How Far Will Gas Prices Fall?

[MastuhWaffles]

I'm not sure if everyones prices are falling, but over here in Texas gas has gotten down to $2.58, and it seems like its going to continue. But how far will they fall? Will we ever get $1 a gallon gas again? I hope so.

 

[veefer800canuck]

If gas falls that low, Texas will be in big trouble because that means crude oil prices are also as low.

 

[RonD]

No, probably not a $1 a gallon, unless you move to Venezuela, $.05 a gallon there, but it is going up, may even hit $.20 a gallon

The barrel price of oil is falling, and many say it will continue to fall well into 2015.
US shale oil is at 4 million barrels a day now.
Libya was expected to sell 200,000 barrels a day, it is getting up to 800,000 a day now, and projected to get to 1.2 million a day in January.
OPEC(middle-east oil producers) are having an internal price war.
Asian market has not grown as predicted, which is why OPEC is slashing prices to keep those contracts.

There will be ups and downs, but in general it is going down
At the end of Sept. a barrel of oil was $90
Mid-Nov it is $75

Our Canadian tar sands oil production is close to a breakeven point at $65-$70 a barrel, so they are sweating bullets
Shale oil has a breakeven of about $45 a barrel.
I doubt the X-mass bonus's will be big this year for either companies employees

 

[AllanD]

No complaints here, but it's only dropped to $3.01 here

 

[veefer800canuck]

 

[Blueox]

Bought it yesterday at BP for $2.59 in New Jersey.

 

[adsm08]

I drove from my house near Sunbury out to Honesdale, which is about 45 min NE of Scranton on Saturday, about a 2 hour drive. I saw prices that ranged from $3.01 in Honesdale to $2.89 near Berwick.

I'm betting this will stop no lower than $2.50. To see $1 a gallon again we will need to have a major economic recover with deflation. The reason we stayed right near $1 for so long was that the economy (and the dollar) was growing steadily and at almost exactly the same pace as gas prices, so even though the price was going up we didn't notice it because the value of our money was going up at the same rate.

 

[LearjetMinako]

I doubt we will see it go below $1.99. Somebody once told me, the newer pumps at the gas stations have been designed not to let the price go below $1.99 per gallon. Don't know if that's true.

 

[Slammin Sam]

I never thought gas would crop below $3.00 Here in western CO I saw $2.55 yesterday! Our prices are usually higher than most of Colorado, except for the ski towns. I expect at least an up-tick in December around the holidays. I remember the "good old days" of gas below $1.00 Every Friday around noon the dealers would bump the price up about 5 cents a gallon, then drop back Sunday night.

 

[bobbywalter]

well if it stays under 80 a barrel i will starve to death.

 

[bobbywalter]

I drove from my house near Sunbury out to Honesdale, which is about 45 min NE of Scranton on Saturday, about a 2 hour drive. I saw prices that ranged from $3.01 in Honesdale to $2.89 near Berwick.

I'm betting this will stop no lower than $2.50. To see $1 a gallon again we will need to have a major economic recover with deflation. The reason we stayed right near $1 for so long was that the economy (and the dollar) was growing steadily and at almost exactly the same pace as gas prices, so even though the price was going up we didn't notice it because the value of our money was going up at the same rate.

these are definitely factors, but you have to remember oil is not a true free market. most people dont or cant understand that for whatever reason.

and this horseshit theft of quantitative easing infinity the fed does will only make it worse....

and it is possible to see 1.00 dollar gas again....briefly. why wouldnt it be?

I doubt we will see it go below $1.99. Somebody once told me, the newer pumps at the gas stations have been designed not to let the price go below $1.99 per gallon. Don't know if that's true.

as i understand it they are 0-100 around here.

the digital ones always were.

 

[alwaysFlOoReD]

and this horseshit theft of quantitative easing infinity the fed does will only make it worse

Translation please.

 

[bobbywalter]

we are worthless. printing money only debases our currency.


sooner or later the dollar wont be the base currency. the day that changes

 

[straycat]

No, probably not a $1 a gallon, unless you move to Venezuela, $.05 a gallon there, but it is going up, may even hit $.20 a gallon

The barrel price of oil is falling, and many say it will continue to fall well into 2015.
US shale oil is at 4 million barrels a day now.
Libya was expected to sell 200,000 barrels a day, it is getting up to 800,000 a day now, and projected to get to 1.2 million a day in January.
OPEC(middle-east oil producers) are having an internal price war.
Asian market has not grown as predicted, which is why OPEC is slashing prices to keep those contracts.

There will be ups and downs, but in general it is going down
At the end of Sept. a barrel of oil was $90
Mid-Nov it is $75


Our Canadian tar sands oil production is close to a breakeven point at $65-$70 a barrel, so they are sweating bullets
Shale oil has a breakeven of about $45 a barrel.
I doubt the X-mass bonus's will be big this year for either companies employees

The prices are supposed to continue to fall into next year. Then they will slam us again with 5-6 dollar a gal. prices. Darn!!!

Check out this website for current gas prices around the world:

http://www.globalpetrolprices.com/gasoline_prices/

 

[straycat]

I gassed up Sunday afternoon at the Mobile near us. Cash price was $2.49 for 87 octane. I gassed up one of my Jeeps and my wife's Corolla. A few days before I gased up my Rouge and it was $2.54 for 87 octane at the same place. Still dropping a bit.