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Gas Prices

The Zip

By The Zip
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The Zip Senior Enthusiast

The Zip

Posted
Posted

Gas prices in a Michigan town dropped to 47 cents per gal a couple of days ago, that’s almost as low as I paid in the sixties (gas was 31 cents a gal in 1960). With Iran now adding to the glut in oil, a dollar a gallon throughout the country may be the norm in about six months. Good for folks driving bigger or 700 hp vehicles

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mike221 Enthusiast

mike221

Posted
Posted

Whaaaaaaa. It's still 2.40 here in Vegas :(

 

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dirtfan21 Senior Enthusiast

dirtfan21

Posted
Posted

...except it's not 1960...no reason for being happy about low gas prices.

 

Please explain, I refuse to believe that low gas prices will destroy the economy. Americans as a whole do not save money therefore, if they save at the pump they are spending the money somewhere else. If anything, this will finally trim the fat from big oil companies and force them to find cheaper and more efficient ways to produce oil.

BRay'sGirl Enthusiast

BRay'sGirl

Posted
Posted

 

Please explain, I refuse to believe that low gas prices will destroy the economy. Americans as a whole do not save money therefore, if they save at the pump they are spending the money somewhere else. If anything, this will finally trim the fat from big oil companies and force them to find cheaper and more efficient ways to produce oil.

 

First of all it's simply not 1960. Totally different time for many reasons - no need to explain that I guess.

 

Second of all....I wasn't going to say it would destroy (I find that word improper in that context and would have never used it but oh well) but low oil prices / low gas prices have a huge impact on the economy. And yes, the economy is going to be fine....for some sooner for some later.

 

Life is not only about what Americans save at a gas station, especially since (not only Americans of course) tend to spend money they don't even have. So of course it doesn't matter if they save some pennies....though it's interesting to watch how people drive up to the gas station, smiling like a Honigkuchenpferd and filling up the tank & gas cans all of a sudden (here in BC for instance).

 

I am not sure how I feel about all those worker in Alberta, not only losing their jobs from one minute to another but on top having to deal with the value dropping of their once expensive houses and being able to sell them because no one wants to live there.....

 

People forget to think about what happens in the long run. I am a friend of thinking ahead - learned that in driving school (lool).

 

Take care!

dirtfan21 Senior Enthusiast

dirtfan21

Posted
Posted

I understand your logic and I as well never like to see folks loose their jobs, but I still believe that over the past 10 years or so the oil industry has been living in an inflated fantasy land. While I agree that oil prices are staggeringly low and probably below what a barrel should be, I also don't believe that when oil was over $100 a barrel and gas was $5 a gallon it was right. Also, did not realize you were not from the US, just assumed and that is my fault. I was referring to the US economy only, not world markets, or other countries. There is a lot of yelling here that low crude prices will hurt the US economy immensely, I just will not agree with that.

 

We are seeing the same job loss in my area with the steel mills, Don't get me started on foreign steel production and China's influx of crap into the industry, but these workers are facing the same layoffs and shut downs. I hate to see it happen, but industries do not stay booming forever. With advances in technology and interference with a global market, some industries like the steel mills who boomed for many years are now getting smaller to stay alive. Our mills here have posted hundreds of millions in loss for several years straight.

SarahsGMC Senior Enthusiast

SarahsGMC

Posted
Posted

Uhh.. lower gas means more movement which means more money spent elsewhere.. it's one town 2 hours from me I'm still paying 1.64 so really not a big deal.

 

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white1500 Senior Enthusiast

white1500

Posted
Posted

Fossil fuels need to realize that they're not the future, at least not a civilized and sustainable one.

 

On topic...The lowest I've seen fuel go for was $1.79 last Saturday. Although I use 91 on my truck so I ended up paying around $2.10 or so, still not bad at all.

 

While it doesn't hurt to own a truck right now, it's also a good time to consider a very fuel efficient car for when fuel prices increase again.

GLSierra13 Enthusiast

GLSierra13

Posted
Posted

The cheap gas doesn't make up for the beating I'm taking on my 401k because Wall Street is in a panic. Grrrrrrrrr. Plus it puts many thousands of people out of work in the oil industry. Good for the retail customer but not necessarily the country. Six of one, half-dozen of the other, I guess.

 

 

One of my customers mentioned this today;

 

What if... Saudi Arabia and OPEC intentionally keep flooding the market with oil because, being run and funded by their governments, they can afford to lose money on cheap oil a lot longer than individual, private oil companies drilling and pumping in the USA. Once those private companies pull back or go bankrupt, OPEC will jack the price way back up through manipulation of the market and we'll be at their mercy once again.

 

I'm no conspiracy theorist and I never thought about it like that but it does make some sense.

Arkyrider Enthusiast

Arkyrider

Posted
Posted

Hurts railroads too, but helps trucking industry. And your theory is not to far fetched.

BRay'sGirl Enthusiast

BRay'sGirl

Posted
Posted

Uhh.. lower gas means more movement which means more money spent elsewhere.. it's one town 2 hours from me I'm still paying 1.64 so really not a big deal.

 

Sent from my SM-G925V using Tapatalk

 

Not really because gas prices do not drop everywhere and at the same rate. And the little savings people make here and there won't go anywhere.

 

Glad it's no big deal for you :) , for some it is and will be.

 

@Nate

agreed

dirtfan21 Senior Enthusiast

dirtfan21

Posted
Posted

The cheap gas doesn't make up for the beating I'm taking on my 401k because Wall Street is in a panic. Grrrrrrrrr. Plus it puts many thousands of people out of work in the oil industry. Good for the retail customer but not necessarily the country. Six of one, half-dozen of the other, I guess.

 

 

One of my customers mentioned this today;

 

What if... Saudi Arabia and OPEC intentionally keep flooding the market with oil because, being run and funded by their governments, they can afford to lose money on cheap oil a lot longer than individual, private oil companies drilling and pumping in the USA. Once those private companies pull back or go bankrupt, OPEC will jack the price way back up through manipulation of the market and we'll be at their mercy once again.

 

I'm no conspiracy theorist and I never thought about it like that but it does make some sense.

China's current economic meltdown is a major reason for the stock market issues as well.

 

The middle east is flooding the market with oil to drive prices down, but how long can they seriously continue that without Russia having something serious to say about it. If anyone is taking a major beating at the moment it is Putin.

'01LS1 Senior Enthusiast

'01LS1

Posted
Posted

China's current economic meltdown is a major reason for the stock market issues as well.

 

The middle east is flooding the market with oil to drive prices down, but how long can they seriously continue that without Russia having something serious to say about it. If anyone is taking a major beating at the moment it is Putin.

 

This! Oil is not the sole drag on Wall Street currently.

 

Not agreeing with the idea that we should expect $4+ gas as normal to support the oil industry either.

Those boom towns for drilling/fracking exist because OPEC screwed us over due to idealogical regulations,

no cost effective plans or alternatives & higher than avg growth in China/India.

 

All that aside. Premium fuel in central IL is getting close to going below $2.

The Zip Senior Enthusiast

The Zip

Posted
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Posted

It’s amazing the cost of a gal of gas reached 60’s prices in some locations, but I have taken my bumps. California gas prices were over 5 bucks a gallon and although not at 60’s prices, at 2.50 a gal I am saving 40 bucks per tank. That comes to paying car insurance and registration on 4 cars at the end of the year. So yes we all get jacked-up some point in time, it finally feels good to stretch some dollars.

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