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Gas Prices Are The Lowest Since 2010

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Side note, but the "9/10 cent" at the end of gas prices has always been hilarious to me.

Sure, it technically gets figured into the price - if you bought 10 gallons at $3.999, you would pay $39.99, not $40.00 - but still, it's just like the absurd extension of stores pricing stuff at prices loike $39.99 or $49.95" or whatever, so that people are like "Well, at least it's not $40/$50."
 
My wallet is happy because lower gas prices, but the environmentalist in me is worried due to increased CO2 emission due to more people driving, more giant ass trucks on that road that could squish my poor Corolla, and then fracking which is probably poisoning my drinking water, lol
 
thekonamicode said:
HT_OBAMA_CHEWING_ll_141111.gif
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FROM HONOLULU, HAWAII,
STANDING SIX FOOT, TWO INCHES TALL
WEIGHING IN AT ONE-HUNDRED SIXTY-FIVE POUNDS
HE IS YOUR UNITED STATES CHAMPIOOOOOOOOONNNNN

BA-ROCK OOOOOOOOOOOOOOOOH-BAAAAAAAAAMAAAAAAAAAA
 
speculawyer said:
It is a combination of many things happening at the same time. Here are several factors:
-USA production surging due to fracking
-Europe demand is weak due to weak European economy
-China demand significantly slowing
-Saudis not cutting back on production because, although it hurts them a bit, they are quite happy to see Russia (a backer of Assad) suffer and see their arch-rival Iran suffer.
-Improved efficiency of US fleet
-Markets tend to over-react and often have a groupthink mentality.
-More & more people ditch their expensive heating oil systems every year.
-Many countries (Iran, Egypt, Venezuela, Indonesia, etc.) have been cutting back on their (unaffordable and unsustainable) oil subsidy programs which thus weakens demand a bit.

This could last a for a little while. A lot of producers are hedged so it isn't hitting them hard yet. But they have been cutting back on drilling. I suspect prices will rise within 6 to 18 months. But you never know . . . conditions could persist if demand remains weak.
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Thanks..... Saudi Arabia??
 
Yesterday it was 2.58.

Today? 2.79.

They're just gonna jack up the prices around Thanksgiving, then very slowly lower them. Or just not lower them.
 
Wilsongt said:
My wallet is happy because lower gas prices, but the environmentalist in me is worried due to increased CO2 emission due to more people driving, more giant ass trucks on that road that could squish my poor Corolla, and then fracking which is probably poisoning my drinking water, lol
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The low price of oil is actually going to hurt fracking, not help it. Same concerns as you, I have, though.
 
Prices have dropped a fair bit here. Least they have in Toronto. 1.14/litre vs 1.39/litre is something. Take the small victories. We also haven't seen these prices since 2010.
Pretty sure we'll all be prostrating and sodomized in a few months.
 
slowing down of certain economies, Saudis want to hurt Iran so they are not cutting down and add to that the boom in the US.

Russia also cannot stop production because stopping pumping freezes their wells and they also don't have anywhere to store excess oil. So they have to keep pumping. Have to see what OPEC does. Oil is around $80 per barrel. Russia needs it to be around 115$ to balance their budget.
 
Dusk Soldier said:
Prices have definitely dropped in Canada, where I live it's gone down roughly 25 cents.
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It is good for Canadian consumers. But Canada has become a petrostate so it may not be good for the Canadian economy in general. Investment in the tar sands has slowed to a crawl and some operations may be suspended. The more expensive operations are just not going to profitable at these oil prices.
 
AlphaSnake said:
It's not exactly clinging. They must still be trying to get rid of the gasoline they bought when it was more expensive. They need to make sure margins stay green on inventory before they can drop the price for their next shipment.
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Perhaps, but the thing is these two stations are always closely competitive with the Shell always being only 5 cents lower at the most. Now all of a sudden it's a pretty big gap. I never even buy gas there anymore because the Shell is always cheaper. I don't know why anyone would choose a station with gas that much higher priced when they can turn into the other station across the street.

Though the Shell doesn't have those TVs at the pump so maybe people just like unfunny clips from late night talk shows? (Actually the BP does have a Dunkin Donuts and full convenience store while the Shell is just a tiny shop. Guess people prefer convenience. Though considering the price of milk at the BP compared to the supermarket, I don't think I want the convenience.)

My original point was that they were always neck and neck until just this week. Maybe you're right about the leftover gas. We'll see how long before they drop their price too. (And how long before Shell goes a little lower.)

perfectchaos007 said:
Bush had gas prices under $2 per gallon
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Clinton had them even lower.
 
RedTurbo said:
Economic Collapse IMMINENT

In reality, why is this? Is it because we're drilling more oil domestically?
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Increased domestic production
Decreasing global demand
Slowing economies in parts of the typically high demand world
Increasing mileage for vehicles
Lots of low priced puts on the market for oil
etc

I'm more surprised that it hasn't gone down faster.
 
Hopefully it keeps going down. Lower gases prices is like a tax break for everyone. Would be nice if they stayed low and they finally would trickle down to the cost of goods.
 
2real4tv said:
Hopefully it keeps going down. Lower gases prices is like a tax break for everyone. Would be nice if they stayed low and they finally would trickle down to the cost of goods.
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Maybe but it also encourages us to stick with this inefficient and polluting energy source when we should be moving forward.
 
The gas station by me is 3.57 and has barely dropped since last year. I drove like 4 miles north and it was 2.60. Fuckin Seattle.
 
The current price isn't sustainable even for Saudis. They aren't cutting production this time because last time they did that, no other countries followed suit. Hopefully OPEC agrees on something this week. Many US jobs will be lost if decline continues.
 
Nice, I didn't realize we had the lowest average price in the country again~



2.32 at Costco for regular, this came at the right time since I've had to drive a lot more in the last couple of weeks than normal.
 
davepoobond said:
Government taxes are a big part of that cost from what I heard. Hardly the true "price of gas"
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Depends on what you mean by the true price of gas. When we're talking about something with externalities like gasoline, the true price is not just the price of pumping it out of the ground and refining it. Some taxes can account for the cost borne by others in the form of pollution.

There's also a number of government works that are primarily used by heavy users of gasoline. Roads, for instance. Some countries try to recoup the costs though gasoline taxes. It's not really the cost of gasoline, in that case, but it does reflect the cost of driving with that gasoline.
 
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