Oil nearly falls below $80 on oversupply

Puck it · Oct 16, 2014

SkiFanE said:
Haha...not for Maine, but for MA we have 5 huge oaks in woods that came down in Hurricane Sandy that we're chopping up. Here's what I did chopping on Monday, new maul...probably made in China...wtf? :

Get the one with the flairs on the sides. It makes things so much easier.

SkiFanE · Oct 16, 2014

Puck it said:
Get the one with the flairs on the sides. It makes things so much easier.

What do you mean? I bought one of those wedge things that you put in log and splits it in half (this one was like a star)...then I use the axe side to chop them smaller.

But if there's something easier, do tell...

Smellytele · Oct 16, 2014

I have one with a plastic handle to avoid that.

Puck it · Oct 16, 2014

SkiFanE said:
What do you mean? I bought one of those wedge things that you put in log and splits it in half (this one was like a star)...then I use the axe side to chop them smaller.

But if there's something easier, do tell...

It it looks like this.

http://t.homedepot.com/p/Estwing-Sure-Split-5-lb-Wedge-E5/100351738/

SkiFanE · Oct 16, 2014

Puck it said:
It it looks like this.

http://t.homedepot.com/p/Estwing-Sure-Split-5-lb-Wedge-E5/100351738/

Yup, I bought that, so far I haven't split it yet :lol:

SkiFanE · Oct 16, 2014

Smellytele said:
I have one with a plastic handle to avoid that.

Fiberglass maybe?

Smellytele · Oct 16, 2014

SkiFanE said:
Fiberglass maybe?

no plastic

SkiFanE · Oct 16, 2014

Smellytele said:
no plastic

Okay...may try that. Need to get chopping this weekend, :smash: and husband hurt shoulder, ugh.

jack97 · Oct 16, 2014

drjeff said:
Why?

If a company makes a 3% or a 7% or a 12% or a 20% profit margin then that's an apples to apples (no pun in this case intended!) comparison.

If 1 company makes a million dollars profit at say a 2% margin and another makes a million dollars of profit on a 50% margin, then who's the "lesser" company (obviously speaking from social standpoint here)?

If a company has a good or service that they produce and/or sell and they can get enough people to buy it for whatever amount they can get for it, then as I see it, GREAT for them!

+1

IMO, the point of the comparison is that big oil is not reaping the profits that people think.

In addition, like it or not, our economy is driven by the price of oil. The cheaper it is, the faster it will grow. If prices stay this way it might be a good year for the ski resorts in general since the customers have more income to use for play.

Hawkshot99 · Oct 16, 2014

Logsplitter! I used to enjoy using it to split wood

Quietman · Oct 16, 2014

It's heavy, but you won't break the steel handle easily!

Steel Handled Splitter

Mariovntr · Oct 20, 2014

I'm willing to put money on gas going up at least 30 to 40 cents a gallon after elections this November. Typical political crap... gas always goes down around elections.

Harvey · Oct 21, 2014

mriceyman said:
All the experts say as gas prices fall then so will our economy.

This is backwards.

Several things can cause oil prices to drop, but a drop in prices won't hurt the economy.

The backwards part: If the economy is struggling, demand drops and prices will drop. So a bad economy can cause a drop in prices but the reverse is unlikely.

I think something else is a work in this case. The economy doesn't seem to be slower than it was six months ago.

Dickc · Oct 21, 2014

Mariovntr said:
I'm willing to put money on gas going up at least 30 to 40 cents a gallon after elections this November. Typical political crap... gas always goes down around elections.

It normally starts up around Christmas or there abouts as the speculators start to speculate i=on the up coming summer driving season. Now if we could rope in the speculators so as to stabilize prices.......

Mariovntr · Oct 21, 2014

Dickc said:
It normally starts up around Christmas or there abouts as the speculators start to speculate i=on the up coming summer driving season. Now if we could rope in the speculators so as to stabilize prices.......

I hear you on that. Speculators add nearly 40 - 50 cents to every gallon.

BenedictGomez · Oct 21, 2014

Mariovntr said:
I hear you on that. Speculators add nearly 40 - 50 cents to every gallon.

This is like, "you shouldn't go swimming until an hour after you eat". It's often repeated for some odd reason, it's believed by many, but it's simply not true. The influence of forward derivative contracts on market prices are greatly overstated, and certainly not 40¢ to 50¢ per gallon at the pump.

Mariovntr · Oct 21, 2014

BenedictGomez said:
This is like, "you shouldn't go swimming until an hour after you eat". It's often repeated for some odd reason, it's believed by many, but it's simply not true. The influence of forward derivative contracts on market prices are greatly overstated, and certainly not 40¢ to 50¢ per gallon at the pump.

So based on $80/barrell, what price do you think gas should be at the pump?

BenedictGomez · Oct 21, 2014

Mariovntr said:
So based on $80/barrell, what price do you think gas should be at the pump?

D) There is not enough information to answer this question.

You really shouldnt think of it that way. People want to do this, it seems logical, but oil and gasoline are not the same thing, and the relationship between the two has numerous moving variables. It would sort of be like saying, based on Cannon receiving X number of inches of snow this season, how much should lift tickets cost? Snow is integral to skiing and plays a big part in the financial success, but there are other factors involved in the cost of mountain ops.

Mariovntr · Oct 21, 2014

BenedictGomez said:
D) There is not enough information to answer this question.

You really shouldnt think of it that way. People want to do this, it seems logical, but oil and gasoline are not the same thing, and the relationship between the two has numerous moving variables. It would sort of be like saying, based on Cannon receiving X number of inches of snow this season, how much should lift tickets cost? Snow is integral to skiing and plays a big part in the financial success, but there are other factors involved in the cost of mountain ops.

I actually got my price per gallon estimate from a nationwide report that ExxonMobil was a part of back in June 2011. CALPIRG and 250 national and state organizations worked together to document the speculation impact. At that point in time, speculation drove fuel at the pump costs up by 83 cents per gallon. Since 2011, speculations impact to price at the pump has eased by approximately 50% hugely in part to that report and higher consumer awareness of costs / speculations impact. That's why I said 40 to 50 cents. 50% would be 41.5 cents.

from_the_NEK · Oct 21, 2014

BenedictGomez said:
D) There is not enough information to answer this question.

You really shouldnt think of it that way. People want to do this, it seems logical, but oil and gasoline are not the same thing, and the relationship between the two has numerous moving variables. It would sort of be like saying, based on Cannon receiving X number of inches of snow this season, how much should lift tickets cost? Snow is integral to skiing and plays a big part in the financial success, but there are other factors involved in the cost of mountain ops.

Then why does it seem like gas prices immediately go up as soon as oil prices go up?

On another note, I'm glad I didn't pre-buy heating fuel this winter. My wife was all over me to get it done but prices seemed kind of high.
I just bought 200 gallons at $2.20/gal vs $3.05 if I would have pre-bought 2 months ago. Pre-buy was $3.70 in June when my wife started trying to get me to get it done.

Win = me!
220 gallons =
$440 at $2.20
$610 at $3.05
$740 at $3.70

We use about 650 gallons a year =
$1430 at $2.20
$1982.50 at $3.05
$2405 at $3.70

Oil nearly falls below $80 on oversupply

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