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Old 06-29-2017, 10:58 AM
 
Location: Tulsa
1,347 posts, read 556,396 times
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Oil price is manipulated by the Wall Street.

Nobody exactly knows the trend.
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Old 06-29-2017, 11:19 AM
 
Location: Inland Empire, WA
2,133 posts, read 1,688,252 times
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Cheap? Where? Which decade were you born ?
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Old 06-29-2017, 11:44 AM
 
3,964 posts, read 1,593,575 times
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Quote:
Originally Posted by AK76 View Post
Cheap? Where? Which decade were you born ?
Well, in 1974, the average price of a gallon of gas hit 55 cents.

In inflation-adjusted dollars, that is $2.82 in today's dollars.

Gas in my area is $1.95-$2.00, depending on where you fill up. So, comparatively speaking, gas is indeed cheap.
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Old 06-29-2017, 11:48 AM
 
Location: State of Transition
72,671 posts, read 64,140,481 times
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Quote:
Originally Posted by Willistonite View Post
As usual you have no facts to back anything up. Just what you hear or read from liberals fake news.
There is nothing economic to replace oil at the this time. Also you need to Google what is made by
petroleum products you would be amazed. I would love to see your attitude if you were paying $7 per gallon. Probably much different.
My attitude would be the same; we should have pursued sustainable energy development back when Carter put solar panels on the White House roof. If we had, we'd be in better shape now. Notice that Germany and Denmark have succeeded in much less time than that, in replacing oil as an energy source to a very significant extent.
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Old 06-29-2017, 12:01 PM
 
8,144 posts, read 6,002,296 times
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Quote:
Originally Posted by AJT123 View Post
I would imagine fuel will stay cheap like this for at least 3-5 years due to general trends, supply and demand, etc. Maybe even a decade.

But wondering what others think, or if any professionals in the industry can chime in.

It's funny. The gas guzzler, body-on-frame SUVs (Tahoe, Expedition, Yukon, etc.) are everywhere again. I remember how back when gas was $4 they were piled up on dealer lots.

When I started driving (1998) gas was .89, .99., and .$1.09 for premium. Then it crept up at the turn of the century, became ridiculous another 7 or so years later, then leveled back down a bit but in general stayed high. Now, in 2017, it's downright cheap.

Hoping gas will remain cheap for the next decade or longer.

you're somewhat remembering a glut period. That time was an aberration. I remember it.. It is still the cheapest that I ever have seen a gallon of gas that I can remember.. I was born in '73 and right around that time you mention, either 97 or 98, I filled up for 79 cents a gallon. Cheapest I've ever bought gas.


Quote:
Originally Posted by MinivanDriver View Post
Gas prices used to be determined at the pleasure of OPEC, the cartel of oil-producing countries. The problem was that oil came from the world's most volatile region of the world. So every time a war broke out or some despot was mad at the West, they'd jack up the prices.

That still hasn't changed entirely. You have something break out and the prices will shoot up. But, agreed that OPEC is a paper tiger at this point. That may change again a few years down the road, but right now, they can't seemingly do anything to combat the low prices.


I would say in the next few years.. We might see some changes because many of those countries cannot balance their budgets at current prices. The Saudis are likely the only ones who can.


Actually, latest info I found, it's Kuwait..



  • Nigeria at $139
  • Bahrain at $84
  • Angola at $82
  • Oman at $75
  • Saudi Arabia at $74
  • Russia at $72
  • Kazakhstan at $71
  • Gabon at $66
  • Azerbaijan at $66
  • Iraq at $61
  • Abu Dhabi, United Arab Emirates, at $60
  • Republic of Congo at $52
  • Qatar at $51
  • Kuwait at $45
That's the average price per barrel that the countries need to balance their budget. Right now.. it's at about $46.
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Old 06-29-2017, 12:03 PM
 
3,964 posts, read 1,593,575 times
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Quote:
Originally Posted by Ruth4Truth View Post
My attitude would be the same; we should have pursued sustainable energy development back when Carter put solar panels on the White House roof. If we had, we'd be in better shape now. Notice that Germany and Denmark have succeeded in much less time than that, in replacing oil as an energy source to a very significant extent.
At a very high cost. Energy costs have risen roughly 50% in Germany since this effort has taken place.

Germany

Look, nobody is saying that we should burn gasoline indefinitely. At the same time, renewable energy has a long way to go before it's cost-effective.
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Old 06-29-2017, 12:22 PM
Status: "Trapped but not by Minnesota" (set 7 days ago)
 
Location: Somwhere
3,123 posts, read 1,217,954 times
Reputation: 8040
I paid $3.02 yesterday, that's usual around here.

I remember gas at 25 cents a gallon, back in the '60s. I wasn't driving then, though.
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Old 06-29-2017, 12:32 PM
 
961 posts, read 921,475 times
Reputation: 1194
Quote:
Originally Posted by Ruth4Truth View Post
You do realize, don't you, that what's making it cheap is all the fracking going on?
It's more than just fracking. It's the decline in oil speculators in the commodities markets (they get burned pretty badly), it's OPEC refusing to cut production, and it's the Iran-deal that has their oil hitting the markets while Saudi Arabia is overproducing to screw with them. Domestically modern cars are about 25% more fuel efficient through direct ignition, taller gear ratios, and more gears. Alternative fuel vehicles are also making a dent in oil demand.

Fuel prices never significantly affected me. We have an odd mix of vehicles:
1) 01 VW Golf TDI - 45mpg
2) 06 GM 2500HD Duramax - 18mpg
3) 07 Lexus Rx400h - 28mpg
4) 13 Fiat 500e - *free energy through solar array and free chargers at work

When oil goes up, I'm put off by all the suburbanites complaining because they made their choice to buy gas guzzlers (never mind the fact that they park their bloated vehicles in spots designated for compact cars). I'm more sympathetic to rural folks and farmers who depend oil for their production and have to drive further distances to get into town. Hybrids and EVs won't work well in those circumstances. Even with a diesel engine and a 6-speed Allison transmission, our Duramax can't break the 20mpg mark.
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Old 06-29-2017, 12:40 PM
 
9,084 posts, read 3,701,709 times
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Oil will boom once China/India gets straightened out, lots of industrial uses for oil products/power generation

seems like the industrial uses out weight it's uses in cars

industries are down/slow growth so oil demand is lower, not that people are driving cars less to drop oil prices
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Old 06-29-2017, 01:54 PM
 
715 posts, read 412,316 times
Reputation: 978
We are just at the BEGINNING of realizing potential of horizontal drilling and the now newly discovered (since 2009+) VAST recoverable reserves of DOMESTIC sweet crude.

This means NOT ONLY a Top Lock on gas prices, but keeping our dollars local (INSTEAD of shipping palates of hundred-dollar-bills overseas to semi-hostile foreign entities in exchange for their nasty heavy crude) - a MASSIVE boost the domestic economy, bigger than any other industry out there.

'Dakotas' is nothing (while still significant) compared to what is currently being discoved: https://www.dallasnews.com/business/...hale-formation
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