Oil Prices

I just bought oil for 2.17 a gallon. It may go lower but I didn't want to be greedy.

my 500 gallon tank is empty. I will wait to see how low it goes before I fill it.

The LL Pioneer stoker stove has us real comfortable for now, and I got 22 1/2 tons on hand.

It has to go lower before they get any of my money.

Supply and demand thing I guess, driving prices down.

I did not realize oil was that low...

It may go lower for sure but it could get colder and with OPEC cutting production it could shoot back up too. I didn't want to be greedy.

22 1/2 tons, I can't even imagine what that looks like. Hmm, I only have about 3 tons... gee whiz... lol

My two tanks are 3/4 full and 11 tons of rice on standby. I'm all good. BTW my 11 tons took up nine pallets! Half my garage!

MrMikie wrote:

Supply and demand thing I guess, driving prices down.

Gosh, that's not true, its GW and Cheney in the background controlling the price with their energy puppets Just ask devil, he will explain the whole thing to you

If it goes below $2 a gallon it almost isnt worth it for me to burn coal. Coal at $250 a ton and divide by 180, that makes 1.38, and with coal i heat the basement so I use a third more energy so (250x1.3) / 180 = $1.80 a gallon is my break even point. I would probably go $2 because of extra expenses such as my gas to go get it and convenience and time. I do however like screwing the oil companies, so i hope coal comes down to better compete with oil.

I stopped watching the price. Funny how 12 tons of coal in the bin will do that. I have about 25 gallons of oil in my tank in case of emergency. I don't plan on buying another drop unless I'm forced to use what I've got.

OPEC cut production by 1.5 million barrels per day a couple of weeks ago. They wanted to stabilize prices and sell a barrel between $75 - $100 (I think). I guess that didn't work. They also stated that no other production cuts would be made until their next meeting in December. Remember that once the stock market starts back on a steady climb, so will oil prices. Just look at today, the DOW was up 552 points; the NASDAQ up 97; the S&P 500 up 59; OIL up $2.08 a barrel. Yesterday was the opposite. We all know that the market will rebound. Statistics have shown this. Thank god! My retirement account is not looking to pretty right now. I'm happy that I have another 17 years left til then.

I think that oil prices could go as low as 35 a barrel or maybe a cold spell could keep home heating at 50-60 until the market rebounds. No one knows. World markets are meeting to discuss the world economic meltdown and shorts were covering. Today was a suckers rally in a bear market. There is much more pain to endure.

sharkman8810 wrote:If it goes below $2 a gallon it almost isnt worth it for me to burn coal. Coal at $250 a ton and divide by 180, that makes 1.38, and with coal i heat the basement so I use a third more energy so (250x1.3) / 180 = $1.80 a gallon is my break even point. I would probably go $2 because of extra expenses such as my gas to go get it and convenience and time. I do however like screwing the oil companies, so i hope coal comes down to better compete with oil.

Oil at 1.80 a gal your coal per ton would have to 310.00 a ton to make oil cheaper
Coal at the breaker's Picked up in PA Run from 140.00 a ton to 180.00 a ton . Even with a 30.00 delivery fee per ton you
should only be at 210.00 a ton for coal at the most. Why are you paying 250.00 a ton .

coalmeister wrote:

MrMikie wrote:

Supply and demand thing I guess, driving prices down.

Gosh, that's not true, its GW and Cheney in the background controlling the price with their energy puppets Just ask devil, he will explain the whole thing to you

Pretty much nailed it coalmeister!!..Thanks!!

(when it comes to the price of gasoline, home heating oil, & all refined products......I buy very little crude oil)

My house is warmer with the coal, I don't want to give my money to arabs and russia.

andyace wrote:My house is warmer with the coal, I don't want to give my money to arabs and russia.

I agree Andy & think we coal burners should get a tax credit on good old American coal & coal appliances at least until some of the "Greener" technologies are readily available. Think of the oil we could stop buying from our "Friends" in the middle east if more of us heated our homes with coal! (it probably won't happen but since big oil should have less influence in Washington now, (imo) it's worth writing your Congressmen about)