

Well it had to happen, from what I have read oil is worth about $78 if you take out the speculation. With some luck the US $ will recover as oil drops below the $100 mark and some confidence returns to the global housing market. Always the optimist.

[Surffrog]

Well, it began to drop initially because speculators headed off to the asian markets. Those markets are taking a big hit now (I said it wouldn't last), which might mean they'll head back into oil and gold (gold always goes up with oil). As that hasn't happened yet and we haven't seen the effects of the Nigerian oil rig attacks on the market figures, something else is keeping the down trend continuing. I'm guessing it's due to the possibility of the US ramp up on oil production.