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[Vanillalite]

CNBC/Reuters

Oil prices hit their lowest in over 11 years on Wednesday, as the row between Saudi Arabia and Iran was seen making any cooperation between major exporters to cut output even more unlikely, and after a sharp rise in U.S. gasoline inventories.

Last week, the U.S. added 10.1 million barrels of gasoline, the Energy Information Administration said. It added 900,000 the week before. However, U.S. crude inventories dropped by 5.1 million barrels last week.

"It's the biggest increase in gasoline supply since 1993," said John Kilduff, founding partner at Again Capital. "Gasoline prices are going to collapse"

#RIPCanada

 

[Doug Heffernan]

Thanks Newt!

 

[perfectchaos007]

I would say now is the time to fill up our reserves, but I have a feeling that all our reserves are full to the brim.

 

[Kabuki Quantum Lover]

This makes me wonder how it'll effect the Trudeau government plan of running deficits for a few years.

 

[Wheeljack539]

Yet over the past few weeks prices went up 40 cents or more here in Southern California.

 

[AlteredBeast]

1.78 per gallon here in Omaha for the past several weeks. Been awesome, needless to say!

 

[rokkerkory]

Gas companies are colluding to keep prices high in Cali... WTF how is this possible?

 

[YuriLowell]

1.59 a gallon is the cheapest here in VA.

 

[WonkyPanda]

SA is in for a huge problem https://www.washingtonpost.com/news/wonk/wp/2016/01/04/saudi-arabia-has-a-giant-mess-on-its-hands/

Unfortunately, this will only further destabilize the region.

 

[Manifest Destiny]

I paid 2.16 for premium today. It's the time to take more road trips

 

[Randolph Freelander]

SUVs for everybody! Sorry, Earth.

 

[Iksenpets]

Filled up at $1.75 two days ago. Felt good.

 

[Old Gimlet Eyes]

Gas companies are colluding to keep prices high in Cali... WTF how is this possible?

I love living in the East Bay, minutes from giant gas refineries and still paying more than the rest of the country per gallon.

 

[kIdMuScLe]

Yeah is $3 a gallon here where I live in California

 

[HStallion]

Paying cash in New Jersey (you get discounted rates over cards) the lowest I've seen this week was $1.61 a gallon of regular gas. Compare this to a year ago when it was sometimes near $3 a gallon, well I'm not complaining.

Also makes my decision to wait a few years and buy the consumer model Tesla a little easier.

 

[The Elite]

Glad I locked in my Oculus before the price goes up as the dollar sinks.

 

[Himynameischris]

So 3.50 in Cali then? :/

 

[Tekniqs]

Yet over the past few weeks prices went up 40 cents or more here in Southern California.

this lol.

closest chevron's price went up ~40 cents in the span of 3 days

 

[ViewtifulJC]

Now I can finally afford the Occulus Rift

 

[PrivateWHudson]

As nice as it is, I haven't really felt the awesomeness. I have a 4 cylinder pick up truck and most of my driving isn't more than 10 miles. I renovated out an oil heater for a heat pump hoping to go solar someday. I almost want it to go up to see more invested in electric.

 

[Slayven]

Saw gas for 1.69 the other day. I thought I was in a time warp

 

[Melon Husk]

Now I can finally afford the Occulus Rift

Are you from adanaC?

 

[Madness]

And yet, I'm still paying the same price I did when oil was $80-$100 a barrel. At these prices, most people in Canada should be paying half of what they pay for a litre of gas, but they won't be. This will also kill whatever oil sands investment was going to occur. The loss of manufacturing, tech, and other heavy industry into becoming mostly a petro dollar economy and this is the rewards. Feel bad for people in Alberta especially. Bring on the $89.99 CAD games.

 

[smurfx]

Gas companies are colluding to keep prices high in Cali... WTF how is this possible?

looked it up and surprise surprise its maintenance issues.

 

[Ether_Snake]

Low oil prices are here to stay. Highly unlikely we will see prices above 40 any time soon.

Meanwhile, the Canadian dollar tanks further and the central bank will likely cut interests at least once if not twice this year. 65c CAD here we come.

 

[Savitar]

Alberta had a nice run.

 

[eddie4]

I paid $2.35 yesterday. This is bs.

 

[HylianTom]

Personally? No big deal. When gas is expensive, it costs me maybe ~$12 to fill-up the motorbike, and that lasts ~2 weeks.

Politically? Yay. Stay low, oil prices.. if only for another 10 months.

 

[Tal Shiar Agent]

The door is always open Canada.

 

[jmdajr]

SA is in for a huge problem https://www.washingtonpost.com/news/wonk/wp/2016/01/04/saudi-arabia-has-a-giant-mess-on-its-hands/

Unfortunately, this will only further destabilize the region.

I read, yet they won't cut back on output. Granted that won't fix things right away.

 

[rokkerkory]

looked it up and surprise surprise its maintenance issues.

I love living in the East Bay, minutes from giant gas refineries and still paying more than the rest of the country per gallon.

<3 big oil companies amirite?

hate to say this but the more EV vehicles we get the better that these companies die

 

[NH Apache]

I would say now is the time to fill up our reserves, but I have a feeling that all our reserves are full to the brim.

Yeah they are and with the new allowance to export, we've been shipping out our own stuff:

http://gcaptain.com/2016/01/04/first-u-s-oil-and-lng-sails-into-global-market/#.Vo1M1PkrKUk

Low oil prices are here to stay. Highly unlikely we will see prices above 40 any time soon.

Meanwhile, the Canadian dollar tanks further and the central bank will likely cut interests at least once if not twice this year. 65c CAD here we come.

I disagree. Next year, I'd expect we are back to 80/barrel at least.

 

[Quixzlizx]

<3 big oil companies amirite?

hate to say this but the more EV vehicles we get the better that these companies die

Do you think the big energy companies aren't investing R&D into renewables?

 

[smurfx]

Do you think the big energy companies aren't investing R&D into renewables?

they won't ever have a monopoly on renewables though.

 

[Walter White Walker]

It's gone up $.25 a gallon north of Seattle over the last 2 weeks, to $2.25 at Arco. That's some bs right there.

 

[teruterubozu]

<3 big oil companies amirite?

hate to say this but the more EV vehicles we get the better that these companies die

Actually cheap gas hurts EV vehicle sales.

 

[SlickShoesRUCrazy]

Gas is nearly 3 bucks still last time I was at the pump hear in Southern California.....

Which is crazy, because it dropped down to about 2.50 about a month and half ago, then shot up again.

 

[spindashing]

god bless this world we live in

 

[Quixzlizx]

they won't ever have a monopoly on renewables though.

Energy companies don't have a monopoly on oil, either. Do you think ExxonMobile owns all of the fracking sites?

And I'm not sure what the point is, anyway. You don't need to have a monopoly on something to remain a behemoth in your sector.

 

[NH Apache]

they won't ever have a monopoly on renewables though.

I believe they could copyright the technology.

 

[PeskyToaster]

This is great but probably terrible for the green movement.

 

[jmdajr]

Maybe I can get a good deal on a hybrid. It's not going to be low forever.

 

[old]

Yeah, oil companies don't like that. So they bribed congress to end the export ban. Now we've got to compete against buyers from around the world.


Oil prices went down because there's new American oil on the international market. Gas prices for us are going up.

 

[Liquidsnake]

Yet over the past few weeks prices went up 40 cents or more here in Southern California.

I keep saying in every thread, how the government of this fkn state lets its tax paying citizens take it from behind and never questions big oli is beyond me, and its pretty disgusting. No one in this city questions anything!!!!!!!!!!!!!!!!!!!!!!!!!!!!

 

[Kadin]

Gas prices continue to increase (at least here in California) due to unplanned maintenance at various refineries.

 

[superdeluxe]

Well this sucks for Russia.

 

[rokkerkory]

Actually cheap gas hurts EV vehicle sales.

Cheap gas in Cali ie where tesla and other EV startups are you say?

 

[Madness]

This is great but probably terrible for the green movement.

The green movement is going to continue even if oil is super cheap again because the dangers of climate change, pollution, rising sea levels are finally starting to be noticed by pretty much every major country. American politicians are calling it the greatest economic opportunity since the explosion of microprocessors and computers transforming silicon valley, China has spent hundreds of billions on wind and solar energy, developing firms and companies and investing worldwide so they can dominate first.

This will impact hybrid and electric vehicles, low gas prices always do, but this oversupply of oil coupled with such a low price means there will be little stomach in the US to capitulate to those who want Arctic drilling etc.

 

[klonere]

Poor Alberta has an enormous, geographically appreciable gaping wound in the middle of it and now its all for naught.

Spoiler

HAHAHAHAHAHA

 

[params7]

My suv is happy as fug