$$$ Gas Price $$$

Is this America only? Out of interest is this gas or petrol/diesel?

I have unleaded petrol and it costs me £1.12 per litre. 60 litres to fill my car up which is about 15.85 US gallons

60 lit x £1.12 = £67.2 or $105 to fill my car in North London

15.85g X Sals $2.79 = $44.22 or £28.28 to fill my car in Oregon

Bugger.

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seasoned

11 years ago

Originally Posted by Richard Van

Is this America only? Out of interest is this gas or petrol/diesel?

I have unleaded petrol and it costs me £1.12 per litre. 60 litres to fill my car up which is about 15.85 US gallons

60 lit x £1.12 = £67.2 or $105 to fill my car in North London

15.85g X Sals $2.79 = $44.22 or £28.28 to fill my car in Oregon

Bugger.

WOW, I thought petrol WAS gas!!!!!! But these prices are likely GAS! GAS(AKA GASOLINE) IS, to the best of MY knowledge is STILL the most popular fuel for personal vehicles in the US. ALSO, last I knew, many gas stations didn't even sell diesel. ALSO, currently, I believe diesel is hovering closer to about $3.00/US GALLON. The price of gas to diesel historically has varied and not necessarily in the same direction.

ALSO, there ARE laws against lead in the US and I believe ALL gas here is now unleaded.

Steve

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seasoned

11 years ago

Originally Posted by Richard Van

Is this America only? Out of interest is this gas or petrol/diesel?

I have unleaded petrol and it costs me £1.12 per litre. 60 litres to fill my car up which is about 15.85 US gallons

60 lit x £1.12 = £67.2 or $105 to fill my car in North London

15.85g X Sals $2.79 = $44.22 or £28.28 to fill my car in Oregon

Bugger.

BTW In Fort Wayne Indiana, Gasoline costs as little as $2.15/USG and Diesel costs about $3.09/USG at the same gas station. That gives you an idea of relative prices. in the US.

Steve

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HeySal

11 years ago

I can understand the cost in other countries - after all, the US is the #1 global producer right now. What I can't understand is how the East coast is 50 cents cheaper than here on the West coast. That seems really screwed somewhere.

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Richard Van

11 years ago

Originally Posted by HeySal

I can understand the cost in other countries - after all, the US is the #1 global producer right now. What I can't understand is how the East coast is 50 cents cheaper than here on the West coast. That seems really screwed somewhere.

Is the US #1 now due to the fracking? Not wanting to start a debate on it, just trying to find the reason as I heard that was the case.

In fairness Sal it was only a month or so ago I was paying £1.30 but there was a big hoo haa in the press about how when oil prices go up the public get to pay for it with a sharp rise in prices but when it falls as it is now, they're somewhat slow to trickle the benefits onto the public. Since then my petrol's gone from £1.30 to £1.12.

Sadly I suspect that 50c difference might just be your petrol stations/companies not passing the difference onto you, whereas they are in NJ? Just wondering.

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Frank Donovan

11 years ago

Originally Posted by Richard Van

In fairness Sal it was only a month or so ago I was paying £1.30 but there was a big hoo haa in the press about how when oil prices go up the public get to pay for it with a sharp rise in prices but when it falls as it is now, they're somewhat slow to trickle the benefits onto the public. Since then my petrol's gone from £1.30 to £1.12.

[sigh] I miss gallons.

Leaving aside the imperial/metric argument, it seems rather silly to price a commodity like petrol (gas) by the litre, when these days that's hardly enough to get you off the forecourt. It's like pricing bread by the slice.

.

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Kurt

11 years ago

Originally Posted by Richard Van

Is the US #1 now due to the fracking? Not wanting to start a debate on it, just trying to find the reason as I heard that was the case.

In fairness Sal it was only a month or so ago I was paying £1.30 but there was a big hoo haa in the press about how when oil prices go up the public get to pay for it with a sharp rise in prices but when it falls as it is now, they're somewhat slow to trickle the benefits onto the public. Since then my petrol's gone from £1.30 to £1.12.

Sadly I suspect that 50c difference might just be your petrol stations/companies not passing the difference onto you, whereas they are in NJ? Just wondering.

Fracking is a major reason, as is the improved ability to extract oil from "tar sands". Also, because of fracking, OPEC is dropping their prices to try to undercut American prices.

Fracking has been good for our economy (and National security). But there's intangible costs, such as it's destroying top soil, causing earth quakes, contaminating drinking water and air (by burning carbon fuels), and uses carcinogenic chemicals such as benzene.

Before we automatically say the Keystone Pipeline is the greatest thing ever, at least have a look at the method producing the oil that would go into the pipe line. Is this truly want we want when there are other alternatives? How much money do we have to save to make this truly worthwhile?

Canada's Tar Sands: The most destructive project...

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Claude Whitacre 11 years ago

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yukon

Banned 11 years ago

Originally Posted by Kurt

Fracking is a major reason, as is the improved ability to extract oil from "tar sands". Also, because of fracking, OPEC is dropping their prices to try to undercut American prices.

Fracking has been good for our economy (and National security). But there's intangible costs, such as it's destroying top soil, causing earth quakes, contaminating drinking water and air (by burning carbon fuels), and uses carcinogenic chemicals such as benzene.

Before we automatically say the Keystone Pipeline is the greatest thing ever, at least have a look at the method producing the oil that would go into the pipe line. Is this truly want we want when there are other alternatives? How much money do we have to save to make this truly worthwhile?

Canada's Tar Sands: The most destructive project on Earth? - Truthloader - YouTube

Greenpeace activist are always hypocrites.

I'm sure the lady in the video owns a car, heats her home, has painted walls inside her home, buys products sold in petroleum based packages...

She's probably got another video complaining about gas prices.

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seasoned

11 years ago

Originally Posted by Richard Van

Is the US #1 now due to the fracking? Not wanting to start a debate on it, just trying to find the reason as I heard that was the case.

In fairness Sal it was only a month or so ago I was paying £1.30 but there was a big hoo haa in the press about how when oil prices go up the public get to pay for it with a sharp rise in prices but when it falls as it is now, they're somewhat slow to trickle the benefits onto the public. Since then my petrol's gone from £1.30 to £1.12.

Sadly I suspect that 50c difference might just be your petrol stations/companies not passing the difference onto you, whereas they are in NJ? Just wondering.

IRONICALLY, the US has ALWAYS been a BIG producer. Because of the laws, reserves, and some policies, the US public just hasn't seen as much benefit as they should. As to the NORTH having lower prices? Canada produces as well. One reason why buffet liked the keystone pipeline getting stopped, was that he owned railroads, and THEY ship oil ALSO. And they ship it at a lower cost than trucks ALSO, some northern states have lower taxes.

VAN,

Prices are often based on the HIGHER of replacement cost or average cost. And there IS a good reason for that. If prices drop 30% and they sell to you at the lower price, and prices go up, they have lost money and have less gas. ALSO, oil dropping 50% doesn't lower gas costs 50%, because there are other chemicals, processing, shipping, etc.... and those costs are more FIXED.

Steve

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MikeAmbrosio

11 years ago

Originally Posted by HeySal

I can understand the cost in other countries - after all, the US is the #1 global producer right now. What I can't understand is how the East coast is 50 cents cheaper than here on the West coast. That seems really screwed somewhere.

Sal, it's the taxes charged by state. Here's a couple of charts showing state by state:

National and State Gas Taxes (Fuel Taxes) in the United States - GasPriceWatch.com

Fuel taxes in the United States - Wikipedia, the free encyclopedia

Federal gas tax is around 19 cents or so. But there's a large variation in state taxes. NJ has one of the lowest state tax while California and NY have some of the highest. Like 30 cent or more difference per gallon.

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HeySal

11 years ago

Richard - it might be the fracking. I don't know. I know we're really cranking out the production and also know they've made some pretty good hits on new sources. Other than that - I really don't keep up with what's going on in the field. I figured part of the price might be due to new refineries somewhere. Who knows.

As far as price - West coast seems to always be higher - for a lot of things. It just sucks. And it's unfair. And I want cheaper gas, too. Wahhhhhh, ya know?

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NeedBucksNow

11 years ago

Been like $2.35 a gallon here in KY. Might have to fill up today

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DJL

11 years ago

Conroe TX $1.99/gallon yesterday.

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DJL 11 years ago

An interesting article about current oil production
trends and their likely geopolitical effects:

Fracking Ferment and Malthusian Myths | Liberty Unbound

by Gary Jason | Posted December 16, 2014
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SilentBase14

11 years ago

2.80$ - 3.00$ here in the Washington D.C area

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positivenegative

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:

Natural gas in our house is free. Especially after beans on toast.

Originally Posted by DURABLEOILCOM

How low will it go?

It's been known to waft down to the basement once or twice. That's pretty low.

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MissTerraK

11 years ago

Originally Posted by positivenegative

Natural gas in our house is free. Especially after beans on toast.

It's been known to waft down to the basement once or twice. That's pretty low.

You eat beans on toast?

Never heard of that before...

And I'll just keep that one quiet around my house, lol!

Terra

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HeySal

11 years ago

Originally Posted by MissTerraK

You eat beans on toast?

Never heard of that before...

And I'll just keep that one quiet around my house, lol!

Terra

Serious? Beans on buttered bread is a favorite lunch of mine. Just give hubby a capsule of enzymes with it and you're all set. It's cheap - very healthy if you're eating organic bread and butter - - and almost no work to cook.

Kurt brings up good points. Where is all the energy that won't hurt the planet? Aren't we supposed to have sustainable energy by now? We need to get rid of the FED as quick as possible so we can have money not tied directly to oil (petro-dollar). Then we'd be free to get real energy that's not going to destroy our planet.

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MikeAmbrosio

11 years ago

Originally Posted by HeySal

Serious? Beans on buttered bread is a favorite lunch of mine. Just give hubby a capsule of enzymes with it and you're all set. It's cheap - very healthy if you're eating organic bread and butter - - and almost no work to cook.

Kurt brings up good points. Where is all the energy that won't hurt the planet? Aren't we supposed to have sustainable energy by now? We need to get rid of the FED as quick as possible so we can have money not tied directly to oil (petro-dollar). Then we'd be free to get real energy that's not going to destroy our planet.

Not profitable enough yet. I read a lot of numbers about energy sources and the demand sources today. My brain hurts. Short version, renewable energy only accounts for like 7% of overall demand, yet only about 1% overall for residential and commercial use, so solar panel and such on homes will do very little to change things. Oil and coal still way up there in demand.

Money trumps environment still. Things won't change until that does.

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AprilCT

11 years ago

The price of regular yesterday was $2.83 and up per grade in PA. There might have been a station around that is usually 2-3 cents less than the one we drove past, but that is still hardly low enough compared to what other states are selling their gasoline.

As for renewable energy like putting the grids on the roof---nope, we will not do that. In the first place, I've read news articles where there have been fires and in the second place, they are nowhere near efficient enough. The tech has to change and become far more efficient as well as a lot less onerous to deal with.

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Kurt

11 years ago

Originally Posted by AprilCT

The price of regular yesterday was $2.83 and up per grade in PA. There might have been a station around that is usually 2-3 cents less than the one we drove past, but that is still hardly low enough compared to what other states are selling their gasoline.

As for renewable energy like putting the grids on the roof---nope, we will not do that. In the first place, I've read news articles where there have been fires and in the second place, they are nowhere near efficient enough. The tech has to change and become far more efficient as well as a lot less onerous to deal with.

You don't put "grids" on roofs. And, Christmas trees are a leading cause of house fires, as are BBQs, candles and fireplaces, among other things. Competence and responsibility go a long way to greatly reducing many of these risks.

Not to mention, solar isn't the only option. Wind is also a valuable resource, as is geo thermal and different types of kinetic energy. But I do have to admit, your oil is much more efficient at causing cancer and lung issues and polluting my air and drinking water than the alternatives.

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seasoned

11 years ago

Originally Posted by HeySal

Serious? Beans on buttered bread is a favorite lunch of mine. Just give hubby a capsule of enzymes with it and you're all set. It's cheap - very healthy if you're eating organic bread and butter - - and almost no work to cook.

Kurt brings up good points. Where is all the energy that won't hurt the planet? Aren't we supposed to have sustainable energy by now? We need to get rid of the FED as quick as possible so we can have money not tied directly to oil (petro-dollar). Then we'd be free to get real energy that's not going to destroy our planet.

DID YOU HEAR? A couple days ago, germany said they plan to have ALL their nuclear plants shut down by about 2024. I think Solarcells are about the only way to go. We could have had them LONG AGO. The pentagon even has a solarfarm Aurora Energy - The Pentagon Solar Electric Installation But they just won't bother. Home depot now has kits that range from a good emergency system, to powering a large home, and they range from maybe $300-$600 to well into the thousands.

The only way there will be a grid is if they are plugged into it. There were laws passed like 2 decades ago that power companies had to PAY for negative use. So if you give them power, THEY PAY YOU. The flip side, of course, is they give that power to someone else that pays them.

Steve

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Richard Van 11 years ago

Originally Posted by MissTerraK

You eat beans on toast?

Never heard of that before...

And I'll just keep that one quiet around my house, lol!

Terra

You're missing out on a great snack Terra. Does cause a few bum burps though.
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- MikeAmbrosio 11 years ago
  
  Originally Posted by Richard Van
  
  You're missing out on a great snack Terra. Does cause a few bum burps though.
  
  Never had beans on toast before but that looks good. Think I'll try that over the weekend...
  
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- MissTerraK 11 years ago
  
  Originally Posted by Richard Van
  
  You're missing out on a great snack Terra. Does cause a few bum burps though.
  
  Ewwww!
  
  My tummy tightens just looking at that picture.
  
  I think I'll stay with putting honey or cinnamon on my toast thank you very much.
  
  But, you all go ahead and have a "Bum Belching" jolly good time.
  
  Oh, and I got gas for $2.28 a gallon today. Likin' it!
  
  Terra
  
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HeySal

11 years ago

We need Tesla energy. Period.

Gas at $2.69 tonight here in Central OR.

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Rod Cortez

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

1. $2.54 per gallon (won't last though with the next tax coming after the new year).

2. Anaheim, California, USA, planet earth, The Milky Way.

RoD

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LarryC

11 years ago

I am currently just North of the Bay Area in CA, where gas prices are $2.69. There's little doubt that fracking is the reason for the drop. However, evidence suggests that this is a very short term (not to mention environmentally costly) "solution" to the energy situation as the article below explains. But if we can enjoy low gas prices for a few years, isn't that worth polluting our drinking water and destabilizing the entire planet? Long term sustainability is boring, archaic and anti-American!

Falling Oil Prices Reveal America's Fracking Trap -- And Saudi Arabia's Continued Energy Dominance*|*Alexis Crow

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Michael Mayo

11 years ago

Terra, It reminds me of an ole saying.

Beans, beans, good for the heart.
The more you eat um the more you fart.
The more you fart the better you feel.
Beans, beans for every meal! ...lol

~MM~

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MissTerraK

11 years ago

Originally Posted by Michael Mayo

Terra, It reminds me of an ole saying.

Beans, beans, good for the heart.
The more you eat um the more you fart.
The more you fart the better you feel.
Beans, beans for every meal! ...lol

~MM~

Haha!

The way I heard it when I was a kid was...

Beans, beans, the magical fruit,
The more you eat, the more you toot,
The more you toot, the better you feel,
So eat some beans with every meal.

I don't know what it was with the kids around my house, but they liked little ditties about flatulence. Another they would sing was...

Gene, Gene made a machine,
Frank, Frank, turned the crank,
Joe, Joe, made it go,
Art, Art, let a fart and blew it all apart. LOL!

Terra

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Richard Van

11 years ago

Originally Posted by Michael Mayo

Terra, It reminds me of an ole saying.

Beans, beans, good for the heart.
The more you eat um the more you fart.
The more you fart the better you feel.
Beans, beans for every meal! ...lol

~MM~

The main brand here is Heinz Baked Beans. They have a little song thingy like MacDonald's have their "I'm lovin it" song thing. Well it's goes "Beans means Heinz", just their little way of branding themselves. Trouble is, because of a can of baked beans ability to create thunder farts, everyone just sings "Beans means farts".

I like your song better though.

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positivenegative 11 years ago

Originally Posted by Richard Van

The main brand here is Heinz Baked Beans.

And the only way to have them on toast, Richard, is with HP sauce (plain or fruity) and a sprinkling of pepper. Mmmm.
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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

Update
ExxonMobil $2.23
North Jersey

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AprilCT

11 years ago

Kurt, I was talking about those solar "grids" and just forgot the word "solar". I've watched video where people make their own using wood forms and the dang thing ends up looking like a grid to me. I've also read reports about solar systems on roofs catching fire, so I want nothing to do with them, and not as savvy with the proper wording as others more familiar.

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seasoned

11 years ago

Originally Posted by AprilCT

Kurt, I was talking about those solar "grids" and just forgot the word "solar". I've watched video where people make their own using wood forms and the dang thing ends up looking like a grid to me. I've also read reports about solar systems on roofs catching fire, so I want nothing to do with them, and not as savvy with the proper wording as others more familiar.

If they catch fire, someone did something seriously wrong. Obviously, they have to be protected to some degree. Where I live, they can have extreme windws, temperatures that could maybe go close to 100f or down to like -20f. There could be snow, ice, or water. So you don't want exposed wires, want them covered, and probably don't want big differences in thickness or temperature.

Steve

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AprilCT

11 years ago

Steve, can't remember where I was reading about that story...I vaguely remember it seemed like a housing development of some sort, so it's probably possible the builder screwed up royal.

In any event, I just don't think the tech is far enough advanced, and haven't seen any around here in PA. Could have a lot to do with not really getting the proper number of days/daylight hours without clouds to be worthwhile--just a guess. Don't get me wrong, we get sunshine, but perhaps not enough? As said before, I don't really know a lot about it.

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seasoned

11 years ago

Originally Posted by AprilCT

Steve, can't remember where I was reading about that story...I vaguely remember it seemed like a housing development of some sort, so it's probably possible the builder screwed up royal.

In any event, I just don't think the tech is far enough advanced, and haven't seen any around here in PA. Could have a lot to do with not really getting the proper number of days/daylight hours without clouds to be worthwhile--just a guess. Don't get me wrong, we get sunshine, but perhaps not enough? As said before, I don't really know a lot about it.

Even if you get a LOT of sunshine, you need a lot of cells. For darker times, you can run off of batteries. Of course, it is possible that you could ALSO have power from the grid, and use all three.

Steve.

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HeySal

11 years ago

Solar grid is correct - at least in some cases. Not sure if in all.

Terra - that pic of Richards looks like baked beans. That would be terrible. I use northern beans. It's fairly bland but a nice layer of butter on the bread gives them a spectacular flavor. One can and two and a half pieces of organic multi-grain - extremely filling, too.

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ForumGuru

Banned 11 years ago

Check out these E85 prices...

E85 Prices

This is a pretty good site to check gas prices...

http://www.gasbuddy.com/

Heatmap...

Cheers

-don

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jamecater

11 years ago

I live in Oregon and the price is $2.79 per gallon

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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

1. Gas Price: $2.05
2. Location: North Jersey

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yukon

Banned 11 years ago

BTW, that beans & toast image is disturbing.

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Michael Mayo

11 years ago

I can't believe that after talking about the beans I didn't even include our price here for gas...
Anyway, Unleaded was $1.99 at a few stations around town here in Louisville KY.

I guess I should include the other gas prices just in case someone was following the bean counts!

Heinz Baked Beans are $1.49 a can.

Bushes Baked Beans are $1.59 a can. They may be 10 cents higher "butt"(much like Premium gas)
they seem to pack a better punch giving the user a special octane boost for their money!

Boston Baked Beans are $1.79 a small box. They don't pack any fire power but they
taste so good!

Hope that Helps,
Have a Great Day!
Smell ya later....

Michael

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DURABLEOILCOM

11 years ago

Does anyone know how soon prices will sky rocket up again? I dont understand how gas was over $4.00 not too long ago and now it its going under $2.00

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ForumGuru

Banned 11 years ago

The bottom fell out of the crude prices and the prices at the pump followed. If something happens in the world or the markets that sends the crude price back up, gas prices will follow. One thing you can do to try to figure out where gas prices may be heading is to watch and/or study the crude oil markets.

1 Year Crude Oil Prices and Crude Oil Price Charts - InvestmentMine

Historical Gas Price Charts - GasBuddy.com

Below is an article that will give you some insights on why the crude prices have dropped significantly...

http://www.economist.com/blogs/econo...ist-explains-4

Further reading...

http://www.vox.com/2014/11/28/7302827/oil-prices-opec

http://www.bloomberg.com/news/2014-1...r-so-fast.html

Cheers

-don

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mushroomsoup31

11 years ago

Philippines:

Gasoline
87¢ (USD) per liter - ₱39.00
Diesel
83¢ (USD) per liter - ₱37.00

And it says on the news that oil companies in the Philippines will implement another price rollback this coming week.

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seasoned

11 years ago

With the trend in fort wayne and all, gas could drop to less than $2/gal by the end of this week. Costco and sams club are ALREADY at 1.99! If the trend keeps up, by about august, we COULD be back to 1970 prices. Of course, I DOUBT it will go that low. They would have to lower taxes, and various costs for oil would have to be VERY low. I wonder where the floor is though. I SUSPECT we are close.

Steve

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AIV0IVYM0US

11 years ago

$2.15, Michigan.

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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

1. $1.97
2. north jersey

Never been this low since 2002

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2 replies

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seasoned 11 years ago

Originally Posted by DURABLEOILCOM

1. $1.97
2. north jersey

Never been this low since 2002

Last time I checked, it was headed even lower in fort wayne. If it gets much cheaper, I have a feeling E85 is DEAD! E85 exists ONLY because:

1. It is renewable. Actually, not really that great, since it simply has farmers preferring a non consumable(after processing) product over consumable ones, to get more money.
2. It is easier to get than oil. At $2.00+ certainly, but this becomes less meaningful as the price drops.
3. It is cleaner. Not as clean as one would like, and at the expense of food.

As gas gets cheaper, E85 may disappear and, ironically, food may get cheaper even BEFORE shipping! E85 raises the cost of a lot of cereals, breads, etc...

Steve
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HeySal 11 years ago

Originally Posted by DURABLEOILCOM

1. $1.97
2. north jersey

Never been this low since 2002

I just paid $1.99 per gallon for it in George, WA when I was there this weekend. It just shocked my system to see it again. Happy as hell about it and hope it stays low.
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Sal
When the Roads and Paths end, learn to guide yourself through the wilderness
Beyond the Path
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WalkingCarpet

Banned 11 years ago

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Kay King 11 years ago

$1.81 yesterday in Oxford.
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seasoned

11 years ago

Average 1.89/galtoday in fort wayne IN As low as 1.80 in various retail clubs, and 1.65(IIRC) if you get a carwash. I don't know what it is at the various wholesale clubs.

Steve

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1 reply

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ahlexis 11 years ago

I've got a temporary "extreme couponer" in my household. She's heavily into it after having watched videos on the web, and has pointed out all the ways to get extra stuff and free stuff.

One thing that's interesting is, if you live near a Kroger's supermarket and get one of those "valued customer" cards you can get discounts on your gas. One dollar spent equals one point, get 100 points and get 10 cents off per gallon of gas where they have gas pumps in the parking lot. Buy store gift cards - like Target or Burger King or pretty much anything that's not a Visa or MasterCard and get double points based on the dollar value of the gift card you buy. Works great if you end up buying a gift card good inside a store you already regularly spend money at anyway.

But here's the thing. We stood in line at the gas payment booth a while back behind a lady who got a 50 cent per gallon discount on her gasoline purchase. It was an interesting eye-opener, especially when you consider that if you get a receipt that requests you do a survey, upon completion of the survey rating how they're doing they give you 50 points . . . that plus a $25 gift card purchase = a 10 cent per gallon discount.

Having said the mouthful above, we've managed to buy gas as low as $1.79 per gallon including a 10 cent discount for swiping a card at the pump in the Houston suburbs.

I cannot help but wonder how much longer and how much lower this will go on before things change and prices start heading back in the other direction, though.
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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

1. $1.87 this is an all time record low!
2. North Jersey

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1 reply

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Kay King

11 years ago

I cannot help but wonder how much longer and how much lower this will go on before things change and prices start heading back in the other direction, though.

My opinion (I said this to friends weeks ago and they said I was crazy...so...) - It will go on for a while as the Saudis are the driving force and they can afford this price. Their production costs for oil are far cheaper than the US costs to produce a barrel of crude.

US companies (and shareholders) think short term profit - so US production of oil will decline. At these prices, oil is not profitable in the US so platforms, etc will be closed. That is probably true in a few other oil producing nations as well.

Once we have lowered our production and begun to rely more on foreign oil - the price will start to increase. It's a game of chicken and I expect the Saudis will win at least for a while.

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BigFrank

Banned 11 years ago

Originally Posted by Kay King

My opinion (I said this to friends weeks ago and they said I was crazy...so...) - It will go on for a while as the Saudis are the driving force and they can afford this price. Their production costs for oil are far cheaper than the US costs to produce a barrel of crude.

US companies (and shareholders) think short term profit - so US production of oil will decline. At these prices, oil is not profitable in the US so platforms, etc will be closed. That is probably true in a few other oil producing nations as well.

Once we have lowered our production and begun to rely more on foreign oil - the price will start to increase. It's a game of chicken and I expect the Saudis will win at least for a while.

Steel companies have announced the laying off of 750 workers due to a stiff drop in demand for oil related pipes and tubing.

Additionally, Saudi Arabia spends no more than $5 for every barrel of oil it produces while the current cost in Texas and North Dakota is around $80 a barrel. In trying to verify those figures I found this factoid:

"The need to drill horizontally means more acreage -- and as producers fork out cash for royalties to private landowners, more acreage means a bigger bill. Now we see why it costs $100 to produce a barrel of oil in the Bakken basin of North Dakota and Montana, while producing the same barrel of oil in Saudi Arabia's prolific Ghawar field costs in the order of $10." - According to the International Energy Agency • 11/04/2014

Cheers. - Frank

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1 reply

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yukon

Banned 11 years ago

Originally Posted by BigFrank

Steel companies have announced the laying off of 750 workers due to a stiff drop in demand for oil related pipes and tubing.

Additionally, Saudi Arabia spends no more than $5 for every barrel of oil it produces while the current cost in Texas and North Dakota is around $80 a barrel. In trying to verify those figures I found this factoid:

"The need to drill horizontally means more acreage -- and as producers fork out cash for royalties to private landowners, more acreage means a bigger bill. Now we see why it costs $100 to produce a barrel of oil in the Bakken basin of North Dakota and Montana, while producing the same barrel of oil in Saudi Arabia's prolific Ghawar field costs in the order of $10." - According to the International Energy Agency • 11/04/2014

Cheers. - Frank

The difference is there's no wars going on in North Dakota.

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alycium

11 years ago

Just filled up :]

$1.79 Kansas City, Missouri

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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

1. $1.77
2. North Jersey

This is a 10 year all time low. How low will it go?

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yukon

Banned 11 years ago

I paid $1.76 a gallon in SC a couple of days ago.

Waiting for the $4 a gallon rebound...

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DURABLEOILCOM

11 years ago

Originally Posted by DURABLEOILCOM

Want to see how low Gas is around the world. Please Share:
1. Gas Price:
2. Location:

How low will it go?

The Update:

2.49 Exxon Regular
North New Jersey, US

Anyone think we are going to see huge jump back to $3-$4 prices before the end of summer?

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myob

11 years ago

Crude oil prices have dropped to historic low levels in over a decade, so I don't think gas prices will rise to anywhere near $4/gallon anytime soon. The Saudi-led oil cartel, OPEC, has an agenda to drive the US oil companies out of business by increasing production, so consumers (for now at least) will have a reprieve.

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HN

Banned 11 years ago

Originally Posted by myob

Crude oil prices have dropped to historic low levels in over a decade, so I don't think gas prices will rise to anywhere near $4/gallon anytime soon. The Saudi-led oil cartel, OPEC, has an agenda to drive the US oil companies out of business by increasing production, so consumers (for now at least) will have a reprieve.

Good, stay away from investing and stick to the sh*t you are good at, whatever that is. Perhaps writing.
At the time of this posting oil was about $60 which is $13 above YTD low. A decade low was seen in December 2008, when it fell below $33. It's now almost twice as high as decade low. Who is this myob guy? Seems that he has no idea what he is talking about.

I adore the so called experts. It's amusing to read their predictions. Here's one.
Oil prices could stay low for decade, says Michael Hintze | The Australian

Quote from Jan 16, 2015:
Yesterday, Bank of America Merrill Lynch lowered its oil price forecasts, and said it now expected US oil prices to tumble to $US32 a barrel by the end of the first quarter, as global petroleum inventories continue to fill up.

$32 a barrel? In reality it rose to $60, not by the end of the first quarter though, but the end of April.

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myob 11 years ago

The average price of OPEC produced crude is currently at its lowest since 2005.
OPEC crude oil price change 2015
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HeySal

11 years ago

It's been fluxuating back and forth between about 2.75 and 3.29 for months now out here in Nevada. There's a good possibility that it's because of talks between Russia/China - and some SA country - I think Brazil but really don't remember which one -- that will tank the petro-dollar as reserve currency. The petro-dollar agreement is the only thing that keeps that country on the map despite their oil.

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Beyond the Path

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