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Here in Colorado Springs it's beginning to drop -- about 1 cent a day for the last 6 days.
Yesterday it was $2.68 at Costco...2.69 on Fillmore.
I've been hearing about this "drop" for months and have not seen it!
There is a station on Nevada that closed at "$2.49" left on their sign about 2 months ago.
So, I've seen no movement downwards!
$2.12? !
I wish!!!
Gas prices are down, and they are about to fall even further -- perhaps to less than $2 a gallon.
"There will be thousands, even tens of thousands of stations below $2 by the time we're into football season," said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks retail prices for AAA.
I'm a big "envelope" person. Any money remaining after my monthly gas allocation goes into the "gas" envelope. DH is beginning to envy my stash--which I'll end up sharing with him when half is transferred to the "pizza" envelope this fall lol.
The thing to realize is the reason they are down is because of US producers putting pressure on OPEC, this is a good thing for a variety of reasons. If they go too low it's going to turn into a bad thing.
I'd much rather see gas at $2.50 gallon if it's going to stay there instead of $2/gallon gas that is going to cost me $4 in two years.
This is exactly my sentiment. Why do we need so much volatility in this precious, vital commodity? It's arguable that gold and stocks can have volatility because not everyone needs to own or hold that asset. But oil is far far too critical to how everyday functions to be this up and down in price.
Give me 2.50-2.75 gasoline, and leave it the heck alone.
The thing to realize is the reason they are down is because of US producers putting pressure on OPEC, this is a good thing for a variety of reasons. If they go too low it's going to turn into a bad thing.
I'd much rather see gas at $2.50 gallon if it's going to stay there instead of $2/gallon gas that is going to cost me $4 in two years.
Gas is already under $2.50 a gallon in New Jersey where I work, though it's still in the $2.60 range in Monroe County PA where I live. Gasoline prices come down to state and regional taxes.
A better measure would be the price of a barrel of crude, but people don't think in those terms. Under Reagan crude oil went down to $10 a barrel and people worried about the politic stability of Saudi Arabia. Well there's plenty of political instability in the Middle East and there has been for decades, whether oil is at $10 or $110 a barrel.
I don't see any reason for gasoline to go back to $4.00 a gallon anytime soon. Fracking technology is here to stay and OPEC can go F themselves.
The thing to watch out for now, is a proposed change in the law regarding exports of US crude. We have been barred from exporting crude oil since the 1970's during the Arab Oil Embargo. We can export refined product, but some people see a lot of money to be made by exporting crude to foreign countries.
This is exactly my sentiment. Why do we need so much volatility in this precious, vital commodity? It's arguable that gold and stocks can have volatility because not everyone needs to own or hold that asset. But oil is far far too critical to how everyday functions to be this up and down in price.
Give me 2.50-2.75 gasoline, and leave it the heck alone.
Being a vital commodity does not make something prone to be less volatile in cost. Quite the opposite in fact.
Gasoline has no real substitutes. You can manage your utilization to some extent but you can't just start pouring water or diet sprite in the tank instead.
So, you have a vital, global commodity that has a limited shelf life.....and we have finite refining capacity so it's a product that has a lot of potential disruptions.
Gas is already under $2.50 a gallon in New Jersey where I work, though it's still in the $2.60 range in Monroe County PA where I live. Gasoline prices come down to state and regional taxes.
A better measure would be the price of a barrel of crude, but people don't think in those terms. Under Reagan crude oil went down to $10 a barrel and people worried about the politic stability of Saudi Arabia. Well there's plenty of political instability in the Middle East and there has been for decades, whether oil is at $10 or $110 a barrel.
I don't see any reason for gasoline to go back to $4.00 a gallon anytime soon. Fracking technology is here to stay and OPEC can go F themselves.
The thing to watch out for now, is a proposed change in the law regarding exports of US crude. We have been barred from exporting crude oil since the 1970's during the Arab Oil Embargo. We can export refined product, but some people see a lot of money to be made by exporting crude to foreign countries.
We export refined product to other countries with lower environmental standards because it makes us more money than having to refine it more and use it domestically. Thanks Obama!
I'd also like to thank Obama for fracking since he's somehow responsible for this bounty.
LMAO @ the meme of thanking Obama for US oil production.
That's not a business you can sustain multi month losses. Capital investments are very high, profits are dependent on long term sustained production. Idling billions of dollars of equipment and whatever is not going to work out well.
Since its inception, the American oil industry has always been rather boom and bust. And the reason is -- the oil companies always go hog wild (like greedy Wall Streeters) when oil suddenly looks good, and instead of slowly proceeding they go all in. Then oil fortunes change (as they always do), and the bust begins.
So tell me, which of the big American oil companies are going to go out of business?
Since its inception, the American oil industry has always been rather boom and bust. And the reason is -- the oil companies always go hog wild (like greedy Wall Streeters) when oil suddenly looks good, and instead of slowly proceeding they go all in. Then oil fortunes change (as they always do), and the bust begins.
So tell me, which of the big American oil companies are going to go out of business?
Yeah, I remember when all the oil companies were going bust and merging during the 90's. By the end they were giant companies, I think Exxon was #1 in the world.
You know what happened when the market recovered and the largest company in the world made the largest (in dollars not as a percentage) profits?
They were excoriated for "record profits" during a populist 2008 presidential primary and later campaign.
It was one of the saddest, most anti-intellectual moments I've seen. The American people too stupid to understand that "record profits" was a sham foisted on the innumerate.
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