Gas Prices

[fan_since79]

It's still $2.35 at the Irvine Costco (same for the past 2-3 weeks).

 

The new Calif. gas tax is probably causing that price to stay the same. I've noticed the ARCO near my house has been stuck on $2.45 for over a week. Oil has been dropping between 2-5% a day for some time now. Those prices are going to start dropping again soon.

[Thomas]

I saw $1.76 yesterday

[HaloFan85]

Doom and gloomers are saying that the last time crude dropped this much so quickly, the economy crashed.  Judging by how the markets have been going the last 2 days, there may be some that believe it.

Problem is the market is heavily invested in US shale and they can't afford to sustain oil prices below their break-even price.  I believe the average break-even price for shale is said to be roughly $70 per barrel.  If they go belly up, we can see another 2008.

[fan_since79]

The year was 1936.

 

 

[1nutkruk]

king soopers? are you sure it's real gas?

The car is still running so all is good.  

 

I usually go with Costco but I was nowhere near it this morning.

[gotbeer]

The year was 1936.

 

11 and 2/10 of a cent.  Across the street, it was expensive.  It was 11 and 9/10 of a cent.

[Thomas]

11 and 2/10 of a cent.  Across the street, it was expensive.  It was 11 and 9/10 of a cent.

 

I'll just ride the mule before I succumb to that kind of highway robbery!

[mtangelsfan]

Most commodities follow oil.  Beef, grains, corn, the American farmer is getting killed.

 

I can tell you guys this, the worst time for gas stations are when prices drop this fast.  Lots of jobs are going to go away very fast if the price of oil stays this low.  Oil would be best at around 70 dollars per barrell. 

[wopphil]

Most commodities follow oil. Beef, grains, corn, the American farmer is getting killed.

I can tell you guys this, the worst time for gas stations are when prices drop this fast. Lots of jobs are going to go away very fast if the price of oil stays this low. Oil would be best at around 70 dollars per barrell.

Some gas station owner was on the news the other day (Los Angeles). He said he profits much more when gas prices are low like this. He was all smiles.

[mtangelsfan]

Some gas station owner was on the news the other day (Los Angeles). He said he profits much more when gas prices are low like this. He was all smiles.

 

Low prices are one thing, that is fine because the credit card fees are so much less.  It is when prices drop really fast.  It is hard to keep low inventory all the time.  The fuel you are selling today was stuff you might have purchased last week and that is an issue. 

[RallyMo]

I just paid $1.80 a gallon at Costco for what I've been informed in this thread is nothing short of liquid garbage. Oddly enough, my car started after I was done pumping gas.

[wopphil]

Also, one must consider that while this price decline might be bad for the energy industry, it is good for so many other industries. The less money people spend on gas, the more they have for restaurants, retail, New cars, etc. I have to believe that the net impact of this can only be good, overall, to the vast majority of people.

[1nutkruk]

I just paid $1.80 a gallon at Costco for what I've been informed in this thread is nothing short of liquid garbage. Oddly enough, my car started after I was done pumping gas.

I have never had any issues filling up with Costco.  Both cars run fine on it.

[Brandon]

Costco is fine if you don't value time.

[Lhalo]

WTI Crude now hovering around $46.

[RallyMo]

The frackers are getting hammered.

[arch stanton]

http://www.usatoday.com/story/money/columnist/bartiromo/2015/01/11/bartiromo-saudi-prince-alwaleed-oil-100-barrel/21484911/

 

Interesting take from Prince Waleed

[Redondo]

Paid $1.89 this morning at Sam's Club

[nate]

The frackers are getting hammered.

 

It was probably already discussed here but most people believe that this move by the middle east was to destroy the competition in the US/Canada where it is now not worth extracting oil.

[Taylor]

I <3 low gas prices. Thanks Muslims!

[Tank]

I <3 low gas prices. Thanks Muslims!

 

if you had said Thanks Obama, would that have been redundant?

[arch stanton]

It was probably already discussed here but most people believe that this move by the middle east was to destroy the competition in the US/Canada where it is now not worth extracting oil.

Or one could say that the move to increase oil prices was to allow fracking to be profitable and this is now the more natural price.

[Ochocinco!]

Go Obama!

[Taylor]

if you had said Thanks Obama, would that have been redundant?

 

That would explain Obama's new haircut:

 

 

[Tank]

news reports last week were claiming there are concerns that all the waste water being pumped below the surface and deep into the earth might be responsible for contributing to the increasing number of earthquakes in texas.

 

hey, as long as our gas prices are lower, suck it up, texas.