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The Water Cooler
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Gas Prices!
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<blockquote data-quote="soonersfan" data-source="post: 1425679" data-attributes="member: 9063"><p>I think OPEC is a joke. I basically think we will be charged what we will continue to pay. They did this before when gas hit $3.50/gallon locally and close to $5/gallon in California. Meanwhile, every oil producing company produced record profits at this time.</p><p></p><p>The downside was that people stopped leaving their houses, stopped spending money eating out, etc., etc. Cost of goods also went up and the economy continued to suffer. I think the market has rebounded a bit, consumer confidence and spending have rebounded a bit and now OPEC is looking to get their share. My guess is they will continue easing up on the price until they start to feel consumer spending retract as a result. </p><p></p><p>I am normally not into conspiracy theories and I've probably oversimplified this issue. I admittedly have little evidence to support my opinion. If we are spending $5/gallon here and $7 on each coast, our most recent economical decline will not even compare to what's in store for us. The tree huggers will sure be happy and Obama will be able to sell a bunch of electric cars but I don't think it would be in OPEC's interest to orchestrate another economic collapse. I don't see us getting back to $3.50 a gallon. I could be wrong but I sure hope not.</p></blockquote><p></p>
[QUOTE="soonersfan, post: 1425679, member: 9063"] I think OPEC is a joke. I basically think we will be charged what we will continue to pay. They did this before when gas hit $3.50/gallon locally and close to $5/gallon in California. Meanwhile, every oil producing company produced record profits at this time. The downside was that people stopped leaving their houses, stopped spending money eating out, etc., etc. Cost of goods also went up and the economy continued to suffer. I think the market has rebounded a bit, consumer confidence and spending have rebounded a bit and now OPEC is looking to get their share. My guess is they will continue easing up on the price until they start to feel consumer spending retract as a result. I am normally not into conspiracy theories and I've probably oversimplified this issue. I admittedly have little evidence to support my opinion. If we are spending $5/gallon here and $7 on each coast, our most recent economical decline will not even compare to what's in store for us. The tree huggers will sure be happy and Obama will be able to sell a bunch of electric cars but I don't think it would be in OPEC's interest to orchestrate another economic collapse. I don't see us getting back to $3.50 a gallon. I could be wrong but I sure hope not. [/QUOTE]
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