Gas Prices down to $1.15?

[schuerm26]

http://seattletimes.nwsource.com/html/businesstechnology/2003257679_oilconsumers14.html


The recent sharp drop in the global price of crude oil could mark the start of a massive sell-off that returns gasoline prices to lows not seen since the late 1990s — perhaps as low as $1.15 a gallon.
"All the hurricane flags are flying" in oil markets, said Philip Verleger, a noted energy consultant who was a lone voice several years ago in warning that oil prices would soar. Now, he says, they appear to be poised for a dramatic plunge.
Crude-oil prices have fallen about $14, or roughly 17 percent, from their July 14 peak of $78.40. After falling seven straight days, they rose slightly Wednesday in trading on the New York Mercantile Exchange, to $63.97, partly in reaction to a government report showing fuel inventories a bit lower than expected. But the overall price drop is expected to continue, and prices could fall much more in the weeks and months ahead.


More in the link.

[Hex]

Hey, cool. Just when my bank account is on the upswing. :lol:

[RedvsBlue]

The economy would SOAR if this happened.

[CaseyRyback]

The article did not even mention the recent finds in the Gulf which are supposed to be huge.

[dopa345]

I was wondering why there was such a drop in gas prices.

[Zenithian Legend]

I thought the drop in gas prices was just because of the nearing elections, this could be great!

[Hex]

I was wondering why there was such a drop in gas prices.

I noticed that too. On the way to work I drove by the most expensive pump in town, and it was down to $2.78. Helped start the day right, sho' 'nuff.

[mykevermin]

$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.

[Brak]

Gas prices lower around fall / winter, as they use a "different formula", which states can regulate.

[Liquid 2]

$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48

[jlarlee]

where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48

Sam's clubs in San Antonio are down to 2.25. On base at Lackland it is 2.42

[jlarlee]

The article did not even mention the recent finds in the Gulf which are supposed to be huge.

I have seen quite a few article that those have been exaggerated in how much there is there. But even the pro article agree it is going to be about 5 years before we see any of it.

[Duo_Maxwell]

$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.

Down to an average of $2.23 aorund here, but from what I've seen from two local news reports people are still far from ecstatic over it, with many saying it's still not low enough.

[schuerm26]

$1.15 is not gonna happen. Not when people are ecstatic over $2.15/gal.

So you are saying because people are happy it's gotten down to around $2.00 there won't be anymore price changes? Do you honestly think that's how gas prices work?

[mykevermin]

Down to an average of $2.23 aorund here, but from what I've seen from two local news reports people are still far from ecstatic over it, with many saying it's still not low enough.

Interesting observation. It may well be the case; it's not like I've taken any official polls. I do, on the other hand, eavesdrop very well. ;)

Using that technique, people seem to be quite happy about $2.15.

[Brak]

It's now below $2.00 in various states, apparently.

(Saw it on the miracle box.)

[E-Z-B]

You silly bastards. Don't expect gas prices to stay this low come November 8th.

[schuerm26]

Are you saying The Bush Administration has it's hands in lowering the prices to make things look better for the Elections?

[CocheseUGA]

Not gonna happen. OPEC depends on the oil money to drive their economies. If oil goes that low, they'll hold back on production to make prices go back up.

[csidegamer]

Had a price war over the weekend in DeKalb, IL, got down to $2.13 a gallon.

Back up to $2.44 now, which is still the cheapest around.

[Derwood43]

Interesting observation. It may well be the case; it's not like I've taken any official polls. I do, on the other hand, eavesdrop very well. ;)

Using that technique, people seem to be quite happy about $2.15.


People should be happy that the gas prices are going down. Maybe happy isn't the right word, how about slightly less pissed off. Which is how I feel. I'm sure glad that gas is down, but I'm not satisfied yet.

BTW, $2.03 here in OKC.

[Veritas1204]

I filled up for 1.98 in OKC this morning, so don't be so sure it won't go lower.

and EZB, go suck a cock with that silly bastard shit. When I want your opinion, I'll look down in the toilet and ask cheese.

[whoknows]

I'm holding off on buying a car until gas is under $2...I just don't find it worth it with gas as expensive as it is, so this is very good news :D

[Veritas1204]

I'm holding off on buying a car until gas is under $2...I just don't find it worth it with gas as expensive as it is, so this is very good news :D

good for you. Just do us all a favor and don't buy some 10 mpg SUV. I get sick and tired of people buying them when gas is cheap and then bitching about how the government is a bunch of thieves when gas goes back up.

[whoknows]

good for you. Just do us all a favor and don't buy some 10 mpg SUV. I get sick and tired of people buying them when gas is cheap and then bitching about how the government is a bunch of thieves when gas goes back up.
Yeah, I'm trying to save money on gas, so no, I would rather walk then burn my money on gas by buying an SUV.

[schuerm26]

$1.85 in Branson Missouri today.

[Moxio]

Damn, it's still $2.67 here. I hate you guys.

[ITDEFX]

2.51 now :) It dropped from 2.7x from a few days ago :O

[David85]

where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48


In Ohio its $2.05 a few days ago, cheapest in the country.

[HumanSnatcher]

Cheapest gas here is 2.16 at Sams. But from what I've heard, their gas is horrible. It kinda looks like the average around here is about 2.22. I seriously doubt it'll ever get back to 1.15, but I would like to see it drop to 1.75 or lower at the very least.

Though I have noticed that since they switched to "10% ethanol" gas, my fuel consumption has become total shit. I've heard the same from many friends as well. With that being the case, it seriously needs to drop...

[JohnnyDrama]

Good news, the cheapest in my area is $2.79, but that was a few days ago, so hopefully it's lower today. Still hoping it goes down to at least $2 per gallon.

[elprincipe]

where the hell is it $2.15/gallon?
lowest I've seen here in Texas is ~$2.48

Got some a week ago or so on the VA-NC border for $2.33 a gallon, so $2.15 isn't so farfetched. But I do agree somewhat with myke in that at this point we are pretty happy with $2.15 whereas just 8-10 years ago it was 89 cents. But it's a pretty competitive market, so I guess we'll see. I hope the drops in price don't discourage the trend toward hybrids and alternatives to gasoline.

[HumanSnatcher]

Got some a week ago or so on the VA-NC border for $2.33 a gallon, so $2.15 isn't so farfetched. But I do agree somewhat with myke in that at this point we are pretty happy with $2.15 whereas just 8-10 years ago it was 89 cents. But it's a pretty competitive market, so I guess we'll see. I hope the drops in price don't discourage the trend toward hybrids and alternatives to gasoline.

I'm about 15 mins from the VA-NC border, and it usually is cheaper there. Cheap smokes to hehe

[elprincipe]

I'm about 15 mins from the VA-NC border, and it usually is cheaper there. Cheap smokes to hehe

I don't smoke, but it was quite a nice break from the 50+ cents more expensive we have up here in Northern Virginia (just passing through on the way back from the Outer Banks).

[ZForce915]

Are you saying The Bush Administration has it's hands in lowering the prices to make things look better for the Elections?

Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.

[CappyCobra]

If gas ever hits and maintains that price that would be nice.
Do you think products whose prices increased with the fuel, will now drop back down in price? fuck no.

[CocheseUGA]

Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.

I seriously doubt that. What good would it do when he's still got two years left in office? It's not like the citizens of this country would believe that...

Oh shit, I forgot the general populace...anything is possible, isn't it?

[elprincipe]

If gas ever hits and maintains that price that would be nice.
Do you think products whose prices increased with the fuel, will now drop back down in price? fuck no.

Welcome to the world of capitalism: people will charge what they can get away with.

[David85]

I saw someone back into a parking space at Walgreens yesterday. It was a Hummer SUV thing, it was huge! Took him 10 minutes to park the thing that could hold like 15 people.

How many people do you think were in the car? Yep only one. Asshole.

[seanr1221]

Gas prices will go up once winter hits and people start pumping heat into their homes.

But anyway, the cheapest around my area of PA is 2.41...but it's crap gas. Luckily the Sunoco isn't much more at 2.60

[schuerm26]

Yes. Without a doubt. I agree 100% with EZB.

After November 8th we'll start to see 5 and 10 cent increases at a slow but steady rate until gas is around 2.75 a gallon again. Or worse 3.00.

That is ridiculous.

[T234]

I call bullshaq-fu on the thread title.

[sblymnlcrymnl]

It's now below $2.00 in various states, apparently.

(Saw it on the miracle box.) It's still around $2.10 here, though I haven't been out yet today.

[fuzz]

It's gone from $3.29 all the way down to $2.97 Wee!

[CocheseUGA]

Holy hell, $2.26 here now. Was 2.55 a week ago.

[GuilewasNK]

It was $2.10 in my neck of the woods yesterday. I honestly neer thought it would get under $2.00 again but it just might. Either way, I'm not getting too excited because it will eventually go back up.

What's this about some huge finds in the gulf?

[E-Z-B]

Are you saying The Bush Administration has it's hands in lowering the prices to make things look better for the Elections?

Yeah, I don't know how I ever got the idea that the Bush family could influence OPEC.

http://img.slate.com/media/1/123125/123063/2111846/2116263/050426_BUSH-ABDULLAH_ex.jpg

[CocheseUGA]

Yeah, I don't know how I ever got the idea that the Bush family could influence OPEC.


I forgot that Chavez & Bush are bestest buddies.

[mykevermin]

I forgot that Chavez & Bush are bestest buddies.

I have a hard time stomaching the conspiracy theories here. I don't think it's controversial to argue that big businesses, being the domain of the wealthy, do favor Republican candidates (I dare you to give me a reason why a big tax-cut gettin' fat cat would support a liberal candidate, aside from the odd anomaly who cites "ethics").

That said, many of us chastised the oil companies more than OPEC and oil-producing nations itself during the post-Katrina gouging last year. I know that, even if I disregard how nauseating a speculative market is (like oil), the rising cost per barrel was part of my ire; the brunt of it, however, were the oil companies who posted record quarterly profits approaching $10 billion in four months time. If they want to make money, that's fine, but to take advantage of price increases in what you buy to hide even larger profit increases for yourself and your company is despicable. It shows, quite clearly IMO, that the well-being of the average American is not as important as fat-ass quarterly dividend checks. Surely capitalism is dependent upon competition for these financial resources, but such vampirism would surely lead to its demise even faster.

Rambling, am I? Sure looks like it. At any rate, if we can't figure out if the oil-bearing nations are the biggest enemies, or if the oil-refining companies are the biggest enemies, even if both are, all things being equal, more likely to support a right-wing candidate than a left-wing one, then we have no argument of conspiracy. It's even more speculative than what the avilability and price of oil will be tomorrow. ;)

I know that lowering gas prices will not do anything to increase the supply of oil nationwide, and will make people feel more comfortable buying automobiles that will assist in ensuring that our grandchildren will have no oil-based automobiles on their highways. It does not, however, make me feel any more comfortable about the current direction of the nation, about the corruption and poor planning for international actions in our government, the gross misspending of our government, and the egregious abuses of authority of our government. If you are the kind of person who is rethinking who you were going to vote for based upon the decreasing price of oil, then please, I beg of you, please...find another issue to weigh your opinion on. Only a fool would let a spur of the moment, highly unexpected, and likely tenuous, change in economic direction be their sole motivation behind whom they vote for.

EDIT: Cochese, I don't know how true this is (since my mother told me this, and she's very very very very conservative, and thus unreliable ;)). Evidently, all Venezuelan oil that comes into the US is sold to Citgo; if Chavez really wanted to fuck up the American economy, he could start a price war by encouraging Citgo to sell oil at crazy prices. Then again, this is all true if (1) they only distribute through Citgo and (2) they could legally get away with "dumping" oil. That's a conspiracy I believe in more than the general election conspiracy.

[CocheseUGA]

I can only comment that I know gas shot up bad in this neck of the woods because the main pipeline to Atlanta was the NO one that was partly shutdown.

I do have to agree, however, that energy companies seem to hold all the cards in all aspects. Start-ups that advocate better/less energy use seem to get squashed before the general public hears of anything. In respect, they've made alternate energy vehicles (aside from the energy itself) so cost-prohibitive that the mass market can't afford them (anyone remember the EV-1? I believe there's a movie coming out soon). We're just now starting to get alternate energy vehicles that are somewhat affordable and look unlike a spaceship, but case in point, look at the new 7-Series Hydrogen models: so expensive, you can only lease them.

Where are the higher efficiency gas engines? Why has it taken so long for Hydrogen to come about? I, unfortunately, know exactly who to blame, and it isn't anyone with a protective detail.

[mykevermin]

I can only comment that I know gas shot up bad in this neck of the woods because the main pipeline to Atlanta was the NO one that was partly shutdown.

I always wondered why gas hit $5+ in GA last year.

I do have to agree, however, that energy companies seem to hold all the cards in all aspects. Start-ups that advocate better/less energy use seem to get squashed before the general public hears of anything. In respect, they've made alternate energy vehicles (aside from the energy itself) so cost-prohibitive that the mass market can't afford them (anyone remember the EV-1? I believe there's a movie coming out soon). We're just now starting to get alternate energy vehicles that are somewhat affordable and look unlike a spaceship, but case in point, look at the new 7-Series Hydrogen models: so expensive, you can only lease them.

Are you talking about the movie "Who Killed the Electric Car?" It came out recently, but just like any liberal arthouse documentary, in limited release. It'll quietly hit DVD by the holidays, I would gather.

http://www.amazon.com/Who-Killed-Electric-Martin-Sheen/dp/B000I5Y8FU/ref=pd_sbs_d_1/102-8447067-0410532?ie=UTF8

November 14. There you go.

Where are the higher efficiency gas engines? Why has it taken so long for Hydrogen to come about? I, unfortunately, know exactly who to blame, and it isn't anyone with a protective detail.

Didn't Mercedes-Benz announce that they'd have hydrogen engines on the sales floor for their 2009 models? Er, nm: It's BMW and 2007: http://www.latimes.com/business/la-fi-bmw13sep13,1,4751853.story?coll=la-headlines-business

In the meantime, you can always buy a scooter (owning a Bajaj will get you crazy laid, which is always nice for those who are single); hope you don't like groceries if you own one, however. ;)

[HumanSnatcher]

I always wondered why gas hit $5+ in GA last year.

Well, prices did spike because of the pipelines, but I think it was more of a gouging issue than anything as to why they hit such record highs there

[CocheseUGA]

Didn't Mercedes-Benz announce that they'd have hydrogen engines on the sales floor for their 2009 models? Er, nm: It's BMW and 2007: http://www.latimes.com/business/la-fi-bmw13sep13,1,4751853.story?coll=la-headlines-business



Yeah, I briefly commented on it in one of the paras you quoted.

Gas $5 was the gouging, but you saw a bunch of runs on gas no matter the price due to all the rumors flying rampant. I think average was $3.75 or so for a week, which is unheard of here.

That's the movie I was talking about. Unfortunately, with having two kids I only get so many chances to movie watch outside my house. I usually save those for the blockbusters.




And I resent the implication that if you are the only one in a SUV you are an asshole. I drive an Accord now (2-door) and would love a Cherokee or Grand Cherokee to make it easier to carry my kids around. My kids aren't always with me, so do I fall into the asshole category? Feel free to call him an asshole because he backed in the spot. A H2 is the exact same drivetrain/chassis as a Tahoe, so just because it has the H logo, don't go apeshit over it. They stopped making the H1 Alpha, so be happier.

[onetrackmind]

i filled up my truck yesterday 1.99 a gallon

[mykevermin]

And I resent the implication that if you are the only one in a SUV you are an asshole. I drive an Accord now (2-door) and would love a Cherokee or Grand Cherokee to make it easier to carry my kids around. My kids aren't always with me, so do I fall into the asshole category? Feel free to call him an asshole because he backed in the spot. A H2 is the exact same drivetrain/chassis as a Tahoe, so just because it has the H logo, don't go apeshit over it. They stopped making the H1 Alpha, so be happier.

There are plenty of vehicles with vastly better MPG than SUVs that are still family-friendly. The Toyota Matrix comes to mind. I think that SUVs are pure image, and that very few people truly need the space they offer. Unless your two children are 6'10" and 400 lbs each, then I don't see why a Cherokee is more practical than a Matrix or a Mazda 6 (least I think it's called a 6). Even the new Volkwagen Rabbit is a family-friendly car (the size of it shocked me when I saw one, since I was only accustomed to the tiny ol' hatchbacks). I've never been convinced of any "I need an SUV" argument, as it's either framed in a "family car" way such that a smaller car could easily replace, or it's a "I lug shit around" argument with which a pickup truck could easily suffice.

I realized, this weekend, after I saw the sticker price ($118 large) and the MPG on a Maserati, however, that poor fuel efficiency isn't limited to those oh-so-popular short busses we call SUVs. OTOH, there are exponentially more H2s and Explorers on the road than Maseratis, so while looks can be deceiving, the stereotype stands firm in the US.

[CocheseUGA]

You ever see the size of a double stroller? My girls are six months old, and they require damn near a large suitase just for them when we go out of town. I really liked the Protoge 5, but it wouldn't even fit the stroller, much less our luggage. The Matrix is a little better (height-wise) but it's pushing it. And when we have our third child, none of those vehicles would cut it. We'd need to be in a 3rd row seat capable SUV. (Two booster seats and a car seat). If we were to have twins again, we'd damn near need a Cargo Van.

People tend to forget how much room small children take up. In our Jetta everything fits now, but it's tight, and usually we have to leave something at home.

[mykevermin]

If you insist that's the case, that's fine. I don't agree with you, but you're a parent of many and I of none. I do know, however, how much a child, er, "accessorizes," for lack of a better phrase. I hope to be able to avoid that. I think I could do it, but the wife has veto power.

Besides, we plan on having one and adopting one (staggered at least 3-4 years apart), so we won't need anything larger than a sedan.

[CocheseUGA]

If you insist that's the case, that's fine. I don't agree with you, but you're a parent of many and I of none. I do know, however, how much a child, er, "accessorizes," for lack of a better phrase. I hope to be able to avoid that. I think I could do it, but the wife has veto power.

Besides, we plan on having one and adopting one (staggered at least 3-4 years apart), so we won't need anything larger than a sedan.

Well, let me give you an idea. For one child, we need the following:
-One daytime outfit and one sleeping outfit
--Extra of both incase they mess them up
-At least one (usually 2-3) bib(s)
-Socks (sometimes)
-Diapers - Usually we run about 4-6 a day, pack of wipes, butt paste
-Food - Both 1st foods and formula. That also means spoons, a dish, bottles, powdered formula, powdered rice, and emergency water incase we get stopped somewhere on the highway
-Sunscreen
-Lotion
-Washcloths and soap (they constantly get formula places you'd never imagine)
-Towel

I know I've missed a couple of things, but you get the idea. We have one of the Duo strollers where you can put the carseats directly on the stroller. A lot of people think that's overkill, but with preemie babies and two of them, I couldn't think of any other way. That takes up 60% of the trunk room in our Jetta alone. We can fit a suitcase in there too, but anything else has to go in the leg area of the backseat. If we're gone for more than three days, we have to bring the cat, too (which sits between the girls). With the size of the Jetta, there is absolutely no room to recline the seats more than 5 degrees, which is pretty uncomfortable for a long drive.

I know parents who only have one can do a lot more with that size vehicle, but with multiple births, you need so much more room. I could consider a Passat (which is nice) or a crossover like a HHR (a PT cruiser has no hatch room), but I know if we were to accidentally have another kid, it's game over for that vehicle. I really like the Dodge Caliber, and we might get that. But the second another one comes along, we have to upgrade.

[BryceDraven]

Sounds good. XD

[G-Nitro]

2.24 as of last night in Glen burnie, MD. and it dropped 6 cents from yesterday morning which was 2.30. So looks, like it's a steady decline.

[CocheseUGA]

Venezuela and Nigera to bolster prices by cutting output.


Hate to say I told you so, but...

[Dkellar]

I paid $1.92 per gallon yesterday. Glad it seems to drop 2-4 cents a day.

[mykevermin]

Hate to say I told you so, but...

...but what? You didn't?

;)

[Circa2113]

Saw $1.99 gas today at a no-name gas-station. Most of the others are around $2.05-$2.10

[GuilewasNK]

It's as low as $1.96 here.

[guinaevere]

The economy would SOAR if this happened.
I've got news for you, it's doing pretty well as it is. Stocks alone don't an economy make, but they are a strong indication. And we've been hovering in the 11,500+ range for a while. That's so nice!!