Gas prices.

[wannadrag]

$1.95 here today

 

[44070dart]

2.63 western NY they screw us allllllllllllll the time ..

 

[hemi#1]

well the price of gas just dropped again here in north Texas it's now 1.699 I love it

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NY. the land of taxes I lived there for 57 yrs. but now in TX. god bless Texas!

 

[Coyoteduster]

I meant the USA. Yes, it was 1997, but almost all of the 90's were under the $20 mark. Take inflation into account and still mid 20s. I just wondered why they've become less efficient. They certainly weren't crying the blues with those prices.

http://inflationdata.com/inflation/inflation_Rate/Historical_Oil_Prices_Table.asp

Fracking, which accounts for the lions share of the increased production here in the states in recent years is more expensive than conventional drilling which drives up the average cost per barrel. Not much difference between the mid and upper 20's. :icon_wink:

 

[omoskito]

5.32 today here and this is very, very cheap for us! Can fill up the car for under 120 Dollar - yes!

Greetings from Germany,

Omoskito

 

[iraqivet01]

Downside is they are Laying people off here in Oklahoma that work for the oil companies.

 

[Sonny Black]

I am looking out the window......@ $1.89:eusa_pray: hope it stays for a bit....2 days ago it was $ 1.85...

 

[Budnicks]

$2.69 for a cheap no-name brand self serve reg. unleaded crap
BUT it's still better than the $4+ per/gallon last summer & for the last a few years
because of the lousy freaken' economy...
That takes $$$ away from people being able to spend $$$ on things other than gas,
just to get from point a-b...

Stagnates the growth & the economy, when fuel costs are high...

It's a double edge sward less work because of less $$$ to get oil out of the ground,
I like seeing our oil boom, it helped my stocks & dividends, helped some to offset the high costs...

Sad that people are getting laid off,
but it's all about being able to make a $$$$, or why be in business...
Hopefully it won't completely kill the oil boom &
states like the Dakota's, Wyoming, Oklahoma, even Calif. or Texas etc.,
that all had some sort of privately funded, drilling, exploration, investments & oil boom recently...

 

[6pktgo]

Average around southern Ontario is ( 87 cents/litre ) $3.92 , for 87 Regular . Holy Crap !!! We`re jumping for joy that it`s now gone under $4 a gallon.

Last summer I paid just over $7.00 a gallon (for Premium) , for fuel to run my Charger. Cost to fill it then, from empty $137. Now same fuel, same tank $87. NO ,I don`t drive it in the winter, but you know what I mean.

Big down side is ,now provinces like Alberta may end up slipping into recession, & that will eventually pull us all down !!

 

[Photon440]

Average around southern Ontario is ( 87 cents/litre ) $3.92 , for 87 Regular . Holy Crap !!! We`re jumping for joy that it`s now gone under $4 a gallon.

Last summer I paid just over $7.00 a gallon (for Premium) , for fuel to run my Charger. Cost to fill it then, from empty $137. Now same fuel, same tank $87. NO ,I don`t drive it in the winter, but you know what I mean.

Big down side is ,now provinces like Alberta may end up slipping into recession, & that will eventually pull us all down !!

Don't forget that most viewers here are American, so you should use US sized gallons, not our big Imperial gallons. Your 87¢ per litre would be $3.30 per US gal. Still a lot, but still cheaper that I'm paying in the Vancouver area.

 

[747mopar]

Just paid $1.87 big ones in the great state of Ohio, you watch as soon as I fire the Charger up for Spring it will shoot right back up.

 

[ZR9B]

I saw a $1.77 for the cheep stuff.....my diesel is $2.63 if I look hard enough

 

[Canyon707]

well oil is now in the 45 range. Like most of us here enjoying the price drop for however long it lasts. 2.83 today diesel. I still cant figure why lower operating costs drive the market down. I spend the extra money on other things. I dont know how long this will last and surely most dont have a clue either.

 

[Bruzilla]

well oil is now in the 45 range. Like most of us here enjoying the price drop for however long it lasts. 2.83 today diesel. I still cant figure why lower operating costs drive the market down. I spend the extra money on other things. I dont know how long this will last and surely most dont have a clue either.

Operating costs have nothing to do with the market price. Market price is set by who's willing to buy oil futures and who isn't. It costs the Saudis about $5 to pump a barrel of oil, it costs Gulf of Mexico producers about $12 a barrel, and it costs shale oil guys about $27 a barrel last I heard but I believe their numbers have come down quite a bit since then as their capital investments are getting paid off.

Where production costs do come into play is in countries like Iran, Venezuela, and Russia that have much higher production costs either due to geographic limitations or general malfeasance of the industry. These countries have been screwing Saudi Arabia for decades. Every time the production numbers had to be cut to stabilize the price of oil, these countries always demanded Saudi Arabia take the lion's share of the hit. They made matters worse by constantly over-producing their own quotas because they needed every nickle they could get. The other issue is while Saudi Arabia has been busy investing their oil revenues into business operations all around the world, many of the other OPEC countries have been blowing their revenues on weapons programs, military build ups, social spending, and not making any efforts to diversify their economies.

So what's happened this year is when US production started dramatically increasing as global demand was decreasing, when it came time for OPEC to start cutting production to keep prices up, OPEC once again turned to the Saudis and told them they would have to bear the brunt of the cuts and the Saudis finally said no! They said they were done losing market share to protect OPEC and they would not cut production, which meant the over-supply would get worse, which meant less money to be made, which sent investors fleeing and as a result the price has been dropping like a stone.

The upside to all this is the Saudis are the ones who really drive the market, and as oil prices go down, costs of doing business by everyone else are going down so profits and growth will be going up, and as they do all the business operations the Saudis have invested in will see their profits going up. All this means the Saudis are now making money whether oil prices are up or down, so they have no reason to support OPEC anymore and hopefully that whole corrupt mess will now collapse or at least crumble enough to where the best they can do is force oil to be at about $40 a barrel.

 

[PolaraLover64]

its down to $1.99 in tekamah nebraska and takes me about forty bucks to fill up my polar which can last me two weeks or more for what little driving i do

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sorry *polara

 

[Coyoteduster]

$1.73 in Waco this morning for regular, $2.05 for premium. :yes:

 

[Brandy]

$2.49 here in Vermont this AM.

 

[Richard Cranium]

I'm seeing 2.07 for the cheap stuff here.

 

[Bruzilla]

We dropped to $2.04 today at my benchmark station in Orange Park, FL.

 

[MoparMitch]

Still. $2.22 here. Don't know why either.