[ARCHIVED THREAD] - Gas Prices Are Falling FAST (Page 1 of 3)
Posted: 6/21/2017 10:58:30 PM EDT
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http://money.cnn.com/2017/06/21/news/economy/low-gas-prices/index.html
The recent drop in the cost of oil has been a happy surprise for drivers, who are enjoying the cheapest gas prices at the start of summer in 12 years.Oil prices have dipped into bear market territory and gasoline prices have followed, falling every day since June 2, according to AAA. The average price nationally for a gallon of regular is now $2.28, down 10 cents since the start of the month.Â
And the outlook for the rest of the month is good: Wholesale gas prices suggest that prices drivers pay will keep falling, and this weekend could bring the cheapest prices so far in 2017, said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks pump prices for AAA. "There's a lot of oil out there right now, and that oil is being turned into gasoline," said Kloza. The start of summer is typically not a time for cheap gas, because people drive more and demand for gasoline goes up. In addition, gas stations are required to sell a special type of gas, known as the summer blend, that creates less smog -- but also pushing prices slightly higher.Kloza said for the first time this century, prices at the pump could be cheaper over the July 4 holiday weekend than during the previous Christmas and New Year. |
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http://money.cnn.com/2017/06/21/news/economy/low-gas-prices/index.html The recent drop in the cost of oil has been a happy surprise for drivers, who are enjoying the cheapest gas prices at the start of summer in 12 years.Oil prices have dipped into bear market territory and gasoline prices have followed, falling every day since June 2, according to AAA. The average price nationally for a gallon of regular is now $2.28, down 10 cents since the start of the month.Â
And the outlook for the rest of the month is good: Wholesale gas prices suggest that prices drivers pay will keep falling, and this weekend could bring the cheapest prices so far in 2017, said Tom Kloza, chief oil analyst for the Oil Price Information Service, which tracks pump prices for AAA. "There's a lot of oil out there right now, and that oil is being turned into gasoline," said Kloza. The start of summer is typically not a time for cheap gas, because people drive more and demand for gasoline goes up. In addition, gas stations are required to sell a special type of gas, known as the summer blend, that creates less smog -- but also pushing prices slightly higher.Kloza said for the first time this century, prices at the pump could be cheaper over the July 4 holiday weekend than during the previous Christmas and New Year. The thing about a Global Economy, it that fucks us too. CHK stock down 7% to 52 week lows, on a company that is the second largest NG producer in North America...one that was at $15 24 months ago and is now at about $4. Same with the rest of the oil and gas sector. Those are Americans who are losing jobs, wells getting capped, royalties not being paid to land owners, trucking companies not moving trucks/cargo, drillers who are selling rigs for scrap, banks who are not lending, money not moving...economy not growing. Cheap gas is cool...but cheap to the point that millions of American jobs are lost...not cool at all. The Saudis set out to bankrupt the US oil/gas sector. They flooded the market. They almost did it...and it was turning around for the US. Now...it looks like they are going to win after all. Remember this one thing- The Saudis have land companies formed to buy bankrupt US oil companies at pennies on the dollar. They have already purchased the largest US oil refinery. They own more than a million acres and have mineral rights to much more, across the SW US. Cheap gas only hurts them temporarily. It can hurt us far longer if US businesses go bankrupt. |
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And all self inflicted wounds by the voters. Quoted:
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Over $3.00 a gallon here in CA. Going up another $.15 a gallon via increased taxes soon too. Roads are still for shit  |
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The thing about a Global Economy, it that fucks us too. CHK stock down 7% to 52 week lows, on a company that is the second largest NG producer in North America...one that was at $15 24 months ago and is now at about $4. Same with the rest of the oil and gas sector. Those are Americans who are losing jobs, wells getting capped, royalties not being paid to land owners, trucking companies not moving trucks/cargo, drillers who are selling rigs for scrap, banks who are not lending, money not moving...economy not growing. Cheap gas is cool...but cheap to the point that millions of American jobs are lost...not cool at all. The Saudis set out to bankrupt the US oil/gas sector. They flooded the market. They almost did it...and it was turning around for the US. Now...it looks like they are going to win after all. Remember this one thing- The Saudis have land companies formed to buy bankrupt US oil companies at pennies on the dollar. They have already purchased the largest US oil refinery. They own more than a million acres and have mineral rights to much more, across the SW US. Cheap gas only hurts them temporarily. It can hurt us far longer if US businesses go bankrupt. Lower oil prices mean more $s in consumers's hands because of lower gas/diesel and electric costs, lower costs on all goods in commerce because of lower transport costs, lower production costs for US companies because of lower feul/electric costs. The economy soared under Reagan, when the Saudis opened the valves. US oil and gas took a hard hit but the national economy took off. |
Shit, not here in Phoenix!! Damn gas went UP to ~$2.25/ gal while the rest of the country was falling!! It's been there for over a month!! Only in the last week or so did Costco go from $2.13 to $2.09 for regular. I've seen premium at $2.65! 
I'm pretty sure that Commiefornia is somehow screwing us in the ass because I think the nearest refineries are there. |
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You are looking at only part of the equation. Lower oil prices mean more $s in consumers's hands because of lower gas/diesel and electric costs, lower costs on all goods in commerce because of lower transport costs, lower production costs for US companies because of lower feul/electric costs. The economy soared under Reagan, when the Saudis opened the valves. US oil and gas took a hard hit but the national economy took off. Quoted:
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The thing about a Global Economy, it that fucks us too. CHK stock down 7% to 52 week lows, on a company that is the second largest NG producer in North America...one that was at $15 24 months ago and is now at about $4. Same with the rest of the oil and gas sector. Those are Americans who are losing jobs, wells getting capped, royalties not being paid to land owners, trucking companies not moving trucks/cargo, drillers who are selling rigs for scrap, banks who are not lending, money not moving...economy not growing. Cheap gas is cool...but cheap to the point that millions of American jobs are lost...not cool at all. We now need The Saudis set out to bankrupt the US oil/gas sector. They flooded the market. They almost did it...and it was turning around for the US. Now...it looks like they are going to win after all. Remember this one thing- The Saudis have land companies formed to buy bankrupt US oil companies at pennies on the dollar. They have already purchased the largest US oil refinery. They own more than a million acres and have mineral rights to much more, across the SW US. Cheap gas only hurts them temporarily. It can hurt us far longer if US businesses go bankrupt. Lower oil prices mean more $s in consumers's hands because of lower gas/diesel and electric costs, lower costs on all goods in commerce because of lower transport costs, lower production costs for US companies because of lower feul/electric costs. The economy soared under Reagan, when the Saudis opened the valves. US oil and gas took a hard hit but the national economy took off. The millions of people who rely on the oil/gas industry...are consumers. Our oil is exported. Our economy relies on that continous export. We refine foreign nasty crude. We export clean, easy to refine crude. If those exports stop...our economy stops. Big picture. |
It usually goes up in the summer months.
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The thing about a Global Economy, it that fucks us too. CHK stock down 7% to 52 week lows, on a company that is the second largest NG producer in North America...one that was at $15 24 months ago and is now at about $4. Same with the rest of the oil and gas sector. Those are Americans who are losing jobs, wells getting capped, royalties not being paid to land owners, trucking companies not moving trucks/cargo, drillers who are selling rigs for scrap, banks who are not lending, money not moving...economy not growing. Cheap gas is cool...but cheap to the point that millions of American jobs are lost...not cool at all. The Saudis set out to bankrupt the US oil/gas sector. They flooded the market. They almost did it...and it was turning around for the US. Now...it looks like they are going to win after all. Remember this one thing- The Saudis have land companies formed to buy bankrupt US oil companies at pennies on the dollar. They have already purchased the largest US oil refinery. They own more than a million acres and have mineral rights to much more, across the SW US. Cheap gas only hurts them temporarily. It can hurt us far longer if US businesses go bankrupt. With customers in the oil business, I'm losing money as well because of low oil price, but there was way too much greed in the business not too long ago, creating ridiculous prices at the pump and putting a big dent in people's budgets. |