Posted by ErnieDD on November 07, 2008 at 19:40:47 from (66.67.230.138):
In Reply to: gasoline price posted by poor on November 07, 2008 at 17:42:48:
When crude oil is refined you get all fractions to some extent it can be pushed to make more gas than fuel oil or more fuel than gas. Right now the push is to make fuel oil, and gas inventories are building. Fuel oil used to cost less than gas, now it is more. The fact fuel oil is refined to a lower sulfur level aggravates the cost picture.
The btu spread between natural gas and fuel oil is pretty close, oil is dragging the value of natural gas down. Lots of natural gas is coming to market as demand is slacking. While the economy is in the tank, petroleum energy will be undervalued.
"Cheap" oil will gut the alternative energy programs, like ethanol and solar.
Many OPEC countries need $75 oil to maintain their economies.
The price of oil is linked to gold at around 13 barrels to the ounce of gold. When it gets outta whack to one extreme to another there is an adjustment. It all averages out.
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