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Gas prices this morning in parts of Texas are at $3.08 but Lubbock is still falling on GasBuddy's lowest price list for Texas at $3.15.
In 1965 I worked at a full-service Texaco gas station in Texas after school pumping gas for $0.32 per gallon. Most regular gas in town at that time was at $0.28 per gallon. Using the "What Is A Dollar Worth" calculator at the Federal Reserve Bank of Minneapolis, I find that $0.28 in 1965 is worth $2.08 now and $0.32 is worth about $2.37.
Of course, back then you got your windshield cleaned, your oil, water and tires checked and, if you were a regular and a nice customer, even your carpet vacuumed. There are a lot of other things to consider here though like, demand is lessened with much more fuel efficient vehicles, demand is increased as there are many more people driving and more developing nations with whom to compete. And of course there is the potential for more supply as new technologies allow the retrieval of oil in places that were previously unavailable.
Economists could probably list a hundred more things that affect supply and demand that differ significantly from the past but one could ask, isn't gasoline only about 30% higher than it was in the past? Since most people are driving much more fuel efficient cars, aren't they spending about the same as they would have in the past? The only thing we seem to be missing, at least in most States, is a Gomer Pile kid to clean the June bugs off our windshield and having him check our oil. However, based on the horror stories that come out of many of the quickee stop-and-rob brake or oil change shops anymore, maybe we don't want Gomer under our hood?
I am retired and my truck stays parked in the barn for days at a time but $15 for gas to drive to Lubbock for a $2.00 nut or bolt does seem expensive though.
If the economy collapses as the markets are hinting these past couple of days,
lower gasoline prices will be yours to enjoy again just like in 2008.
Also: at any time you can cut your gasoline costs in half.
Simply trade your vehicle for one which gets twice the mileage
Or stop driving so much. My wife's office is literally half-mile from our house. We have put a total of 8,000 miles on her car in the last 2 years - 2500 of those were trips to see our kids.
Nope
Were expecting higher fuel prices this summer in our region as the local refinery will slow/stop production this summer for 5mo for repairs and retrofitting.
Nope
Were expecting higher fuel prices this summer in our region as the local refinery will slow/stop production this summer for 5mo for repairs and retrofitting.
Sure, repair and retrofit in peak gasoline usage season - I hope the day will come that they'll starve permanently. They're just as bad as a crooked politician(s) imo.
In all honesty, I cannot really complain that much despite my last post. Crude oil is in it's sweet spot right now and I am afraid that if it falls any lower then that is not a good thing. Sometimes, I will guiltily say that I wish gas prices would go higher.
I'm not far behind... I drive relatively little and both of my cars get good fuel mileage.
So I don't really notice the price much.
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