Gas falling down to them 90's prices

Gas prices could drop toward $1 a gallon

http://www.usatoday.com/story/money/cars/2016/01/10/oil-gas-prices-one-dollar-gallon/78080908/

In some gas stations around the country, the price of a gallon of regular has dropped below $1.42. AAA and GasBuddy, two organizations that follow gasoline prices, say that gasoline prices below $2 will not be unusual in most of the United States. As oil prices fall, and refinery capacity stays strong, the price of gas could reach $1 a gallon in some areas, a level last reached in 1999. As a matter of fact, the entire states of Alabama, Arkansas, Missouri, Oklahoma and South Caroline have gas prices that average at or below $1.75.

Gasoline prices are driven mostly by four factors: oil prices, proximity to refineries, refinery capacity and state taxes and levies. Oil prices have dropped below $33 a barrel and continue to collapse. The recent decision by Saudi Arabia to continue to keep its oil exports high essentially has dissolved the OPEC cartel. The decision also has forced the kingdom to chop its 2016 budget. This ongoing supply glut guarantees oversupply of crude. At the same time, slowing national economies in the largest countries, including China, will lower demand. China now tops the list of oil importers, according to the Financial Times, having moved ahead of the United States.


The cost of producing oil from shale deposits, particularly in the United States, is greater in some cases than what it can be sold for. Nonetheless, parts of this industry continue pumping, increasing supply, while others go bankrupt because they cannot survive with crude prices so low.

Several states house large refineries or are close to those that do. This is particularly the case near the Gulf of Mexico, including the massive refinery operations south of Houston. Some owned by Exxon Mobil Corp. (NYSE: XOM) process several hundreds of thousands of barrels per day. Proximity to refineries is a factor in gasoline prices, if the refineries are running at or near capacity and produce gasoline instead of other petroleum products.

Finally, gas taxes in several states are well below the national average of $0.4869 a gallon, according to the American Petroleum Institute. In some low gas price states, these taxes are below $0.40. This includes South Carolina at $0.3515, Missouri at $0.3570 and Oklahoma at $0.3540. Low gas taxes in these states compound the effect of falling oil prices.


The odds grow each day that gas prices will be $1 a gallon in some areas in the United States, particularly those where prices are already close to hitting $1.40 — and falling.

 

And as usual.....Northern California raised gas prices.

 

Now, I'm not a conspiracy theoristn but, what better way to stem the demand for alternative feuls than to lower the price of oil? Don't get comfortable, it will go back up the minute people start turning away from things like electric, solar, wind, etc ...

 

Lower oil prices also drives the Canadian dollar down, since a big part of our economy is based on oil (Newfoundland especially).

Which means I'm "grounded" this year :cry::cry:

 

I heard that a box of cereal is up to $15 in canada now



Is that true?

 

Yeah my family mentioned that the dollar aint that strong over there right now
You ok?

 

Not tin foil hat conversation at all.

There's more than market forces at work that's driving down the price of oil and gasoline, but notice the corporate media isn't really digging too deep into the WHY gas prices are falling so ridiculously low.

IMO this is the same crap Walmart does to undercut the competition from local retailers.

Whenever a regional or local department/grocery store in a Walmart's sales area has prices lower than theirs, they slash their prices to drive the competition out of business.

Then the prices creep back up.

With gas so cheap it really blunts the need to buy a hybrid or electric car, other than for one's own personal view on the environment and climate change.

 

I can't remember but it has something about Saudi Arabia and Russia going against each other with this lasting up for years.

What really sucks is a lot of those people who were balling out on control when gas work was booming domestically here in the US are broke as hell struggling to find work these days.

In Dakota, McDonalds workers were making $15 a hour just to start. Strippers were making $1,000 minimal a night.

 

All this talk of lower gas prices and I'm still waiting to see em lol.

California is #1 With The Highest Gas Price in the Nation

A barrel of oil is less than $30 right now. It hasn't been that low in years! As a result, gas prices are under $2 in many parts of the country. Not California! Our state is the most expensive in the nation. Even more than Alaska and Hawaii and industry experts say that's tough to do. Allison Mac says it has to do with our refineries. We don't have that many. When there are problems it affects the price at the pump as does our taxes and the required winter and summer blends.

Other states don't have those sort of things to contend with. Mac says we are averaging $2.99 a gallon in California. That's nowhere close to the $1.66 drivers are paying in Missouri, but it is a drop. In fact, Mac believes California gas prices will drop another 20 cents over the next couple of weeks.

It's interesting to note that the last time the price of oil was under $30 gas prices in California was $1.69!

 

Oh, the prices are definitely lower here in the DC area. Plenty of places with regular below $2/gal. I'm enjoying it while it lasts as gasing up my cars no longer feels like a utility bill.

 

Lol tell me that the north territories uses the Rupee or Yuan as currency and those prices might make sense!

But looking at the Canadian dollar it seems weak compared to the pound or US and that soap detergent would be about £15 here for 64 washes if it's a brand name then I'd say it's only about £3 overpriced.

Not as bad as first glance, considering the extra shipment cost of the vendor.

 

Unleaded here has had a nice drop to about 98pence per litre which is a price I haven't seen since the mid 2000s

It was getting ridiculous at £1.46 and £1.34 I must admit I was pleased when it went back to £1.18 If it's going down to late 90s prices for us though,
it needs to get too between 76-82 pence per litre.
Which is what it was at when I started driving and pre the petrol crisis.

 

I'd be hand washing my clothes if detergent was that expensive here. Good Lord.

 

It is weak yes... but typically the currency rates are similar for the US and Canada. Not a whole lot different than one end of a large country having different prices for certain products than the other end of the country.



My car used to cost $58 CAD to fill up from empty (regular priced gas), now it's $41 to fill up from empty with supreme gas. Not a huge difference yet, but the gas price is still falling.

It's nice to be able to save money on gas, but I want the $4/gallon prices back. I don't use enough gas for the Canadian dollar to suffer so much, and be stuck in this damned country I hate lol.

 

Oh, and the northern place the post above is referring to, is likely super remote. Extra transportation to get products to the area = higher cost. Less people buying = higher cost for the store to turn a profit.

So the economy sucks, yup... but that area, I think the higher prices are normal. Even if there is an increase, it wouldn't have jumped from $10 for tide to $30.

 

Love when you post. You're so damn smart.

 

$3.20/gallon in my neighborhood.

I don't know about those '90's prices'....

 

Move out of Beverly Hills Hollywood.
I paid 2.06 tonight and that's only because the 1.99 spot was packed.

 

Yes I did understand that when I referenced the extra shipment cost to the vendor aka supplier.


Lol as to the $4/gallon I could only dream, that would mean mine would be falling to around £2 a Gallon I cannot even remember it being that price in the UK in my lifetime.

After a bit of research it seems it was that price in 1985... so I was alive!