Gas prices - how low will they go?
 

Over the weekend, saw $2.55 for a gallon of regular. This place is a cash-only station, but their prices are typically $0.10 lower than most other gas stations in the area...

http://forums.pelicanparts.com/uploa...1416938708.jpg


So post up your gas prices...

-Z

last week near syracuse.

http://forums.pelicanparts.com/uploa...1416940580.jpg


i'll likely be in jersey for thanksgiving, looking forward to seeing their prices for hi-test.

$5/US per US gallon of premium here. The oligopoly is alive and well.
Land of the Tar Sands.

Didn't take a picture but paid $2.42 at Costco last week. And that was in SoCal!

$2.49 here in western SC yesterday, but it jumped to $2.51 this morning. :)

I was seeing 2.43 in OK. Seems to be hovering around 2.60 in AZ.

When the major oil producers agree a coordinated output cut, oil prices will jump back up. The fall to $74 was deliberately driven by the Saudis, who cut their prices to inflict pain on other OPEC and non-OPEC producers and force them to such an agreement. I imagine the Saudis also wouldn't mind discouraging investment in US and Canadian shale, much of which is not profitable at <$80, but I suspect that is secondary.

^^ OPEC will be making that decision this Thursday - we'll see what happens...

There is a place in town selling regular for $1.99 but it is the ethanol blend stuff. I buy only 100% gas and it costs me $2.44 this week. The premium is WAY higher. It is like 50 cents a gallon more.

$2.55 for regular earlier in the week. I'll find out tomorrow with my next fill up costs.

$0.969 L here. Average is $1.019 L over all

Winnipeg Gas Prices - Find Cheap Gas Prices in Winnipeg, Manitoba

I wonder how many people are buying gas guzzling trucks this month because "gas is so cheap".

They may go even lower, depending on how much demand in Europe dips along with their economy. Cheap gas is not a good sign in these times. If recession hits hard in Europe, this is bad. Recessions swim fast and will arrive on our shores before long. The strong dollar is no friend to the US, given that those competing currencies are primary markets for US goods.

I view this as ominous.

Are there any left? The Silverado and F150 have pretty nice numbers for being big trucks. The Toyota Tundra is still dismal. Not sure about SUVs but there no XL models left that get less than 16 mpg either, are there?

I should sell my Sequoia, while I can!

G

No OPEC deal so WTI is $69.

US shale and Canadian tar production is mostly losing money at this price, I think. The boom times in North Dakota and similar places are looking shaky. Most OPEC countries are in significant fiscal deficit at this price. Saudi has the cash reserves to take it for years, Venezuela Brazil and the like do not, and Russia will find its foreign exchange reserves dwindling fast. Good for US, Chinese and European consumers and for manufacturing and transportation industries.

Agree. When it comes to cheap gas, be careful what you wish for. We may be setting up for another oil boom / bust cycle and with the Japanese devaluing the Yen as fast as they can a currency war is just what we don't need.

This Thread smells like DEFLATION.

Chinese economy is slowing so they cut interest rates to juice their economy, EU headed for Davey Jones Locker and the US is enjoying a booming 3rd QTR

Saudi NO CUT OUTPUT in the face of slowing demand. This drive price down and put a world of hurt to FRACKING BOYZ IN ND..and elsewhere. This is how SAUDI show they is MAD.

This is short term stuff>>>>>>>>>>>>>>>>

Trajectory View...Global economy is in a long term slowing process, which is putting MASSIVE DEFLATIONARY pressures into play.

Current era began in 1990, Current cycle was building from 2000, shyte hit fan in 2008 and since then NEW NORMAL of DEFLATION...

EVERYTHING IS A PROGRESSION OF EVENTS....all headed for an ultimate end...it is the old frog in the water trick..of slowly increasing the temp until dey frog is cooked.

Ohh BTW..you have had your freewill, and it has determined your future.

Copper breaking to a multi year low.

China growth is 7% according to unreliable government statistics, but detailed numbers look worse; housing prices falling, bad loans growing, central bank injecting money. The core of Europe is in recession or close to it (France, Germany). Russia is in recession with sanctions and an economy dependent on oil. Most of Latin America is dependent on oil production as well as terribly mismanaged. Japan is making a big effort to break out of decades of deflation but progress is uncertain.

The US is trying to be an island of growth but the world is, I think, too interconnected for that. Best case is slow growth in the US, worst case is, well, a lot worse.

John,

Thanks for your analysis on the situation. A lot of my friends are rejoicing at the raise they are getting through low gas prices.

I work in a fairly specialized service for oil and gas companies. I am very concerned about the next year. I will be putting far more away into the rainy day fund in the coming months then I have been. 2008 didn't bother me all that much, but I have different feeling about this one. Oh... this is going to be a fun ride.

Good time to buy stock in oil companies!(the ones paying quarterly dividends as well)