will it go under $2
Cargo Master
Joined: Jul 2009
Posts: 2,710
Likes: 77
From: Central Florida
In West Lafayette Indiana gas was 1.96/gallon. That price needs to move north to Munster we are at 2.19/gallon. A couple a refineries in our area have been building new storage tanks. I wonder if they are stocking up or if there is a glut.
Post Fiend
Joined: Apr 2004
Posts: 6,473
Likes: 4
From: Lafayette, IN
Jason
Fleet Mechanic
Joined: Mar 2014
Posts: 1,926
Likes: 116
From: Saskatchewan Canada
Just heard that apparently demand is down in China--their economy is slowing, and as has been noted above, our shale oil production is coming online in spades, so there is an upward trend in supply as well. That means lower oil prices. I heard it's been 5 years since oil was as low as $60/bbl. (I didn't remember it being that low that recently).
Jason
Jason
I got to wondering exactly what the pump prices were like the last time oil was under $60 a barrel and I found this article.
Gasoline vs. Oil Price Chart
Looks like oil at $60/bbl supports about $2.50/gal at the pump. (2006 prices). $40/bbl would support $2.00/gal. (2004 prices). Of course Canadian prices are higher due to different tax structures. Interesting thing in that chart is the turmoil after 1973. Anybody remember the OPEC oil embargo?
Still does not explain diesel vs gas pricing. I miss the simpler times.
Super Moderator
Joined: Aug 2003
Posts: 25,479
Likes: 742
From: Isanti, MN
Would be nice, but I doubt it. Most are predicting that we're close to the floor. I suspect it will find equilibrium in the coming years somewhere between where we are now and where we were last summer. Hopefully around the $60-70/barrel range.
Fleet Owner
Joined: Aug 2010
Posts: 21,255
Likes: 1,657
From: Reynoldsburg, Ohio
Late evening and early morning news programs are showing there are (so far) 27 states with $2 or lower gas.
I've been paying somewhere between $1.96 and $2.15 the last week or so---lovin' the reprieve for as long as it lasts.
I'm with Tom here---this is probably as low as it will or we can hope it'll go.
I've been paying somewhere between $1.96 and $2.15 the last week or so---lovin' the reprieve for as long as it lasts.
I'm with Tom here---this is probably as low as it will or we can hope it'll go.
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Super Moderator
Joined: Aug 2003
Posts: 25,479
Likes: 742
From: Isanti, MN
I think the upside of all of this is that the market has demonstrated that >$100 oil prices are unsustainable in the face of rapidly increasing global supply and stagnant demand growth. There's just too much oil that is economically produced at that price. In the coming year we can expect new investment and possibly our oil production to decline slightly and prices will move higher.
Hopefully this marks the end of the era of sky-high fuel prices.
Hopefully this marks the end of the era of sky-high fuel prices.
Senior User
Joined: Nov 2007
Posts: 146
Likes: 0
I didn't think that it would happen in the suburbs of Cleveland, OH. I paid $2.07 before work at Sheets. Prices later at both Shell and Sunoco in my area was $1.999/gallon. It definitely makes me wonder what tomorrow will bring.
Super Moderator
Joined: Aug 2003
Posts: 25,479
Likes: 742
From: Isanti, MN
Glad we're not the only ones. Cheapest I've seen in Connecticut is $2.59. We fill up just over the MA line though, and that's down to $2.29.
Elder User
Joined: Jun 2014
Posts: 558
Likes: 2
I think the price of oil will collapse. Oil has always been a boom-bust business.
The Middle East is still sitting on huge reserves of cheap oil. When prices start to fall they will cut each others throats fighting for market share. Especially those countries that have no other source of revenue. The lower the price goes the more oil they will want to produce to keep their economies afloat.
The Middle East is still sitting on huge reserves of cheap oil. When prices start to fall they will cut each others throats fighting for market share. Especially those countries that have no other source of revenue. The lower the price goes the more oil they will want to produce to keep their economies afloat.
