Falling oil prices
 

Hey guys just wondering how low gasoline prices may go. Also wondering how long this may last. Thanks so much guys would be really interesting to see what you guys think. Btw 3.25 at the local station!

it hit 2.95 here in nj. i would not be surprized if it went down to 2.50.

3.59 here... i call bs on the stations saying there is a shortage.

we had a local station advertise gas for under $3(the local avg is ~3.50). there were confrontations, a riot, and a vehicle collision involving a police car as the supply ran low and eventually out.

and we wonder why we can't have world peace.

Case no one realized, with the world economy tanking, it doesn't matter HOW low the prices go. Before you know it no one will be able to buy gas at any price.

I am lucky that I am not employed in the domestic auto industry. Those people will start dropping like flies. I should be able to hang on for a while longer than them. Either way you look at it, the automotive industry is tanking. Err... the WORLD is tanking.

... it really is not that big of a deal. this correction is still better off now than we were in 87 and definitely better than the early 1900s. the sky is not falling chicken little.

You just have to be in the right business. In tough times I always see new customers in my store... (I'm a discount drycleaner). No matter how bad it gets people want clean clothes.

-Jay

Prices are not dropping fast enough with the falling market, at least not here in Socal. Should be around $2.90 or less but is still $3.65.

2.99 over here!

:thumbup: :thumbup:

$2.99 and higher here in SE WI with EPA mandated RFG and high state taxes.

2.68 here

According to my gas log:

Price on 9-13-08 was $4.09

Price today, 10-13-08 is $2.89


I demand an answer. That's the biggest crock of sheet I've ever seen. Price fluctuated $1.20 over the course of one month? GET REAL. OUR GOVERNMENT IS A JOKE FOR LETTING THINGS LIKE THIS HAPPEN.... and no, I'm not complaining about the price coming down, that's GREAT!!!

an even bigger crock is...

the lowest I have seen prices is 3.45 around my neck of the woods and more expensive in the rural areas. greensboro, north carolina. I haven't seen sub $3/gal gas yet.

hopefully it will get here soon.

Government isn't a solution.

It's only a 30%+ change. Not a huge deal, but it happens. Gas used to be $1.00, and it would bounce up to $1.30. Lots of things came together to bring prices down. Inventories, traditional slow down of useage, increase in value of dollar, concern over US and global markets.

I'm with you though, I'm not complaining. :thumbup:

We the Attorneys, in order to create a more perfect environment for our own personal benefit will continue to run this great country into the ground as long as we come out way ahead.

Of the Attorneys, by the Attorneys, and FOR the Attorneys.

God help us.

I know not what course others may take but as for me give me ammunition.

I have over 4000 rounds.

regards
gary

I just paid 2.539/gal today. Remarkable. the only explanation is we have an overabundance of supply and lower demand here in NE Ohio.

Those paying significantly more are probably feeling the effects of artificial supply problems caused by the "designer blends" required for the various seasons/various regions. If we could get rid of that artificial influence on the market, the prices would tend to stabilize across regions.

Oh well, nice thought anyway... :rolleyes:

I just saw that they lowered the price at a local station to $3.18 (not a typo) around the greensboro area. in danville va which is just north of us, it is around $2.85 or so.

I don't understand north carolina. it doesn't make sense.

North Carolina has a high gas tax. I always avoid purchasing fuel in NC when traveling for this reason.

-Jay

gas has FINALLY dipped below $3 in central florida.

Bought for 2.859 today. Hooray!

thanks for rubbing it in! it's justified that you pay less, because my county is bigger than your state. :D

Hasn't "Rhode Island" become an official ISO-approved unit of measure, representing 1,545 sq mi? :D

https://quahog.org/factsfolklore/index.php?id=12

$2.729 here at 7-11.

regards
gary

2.759 is what i filled the xb up for yesterday

I just stopped @ a station that was $2.699, but they were sold out. I ended up buying Sunoco down the street for $2.759.

-Jay

4.955 cents a mile for me Wohoooooooo!

regards
gary

Egads! People talking like 2.75/gallon for gas is cheap? I started looking for a car which got over 30 mpg when gas was about 1.50/gallon! (OK, so it took me a while to find one for a decent price...)

Don't care if gas goes to 25 cents/gallon...using fossil fuel is like living off your savings...you can do it for a while, but.....

How true Joe, and unfortunately most people will just revert to their old wasteful ways, and consider the $2.50 a gallon gas a real bargain.

regards
gary

Yeah, when the prices initially started dropping and news sources said it was from reduced demand, I emailed my brother (who, along with his neighbor, is also on a quest for better mileage) and groused that we could keep this going... but wouldn't.

High gas prices may hurt, but I'm afraid as soon as the price went down most people sighed with relief and went right back to what they were doing before. In very real ways, we drivers are in control of fuel prices, but it seems few add two and two anymore. :(

Relative to current prices, I snagged $2.48 this week at an Exxon of all places -- they're usually premium-priced but it was actually the lowest in the area that day.

Rick

I believe that the price spike was partly due to the summer olympics in China. China was buying a lot of oil leading up to and durring the olympics to get ready for and run the games. Once the games were over and the news crews left the prices started to come down, but then it was hurricaine season which causes the prices to rise again. Throw in Chavez who has said "We can use the price of oil as a weapon against the United States", and OPEC not shying away from an opportunity to raise prices - well it made for a very unusual summer. Now that the olympics and hurricaine season are over, consumption has dropped, and our refineries are up & running again we are seeing a sharp drop in oil prices and futures pricing.

Also consider this - I've mentioned it before, but OPEC knows which side their bread is buttered. They know if supply isn't increased to bring prices down the US will seek other alternatives and then we won't be buying oil from them at all. They know that we will pay higher prices in a short term, but if prices remained high in the long term we would look elsewhere for alternative energy. They don't want that. When we were seriously looking at alternatives in the 70's & 80's all of a sudden they started producing like crazy until the price of gasoline fell to below $1/gal. It stayed there until we abandoned our efforts in researching alternative energy. What we need to do is keep the research going despite what the price of gasoline does to break free of this hold that OPEC and Chavez holds on us.

-Jay

EDIT: I should also note, that because of that statement Chavez has made I stopped buying Citgo and 7-11 fuel all togeather. He can say whatever he wants, but I choose to not purchase fuel from him.

the lowest i've seen it 2.70 with a 5cent discount at the Speedways around here. some gas stations are slow about changing they're pricing, one gas station is still selling gas at 3.59 with all the other around it( and i mean just a block down the road) are selling it for 2.85-2.89.

Amen.

Heard on the radio today that the average price of a gallon of regular nationwide is 295.9/ gallon. Here the cheapest is about 325.9/gallon. It's wonderful to live in a place which is so "above average"!

2.39 what i paid but i just checked and it is going for 2.35. I think that since this economy is so bad that gas is being used as a economic stimuls.

no the price of oil dropped, nobody is using gasoline to aid the economy, it just happens to be doing that on its own

It's probably not entirely coincidental -- the high price of gas probably was part of what caused the mess, and then the mess resulted in lowered demand (and increased hypermiling / alternative fuel study), which prompted the lower price.