Out of Gas Newsletter - Issue 14 October 17th, 2008
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++ News -
Oil prices have fallen about half from their high of $147 on July 11. Today trading is around $71 / barrel. Lot’s of speculation about why the huge drop, the biggest reason though is demand and the fears that the demand will continue to go down.
++ The Oil Industry - Oil is way down but the price at the pump isn’t.
I know that we mentioned earlier that we would talk some about the article we had in issue 12, but my Father In law had a pretty good question this week as we chatted. Why does it take so long for the price of gas to fall even though a barrel of oil is way down.
The main reason is that the price you see on CNN tonight is for oil futures. It is the price that companies will be paying when oil is delivered in November - and the delivery we’re talking about here is when it gets into it’s first mode of transportation. So that could be an oil tanker in Saudi Arabia.
That is the big / main reason. The other reason was the price that the station owner paid for the gas.
Saving you Money
Did you have fun keeping track of what you spent last week. The only way that you will ever be able to tell how much money that you are saving is to track what you spend. It does take some effort. This week continue to track your spending. Make sure that you keep track of what each penny goes to. If you give your kids snack money or money to buy a Coke (or Pepsi), keep track of it. If you buy something from the snack machine, write it down… you get the idea. The more you track the better you’ll be able to save money.
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Thanks so much for sharing your day with us and we hope you have a wonderful weekend. We’ll resume publishing on Saturday next week.
