Gas Could Fall to $2 in 30 Days........

[StillStanding]

....If Congress Acts!!

http://www.marketwatch.com/news/stor...-10EE2E723948}

Gas could fall to $2 if Congress acts, analysts say
Limiting speculation would push prices to fundamental level, lawmakers told
By Rex Nutting & Michael Kitchen, MarketWatch

Last update: 4:24 p.m. EDT June 23, 2008

WASHINGTON (MarketWatch) -- The price of retail gasoline could fall by half, to around $2 a gallon, within 30 days of passage of a law to limit speculation in energy-futures markets, four energy analysts told Congress on Monday.
Testifying to the House Energy and Commerce Committee, Michael Masters of Masters Capital Management said that the price of oil would quickly drop closer to its marginal cost of around $65 to $75 a barrel, about half the current $135.
Fadel Gheit of Oppenheimer & Co., Edward Krapels of Energy Security Analysis and Roger Diwan of PFC Energy Consultants agreed with Masters' assessment at a hearing on proposed legislation to limit speculation in futures markets.
Krapels said that it wouldn't even take 30 days to drive prices lower, as fund managers quickly liquidated their positions in futures markets.

What do you think about this?

[mizpeh]

I'll wait until August to fill up my oil tank.

[StillStanding]

Originally Posted by mizpeh

I'll wait until August to fill up my oil tank.

It really does make you think though, doesn't it?

[Tina]

Interesting article.... but I'm not holding my breath waiting on congress to do anything to help us....

[Nahum]

It will never happen.

In fact, gas will be at $5.00 by summer's end.

[Pressing-On]

I agree with the article that speculation will just find a new home and I also agree that we would do better by increasing domestic supply. That, IMO, is the greatest issue and should have been started years ago when Bush wanted it done. Of course, the left tree huggers put a stop to that.

On the subjection of reining in consumer demand, that's a little hypocritical coming from someone that approves of speculating. They want us to rein in, but they don't want to curb it in their arena.

Suggesting ways to conserve while prices are high is okay, but not on the level that is being purported by Obama. I can be told the best ways to conserve electricity, but if I'm willing to pay for my consumption, then don't put restrictions unless it's a national emergency.

[Praxeas]

Originally Posted by Pressing-On

I agree with the article that speculation will just find a new home and I also agree that we would do better by increasing domestic supply. That, IMO, is the greatest issue and should have been started years ago when Bush wanted it done. Of course, the left tree huggers put a stop to that.

On the subjection of reining in consumer demand, that's a little hypocritical coming from someone that approves of speculating. They want us to rein in, but they don't want to curb it in their arena.

Suggesting ways to conserve while prices are high is okay, but not on the level that is being purported by Obama. I can be told the best ways to conserve electricity, but if I'm willing to pay for my consumption, then don't put restrictions unless it's a national emergency.

im skeptical that domestic oil will lower prices, at least by much. Oil Companies have so many different excuses and angels such as S&D...more driving during the summer so prices go up. More refineries going off line. And simply what is happening now, market speculation

[Pressing-On]

Originally Posted by Praxeas

im skeptical that domestic oil will lower prices, at least by much. Oil Companies have so many different excuses and angels such as S&D...more driving during the summer so prices go up. More refineries going off line. And simply what is happening now, market speculation

Well, I made a huge typo in my previous post! lol It should read subject and not subjection. My normal typing faster than my brain is working. lol

I can agree with you that I am also skeptical, BUT I still want to drill our own oil from our own land. I don't want the dependence on foreign oil. I also want exploration and technology to expand in other areas as well. We can deal with the why and why nots, the high and lows later.

This is an excellent, more in depth, article on speculating.

http://www.bloomberg.com/apps/news?p...d=a2Tz_oqk9WfI

[Praxeas]

Originally Posted by Pressing-On

Well, I made a huge typo in my previous post! lol It should read subject and not subjection. My normal typing faster than my brain is working. lol

I can agree with you that I am also skeptical, BUT I still want to drill our own oil from our own land. I don't want the dependence on foreign oil. I also want exploration and technology to expand in other areas as well. We can deal with the why and why nots, the high and lows later.

This is an excellent, more in depth, article on speculating.

http://www.bloomberg.com/apps/news?p...d=a2Tz_oqk9WfI

It would be nice, but which company get's to drill and therefore reap the profits?

You know I read in Iraq that gas is under 1 dollar a gallon. Would Exxon sell us our own gas from American soil cheaper? I doubt it

[revrandy]

What will the price of heating oil be in the North with gas so high??