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Thread: Oil prices

  1. #101

    Default Re: Oil prices

    Quote Originally Posted by catch22 View Post
    My car has an avg MPG computer. The previous owner used cheapest ethanol, and the meter read 20.6 when I purchased it. I immediately switched to 100% 91 and over 3 or 4 fill ups my avg surged to 26.2
    Have you actually tested it yourself, and using miles vs. the computer?

    The previous owner could have had a long idle period that negatively impacted that particular cycle.

  2. Default Re: Oil prices

    Data points I have actually collected over eight years:

    91 octane, E10: 21 mpg
    91 octane, E0: 22 mpg
    93 octane, E10: 26 mpg

    As always, your mileage may vary. (EPA revised rating for this car -- '00 Infiniti I30 with V6 -- is 17 city/25 highway.)

  3. Default Re: Oil prices

    Quote Originally Posted by Plutonic Panda View Post
    There's a place in Nichols Hills that sells 105
    LOL a couple of months ago I stopped there and decided to treat my motorcycle. A fill-up (I always use the highest-available octane and no ethanol in my bike) that normally was costing around $12 cost me $17. FOR A MOTORCYCLE TANKFUL!

  4. Default Re: Oil prices

    $62.50 and falling. Reaching a serious inflection point now.

  5. #105

    Default Re: Oil prices

    Quote Originally Posted by s00nr1 View Post
    $62.50 and falling. Reaching a serious inflection point now.
    In October Saudi cut it's prices for it's biggest customers.

    Why Oil Prices Went Down So Far So Fast - Bloomberg

  6. #106

    Default Re: Oil prices

    Is it time to hit the panic button yet?

    Right now oil is basically seeing the reverse of what happened in the summer of 2008 when it was driven up to $150/bbl. It has become a speculative selloff, not driven by market fundamentals.

  7. #107

    Default Re: Oil prices

    Quote Originally Posted by bchris02 View Post
    Is it time to hit the panic button yet?

    Right now oil is basically seeing the reverse of what happened in the summer of 2008 when it was driven up to $150/bbl. It has become a speculative selloff, not driven by market fundamentals.
    Evidently consumers in OKC have certainly not hit any panic button yet.

    Oklahoma City sees ninth consecutive rise in sales tax collections | NewsOK.com

  8. #108

    Default Re: Oil prices

    Quote Originally Posted by bchris02 View Post
    Is it time to hit the panic button yet?

    Right now oil is basically seeing the reverse of what happened in the summer of 2008 when it was driven up to $150/bbl. It has become a speculative selloff, not driven by market fundamentals.
    Stop asking every few posts if it is time to hit the panic button and/or if this will be like the '80s. It'll be ok.

  9. Default Re: Oil prices

    Quote Originally Posted by BrettM2 View Post
    Stop asking every few posts if it is time to hit the panic button and/or if this will be like the '80s. It'll be ok.
    Yes...for the love of god...

  10. #110

    Default Re: Oil prices

    I feel like panicking would accomplish little more then this. https://www.youtube.com/watch?v=phxRZXd6r9E

  11. #111

  12. #112

    Default Re: Oil prices

    At least we won't have Iran's problems.

    Iran: Fall in Oil Prices Is 'Treachery' - ABC News
    .
    Iran's President Hassan Rouhani said Wednesday that the sharp fall in global oil prices is the result of "treachery," in an apparent reference to regional rival Saudi Arabia, which opposed production cuts.

    Oil prices have plunged by more than 40 percent since June to around $65 a barrel, placing severe strain on Iran's economy, which is already hobbled by international sanctions imposed over its nuclear program. An OPEC meeting last month failed to reach agreement on production curbs, mainly because of Saudi opposition.

  13. #113

    Default Re: Oil prices

    Quote Originally Posted by ljbab728 View Post
    At least we won't have Iran's problems.

    Iran: Fall in Oil Prices Is 'Treachery' - ABC News
    .
    If the oil prices keep falling, Im sure the energy companies will have the Oklahoma AG write a letter calling the fall in prices an act of Treachery. lol

  14. #114

    Default Re: Oil prices

    This is an updated study that was done to help determine the economic impact that the oil and natural gas industry have on our state’s economy.

    It should be clear to most that it’s much more difficult for great things to happen in our state when oil and NG are not doing well. With its high wages and large tax base oil & NG is the economic engine for our states economy and for our universities. Anyone who wants it to “crash” also wants Oklahoma to crash!

    Oil is well off its recent highs of this past summer and is near $60. I expect, baring a calamity in the world for oil to go significantly down from here.

    Impact
    Updated September 2014

    The Oklahoma Energy Resources Board (OERB), in conjunction with the Steven C. Agee Economic Research and Policy Institute at Oklahoma City University, released an updated economic impact study for Oklahoma’s oil and natural gas industry that shows the industry continues to lead the state’s economic recovery and expansion. The study is an update to a similar study done in 2012 that evaluates the size, composition and economic impact of the oil and natural gas industry on the state.

    The report begins with the economic profile of the oil and natural gas industry and its total economic impact, followed by a production profile that examines the location and unemployment rates of each county in the state. The report concludes with the fiscal role of the industry, specifically in regards to the impact on local education funding. The report includes charts of Oklahoma funding to common education by district. Results of the study paint a vibrant picture of the industry as an economic driver for the state.

    The report shows that the industry directly employees 110,861 workers (2012) and accounts for $27.1 billion in gross state product (2013). It supports $15.5 billion in employee and self-employed earnings. However, this is only direct impacts. When indirect impacts are included, employment is equivalent to 465,616 full and part-time jobs, $65 billion in gross state product, and $48.1 billion in employee/self-employed earnings. That’s the equivalent of one out of every five jobs in the state, and one out of every three dollars of gross state product.


    The industry represents 5% of the state’s total workforce. The state added just over 60,000 private sector jobs between 2010 and 2012, and nearly 25% of those came directly from exploration and production operations. If the definition of the industry is expanded to include other aspects of the value chain, that number rises to more than 40%. These jobs have an average compensation of $133,595, when wage and salary and self-employed are averaged. That is well above (and growing faster than) the state average.

  15. Default Re: Oil prices

    Yet more proof that Oklahoma is far too reliant on one industry.

  16. #116

    Default Re: Oil prices

    Quote Originally Posted by Just the facts View Post
    Yet more proof that Oklahoma is far too reliant on one industry.
    No one is arguing that and most agree, diversification of the economy is good. When those impact studies are done it's not a "rah rah we're the end all be all, OK doesn't need anything else."

  17. #117

    Default Re: Oil prices

    Quote Originally Posted by Just the facts View Post
    Yet more proof that Oklahoma is far too reliant on one industry.
    I remember one of Mick's quotes he gave in several interviews/chamber clips as roughly: we have been working to diversify OKC's economy since the 80 bust, we have been succeeding in doing so, but as much growth as it has it is tough to keep pace with. I am sure it is even harder for smaller cities.

  18. Default Re: Oil prices

    Quote Originally Posted by ou48A View Post
    This is an updated study that was done to help determine the economic impact that the oil and natural gas industry have on our state’s economy.

    It should be clear to most that it’s much more difficult for great things to happen in our state when oil and NG are not doing well. With its high wages and large tax base oil & NG is the economic engine for our states economy and for our universities. Anyone who wants it to “crash” also wants Oklahoma to crash!

    Oil is well off its recent highs of this past summer and is near $60. I expect, baring a calamity in the world for oil to go significantly down from here.
    What a horrible thing to say and probably furthest from the truth. However, what I would like to know is...what happened to all the "Drill Baby Drill" people that said expanded drilling would bring oil and gas prices down for consumers? Well prices are falling now...isn't that what was being championed before? So what exactly was the motivation to demanding more drilling?

    It is quite apparent that it wasn't for the benefit of consumers and no industry official ever honestly wanted prices to fall.

    I personally don't want a crash, but things need to fall a bit more so we aren't stuck in this economic slump. Who knows, this could be a very good thing for Oklahoma when it comes to diversification. It can allow for others industries to start growing because their costs will go down. Nothing wrong with that at all.

  19. #119

  20. #120

    Default Re: Oil prices

    That article hardly gives any reason for great concern.

  21. #121

    Default Re: Oil prices

    Quote Originally Posted by ljbab728 View Post
    That article hardly gives any reason for great concern.
    I was just posting it for the sake of the sake of posting it.

  22. Default Re: Oil prices

    Quote Originally Posted by pahdz View Post
    Quote Originally Posted by Just the facts View Post
    Yet more proof that Oklahoma is far too reliant on one industry.
    No one is arguing that and most agree, diversification of the economy is good. When those impact studies are done it's not a "rah rah we're the end all be all, OK doesn't need anything else."
    Actually, yes they are doing exactly that. The oil industry uses this type of study to lobby for more tax breaks and less regulation by claiming they are the only game in town.

    Rally for the Rigs - News - OIPA

    RALLY FOR THE RIGS
    10 a.m. - 2 p.m.
    April 9, 2014
    Oklahoma State Capitol


    Founded in 1955, the Oklahoma Independent Petroleum Association was created to give the state’s independent oil and natural gas producers a unified voice. It’s time our voice is heard.

    The oil and natural gas industry is the driving force behind Oklahoma’s economy, and the decisions made by our state legislators impact each and every one of us. Your presence on April 9 will show Oklahoma lawmakers the people who are affected by legislation focused on the oil and natural gas industry.

    OIPA will do everything in its power to protect and promote our industry, save jobs, and preserve our nation’s energy security, but associations are only as strong and successful as the membership is active. We desperately need your help.

    Today, the OIPA is made up of more than 2,700 members from Oklahoma’s oil and natural gas industry, and we encourage each and every one of you to join us at the Oklahoma Capitol for our “Rally for the Rigs.” Bring your co-workers. Bring your employees. Bring your family. Let our lawmakers know the strength of Oklahoma relies on the strength of the oilfield.

  23. #123

    Default Re: Oil prices

    Well, the vast majority of the nation has been in the dump the past 6 years so its good they start seeing some growth. Its good for Oklahoma for the long run.

  24. #124

    Default Re: Oil prices

    Kerry what do you want them to say, that they're not the leading industry in the state? Give me a break if you don't think all industries fight for themselves.

  25. Default Re: Oil prices

    Quote Originally Posted by pahdz View Post
    Kerry what do you want them to say, that they're not the leading industry in the state? Give me a break if you don't think all industries fight for themselves.
    I do expect them to do that (I'm not the one arguing they don't). Mineral extraction is the closest thing anyone could ever come to literally finding money on the ground. We should have taxed the **** out of it from day one and oil companies should have paid every man, woman, in child in Oklahoma $1,000 month for the opportunity to come in and get it. That tax money should have then been used to attract non-oil related industries. Dubai had the right idea (but very poor planning and execution) when they poured trillions of dollars into other industries knowing full well that one day the oil gravy train will be over. Meanwhile back at the farm, Oklahoma continues to do the exact opposite by refusing to even tax mineral extraction at the same rate as buying a gallon of milk.

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