Gas prices changed your mind?

[T Bell]

With gas prices reaching $3.29 where I live, I was wondering if anybody changed their mind about their build. I am in limbo. I guess it makes me loose motivation to build a blown, fuel injected, 700 HP motor if I really can't afford to drive it. And I damn sure ain't putting a 6 cyl in it.

[Rick Dorion]

I drive 2000 miles a year. I get about 14 mpg with the current motor(355) and am having a 410 built. If my mileage went to 10 mpg the extra cost would be less than $100 based on gas going up $1.00.

[jannes_z-28]

Over here we pay over $6 per gallon so for me it was an easy choice to go to LS1 power instead of the bigblocks 7mpg in citytraffic. Going on long tours isn't fun (economically) with that kind of mileage.


Jan

[Derek69SS]

I've been planning to get at least 20mpg out of my LT1/4L60 combo since gas was in the $1.75 range. I drive the car a lot, but my 13mpg worn out 400sbc has been hurting the wallet a little bit too much to really enjoy it like I want to.

Honestly though, I'm doing it more for the reliability and performance more than the gas savings :yes:

[evilzee28]

Nah, you've got it easy :unibrow: in Britain, petrol's now gone up to £5.00/imp gallon, exchange rate's approx $2.00 to the £, so we pay just under $10/ gallon :eek:

[907rs]

I feel for you guys over seas.

[XcYZ]

I hope Forbes is right...

PUBLISHING billionaire Steve Forbes has predicted that soaring oil prices will lead to a crash that could make the hi-tech bust of 2000 "look like a picnic".

Mr Forbes, publisher of Forbes magazine, said the price of oil, which peaked at more than $US70 a barrel on Monday as Hurricane Katrina headed for the US Gulf Coast, was unsustainable.
He said factors such as inflation and increased demand for oil from China and India accounted for only a small part of the price hike from $US25-30 a barrel three years ago.

"The rest of it is sheer bubble speculation," he said.

Mr Forbes, who was speaking at the opening of the Forbes Global CEO Conference in Sydney yesterday, said the higher the oil price rose, the harder it would eventually crash, creating more pain for hedge fund managers and their clients.

"I don't think it's going to go to $US100 but if it does the crash is going to be even more spectacular," he said.

"It will make the hi-tech bubble look like a picnic -- this thing is not going to last."

He predicted that oil would fall to $US30-35 a barrel within a year.

Mr Forbes's comments came as the price of oil eased following US Government comments that it could release some of its Strategic Petroleum Reserve.

The 700 million barrel stockpile is set aside for emergency use and could be used to counter oil shortages caused by Katrina's impact on the Gulf of Mexico, which accounts for about a quarter of US output.

After leaping nearly $US5 a barrel to $US70.70 on Monday, US oil futures retreated more than $US1 a barrel yesterday.

On the physical market, Texas Intermediate was trading at $US67.40 while London Brent Crude was up $US1.88 a barrel at $US66.75.

Katrina crossed the United States coast yesterday after closing the Louisiana Offshore Oil Port, the biggest US oil import terminal, and halting 92 per cent of normal Gulf output.

The market was nervously awaiting news of the impact of the hurricane last night.

Royal Dutch Shell reported that its production platforms in the Gulf of Mexico may have been damaged.

BHP Billiton's operations were expected to remain suspended for the next few days, company spokeswoman Emma Meade said.

She said the impact of the storm would not be known for several days.

Petsec Energy said its two offshore platforms were not in Katrina's direct path.

In Australian trade yesterday shares in BHP Billiton bounced back 44 to $20.47. Petsec finished 4 higher at $1.60.

Oil heavyweights retreated on profit-taking and after Opec indicated it would increase production to deal with any supply shortages.

[Ummgawa]

Something needs to give...and soon.

[67Sally]

One of the things that is working against a correction in the price of oil is that the current global deman level is getting very close to the current global production level......the capitalist system will keep oil prices high as long as this is the situation.
W.


EDIT: Addition of back up data.
Demand factor for oil of about 87 million barrels per day in 2006 and a supply of about 85 million barrels. The only way to get these two numbers to move to the same point is to let prices rise. A price rise will reduce demand and cause suppliers to produce more product.

[62fairlane]

turbo inline six, good milage, lighter, more underhood space

[Musclerodz]

I know of some 6 cyl hot rods that you would think twice about building.

I am watching and waiting as well Scott for a recession. Price of gasoline reaches every nook and cranny of our economic structure. Frankly I think the bastards are pushing right to the edge to see how long we can hold our balance. Then right before we plumit to our doom they will lower the price enough for us to quit complaining and then start the cycle again. When gas jumped from 1.25 to 1.80, I was wishing for 1.50 again. When it jumped to 2.00, i was wishing for 1.75. when it hit 2.50, I was wishing for 2.00. You get the picture? Right now I wish for 2.00-2.25 again.

Mike

[T Bell]

I'm still wishing for .76 again.

[Steve Chryssos]

With high fuel prices, overdrive becomes mandatory. And a higher (lower numerical final drive ratio must be considered. Give up a little E.T. in the name of mpg. Luckily, that results in higher top end speed :unibrow:

Look into reducing curb weight as well. I, for one, will have to convert to fuel injection sooner than later. We'll see more application of LSx engines too. And more turbos than blowers.

What we really need is aftermarket "Direct Injection" technology.
/Steevo

[PaceCarNut]

Dont forget about the greedy gas suppling companys and gas station owners, The day after Katrina hit some gas stations where changing there prices 3 and 4 times a day (quote= "to stay competitive & meet the supply and demand") But as of today Sep. 7 10:49 am EST Crude oil has dropped $6.87 a barrel since the market opened yesterday, And I have not seen any price reductions at the pumps yet here locally. at least there not out there dropping it like they raised it. (every hour on the hour)
So, qreedy owners and price qougers are going to be our next problem. And I wouldnt look for the goverment to jump in anytime soon. After Hillary Clinton hitting 5 news channels within 15 minutes today. The goverment is going to be busy pointing there fingers at to many other things to cover there butt right now.

[jannes_z-28]

That is typical, they raise the price very quickly because of crude oil increases. But they are very slow in lowering the prices.

About 15 years ago we had a similar situation and later when the oilprices did go down our beloved government raised the taxes on gas so the price remained the same. One reason was that we had gotten used to the higher prices so we could keep it that way.

Jan

[Clockwork]

I don't have a "monster" engine, but being from Canada I still drive as much as possible in our 5 months of nicer weather. :thumbsup: $1.50 for 94 up here.

Hey I'm not a lurker anymore! :D

[XcYZ]

Clockwork, where in Canada are you?

[BC69]

So I watch the Stock Market like wierdly too much for someone my age. But if I were to recap the last couple weeks.

Weeks before Katrina: Crude was sitting between 67-68 and yet investors were shrugging off the crude FINALLY and making some good gains (without letting crude rule the indices) because of other industry and US ECONOMIC Data! The economic data was 90% good!

During Katrina: Crude hit a high just above 70-71...but immediatly went down. The Dow was volitile but nothing extremely low or high. Just a kind of worthless week for any gain or loss.

Now: Crude was as low as 66 yesterday! 66! That is like a month or two low! The gulf oil production capabilities are at 90% unaffected by the hurricane. The DOW has finished 100+ on tuesday and 45+ today. Jobs were created in the economy! Where is inflation? Literally none! Just barely creeping back up, and only because of fuel costs.


There are other factors, but from my point of view the biggest factor in gas prices....Paranoia! Prime time major network news making people afraid and people just EXPECTING It and ACCEPTING IT! Personally I do not see any financial, or economical reasoning for the gas being so high right now. Remember that Crude is being traded for delivery MONTHS in advance, I think (Dont mark my words), but right now we are trading for like November delivery? I know it is advance trading...so the gas technically should not be affected for months.

I just look at the numbers, and get baffled at the prices.

Thanks
Tim

[Clockwork]

Clockwork, where in Canada are you?

Scott, I am about 5 min from Niagara Falls.

Dean

[Canadian_Hot_Rodder]

Around $4.50/gallon over here and still building the 425HP 350. Can't let the little things in life ruin the fun factor after all...

[race-rodz]

welllllll..... i just picked up a 77 toyota hilux beater for $200 :yes: .... i dunno how big the gas tank is.... but it only took $30 to fill it.... been driving it for 4 days(120miles) and its only burned about 1/2 tank :D .... yeah... its a real hot rod too...sporting a jdm celica engine with a weber carb.... full "race" exhaust (glasspack) ;) .... after driving my crew cab dually for one day, (about $40 :mad: ) i am wondering why i didnt pick up a lil POS beater like this months ago.

i think im gonna throw a bottle on it and take it out to the local import drags, i might even go autocross it too. :unibrow:

[Twin_Turbo]

it's well over 7$ here...and I've learned that bitching and moaning about it doesn't help but make you feel worse about the whole gas price deal. I don't expect these prices to go down ever again so when they do it's sort of a relief...only if it's a little bit. I paid over 100$ to fill up just 1 of the tanks on my dual tank c10 stepside yesterday and there's only 1/4th of a tank left now.