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When you consider the technicals (supply is up, demand is down) there is no good reason why we shouldn't be paying $1.40 gallon for regular.
Get oil off the commodity markets, it's a necessity. Speculators are driving the prices -- if they want a hedge, make them take physical delivery of the barrels.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by cebuan
When I started driving, a gallon of gas cost about the same as a paperback novel, a pack of cigarettes, enough stamps to mail eight letters, or a neighborhood girl to babysit for you until midnight
How's the price of gas doing on that scale?
When I started driving gas was 25 cents a gallon, a new car with small V8 and automatic about $2,000. A large house on half an acre was $30,000. That was 1968, 50 years ago. Now a similar car is $30,000, 15 times higher. That same house that my parents bought is worth 1.5 million, 50 times higher. Gas is about $3.20, only 12.8 times higher, sounds like a bargain in comparison.
When you consider the technicals (supply is up, demand is down) there is no good reason why we shouldn't be paying $1.40 gallon for regular.
Get oil off the commodity markets, it's a necessity. Speculators are driving the prices -- if they want a hedge, make them take physical delivery of the barrels.
What you are saying is correct, Prices are literally "driven" to where they are in an open market.
Why does everyone think that oil companies are 'fixing' the prices only when the prices are high???
If so why on earth would the prices ever fall?
Oh well, to the Op question:
I will feel the pinch when a gallon of gas costs the same as a bottle of beer or a glass of wine in a nice restaurant.
The nominal price is irrelevant.
At $1.5 euro/liter the Europeans are paying the equivalent of $7/gallon for gas/diesel. I can't imagine the cost of driving anything other than a hybrid or economy car over there.
When it hits above $3/gallon, I will start to complain again. One of the great things about living in the city with good bus/train networks is rarely having to drive. Thus, I rarely pay attention to gas prices as I don't really need to.
The one year I was driving to work from summer 2015 to summer 2016, I got really lucky with gas being extremely cheap. It also helped that I worked in New Jersey before the gas tax hike, so it was even cheaper. I remember paying $1.49/gallon in February 2016, and never above $2.20 that entire period. Now that I see prices starting to spike again, I'm glad that I walk or take the bus/train nearly everywhere in my daily life.
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Bravo
