Present at the pump: $2 gasoline by Christmas?
Source: Bloomberg-OWH
HOUSTON For the first time in five years, $2 gasoline is making a comeback in some parts of the U.S., just in time for Christmas.
Retail stations scattered across the South and Midwest are about 20 cents shy of the $2-a-gallon mark. In New York, gasoline futures slid more than 13 cents Friday in response to OPECs failure to cut oil production. That decline alone could drag down pump prices by as much as 20 cents a gallon, said Michael Green, a spokesman for AAA.
We could see the cheapest 1 percent of stations get within a few pennies of $1.99 over the next two weeks, said Patrick DeHaan, a senior petroleum analyst at GasBuddy Organization in Chicago. Well see at least one station in the nation at $2 by Christmas. And thats not really a prediction at all. Thats more like a certainty.
Gasoline prices have slid by almost a dollar a gallon in the U.S. from this years peak. The last time the countrys average gas price was below $2 was on March 24, 2009, while in the grips of the recession.
FULL story at link.
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BRENDAN SULLIVAN/THE WORLD-HERALD
Read more: http://www.omaha.com/money/present-at-the-pump-gasoline-by-christmas/article_26d19513-5bb9-5450-90fd-f19a396ee7a2.html
NYC_SKP
(68,644 posts)The following sticker is a lie, for just a blip in the history of prices did if fall below $2.
More lies! I paid $4.00/gallon in 2007 and bought a Prius. Who was president in 2007?
Good post, Steve.
Thanks, Obama!
VScott
(774 posts)It's fuel oil prices that were killing me last winter.
Hopefully, that will go down as well.
MADem
(135,425 posts)Now is the time to get serious w/the LED light bulbs, I guess!
IthinkThereforeIAM
(3,076 posts)... there is a glut of crude coming out of Bakken and the tar sands, obviously the refineries we have in the midwest and Rocky Mountain area are doing their jobs. Once Keystone XL goes through, all that, "glut", will go to China and prices will go back up. Can I put it any more simpler?
Enjoy!
former9thward
(32,068 posts)So-called gluts in one country or another is a temporary factor at best.
paleotn
(17,946 posts)...but I wouldn't get too use to it. This is a temporary supply abberration. Drops in fossil fuel prices drive increased usage, sopping up the over supply and increasing CO2 emissions at the same time.
Demeter
(85,373 posts)and our GOP governor wants to double the gas tax to fix the roads (when 22 cents on each gallon goes for anything but the roads....like supporting the rest of the state budget).
llmart
(15,552 posts)Tax and spend Democrats my Aunt Tillie. Wonder if the teabaggers in the state house will stonewall Snyder's tax.
christx30
(6,241 posts)Shell of my Heart near where I live. I'll take that. But I ride the bus, so it's not a big deal to me either way.
CANDO
(2,068 posts)We had our R Guv and R legislature give us a hike in the gasoline tax. We are seeing prices still around $3/gal.
roamer65
(36,747 posts)head to the capital markets to cash in their investments to cover budget shortfalls.
This is gonna get good.
Live and Learn
(12,769 posts)greatlaurel
(2,004 posts)The fossil fuel barons are desperately trying to stop the change to renewables. We are very close to a tipping point where people will wake up that renewables are the way to go, because we will no longer be dependent on the fossil fuel corporations and their corrupt politicians. The environmental and public health costs of public health costs are being talked about by the Obama administration.
We saw this the last time people starting driving more fuel efficient cars and looking at renewable energy seriously. The oil prices dropped.
Hopefully, people will not be so easily manipulated this time.
Travis_0004
(5,417 posts)Us production is up, and they are fighting back to get oil at levels not profitable for US companies because we have been taking their market share.
SylviaD
(721 posts)This is a real break for those of us on limited or fixed incomes. Every penny gasoline prices decline is a bit more cash in the pockets of the poor. The fact that heating oil and natural gas are also declining too is just icing on the cake. I pray for further declines in the price of oil every day. $1.50 gas would be wonderful, wonderful.
Live and Learn
(12,769 posts)mwb970
(11,365 posts)I shop at one of those grocery stores that give discounts on gas based on how much you spend with them. Lately my band hasn't had many gigs so I have been shopping more than driving. I have accumulated $2.60 off per gallon! I'll have to fill up today on my way to practice, but should get away for under $5!
jambo101
(797 posts)Socal31
(2,484 posts)As terrible for drinking water and the environment as the practice is (earthquakes anyone?) will go down as one of the most important resource booms in history. For better or worse, it has changed our resource outook for the forseeable future.
Be right back, need to burn off the well water
ellenrr
(3,864 posts)The "present" for the earth would be for gas to be $10.00/a gallon and for people to drive less.
duh.
FLPanhandle
(7,107 posts)Alternative energy technologies can't compete against cheap oil.
People will drive more, buy bigger cars, have less green energy options, and pump more CO2 into the atmosphere.
Sooner or later we have to get off of the fossil fuel wagon, this just delays the inevitable and makes the planet worse in the meantime.
SylviaD
(721 posts)NickB79
(19,258 posts)The help you get from low gas prices in the short term is a death sentence for millions in the long term.
It is an impossible position to hope for cheap, plentiful fossil fuels and also claim to care about the health of the planet.
SylviaD
(721 posts)NickB79
(19,258 posts)Sorry to come off as a dick, but it's far past the point where we can dance around the subject any longer or keep our heads in the sand.
The ice caps are melting. The forests are dying. The oceans are acidifying.
Any hope of putting the brakes on this runaway climate train REQUIRES that fossil fuels be very, very expensive. I fully understand the economic damage this will cause to millions in the short term, but also realize it will prevent even more suffering to far more people in the long term. There is simply no other way to do it.
BadGimp
(4,017 posts)snark
Warpy
(111,332 posts)Switching to gasohol in the fall always brings the price down a few pennies.
As for the overall price going down, it all depends on how long the world wants to put the screws to Putin.
Omaha Steve
(99,703 posts)To ship me 500 gallons?
Warpy
(111,332 posts)We can't win.
Orsino
(37,428 posts)...with the $0.40/gal shopper's discount.
greymattermom
(5,754 posts)That congress would never consider. A tax cut for the poor, whatever you call it, it will help the economy in the short term. It can't last, of course.