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Also, after reading this stuff, you may be right and oil could go back down to the low to mid 40's. But even if it does not get down to that level, I doubt it will get much higher than where it is right now.
I hope all the posters on this forum take a few minutes and read these articles. It is always good to look back at history.
It's almost comical reading some of them. I have others I saved somewhere. All along big oil was saying there was no reason for the run-up and they were saying that in Q4 2007 before the meteoric rise that came after that. A lot of folks blame big oil but that run-up was all caused by Wall Street hedge funds buying futures on high leverage and it's repeating to a much lesser extent again. The funniest thing was reading how the Wall Street analysts were claiming that the oil companies were stating the run-up was irrational and the price had to fall, simply to give them cover from public outrage. That's like the arsonist starting the fire and blaming the firemen. The second funniest thing was reading about the oil shortage that supposedly was about to happen when in reality we were looking at the biggest oil glut in 20 years right around the corner.
I was very serious the other day. A guy I know in the industry said whenever you hear Nigeria mentioned that is Wall Street setting up a sucker rally. Think about it. Did you even hear a whisper about Nigeria in the last 6 months? Once they wanted oil to run-up I heard Nigeria story after Nigeria story day after day. Meanwhile Nigeria pumps a third of the oil it did 5 years ago and we're swimming in an oil glut.
The draw on oil the last two weeks was refiners ramping up now that gas is high enough. Refiners got killed last year because they never were able to pass on the massive oil prices to the consumer at the pump. They like oil right where it is now for their biggest profits.
Frankly - a $50-$60 price of oil is probably a win across the board. I'd rather see oil be stable in that range or even in the low 60's. It's the right balance for exploration, profits for the companies including refiners plus it's not a bad price for the consumer. But on a pure fundamental basis oil is again way overpriced and ultimately there is no denying the fundamentals. That's why I can see oil tanking as far as I do. It remains my belief that an economic rebound will require a lot less oil than the economy of 2-3 years ago required and that economy had overpriced and over-speculated $70-75 oil.
New Boom: Look Out Below!
Like all past booms, here is a comment that makes my eyes open wider!
For oil, the fact that futures prices are higher than spot is also helping to draw in speculators.
Regards,
OW
To the point, and as a matter of fact, gasoline prices are already high again... Around $3/gallon for premium in many areas. Not quite the $4 we saw, but closer to that $4 than the "buck & change" we saw recently.
Charlie is right when he posted that I'd like to see lower gas prices... but I'm afraid those low prices are already history.
You can have your opinion, of course, but I strongly maintain that higher gas prices are already upon us, and will go higher, on average... not lower.
TM
Here is a link reflecting much of why Len is bearish. I'm not saying that oil will be cheap forever but it should reflect the economy which I doubt will be in a V-shaped recovery. AFAIC, the current market is showing some foolish behavior.
History Repeats Itself
Regards,
OW
Love your posts, as usual... but, that article has flaws, and many of the comments just after it suggest why.
I think that it is interesting that the price of gasoline is so high, and that the demand forecasts for 2009 indicate a decline in demand for oil due to the economy. Big oil will adjust supply to balance with the demand, and the demand will start to grow in a relatively short time. I say this because it won't be long before we will be half way through this year, and I think it is reasonable to expect the recession to slowly start to turn around next year, if not later this year... some say it already has, but I'm looking for better numbers.
IOW, I expect demand will increase in the not-too-distant future, and supply will have its limitations, as the economy improves. It won't take Wall Street meddling to run up the price of oil this time. But, if they do meddle, the pressure will be upwards. On top of that, if you take the world political scene and put it into the picture, that could point prices in either direction, but I personally believe upwards at this time in history, given all the potential mess in the Middle East.
A much longer look into the future points to less demand for fossil fuels, but before that happens, the demand will increase. Moving forward, the giant oil companies would be stupid at this point to allow too much supply of oil.
We are in a changing world. Gasoline prices are high even right now, and I am not convinced by anyone here, including Len, that they are going to go down. As the economy improves, I think the price of gasoline will go even higher. Don't you expect the economy to improve over time. Don't you expect the global demand for oil to increase over time?
Independence from oil is still a ways off, I'm afraid.
TM
I honestly hoped for something better. Thanks for posting that reality check.
TM
Saudi Arabian Oil Minister Ali al-Naimi said OPEC opted not to alter its output targets because “prices are good, the market is in good shape.”
Oil’s rally is driven by improving sentiment about the global economy and isn’t supported by demand, OPEC Secretary General Abdalla el-Badri said today. Global crude stockpiles remain very high, El-Badri told reporters at a briefing in Vienna. Still, prices may reach $70 to $75 a barrel by the end of the year, partly because speculators are returning to commodity markets, he said.
OPEC, the International Energy Agency and Energy Department cut their projections for global crude-oil demand this month.
“The drop in U.S. inventories is evidence that the OPEC production cuts are starting to bite,” said Michael Lynch, president of Strategic Energy & Economic Research, in Winchester, Massachusetts. “There’s some optimism about the economy, which is driving the oil market. It’s important to keep in mind that demand has shown absolutely no sign of recovery.”
Regards,
OW
You really think the prices are going to decline? Heck no. We agree that the demand is low, yet the price of gasoline is high and the trend is upwards. There won't be any big price drops... just fluctuations at a lofty price level.
Here's the key... there is no supply glut this time around, and the prices are already high. High enough for me to already say "I told you so" to you, Charlie, and Len. So, just think what will happen to gasoline prices when the current low demand starts to increase again... even higher prices. It's inevitable. Just a matter of time.
I am sorry that Len disagrees with me, but then again, the man did finally buy a Mercedes Benz and loves it... so we do have proof that he is open to coming around to my way of thinking now and then... LOL.
TM
Well, there are others that support Len and Charlie...
Oil prices have almost doubled from below $35 a barrel in March as investors have taken heart from signs a severe recession in the U.S. is slowing. Asian and Europen stock markets rose Monday as surveys showed Chinese manufacturing expanded in May and on hopes that an imminent bankruptcy announcement by General Motors Corp. will help the automaker become a leaner and healthier company.
However, global oil demand remains weak and U.S. supplies are near 19-year highs. And higher oil prices could drag on any nascent recovery.
"The market sent a clear message in May, it will ignore any and all bad news. We expect to see a correction" that will take prices back down to $40 a barrel, wrote Stephen Schork in his Schork Report.
"Of course the economy is going to turn around," Schork said. "Whether it occurs by the end of the year, beginning of next year or two years from now is anyone's guess. However, we will argue that energy has overshot the current bottoming phase," he said.
Regards,
OW
You are funny. We can go back and forth with different articles all day long. I hope Len is right, but so far he is not. Gasoline prices have been high and remain so. And a small price retreat will not make Len right, as prices continue to climb in real life. If they decline dramatically and stay low, then he would be right, but I don't believe it will happen, and neither do many others that have the opposing perspective.
So far, Len is not correct on this one. He is already shown to be wrong about what he predicted, and I maintain my perspective. In fact, gasoline prices have been high for quite a while already, and the longer we go with these high prices, they will invalidate the significance of any short-term price retreat. For Len to be right at this point, we would need to see a major price decline that sustains itself for a long period. Again, I doubt that will happen. More likely, IMO, is a continuation of gasoline prices on the high side with intermittent price fluctuations.
TM
The other dark cloud here is what if Obama moves to take the 20:1 leverage ratio out of oil speculation. Remember a highly leveraged market like oil and other commodities is still old economy based and as such it can have run-ups that make no sense fundamentally. But the fall from grace is very swift because of all that leverage.
Now do I want oil to stay very low. No, because that's as bad as a high oil price. I'd like to see oil priced in a win-win across the board trading in a 50-70 range as I noted the other day. But fundamentals need to support that and right now they don't and I don't see them supporting it 6 months from now. The problem with this market is the leverage allowed speculators (have we not learned anything from real estate) and the belief in inventory management. The leverage is too high and will be corrected at some point and in it's entire history oil producers have never been able to practice inventory management well at all.
BTW - Where's Dewey? I hope he's OK.
Ha... trying to change the subject are we? LOL... OK, I deserve that poke. But not totally... as I actually got right back in the market. I really should have posted further on that and let you know. I admittedly had a moment of a weak gut for the market, but thankfully it didn't last long. So, yes, I went right back in... and I have been holding GE (again... and doing fine), Bank of America, Wells Fargo, Citigroup, Ford (I really like this stock and will buy even more), Walmart (going sideways recently, but I have longer-term expectations), Palm (nice!... especially with the Pre coming out soon), Microsoft (Windows 7), and some smaller investment in stem-cell research-related stuff (definitely not a moral statement, but purely a current policy-reactive investment, I suppose), among some others. Now, back to the subject at hand...
Seriously my belief isn't about the next 2-3 months. My belief is that oil will level off and tank when oil speculators see that a Dow 10K economy doesn't increase oil demand much at all.
As far as gasoline pricing goes... they are high, and not in line with what you originally suggested when you were posting about all that cheap gas... and you were explaining to us all why gas would remain cheap. Len, it just didn't happen. In many areas, gas prices have approximately doubled since you first posted all that. That's a huge difference! And... there are many analysts that think those prices will remain on the high side, and not come down to the levels that you were originally suggesting.
Also, I don't agree with you that demand will remain this low. It is currently this low because the economy is slow, so it is very logical for me to expect the demand to increase once the economy heats up again. And it is interesting to me that the gasoline prices have been this high in spite of the lower demand... and we do not have that huge supply glut like there was that you were pointing out to us.
Will oil prices come down at some point? I think fluctuations are realistic, so yes there will be some ups and downs as well... but I do not expect oil prices to "tank" as you just posted, and even if they came down abruptly, I do not believe that they would stay low for very long.
As you know, I respect you and your valuable opinions... they are based upon your good knowledge and experience. However, in this case, I think the high gas prices, that have sustained themselves for a while now, do show that you were off the mark on this one... and that you didn't read the tea leaves in the masterful way you usually do. No one bats a thousand... but your average is still awesome.
BTW - Where's Dewey? I hope he's OK.
Ditto.
TM
Now I need to defend Len here. OK, so the Crude did not get down to the $20's but so what. He now sees inflated prices again in this market based on supply and demand and it is his opinion that crude will get back down to the low to mid 40's. I would not count that out based on past history and the more than adequate supplies.
Here is your quote from last week:
I realize that gasoline prices have been a lot less than they were when they were recently pushing $4-$5/gallon. And I also know that our resident expert, Len, has told us why gasoline prices should stay low for a long time. To be clear, I like and respect Len a whole lot, but I am convinced that gasoline prices are going to go a lot higher moving forward. Anytime from this very moment up to only two years from now... I believe we are going to see outrageous gasoline prices... and this next time they aren't coming back down... ever.
I am of the opinion that if you are bullish the stock market, there is no way your scenario can play out. It's either fairly low gas and crude oil prices and an improving economy/stock market or surging gas and crude oil prices and a totally collapsing stock market and doom and gloom.
I'm sure that you hope you are wrong and Len and a few of us other folks are right about the gasoline and crude oil market over the next year or two.
BTW, I have also been wondering about Dewey. I hope everything is fine with him.
I never thought oil would fall inthe 20's. I said it was possible but personally I had hoped oil would avoid the 30's and I think I posted that at one time. I think we also need to understand what Tag means by cheap gas. I just paid $2.49 for 93 octane and that's lower than I paid for that gas 3 years ago at this time. So is that cheap gas or expensive gas? To me that price is relatively cheap. If I needed 87 I can still get it for around or just under $2.25. I think it would have been foolish to think 93 octane gas would have stayed under $2 a gallon. Oil is traded on hope and high leverage right now and IMO the market is again misreading China stockpiling as false demand as well. I do hope that Obama does something about the leverage ratios in this market as it allows a tremendous amount of over-speculation and is responsible for the natural cyclical nature of prices to bounce way too much in each direction. Where I differ with Tag is that I see prices coming down as we head into fall. Naturally a powerful hurricane in the gulf can effect that but that would be temporary.
If they had merely passed through a supply price increase, wouldn't their profits have remained stable -- except for a moderate DECREASE that would have been caused by reduced sales due to supply/demand forces pressing downward on consumption?
Oh, sorry. Giant corporations don't gouge. Pay no attention to the man behind the curtain.
I keep saying that the prices are high... and that according to Len's predictions, it shouldn't have happened. But, somehow it did... proof is all around us. (Yes, there IS someone behind that curtain... LOL.)
Now there is this back-pedaling going on. Suddenly I am reading posts here that are framing current high gas prices, which are nearly twice as expensive as they were, as being "cheap" somehow. In fact, premium is approaching $3/gallon in many areas, and it wasn't all that long ago in history that folks thought that was outrageous... it was enough to start the hybrid sales heating up. Then when it recently hit over $4... suddenly the public's mindset shifted and it made some folks think that $3/gallon is "cheap". Well compared to over $4, I guess it is "cheap".
But... when gas was just a buck and change, Len posted that oil and gas were going to stay low, but it has nearly doubled since then, and now Charlie posts that he "misunderstood" Len. Gas prices nearly doubled, so I don't think the prediction is correct. And, I don't think a doubling of price is "cheap"... nor even close to the prediction that Len had made.
When the economy heats up again, and the demand increases as a result, the oil companies will capitalize on that increased demand to further increase the price of gasoline. Even Wall Street is betting on this.
That's why I see high prices remaining high and going even higher in the long run. Sure, there might be a small downward spike, but that won't count unless it remains low, and it won't... and it never did, as Len predicted it would.
So far, all we've seen after that short-term price collapse, has been a big increase in gasoline prices, with no real sustained relief in sight.
TM
Charlie,
Len's first round of predictions are already too far off. It's a done deal. He was wrong. Gasoline prices have nearly doubled since his original posts, and the national average for gasoline prices is higher than you just posted anyway. And, that's just for regular. Premium is always much higher, as you know. Len missed the mark on this one. Over and done with. Let's move forward to his next prediction.
Moving forward, he predicts that oil prices will "tank" after a 10K Dow. (I assume he doesn't mean just a quick short-term knee-jerk drop, but rather a sustained large-scale price decline.) I predict that gasoline prices will remain high, with some fluctuations, and even go higher. Let's see who gets this right.
Oh, yes, I was "sneaky", and got back into the market. Glad I did. And glad you are in it as well!
TM
OK, so gas prices have already almost doubled since December/January. I don't think this revelation makes Len's prediction necessarily dead wrong yet. He was saying that gas prices would remain low. I guess it depends on one's definition of "low". To some $2.50 gas (BTW, in my area gas prices have risen just over a dollar from their lows. It went from $1.34 to the present $2.38 for 10% ethanol blend and 89 octane) is low but you think otherwise. In any case, if gas surges up to $4 or $5 by the end of the year, then Len will be dead wrong. If on the other hand, gas prices are down well below $2.00 later this year then he will be proven right. Time will tell.
Nice day for the stock market today!
TM
I have gotten many things wrong in my life so I'm not ging to lose any sleep over something like this. But I don't see any fundamental support for high energy prices. I'd rather predict the fundamentals of energy rather than the emotion of energy prices anyway and 6 months from now with a Dow near or over 10K I don't see much increase in energy demand. Here's a story that was on yahoo finance today as speculation in oil is increasing despite the lack of fundamentals. A lot of folks are in this for the trade rather than the investment it seems to me.
http://finance.yahoo.com/news/Culprits-in-last-years-energy-apf-15402752.html
As for what I consider cheap - basically an average price of $2.50 or so. Above $3 I consider gas as getting expensive but keep in mind that taxes are different in every state and I'm judging gas prices by NJ standards. So Tag I guess it depends on what you consider low prices. I wouldn't of predicted gas to stay as low as it got anymore than I'd predict the Dow to stay as low as it got.
The global demand for oil is above what it was 10 years ago, and 10 years from now it will be even higher. But the global economy is not driving demand to support these prices. India and China have serious issues, more manufacturing plants are being closed not opened in those places. Europe is a mess, ask Jose how Spain is doing, it's not good.
Oil will probably settle back down again this fall, this may or may not have a bearing on gas prices. Remember most businesses and industries don't price to cost rather they price to opportunity, so direct correlation will never tie. There is still a lot of oil in storage around the world because demand is not as strong as supply. This debate will rage on for a while, if any of us truly knew where the prices would settle, then we would trade the futures and retire in a year, fact is no one really knows. Political problems, terror problems, enviromental challenges, and other issues make this too volitile.
Employment
Add to that the 3% decline in average traffic volume through March over 2008, and I find it easy to call this a near term spike in prices. Less work = less driving. The weight for lower prices is alive and well in the US.
BTW, great selling opportunity tomorrow, first thing as the market opens! :shades:
Regards,
OW
Of course you didn't say gas would stay as low as it got, but you did say it would stay low. But it went up 100%! I just gotta call that a bit off the mark.
But like you say, you make mistakes as we all do. And as Clembo points out, if any of us really knew for sure, we'd be retired in a year's time. I think you make many good calls and I like your well-thought out posts, so we'll just move forward from this and see what happens next. If I understand you, you are predicting that this fall is going to bring a big reduction in the price of energy. Now please be specific... are you talking oil prices or gasoline prices or both? I ask this because sometimes there just isn't the price correlation that there ought to be, as I believe Clembo also pointed out.
6 months from now with a Dow near or over 10K I don't see much increase in energy demand.
This forum is about cars, and we do have a lot of freedom here granted by our host, and it is so much appreciated. Predictions are only for entertainment, but they do make for some gameplay here. We'll see who is right on this one. You think prices are going to "tank", and I think they will remain on the high side, with some fluctuations. It'll be interesting, and frankly... my wallet hopes you are right.
As far as demand goes, I think it is clear that there is less demand due to the economic slowdown, and therefore the demand will increase as the economy heats back up. So, we totally disagree here. That is why we see a different future in our mind. You see significantly lower gas prices at a time when the economy improves... and I disagree with that.
TM
How much can start my quote with?
Guys I need all the help I can, as I am new to BMW, get from the experts . OR if you want to steer me to different model, which is better than this, under 35k.
here is more details from the dealers site.
Year: 2008
Make: BMW
Model: X3-SERIES
Mileage: 9,580
Trim: 3.0SI
Exterior Color: BLACK
Internet Price: $28,950.00
Comments:
THIS ALMOST NEW BMW IS THE ONE YOU'VE BEEN WAITING FOR AND IT IS A GREAT VALUE! THIS PRE-OWNED BMW HAS COLD WEATHER PACKAGE, PANORAMIC MOONROOF, POWER SEATS, XENON HEADLAMPS, BMW ASSIST WITH BLUETOOTH, ADAPTIVE LIGHT CONTROL, REMOTE KEYLESS ENTRY, AND MORE. PLEASE CALL US OR COME BY TODAY FOR A TEST DRIVE!
All Wheel Drive
Aluminum Wheels
Am/Fm Stereo
Bucket Seats
Cd Player
Climate Control
Cruise Control
Daytime Running Lights
Fog Lamps
Heated Mirrors
Keyless Entry
Passenger Air Bag
Power Door Locks
Power Driver Seat
Power Passenger Seat
Power Steering
Power Windows
Rear Defrost
Rear Spoiler
Traction Control
Trip Computer
Woodgrain Interior Trim
Driver Air Bag
Intermittent Wipers
Steering Wheel Controls
Compact Spare Tire
Seat Memory
Leather Wrapped Steering Wheel
Vinyl Seats
Mp3 Player
Passenger Air Bag On/Off Switch
Front Floor Mats
A/C
4-wheel Abs
4-wheel Disc Brakes
Adjustable Steering Wheel
Auto-off Headlights
Auto-on Headlights
Auxiliary Pwr Outlet
Driver Illuminated Vanity Mirror
Gasoline Fuel
Pass-through Rear Seat
Power Driver Mirror
Rear Floor Mats
Side Air Bag
Tires - Rear Performance
Vehicle Anti-theft System
Power Tilt/Sliding Sunroof
Straight 6 Cylinder Engine
Heated Exterior Passenger Mirror
Rain Sensing Wipers
Passenger Illuminated Visor Mirror
Rear Head Air Bag
Side Head Air Bag
Sunroof Sunshield
Sun/Moon Roof
Front Reading Lamps
6-speed M/T
Rear Reading Lamps
Heated Exterior Driver Mirror
M/T
Mirror Memory
Tires - Front Performance
Power Passenger Mirror
Tire Pressure Monitoring System
Electronic Stability Control
Variable Speed Intermittent Wipers
Auxiliary Audio Input
Thanks in advance.
Not long ago, I found an old credit card receipt showing that I shelled out $1.35 per gallon for premium gas at a NY Thruway service area in October, 1980. In 2008 dollars, that's $3.48 per gallon.
By contrast, I paid $2.72 per gallon for premium on the Mass Pike two days ago.
Y' know. That also reminds me of the time I got 10% interest in a regular bank savings account. Times change. Some things go up and some things go down. Some things just go round and round... And then there's these things to consider...
(in no particular order) skyrocketing inflation... and that stagflation thing, too... and the Japanese bubble, and the silver bubble (Hunts brothers), and the bond crash, the stock market crash, and the derivatives, and the Wall Street con artists, Enron, AIG, and the mortgage meltdown, the real-estate bubble, the global financial crisis, the so-called energy crisis, global warming, strip mining, the rainforests, endangered species, the poison in the Tylenol, starvation in Africa, the SF earthquake, Mt. St. Helens, the swine flu, and the bird flu, and the ebola virus, and the aids epidemic, the Detroit Three, nuclear testing, radiation fallout, Cuban Missile Crisis, air pollution, and water pollution, asbestos, tobacco, pesticides, Watergate, Woodstock, Kent State, Ralph Nader, terrorism, gay marriage, the homeless, child-abuse, Oprah (LOL), made-in Japan, made-in Taiwan, made-in Korea, made-in China, hanging chads, garbage and medical waste on New Jersey's beaches, unemployment, and that's enough already! this is ridiculous....... :sick:
Well, there is always the brighter side... like driving a BMW!
TM
I ran across some stuff recently reminding me of the 31.9 I paid for premium in 1968 at a Shell station. Cost me 72 cents to fill my motorcycle tank -- no way I could fit the other three cents in to make it come out even.
“If there wasn’t demand for our production and if our days’ supply wasn’t in such great shape, we wouldn’t be increasing production,” Pipas told Automotive News.
Ford will be adding 10,000 vehicles to its second-quarter North American production schedule. In the third-quarter, the plan calls for production of 460,000 cars and light trucks - a 10 percent increase from last year.
Time to buy more Ford stock. Really... I think Len will agree with me on this.
TM
Generally I hate auto stocks but Ford and Toyota look great after this monster correction. So I agree.
You want to talk about mistakes? Try this on for size...
In the early 90's I bought a lot of Motorola, Genentech, Microsoft and Intel. Yes, four of the sweetest stocks to ever grace this planet. But, right around the time I bought those stocks, I sold my Hawaii beachfront property and moved. My wife was then pregnant with our first child, and there were some major life challenges at the time that left me believing that I should sell all my stocks and play it safe.
I made two huge mistakes at that time in life.
1. I should have NEVER sold that Hawaii property... it went up to 15 million.
2. I should have NEVER sold those stocks... I can only imagine what they'd be worth today!
So... I have an [non-permissible content removed]-kicking machine in my garage that I visit from time to time. Just kidding... I don't need the [non-permissible content removed]-kicking machine. I have my lovely bride to remind me now and then. LOL.
But, that's life. Lot's of mistakes, and all it takes is one or more good decisions.
TM
My youngest is only nine... so between the two of those kids, I've still got a lot of work cut out for myself. He's the primary reason we have moved to SoCal. He has himself a three year contract in the entertainment business... so he's just getting warmed up. We'll see what happens over time. I figured the sure way to failure would be to deny him his opportunity... so with that logic, I decided we'd open the doors for him and see what happens. Other than that, it will be life as usual for him, since his real love is baseball... he's a great pitcher.
BTW, I heard on the news today that oil prices are officially up 90% since January.
TM
BTW, I heard on the news today that oil prices are officially up 90% since January. Yikes!
I've been quite but now....you started it!
Crude oil for July delivery climbed $2.27 to $68.58 a barrel, the highest since Nov. 4, on stronger-than-expected manufacturing numbers in China. Some saw oil rising as high as $87 but warned that fundamentals were weak.
"This increase is purely technical and speculative," said Sean Brodrick of Weiss Research's online newsletter Money and Markets. "There are no supply-and-demand fundamentals at work here. When it corrects, it's going to be a free fall off a cliff."
Look out below! :surprise:
Regards,
OW
Regards,
OW
LOL... agree. My son gets straight A's, but my daughter A's & B's... different personalities, I guess.
Look out below!
Disagree.
Demand is low because the world economy is sluggish. But I do believe that the markets are often forward-thinking and future indicators. As the global economy improves, so will the demand... that might explain oil prices moving upward in anticipation of that increased demand.
Since I first posted my recent warning to you that prices were going to rise, they have continued to do so. I don't expect they will do so forever. But they have continued to rise as I predicted they would. Eventually they will need to settle back, of course... they have already nearly doubled since January... but I don't believe they are going to "tank", IMHO, as you and Len are suggesting. And, if there were to be a sudden drop, it would be short-lived and relatively meaningless as prices would escalate all over again... IMHO.
Political factors are a big wildcard in the very near future that none of us can begin to factor into the equation, but political instability in the Middle East is usually bad, not good, for the price of oil.
TM
For good reason, of course.
Where's the Doc? I hope he is aware of all of this.
TM
The current X3 is very long in the tooth and will be replaced by an updated X3 in the 2nd quarter of 2010. Personally, I don't think it would be a tragic purchase by any means, but I would be hesitant to spend $30K on a used X3... that's just my opinion, of course.
TM
Disagree
Tag, my friend, you're having a lot of fun with this aren't you. Next time you're in New York the loser pays for dinner at Daniel's.
BTW - my youngest is 10 turning 11 in August.
Just to show you what kind of guy I am... I'll pay... win or lose!
BTW - my youngest is 10 turning 11 in August.
Mine will be 10... also in August. (26th).
TM
Has anyone here noticed that diesel fuel has become cheaper than regular gas?
This begs the questions "why"? And "will it last"?
When diesel fuel became so expensive, the diesel vs. hybrid argument died, and I finally gave up on the diesel alternative after having given so much passionate support for the new clean modern diesel technology. Are things different now? Has the modern clean diesel finally become a viable and smart option?
Any thoughts or comments on this?
TM
Anyway, here is some info.
and a picture to stay on topic...the new 5'er.
Regards,
OW
I'm sure the 4/50 free maintenance goes a long way to put BMW over the edge. They're the only luxury nameplate still doing it.
You mean oil refiner(ies). Gas is actually a waste product of the petroleum distillation process.