Do you think gas will go back down?

Question

Do you think gas will go back down?

Answer 1

no. i hope it does though.

Answer 2

Very Very unlikely.

Answer 3

Nope. Gas prices are too high and people are making too much good money. the only reason we would have gas go down is if we struct 5,000,000,000,000,000,000,000 Trillion Gallons of gas. Honesty i dont really think gas prices will go down. But i really hope it does. Maybe in the way future.

Answer 4

There is nothing pushing the price of gas down. It is a question of simple economic principles of "supply and demand".

If the oil supply goes up, the price will go down. If the demand goes down, the price will also go down. But as you see nothing like this is happening.

Remember, there are many countries that are demanding more and more oil. Especially India and China where a big chunk of the world's population lives. There for the demand is never going to decrease.

As far as supply, oil is a limited resource. The truth is the world is going to run out of oil eventually. But no one knows when.  It is this uncertainty that has caused the current escalation in oil prices. That is why you are starting to hear that "speculators" are to blame for the current increase in prices. You have also heard people say that the problem is that the U.S. does not produce oil because of the environmental groups. I think the environmental groups are being used as a "scape goat" by our own government. Our leaders know that our domestic oil is our emergency backup plan and is not to be used until we consume foreign countries oil supply. After which, we will be the only country with oil with which we can sell with very little competition. So don't worry, our country's leaders know what they are doing. They are securing our future. What you see now in the news meant to be and it is all staged for the benefit of our own country's future.

Answer 5

Eventually, if more gas is found, gas prices will begin to decline. Hopefully! If not, I suggest buying a more fuel efficent car.

Answer 6

It could get worse This administration is dying to start something with Iran. What do you think is going to happen if they take action. They are another big supplier internationally All the oil companies needs is some reason to jack with the price that would be reason enough.

Answer 7

Not without new supplies.  

Like it or not China and India are entering their industrial growth spurt (they like us are part of the demand side).  Maybe today, the U.S. uses the most oil but we are in a stable (and lately declining) demand while they increase more each month.  

You need to think of oil as the commodity that it is.  It is traded on the world market (not controlled by greedy oil companies) just like a stock price is controlled by the people/institutions who buy and sell them(you buy shares of McDonalds today with the hopes it will rise when you want to sell it).  Comodities are traded using  "futures" which means that you can buy (corn, sugar, pork bellies, and yes OIL) today with a "future" delivery date.  Right now most of the money is "betting" that the price will be higher next month, 6 months and next year.  There are also some who are speculating that the prices will go down (but they've been losing money).  Eventually the date for the contract comes due (someone actually buys the oil).  The speculators have already sold their contracts and now (in simple terms) an oil producer shows up with a barrel of oil and a buyer is there to buy a barrel.  So the guy selling may want to ask $200 for his barrel - but no one will buy it (today) because everyone else is offering it at $140 a barrel. If he insists on holding out for $200 - he can try - but with all of the other countries selling oil, there is enough to handle the current demand and because he needs to sell his oil (so he can get back to sell the next barrel) he sells "at the market price".  

So what happens when there are way more buyers that there are sellers  - can you say Playstation 3 last Christmas on eBay?  Well get ready because without more supply we are headed right for that storm.  

People think our oil dependance is like a bad habit and we must break it.  Unfortunately, our whole ecconomy is based on "cheap" oil.  Less than half of a barrel of oil is used for gas.  Like that bottle of pop or water - the bottle is petroleum based  Do you have carpeting? Oil ! Have some coffee this morning?  Unless you were in South America, how do you think it got here?  Everything you touched today had an oil component in its manufacturing, the energy used at the factory, or store you bought it from.  Or, the transportation to get it close to you.  

You may "want" other forms of energy you may "wish" we had solar, wind, or other forms of energy, but you can't change the reality that these things are simply not ready yet (like the mistake we've made with corn based ethanol - 20% less miles per gal, costs $1.25 in energy to make $1.00 in energy and now corn prices have quadrupled and food prices are on the rise - look at your ice cream container - it is now 14% smaller

Can we just turn on a switch today and get more domestic oil?  No, but it is not the 10 year window that environmental groups have promoted (you may not remember but we figured out how to get to the moon in about 7 years).  Some oil can come on-line in 2-3 years, others may take 5 years and experts in oil drilling say the worst case would be remote off-shore (50-100 miles) riggs (could be 7-8 years).

If you think that paying $4.00 (or more) for a gal of gas is the worst that can happen - please sit down with someone who is 55 yrs old or older and have them explain what it is going to be like when you simply can't get gas at any price.

P.S. Don't even talk about Global warming - don't believe me,  just take the 2 graphs Al Gore "Inconvienently" split showing CO2 and Temp -- explain how CO2 causes Global Warming when the Temp rises come years before the CO2 rises - unless you think babies cause s*x!

Answer 8

I've heard the stock market might crash soon. But right now, I think the gas prices won't go down. I really hope it does. T-T So many world crisises.

Answer 9

it will peak eventually, then stabilize a little below the peak.

the peak is probably somewhere just north of where it is now.

it won't go back down until some major changes happen.

Like for example, domestic production increases enough to supply domestic demand.

Or, world demand drops by half.

Answer 10

i dunno...

but our gas has stayed at $4.05 for a week now...that's a relief because before it was changing all the time overnight! NC here

Answer 11

It will never go back down more than $0.20, and thats a pretty large estimate. The oil companies KNOW we'll pay as much as we are, so why knock it back down? It may stabilize if we do some domestic drilling, but it will never drop.

Answer 12

not anytime soon if ever !

Answer 13

Are you kidding? Heck no! I think it wil go up. Ha I put kissing

Answer 14

Nah. Too bad. I wouldn't be surpirsed it it's 5.50 by september.

OMG, 4.05!!! In NY, that's condidered a deal. Up here, I daily see 4.29.

Answer 15

nope. its supposed to go waaay up by the end of summer. the middle east cant afford to put it down.

Answer 16

yes once there is more oil

Answer 17

It really is ridiculous that it is up so high.  It is killing the economy...because gas it up everything else is up as well.  That $600 stimulus check is only going to fill up my gas tank about 10 times...I think we are going to be in this situation until we get a new party in the White House(i.e. Obama).  Just like the bumper stickers for Clinton against daddy Bush "It's the economy stupid"...same think can be said about W and the rest of the Republicans!!!!!

Answer 18

It was on the news that Morgan Stanley now owns more oil than Exxon, meaning the price has been run up by speculators.  One estimate placed the supply and demand settled price of oil at only about $80/bbl so if speculation is outlawed, or if the speculation collapses like the housing market did, gas will absolutely go back down.  One problem is that the value of the dollar has been destroyed by Mr. Bush's Unnecessary Iraq War, and tax cuts for billionaires paid for by borrowing a trillion dollars from Communist China, so the prices of everything are going to go higher for a long time to come.  Impeach the supreme ct, they did this when they stole the 2000 election for Bush and the Republican'ts.

Answer 19

With our luck, Baby, it probably won't!!!  

Have a good day at work today...I love you!

Answer 20

nope if you live like fifteen minutes or less just cross the border there gas is 2.60 a gallon

Answer 21

it did in the 70s.............so I have my fingers crossed

Answer 22

no i dont think so, unless we get a different president who has a pair of *alls..