Under $2 Gas: Enjoy It While You Can!

[Astronuc]

Wow! Gas prices soar in California as supply shrinks
http://news.yahoo.com/gas-prices-soar-california-supply-shrinks-213436057--finance.html

Since California is part of the US, I'm not sure how they can have a shortage. It seems like market manipulation.

 

[Astronuc]

I paid $2.34⁹/gal last week, and now it's up to $2.41⁹/gal at the local stop. I went over to the Pacific Coast last week, and it gasoline seems to be about $0.50 to $0.60 /gal more expensive. So the prices have rebounded from lows.

Meanwhile - The consequences of low cost oil
http://www.theatlantic.com/internat...hidden-consequences-of-low-oil-prices/389156/

 

[russ_watters]

Since California is part of the US, I'm not sure how they can have a shortage. It seems like market manipulation.

From the article:

Gas prices are soaring in California in a classic example of supply and demand after an explosion stopped gasoline production at an Exxon Mobil refinery while another remains offline due to labor unrest...

...state environmental regulations mandate a specialized blend of fuel that isn't used anywhere else in the U.S.

 

[Astronuc]

Unless the situation has changed in the last two years, it appears that most of California uses a summer blend that is used on other parts of the country, e.g., parts of the NE from Washington DC to Boston. I believe we use a California blend in my area of NY. A more reasonable place to get gasoline would be from Houston area, since Dallas and Houston use that same blend. I think the winter blend is common.

http://www.eia.gov/todayinenergy/detail.cfm?id=11031

http://www.eia.gov/todayinenergy/archive.cfm?my=Apr2015 - interesting headlines.

Locally, prices seem to be slowly creeping upward.

 

[nsaspook]

http://www.eia.gov/forecasts/steo/pdf/steo_full.pdf

The price of U.S. retail regular gasoline is forecast to average $2.03/gallon (gal) in 2016 and $2.21/gal in 2017, compared with $2.43/gal in 2015. In December, average retail regular gasoline prices were $2.04/gal, a decrease of 12 cents/gal from November and 51 cents/gal lower than in December 2014. EIA expects monthly retail prices of U.S. regular gasoline to reach a seven-year low of $1.90/gal in February 2016, before rising during the spring.

Under $2.00 at several stations locally.
http://www.gasbuddy.com/

 

[mheslep]

The oil price is remarkable. Hard to imagine just six years ago the price was over $100/bbl, and much expert opinion had it that peak oil production had already occurred, with an imminent decrease if not outright collapse in production as the last drops of crude came out of the pumps.

 

[jim hardy]

The oil price is remarkable. Hard to imagine just six years ago the price was over $100/bbl, and much expert opinion had it that peak oil production had already occurred, with an imminent decrease if not outright collapse in production as the last drops of crude came out of the pumps.

Funny, there seems to be a law of nature:

"If you want to make something a absolute certainty just stand up in public and declare it an absolute impossibility."

 

[nsaspook]

Seven months later.
http://www.telegraph.co.uk/business...-oil-has-fought-saudi-arabia-to-a-standstill/

Opec's worst fears are coming true. Twenty months after Saudi Arabia took the fateful decision to flood world markets with oil, it has still failed to break the back of the US shale industry.

The Saudi-led Gulf states have certainly succeeded in killing off a string of global mega-projects in deep waters. Investment in upstream exploration from 2014 to 2020 will be $1.8 trillion less than previously assumed, according to consultants IHS. But this is a bitter victory at best.

North America's hydraulic frackers are cutting costs so fast that most can now produce at prices far below levels needed to fund the Saudi welfare state and its military machine, or to cover Opec budget deficits.

 

[Planobilly]

Back when I had my first car.

Cost of a new home: $19,300.00
Cost of a new car: $ I got a super deal on a used 1963 Chevy SS...rag top no less! $1100
Cost of a first-class stamp: $0.04 ($0.05 as of 1/7/63)
Cost of a gallon of regular gas: $0.30
Cost of a dozen eggs: $0.55
Cost of a gallon of Milk: $0.49
Cost of a Computer...zero
Cost of a cell phone...zero
And even being so severely deprived by not having a computer or cell phone, by some sort of magic I was always able to talk to my girlfriend when I needed too!

So...It is hard for me to get excited about 2 dollar gas...lol

Cheers,

Billy

 

[davenn]

So...It is hard for me to get excited about 2 dollar gas...lol

I could get REALLY excited about $2 / gallon considering I'm paying more than 2x that much
currently fluctuating between AU$4 - 5 / gallon $1.05 to $1.40 / litre

Dave

 

[Planobilly]

Yes Dave...

I have paid as much a $9.50 a US gallon in Europe! Back in the sixties in Texas there use to be something we called "gas wars". I got gas one day for 17 cents a gallon. Now that is exciting...lol

 

[dlgoff]

I got gas one day for 17 cents a gallon.

the lowest I ever paid was 25 cents a gallon. In the '60s IIRC.

 

[Fervent Freyja]

Cost of a dozen eggs: $0.55
Cost of a gallon of Milk: $0.49

Right now, in my area, regular gas is $1.77/gallon. Milk has been only $0.89/gallon for many months now, eggs also around $0.69/12. Median income for my area is around $45,000 year. So, not so bad compared to your list from long ago! Some things do get cheaper.