Posted on 11/12/2014 10:41:16 PM PST by Olog-hai
Those low gas prices on station signs aren’t going away soon, the government says.
In a dramatic shift from previous forecasts, the Energy Department predicted Wednesday that the average price of gasoline in the U.S. will be below $2.94 a gallon in 2015. That a 44-cent drop from an outlook issued just a month ago. If the sharply lower estimate holds true, U.S. consumers will save $61 billion on gas compared with this year.
Rising oil production, particularly in the U.S., and weak spots in the global economy have led to a sharp reduction in oil prices over the past four months. Not seeing much of a change ahead, the government cut its forecast for global oil prices next year by $18 a barrel to $83.
As a result, U.S. drivers will pay on average 45 cents less for a gallon of gas next year compared to this year. Based on expected gasoline consumption, that’s a savings of $60.9 billion. …
(Excerpt) Read more at hosted.ap.org ...
It hasn’t been that cheap since December 2010.
The effects of the Republican wave are already being felt!
Too bad it's being offset by the higher prices of water and electricity...at least it is here in the West
It’s $2.40 a gallon here.
Done to offset how much they’re ripping us off in every other way? Obamacare being # 1
When did this become “cheap gas”?
And they expect you think that $2.94 per gal is low because ... you’re stupid.
When did $300,000 become a starter home? When did bacon start going for $6-10 a package? Why does a gallon of milk cost more than a gallon of fuel?
The USA oil production boom depends on much higher prices.
Oil closed today at $77 per barrel.
It costs $78 per barrel to drill a horizontal fracking well in the Bakken oil field in North Dakota.
Well, to be pedantic, $2.94 in 2014 dollars is $2.33 in 2004 dollars (thanks, Fed). And that sure is higher than that year’s average.
Yes, but most Texas plays are good until $60bbl.
How much did a gallon of milk cost in 1972?
Obama will figure out how to screw this up and get gas prices higher.........
Michelle Bachman said during the last campaign that it should be possible to get gas back down beloe $3.00 a gallon, and all the RINOs like Newt laughed at her. Who’s laughing now? I wish Michelle were still in office, or at least on a TV show as a talker.
The Cost Of Living…In 1972.
New House – $27,600
Average Income – $11,859 per year
New Car – $3,853
Average Rent – $165 per month
Tuition to Harvard University – $2,800
Movie Ticket – $1.75
Gasoline – $.55 per gallon
Postage Stamp – $.08
Bacon – $.83 per pound
Eggs – $.45 per dozen
Fresh Ground Hamburger – $.64 per pound
Milk – $1.20 per gallon
Yes, I recall paying an ave. of $1.54 in 2005. I thought that was high then.
In 1972 gas was 32 cents.
Wasn’t it below $2 a gallon while Bush was president?
Obama brought us $4 a gallon gasoline.
From the declaration of independence: “He has erected a multitude of New Offices, and sent hither swarms of Officers to harass our people and eat out their substance.’
Enough.
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