Gas prices going lower!

BigFrank

Banned 9 years ago

Originally Posted by TimPhelan

They should be going lower according to this news.

Bloomberg is predicting that $2 a gallon gas is in our future.

Cheers. - Frank

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NeedBucksNow

9 years ago

Wow. Guess that will help make up for the last couple years though.

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ThomM 9 years ago

We're right around 3. here.
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- lanfear63 9 years ago
  
  In TX have seen it as low as $2.35 at the cash only pumps (Costco's). $2.65 is fairly typical for credit card pumps but it gets lower and lower.
  
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  Joe Mobley 9 years ago
  
  Originally Posted by lanfear63
  
  In TX have seen it as low as $2.35 at the cash only pumps (Costco's). $2.65 is fairly typical for credit card pumps but it gets lower and lower.
  
  Same (similar) here in West Palm Beach, FL.
  
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DURABLEOILCOM

9 years ago

Costco is by far the cheapest here in Jersey they have it for $2.50. Exton gas $2.63

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HeySal

9 years ago

Here in Central Oregon it's just dipped below 3. You can get gas at the discount stations for around 2.85 now - but I would hesitate to use that high ethonal content gas.

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jimbo13

9 years ago

Yep. Down to $8.80 now whoopee

Dan

PS: £1.21 a litre and UK gallon is 4.54 litres and I used £1:$1.6 exchange

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Midnight Oil

9 years ago

First U.S. Gas Station Drops Below $2 a Gallon - Bloomberg

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TimPhelan

9 years ago

I saw this article a couple days ago. The lower prices should boost the economy and have other interesting affects worldwide.

Tumbling oil prices are draining hundreds of billions of dollars from the coffers of oil-rich exporters and oil companies and injecting a much-needed boost for ailing economies in Europe and Japan — and for American consumers at the start of the peak shopping season.

The result could be one of the biggest transfers of wealth in history, potentially reshaping everything from talks over Iran’s nuclear program to the Federal Reserve’s policies to further rejuvenate the U.S. economy...

Big American companies are better off, too. Every penny the price of jet fuel declines means savings of $40 million for Delta Air Lines, the company’s chief executive said in a recent CBS interview.

As oil prices plunge, wide-ranging effects for consumers and the global economy - The Washington Post

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HeySal

9 years ago

Originally Posted by TimPhelan

I saw this article a couple days ago. The lower prices should boost the economy and have other interesting affects worldwide.

As oil prices plunge, wide-ranging effects for consumers and the global economy - The Washington Post

Might save the USD reserve status at least temporarily.

As for me.........it's an unjust time for it. Gas low enough to travel, yet snow covering every darned rock I'd want to pick up and take home. Heavy sigh.
High hopes this continues through late spring at the least.

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Claude Whitacre 9 years ago

Tonight on FOX...

Small businesses, selling gasoline....losing profits.
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- TimPhelan 9 years ago
  
  Originally Posted by Claude Whitacre
  
  Tonight on FOX...
  
  Small businesses, selling gasoline....losing profits.
  
  Haha. Yeah, there has to be something bad about this.
  
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  Midnight Oil 9 years ago
  
  Originally Posted by TimPhelan
  
  Haha. Yeah, there has to be something bad about this.
  
  Headlines coming in across the web . . .
  
  Gas Baggers promise silent but deadly opposition.
  
  Gas line fury as 30,000 pump handles go missing.
  
  Video: Man at pump screams, "Fill this bitch up!"
  
  Glenn Beck claims, "This president has exposed himself over and over again as a guy who hates people who drive."
  
  Obama weighs in: "If you like your gas prices, you can keep your gas prices."
  
  Sharpton vows to shut down racist gas stations still charging over $2 per gallon.
  
  Klan posts Twitter threats claiming greedy Jews responsible for $2-plus gas prices.
  
  Anonymous threatens cash register button hacks if price of Cheetos fail to drop.
  
  Big oil companies claim Cosby drugged them.
  
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- SteveJohnson 9 years ago
  
  Originally Posted by Claude Whitacre
  
  Tonight on FOX...
  
  Small businesses, selling gasoline....losing profits.
  
  I doubt it's the small gasoline sellers that are losing the profits (which aren't all that much to begin with), but possibly some distributors, with more of an impact up the food chain.
  
  Can't say I feel all that sorry for ExxonMobil or BP, though.
  
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seasoned

9 years ago

WOW! Once it drops to $2, we only have to have it drop another 71% or so, before it gets to be what we had before stagflation time. THEN all we have to do is get rid of stagflation. HAPPY DAYS!

BTW I am SHOCKED that TP quoted "Partly because of the shale oil boom in the U.S., the world is awash in oil at a time when demand from major economies is weak"!

SHALE OIL!?!?!?!? *****SHALE OIL*****!?!?!?!? HMMMM, sounds familiar!

http://time.com/3614016/america-frac...ow-oil-prices/

“Tight” oil is the term the industry uses for petroleum produced through fracking because it comes from geological formations of low permeability, such as tight sandstone or shale. Tight oil has produced most of the growth in the global supply in recent years, and helped lead to the current glut.

Whatever Obama did or didn't say, they say they HATE fracking, and have made lots of films against it.

Steve

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kilgore

9 years ago

Originally Posted by seasoned

WOW! Once it drops to $2, we only have to have it drop another 71% or so, before it gets to be what we had before stagflation time. THEN all we have to do is get rid of stagflation. HAPPY DAYS!

Ummm... you can't get rid of stagflation if it doesn't exist... And to have stagflation you need two things:

Economic stagnation
Inflation

I can certainly see a case for #1 above. It's true that in 2008 and 2009 the US had a very, very low growth rate (though GDP growth since 2010 has actually been decent in the US), and it's also true that even now job growth isn't back where most economists would like it to be.

On the other hand, I don't know where you're getting the idea that the US has an inflation problem. Since 2004, the annual US inflation rate only once reached 4% and in the last three years it's been below 2%.

I know doomsday predictions and lamenting America's economic collapse are fashionable among people of a certain political persuasion, but the data just aren't there to support that. Things certainly could be better, but especially when you compare the recent economic performance of the US to other western democracies, it's easy to see how things could be much, much worse.

As to the OP, one of the reasons for the decline is prices is a concerted effort by Saudi Arabia to undermine the nascent US Natural Gas industry. Personally, I'd love to see a protectionist tax on foreign oil to protect our jobs, foster energy independence and repair our aging infrastructure. Unfortunately I find such a tax very unlikely under the current political climate.

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seasoned

9 years ago

Originally Posted by kilgore

Ummm... you can't get rid of stagflation if it doesn't exist... And to have stagflation you need two things:

Economic stagnation
Inflation

I can certainly see a case for #1 above. It's true that in 2008 and 2009 the US had a very, very low growth rate (though GDP growth since 2010 has actually been decent in the US), and it's also true that even now job growth isn't back where most economists would like it to be.

On the other hand, I don't know where you're getting the idea that the US has an inflation problem. Since 2004, the annual US inflation rate only once reached 4% and in the last three years it's been below 2%..

What about GAS, HOMES, FLIGHTS, INSURANCE, GOLD, SILVER, etc....? Computers and Robots are building more and more electronics, using products created by machines that also created a way to pack and unpack it better. ALSO, more and more is built ELSEWHERE where labor is cheaper! So you can't really look at electronics and say but IT is CHEAPER! HECK, remember about all the plants that have closed here. And inflation has hit EVERYTHING so, if you don't index it to some standard, it looks almost like everything is stable. The US natural gas market is not nascent AT ALL!!!!!!!! Oh SURE, it has maybe only been used in VEHICLES for a few DECADES, but it has been used in most homes for a LOT LONGER! Almost every home in the US has a gas connection, and MOST are NATURAL GAS! The remainder are probably all propane. For some reason, propane is preferred for storage and mobile use, so it is used for things like RVs, portable stoves, and HIGHLY secluded cabins.

HERE is what Wikipedia has to say about the topic:

The world's first industrial extraction of natural gas started at Fredonia, New York, USA in 1825.[7] By 2009, 66 trillion cubic meters (or 8%) had been used out of the total 850 trillion cubic meters of estimated remaining recoverable reserves of natural gas.[8] Based on an estimated 2015 world consumption rate of about 3.4 trillion cubic meters of gas per year, the total estimated remaining economically recoverable reserves of natural gas would last 250 years at current consumption rates. An annual increase in usage of 2-3% could result in currently recoverable reserves lasting significantly less, perhaps as few as 80 to 100 years.

GET THAT!

LOL! 189 years old, and YOU think it is nascent! NOPE! They ONLY thing new is that someone tried a new way to get more gas out, and succeeded, So it is CHEAPER, but it WAS there! AGAIN, it is cheaper because they have a way that is simpler and lower risk, and NOT because the money is worth more.

Steve

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The 13th Warrior

9 years ago

Originally Posted by kilgore

Personally, I'd love to see a protectionist tax on foreign oil to protect our jobs,

PROTECT our jobs?!??!!???!!??

BWAAAAAAAAAHAHAHAHAHA, LMFAO-ROFL.

Great stuff, wow, needed that laugh, you will make LOTS of money as a science fiction writer, a kindle millionaire in the making.

Pure and true comedy, one for the classics.

The 13th Warrior

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kilgore

9 years ago

Originally Posted by The 13th Warrior

PROTECT our jobs?!??!!???!!??

BWAAAAAAAAAHAHAHAHAHA, LMFAO-ROFL.

Great stuff, wow, needed that laugh, you will make LOTS of money as a science fiction writer, a kindle millionaire in the making.

Pure and true comedy, one for the classics.

I really don't get it. Do you think that people in China are fracking in Pennsylvania?

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Claude Whitacre

9 years ago

I'm no fool. I wanted to get some of those great gas savings, so I emptied my gas tank of the $3.89 gas, I filled it with...and refilled it with $2.29 gas.

You can't believe the money I saved by doing that.

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BigFrank

Banned 9 years ago

Originally Posted by Claude Whitacre

I'm no fool. I wanted to get some of those great gas savings, so I emptied my gas tank of the $3.89 gas, I filled it with...and refilled it with $2.29 gas.

You can't believe the money I saved by doing that.

If you do that enough times you will have saved enough money to pay for a new car. One where fuel efficiency is not a concern.

Cheers. - Frank

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whateverpedia 9 years ago

Originally Posted by BigFrank

If you do that enough times you will have saved enough money to pay for a new car. One where fuel efficiency is not a concern.

Cheers. - Frank

Like this perhaps?

DISCLAIMER: Any resemblance between the passengers in the above car and Claude is entirely intentional.
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lanfear63

9 years ago

Originally Posted by Claude Whitacre

I'm no fool. I wanted to get some of those great gas savings, so I emptied my gas tank of the $3.89 gas, I filled it with...and refilled it with $2.29 gas.

You can't believe the money I saved by doing that.

I dunno, what's the tank capacity of a lawn mower?

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TimPhelan 9 years ago

Originally Posted by kilgore

I really don't get it. Do you think that people in China are fracking in Pennsylvania?

Something about the new world order where "they" control, own and decide everything I'm guessing. Or, the fact that any oil produced in the us is sold to the highest bidder on the world market.
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TimPhelan

9 years ago

Originally Posted by kilgore

Ummm... you can't get rid of stagflation if it doesn't exist... And to have stagflation you need two things:

Economic stagnation
Inflation

Yep. I've gone over this a few times with Steve. He likes to make up his own definitions and facts. According to him we're in stagflation, hyperinflation, still in a recession etc... Lol

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The 13th Warrior

9 years ago

Originally Posted by TimPhelan

Yep. I've gone over this a few times with Steve. He likes to make up his own definitions and facts. According to him we're in stagflation, hyperinflation, still in a recession etc... Lol

Jokes on you, Steve is an A.I. computer algorithm with Vulcan like delivery in beta testing to interact with the public, eventually replacing Wikipedia.

The 13th Warrior

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TimPhelan 9 years ago

Originally Posted by The 13th Warrior

... in beta testing to interact with the public...

Hmmm. Seems to have some bugs and glitches that need some attention to.
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- BigFrank Banned 9 years ago
  
  Originally Posted by TimPhelan
  
  Hmmm. Seems to have some bugs and glitches that need some attention to.
  
  Can you say, "8" floppy disk?"
  
  Cheers. - Frank
  
  P.S. Gas at $1.99 in Oklahoma, today.
  
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  The 13th Warrior 9 years ago
  
  Originally Posted by BigFrank
  
  P.S. Gas at $1.99 in Oklahoma, today.
  
  They don't count.
  
  That's a "lost liter" price to get people off their horses/farms and into a car.
  
  Check the price of hay there, and you'll see.
  
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Gas prices going lower!

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