1 (edited by JBSRV 2008-10-22 18:28:39)

Topic: Fill up the the tanks before Friday...

I'm in an economics class and my teacher gave us a warning that, even though they are relatively low right now, gas prices could shoot up after friday. OPEC is meeting on Friday and it looks like Saudi Arabia could cut back its oil supply to see higher profits now that oil is now around $70 a barrel, quite a bit lower than $110 a barrel like they are used to. They could be shooting themselves in the foot though as we could cut back on oil consumption for good if gas get near $4.00 a gallon again. Then all of their profits would be gone, quite the opposite effect than they would expect. It might be a good idea to take advantage of lower prices while you can.

This is just a speculation though so don't hold me accountable if prices get LOWER. This is also possible because we have shown that we can cut back on oil consumption (in fact it's what lowered the prices in the first place). This is an amazing time to be taking an economics class, I'm a little overwhelmed wink

"It makes it sound like the amp is about ready to explode, that's because it IS about ready to explode." -Joe

"I've come all the way from Colorado... Long way from my home. Give me the hammer that killed John Henry..." The Ballad Of John Henry

2 (edited by gsj 2008-10-22 18:56:38)

Re: Fill up the the tanks before Friday...

$4 a gallon??? You really don't know what's going on over here do you? We've only just gone below £1 a litre.

Now, here's where I get a bit angst ridden....your teacher has predicted something when in reality it's just a guess. If your teacher really knew then he/she would be buying and selling shares like a little stock exchange whirlwind. But it's just a guess isn't it.....and you post it as fact (ish). Nice work my friend....very helpful in these days of uncertainty....let's stir up things a bit more so that we all get a bit more worried. How about tell your teacher to teach and not make speculations........that's why he/ she is a teacher.....those that can, do.....those that can't, teach.

(a not very happy, feeling very stressed out, under pressure, angry, very very angry with the fools that run this world, and, totally out of character, up for a fight.) Geoff

I'll be better tomorrow....perhaps.

never give up, never slow down
never grow old, never ever die young

Re: Fill up the the tanks before Friday...

gsj wrote:

$4 a gallon??? You really don't know what's going on over here do you? We've only just gone below £1 a litre.

Now, here's where I get a bit angst ridden....your teacher has predicted something when in reality it's just a guess. If your teacher really knew then he/she would be buying and selling shares like a little stock exchange whirlwind. But it's just a guess isn't it.....and you post it as fact (ish). Nice work my friend....very helpful in these days of uncertainty....let's stir up things a bit more so that we all get a bit more worried. How about tell your teacher to teach and not make speculations........that's why he/ she is a teacher.....those that can, do.....those that can't, teach.

(a not very happy, feeling very stressed out, under pressure, angry, very very angry with the fools that run this world, and, totally out of character, up for a fight.) Geoff

I'll be better tomorrow....perhaps.

I'm sorry. All I wanted to do was tell what COULD happen. I thought I said that. I don't want to start something like this, but I didn't mean to scare anybody. Nothing to worry about, it's not the end of the world, just a POSSIBLE raise in gas prices. Please don't take it the wrong way, I'm just trying to be helpful. His guess is just that... a guess... he told us that himself. I'm not trying to make anyone worried.

I guess it was a bad idea to post this... sorry.

"It makes it sound like the amp is about ready to explode, that's because it IS about ready to explode." -Joe

"I've come all the way from Colorado... Long way from my home. Give me the hammer that killed John Henry..." The Ballad Of John Henry

Re: Fill up the the tanks before Friday...

gsj wrote:

$4 a gallon??? You really don't know what's going on over here do you? We've only just gone below £1 a litre.

Now, here's where I get a bit angst ridden....your teacher has predicted something when in reality it's just a guess. If your teacher really knew then he/she would be buying and selling shares like a little stock exchange whirlwind. But it's just a guess isn't it.....and you post it as fact (ish). Nice work my friend....very helpful in these days of uncertainty....let's stir up things a bit more so that we all get a bit more worried. How about tell your teacher to teach and not make speculations........that's why he/ she is a teacher.....those that can, do.....those that can't, teach.

(a not very happy, feeling very stressed out, under pressure, angry, very very angry with the fools that run this world, and, totally out of character, up for a fight.) Geoff

I'll be better tomorrow....perhaps.

Have the tablets stopped working Geoff ? wink

My wife is a teacher....and she certainly can.
The guy who I had as a guitar teacher certainly could.....play guitar and hold a stage pretty well.

You do have a point though. I wonder how much bother is caused by the media whipping up a story. If we weren't all told on the news that the world had gone mad, maybe we wouldn't talk ourselves into recession.
The greedy city mess it up and guess who will carry the can !!

I've heard they have stopped making the steel that guitar strings are made of, and the glass that makes up valves is in short supply !!

Whatever next ?  Sheesh!!

5 (edited by The RiverCat^-^ 2008-10-22 22:24:14)

Re: Fill up the the tanks before Friday...

JBSRV wrote:
gsj wrote:

$4 a gallon??? You really don't know what's going on over here do you? We've only just gone below £1 a litre.

Now, here's where I get a bit angst ridden....your teacher has predicted something when in reality it's just a guess. If your teacher really knew then he/she would be buying and selling shares like a little stock exchange whirlwind. But it's just a guess isn't it.....and you post it as fact (ish). Nice work my friend....very helpful in these days of uncertainty....let's stir up things a bit more so that we all get a bit more worried. How about tell your teacher to teach and not make speculations........that's why he/ she is a teacher.....those that can, do.....those that can't, teach.

(a not very happy, feeling very stressed out, under pressure, angry, very very angry with the fools that run this world, and, totally out of character, up for a fight.) Geoff

I'll be better tomorrow....perhaps.

I'm sorry. All I wanted to do was tell what COULD happen. I thought I said that. I don't want to start something like this, but I didn't mean to scare anybody. Nothing to worry about, it's not the end of the world, just a POSSIBLE raise in gas prices. Please don't take it the wrong way, I'm just trying to be helpful. His guess is just that... a guess... he told us that himself. I'm not trying to make anyone worried.

I guess it was a bad idea to post this... sorry.

You were trying to give a heads up to people just in case this might happen. You were trying to help.

You qualified it as "this is just speculation though so don't hold me accountable if gas prices get lower."


It's great that you are excited about what you learned in school in Economics.  I am thrilled because I took Economics and it helped me a great deal.  I hope it helps you too with your future pursuits and endeavors.
It is an important time to take it because you can see the economic impact more clearly in everyday life right now.
Just like the example you stated.  There are alot of current events that can be used to illustrate the economic principles that you will learn in class that I think may be easier to understand because you are in the middle of a very important time economically.  You should have alot of fascinating topics to go over.  Like with OPEC, you could learn what countries belong to OPEC which would help you with geography and give you a better understanding about where we get our oil supply which is something the world uses everyday. You won't just think gas comes from a pump.

And just to let you know where your economic knowledge will come in very handy in the future is if you ever decide to run a business or get into the Stock Market.  It is important to know the economic trends of the business you're in for it to be more of a success.  And economics and current events play a big part in choosing your stock portfolio and deciding how you want to navigate your stocks and bonds.  I just wanted to give you some future,  everyday practical applications where you can use what you will learn in Economics. 
With Economics you can learn alot about the world. 

And if you ever want to be a teacher GO FOR IT!
We need teachers to teach our children and inspire them to becoming what ever they dream to be.  Teachers can open a whole new world for students.  Their service to education is priceless.  I wasn't a teacher, but I did tutor.
I miss the kids and adults that I tutored and am so happy we spent time together learning.  The feeling of helping you get from teaching someone can feel more satisfying then just doing what you are teaching.

"Holy Toledo"  -  Bill King   "Just Win Baby" - Al Davis  "The Autumn Wind" - Steve Sabol

Re: Fill up the the tanks before Friday...

The RiverCat^-^ wrote:
JBSRV wrote:
gsj wrote:

$4 a gallon??? You really don't know what's going on over here do you? We've only just gone below £1 a litre.

Now, here's where I get a bit angst ridden....your teacher has predicted something when in reality it's just a guess. If your teacher really knew then he/she would be buying and selling shares like a little stock exchange whirlwind. But it's just a guess isn't it.....and you post it as fact (ish). Nice work my friend....very helpful in these days of uncertainty....let's stir up things a bit more so that we all get a bit more worried. How about tell your teacher to teach and not make speculations........that's why he/ she is a teacher.....those that can, do.....those that can't, teach.

(a not very happy, feeling very stressed out, under pressure, angry, very very angry with the fools that run this world, and, totally out of character, up for a fight.) Geoff

I'll be better tomorrow....perhaps.

I'm sorry. All I wanted to do was tell what COULD happen. I thought I said that. I don't want to start something like this, but I didn't mean to scare anybody. Nothing to worry about, it's not the end of the world, just a POSSIBLE raise in gas prices. Please don't take it the wrong way, I'm just trying to be helpful. His guess is just that... a guess... he told us that himself. I'm not trying to make anyone worried.

I guess it was a bad idea to post this... sorry.

You were trying to give a heads up to people just in case this might happen. You were trying to help.

You qualified it as "this is just speculation though so don't hold me accountable if gas prices get lower."


It's great that you are excited about what you learned in school in Economics.  I am thrilled because I took Economics and it helped me a great deal.  I hope it helps you too with your future pursuits and endeavors.
It is an important time to take it because you can see the economic impact more clearly in everyday life right now.
Just like the example you stated.  There are alot of current events that can be used to illustrate the economic principles that you will learn in class that I think may be easier to understand because you are in the middle of a very important time economically.  You should have alot of fascinating topics to go over.  Like with OPEC, you could learn what countries belong to OPEC which would help you with geography and give you a better understanding about where we get our oil supply which is something the world uses everyday. 
You won't just think gas comes from a pump.

And just to let you know where your economic knowledge will come in very handy in the future is if you ever decide to run a business or get into the Stock Market.  It is important to know the economic trends of the business you're in for it to be more of a success.  And economics and current events play a big part in choosing your stock portfolio and deciding how you want to navigate your stocks and bonds.  I just wanted to give you some future,  everyday practical applications where you can use what you will learn in Economics. 
With Economics you can learn alot about the world. 

And if you ever want to be a teacher GO FOR IT!
We need teachers to teach our children and inspire them to becoming what ever they dream to be.  Teachers can open a whole new world for students.  Their service to education is priceless.  I wasn't a teacher, but I did tutor.
I miss the kids and adults that I tutored and am so happy we spent time together learning.  The feeling of helping you get from teaching someone can feel more satisfying then just doing what you are teaching.

Thanks for the help!

-Eric

"It makes it sound like the amp is about ready to explode, that's because it IS about ready to explode." -Joe

"I've come all the way from Colorado... Long way from my home. Give me the hammer that killed John Henry..." The Ballad Of John Henry

Re: Fill up the the tanks before Friday...

You are quite welcome Eric. 

I wish you the best in all your studies.  Always stay curious.

That's my motto.  You know us cats wink

"Holy Toledo"  -  Bill King   "Just Win Baby" - Al Davis  "The Autumn Wind" - Steve Sabol

8 (edited by gsj 2008-10-23 02:27:47)

Re: Fill up the the tanks before Friday...

Sincere apologies. Life had been turning into a big pile of doggy-doo and I lost it a bit. I'll shut up for a while.

Geoff

never give up, never slow down
never grow old, never ever die young

Re: Fill up the the tanks before Friday...

gsj wrote:

Sincere apologies. Life had been turning into a big pile of doggy-doo and I lost it a bit. I'll shut up for a while.

Geoff

Goeff,

We are all a bit stressed these days. Apology accepted. I am a teacher, and I think a pretty good one. There are many other things I could have done for a living, but I chose teaching, because that is my calling. Melissa and Dean are also teachers, along with many others on this forum I am sure.

~Rhonda

"I don't think obsessions have reasons, that's why they're obsessions....National Geographic likes their pictures in focus..." Robert Kincaid

Re: Fill up the the tanks before Friday...

My wife is also a teacher.

I think this thread needs to be closed.

'nuff said!

Cyaaaaaaa
me

Re: Fill up the the tanks before Friday...

JBSRV-what a time to be studying Economics, with everything being thrown in, you surely will get a first hand learning experience, better than a textbook. I wish I could sit in on your class, I could use a refresher course.;)

StringsforaCURE~Helping cancer patients one STRING at a time.
http://stringsforacure.com/

Re: Fill up the the tanks before Friday...

Well this turned out to be an inaccurate hunch by your teacher JBSRV. I just watched a report on the midday news reporting that the price of a barrel dropped again to $63.00 from $70.00 down from $147.00 just 4 months ago in July. Gas prices are going to drop further rather than go up and we could be paying as little as $2.50 a gallon in the Bay Area by Christmas. Prices at a few stations have dropped to $2.99 today down from $3.13-$3.19 just yesterday. A trend I'm seeing more and more in NorCal is a savings of roughly $.20 per gallon if you pay with cash as opposed to credit or debit. OPEC is trying to cut world production to stabilize the barrel price, but the good news is that demand has dropped consistently for the past ten months according to AAA surveys. It's about time people learned to conserve in their driving habits, the money saved at the pump could help stimulate the economy a little bit, slowly, but surely.

                                                                                                     ROCK THE VOTE,

                                                                                                     J Dawg

What is success? Is it do yo' own thang, or is it to join the rest?   -Allen Toussaint

Re: Fill up the the tanks before Friday...

$2.32 a gallon in Dayton today...I'll think I'll filler up while the getting is good...


Bizzer

Re: Fill up the the tanks before Friday...

You lucky Buckeye!!!! The cost of living in the Bay Area is as steep as it gets in the US of A.

                                                                                                 
                                                                                           ROCK THE VOTE,

                                                                                           J Dawg

What is success? Is it do yo' own thang, or is it to join the rest?   -Allen Toussaint

Re: Fill up the the tanks before Friday...

Cathy said she saw 2.59 locally yesterday. Meanwhile, our prices here have dropped from the summer high of around 1.60+ euro per liter to around 1.30ish now - percentage wise, this is not remotely in the same ball park as the drop in US prices, so fill those SUV's up while the going is good. big_smile

Incidentally, OPEC cut production today by around 1.5m barrels a day and say they will cut production further at their next meeting in December if prices haven't "recovered" by then.

RIP Iron Man

Rock On and keep the Faith

Re: Fill up the the tanks before Friday...

Scare tactics, finally the consumer is being heard.

                                                                           ROCK THE VOTE,

                                                                           J Dawg

What is success? Is it do yo' own thang, or is it to join the rest?   -Allen Toussaint

Re: Fill up the the tanks before Friday...

My husband just paid $2.35 a gallon today, here in the Mechanicsburg PA area.  That's just down the road from Carlisle PA, which is a big trucking hub, and there have been price wars going on there for months now, which many of the gas stations nearest to me have been participating in... it's been great!  I often travel within a 3 hour radius for concerts, and prices are always higher in surrounding areas and states, or even in the next town over for that matter.  Needless to say, I try to do all my fill-ups at home, even if it means buying a couple gallons elsewhere to tide me over til I can get home to fill up. wink

Bizzer, that may be the first time I've heard of anyplace else being lower than here (actually our truck stops and warehouse clubs are probably around $2.32 a gallon also)... congratulations! smile

One of our local grocery stores, Giant, has a deal going where you can earn gas points over several weeks' time, and then you have a couple weeks to use your gas discount, good for 1 fill-up.  Like you buy any 5 items from this group to earn $.20, any 8 items from another group to earn another $.20, etc, plus $.10 for every $100 you spend.  Well last time I did some very careful and smart shopping (used coupons too) and ended up earning a discount of $1.70 a gallon!  We filled my husband's tank since it's the biggest, and only paid $.91 a gallon, which saved us a total of like $34.50!  The program started over again this week... not sure I'm up to all that shopping again (I HATE shopping, ugh), plus I'm pretty stocked now, lol... so I probably won't do nearly as well this time.

--Vik cool

Re: Fill up the the tanks before Friday...

JBSRV,

I can't really get into it here because it gets too involved and I don't want to confuse you and be off limits here.  I just want to let you know that there is more to Economics than the basic principle of supply and demand.  Keep studying economics and you will learn other factors that play into the equation.  I will just let you know most Americans think of it as just a supply and demand issue when there are other reasons why the oil prices are fluctuating.  As you advance in your studies, you will learn to apply these factors and your view will broaden.  Most people don't even know the number 1 importer of American oil.

"Holy Toledo"  -  Bill King   "Just Win Baby" - Al Davis  "The Autumn Wind" - Steve Sabol