Gasoline Falls Below 2.99 a Gallon! Thanks Saudi Arabia!

[Mad Scientist]

$2.95 where I live. I forgive the Saudis for those 19 highjackers. (No I don't)

Oil falls as OPEC opts not to cut production

The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.

Brent crude oil fell more than $3 to under $75 a barrel—a fresh four-year low—on the news while West Texas Intermediate (WTI)—dropped below $70. Global oil prices have plunged since peaking in June, and Brent crude has lost around a third of its price from $115 a barrel.

See because the more you have of something, the lower the price goes. How bout that!

 

[The Germans are coming]

Saudi Arabia is doing this mainly to fuck with Iran and lower US oil production.

The Iranian government has already announced that it`s GDP could shrink by 20% due to this.

The US has started producing more oil itself and the Saudis are trying to kick down that potential competator.

It will also have big impact on Russia and it`s oil exports.

So they are not doing it out of the kindness of their hearts. And in the long term it will have negative effects on the US petrolium industry.

 

[Publius1787]

Saudi Arabia is doing this mainly to fuck with Iran and lower US oil production.

The Iranian government has already announced that it`s GDP could shrink by 20% due to this.

The US has started producing more oil itself and the Saudis are trying to kick down that potential competator.

It will also have big impact on Russia and it`s oil exports.

So they are not doing it out of the kindness of their hearts. And in the long term it will have negative effects on the US petrolium industry.

Indeed, you are correct. Much of US fracking is shutting down because of these prices. Facking is more expensive to traditional drilling and so once the prices cross a line, they have little choice but to stop immediately, or, continue while storing the oil away until the prices increase again.

 

[Mr. H.]

Bullshit.

Thank you private enterprise and capitalism and... high volume high pressure hydraulic fracturing.

 

[whitehall]

What would happen if OPEC voted to cut production? The greatest Country in the world would be powerless. Should we thank the Saudi princes for their benevolence or try to be independent of foreign fossil fuel?

 

[American Horse]

Thanks more appropriately goes to the American petroleum industry. Saudi Arabia is just looking out for their market share.

Although some frakking will shut down - the more marginal units will be pared back and some smaller companies will be lost to their competitors - the price of a barrel of oil can go into the low fifties and american production will continue to go forward.

 

[Delta4Embassy]

$2.95 where I live. I forgive the Saudis for those 19 highjackers. (No I don't)

Oil falls as OPEC opts not to cut production

The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.

Brent crude oil fell more than $3 to under $75 a barrel—a fresh four-year low—on the news while West Texas Intermediate (WTI)—dropped below $70. Global oil prices have plunged since peaking in June, and Brent crude has lost around a third of its price from $115 a barrel.

See because the more you have of something, the lower the price goes. How bout that!

Wish they'd give gas prices in terms of the tax, and not the total. Only by raising awareness of how much we're being taxed for everyday vital item slike fuel can we hope to get those taxes vacated. Your $2.95/g gas is prolly just a few pennies a gallon as in Venzula where it's about 4 cents/g.

 

[RGR]

Would those who don't understand a basic well completion technique please stop pretending that this technique will stop happening...as opposed to fewer wells will be drilled and therefore fewer wells will be completed. Fracking isn't something that just happens one afternoon out of the blue, it only happens because someone drills a hole and wants to complete it to make the maximum amount of oil and gas.

Lower prices will cause fewer permits to be applied for. Fewer wells to be drilled. THAT matters. Certainly this means that fewer completions will also take place. Once the backlog is worked off anyway, last I checked there is a some 240 day backlog of completions in the Bakken..it will require awhile to work that off, even at a reduced workload for the service companies.

 

[Bill Angel]

How's this for a scenario?
Lower prices for gasoline results in consumers having more money to spend on American products and services.
A greater demand for these products and services results in fuller employment and upward pressure on wages, resulting in an increase in inflation (via higher prices).
These inflationary pressures cause the Federal Reserve to start raising interest rates.
What happens when the Federal Reserve starts raising interest rates? THE STOCK MARKET SELLS OFF!
So now could be a good time to start selling off one's stock holdings, perhaps even short selling stock in some of the high flying glamour companies.

 

[Agit8r]

The national average price of gas is $2.67 a gallon. In 1985, the average price was $2.65 in 2014 dollars.

1980s Flashback-Economy Prices

Inflation Calculator Bureau of Labor Statistics

AAA s Daily Fuel Gauge Report

 

[Mad Scientist]

$2.69 this morning!

 

[sitarro]

I paid $2.12 last night...... regular, at Shell.

 

[Judicial review]

I paid $2.12 last night...... regular, at Shell.

Shell always rips you off.

 

[Mr. H.]

I have lived through, and survived, numerous crude oil price swings in the last four decades. I've gone from piss-poor bitch to millionaire in a matter of months. Yet if you average 40 years worth of profits, it amounts to a very modest lifestyle. You fuckers who curse high-priced oil then cheer cheap gasoline should try drilling a hole in the ground in search of the "gravy train" of which you all speak. You have no fucking clue.

 

[RGR]

They really don't H. They really don't.

 

[elektra]

I thank the Democrats, who's far sighted green energy policy has driven down the costs.

 

[Moonglow]

$1.99 a gallon in Maysville, Ar...

 

[AquaAthena]

$2.95 where I live. I forgive the Saudis for those 19 highjackers. (No I don't)

Oil falls as OPEC opts not to cut production

The Organization of Petroleum Exporting Countries (OPEC) decided on Thursday not to cut oil production, despite sliding oil prices.

Brent crude oil fell more than $3 to under $75 a barrel—a fresh four-year low—on the news while West Texas Intermediate (WTI)—dropped below $70. Global oil prices have plunged since peaking in June, and Brent crude has lost around a third of its price from $115 a barrel.

See because the more you have of something, the lower the price goes. How bout that!

Yesterday, where I live, it was $2.99...down a dollar a gallon from the past year or more.

 

[Moonglow]

This price war reminds me of a time when there were price wars at gas stations in the 1960's...

 

[elektra]

and how cheap would oil be if we developed Anwar, off the coast of Florida, and off the coast of Californai, or if we produced 100% our electricity from Nuclear.