Gas Check !! What's your price? 04-13-11

[Ocala Mike]

Not only the Saudis and OPEC; people are driving less, believe it or not, and the US production of oil is at an all-time high. It's all Obama's fault, I guess.

[raybo]

Has been as low as $2.72 around here the last week or so, SE of Dallas.

If it makes it down to $2.50 I will be shocked, much less $2.00!

Trying to sell my '76 Cadillac Coupe Deville, 500ci, 4 barrel, 5200 pounds (10 mpg), if anyone is interested.

[Rise Over Run]

Saw gas over the weekend for $2.41 (unbranded cash) in southern central Jersey; northern south Jersey.....Turnpike Exit 5 area.

[tucker6]

$2.24 in South Carolina

[JustRalph]

2.24 in Arlington Tx yesterday

[mikesal57]

Originally Posted by Rise Over Run

Saw gas over the weekend for $2.41 (unbranded cash) in southern central Jersey; northern south Jersey.....Turnpike Exit 5 area.

Staten Island here....but gets gas at Woodbridge NJ

...always uses Hess $2.45

[raybo]

$2.31 at Murphy's/Walmart yesterday, Cedar Creek Lake, Tx.

[WaHoo]

Southern Oklahoma $2.24

[lamboguy]

wholesale contract unleaded is down to $1.55 today, that should be enough to get the price at the pump down under $2.00 already. but they don't drop as fast as they go up in that department.

[wisconsin]

still $2.37 in SE WI

[wisconsin]

Originally Posted by mikesal57

Staten Island here....but gets gas at Woodbridge NJ

...always uses Hess $2.45

And they even pump it for your in NJ

[lamboguy]

west texas oil closed under $58 per barrel today.

Costco gas in Dedham, Mass. was $2.45 per gallon. i suspect there must be plenty of places that are finally under $2.00 for regular unleaded. if the barrel cracks $55 then $32 is in the cards, that would put regular right at $1.00. while most here doubted $2.00, i have never seen a way for it to go under $1.50, it now seems very reachable within a year.

[raybo]

Originally Posted by lamboguy

west texas oil closed under $58 per barrel today.

Costco gas in Dedham, Mass. was $2.45 per gallon. i suspect there must be plenty of places that are finally under $2.00 for regular unleaded. if the barrel cracks $55 then $32 is in the cards, that would put regular right at $1.00. while most here doubted $2.00, i have never seen a way for it to go under $1.50, it now seems very reachable within a year.

The problem I see is that, as the price of oil goes down, production of oil goes down also, so prices level out or start increasing again. I don't know what it costs to produce oil but there is a point where it is no longer profitable to produce it.

[lamboguy]

Originally Posted by raybo

The problem I see is that, as the price of oil goes down, production of oil goes down also, so prices level out or start increasing again. I don't know what it costs to produce oil but there is a point where it is no longer profitable to produce it.

i would tend to agree with you in most cases, but not on this one. when you open the spigots of oil wells, you can never close them until the oil runs out under ground. if they don't want to sell the oil, then they can burn it and pollute the air that all of us have to breath. i am with you, i would much rather see oil above $100 so that less of it would be used. but i am afraid to say that isn't happening.

[highnote]

The old saying is: The cure for high prices is high prices.

When oil prices were high fracking and extracting oil from tar sands became viable. All that extra oil in the marketplace has now caused a glut and prices are falling.

Eventually, prices will get so low that oil production will decrease. When there is an oil shortage prices will go back up.

That's the free market at work.

On January 1st, 1979 (or was it '78?) I remember gasoline hitting $1.00 per gallon at the gas station I worked at in high school. Now 30 years later it has only tripled. I wish the price of a new Camero or Corvette had only tripled in price. I'd buy a couple of each!