Posted on 10/10/2008 12:20:49 PM PDT by 2ndDivisionVet
FORT WORTH, Texas - Motorists drove for miles on Wednesday to fill up on gas at prices below $3 a gallon in Fort Worth.
NBC 5 found several stations with prices below $3 on the west side of the Metroplex, but the dramatic drops have yet to hit Dallas.
A Texaco on Las Vegas Trail just south of Interstate 30 had gas for $2.74 a gallon.
"Two-seventy-five is the lowest," one driver said. "I never thought it was going to be so low. It's great."
Another motorist said she was "loving it to death."
"I'm going to try to get as much as I can," she said. "As much as my money lets me hold, I'm going to get it."
The price drop drew long lines of drivers to the gas station.
(Excerpt) Read more at msnbc.msn.com ...
It is illogical to line up to fill up when prices are on the way down.
Who said humans were logical? BTW, there was no line when we filled up.
It's not great until gets back below $1.50/gallon.
$2.59 here in Oklahoma right now.
Its 3.05 here and the lines are long as can be. People running their engines to save money on gas. I just went to a gas station with no line but we should be breaking the $3.00 mark soon.
I filled up at $3.67 the other day and now the average is $3.14. The lowest I’m seeing is $2.97.
Cheap is $1.20. $2.75 is obscenely expensive, down from outrageously expensive.
Wow. I just paid 3.19 within the last 30 minutes and I was thinking that was pretty decent.
I never understood the mentality that goes behind driving a further than normal distance, or waiting in line for gas at one place when another gas station is down the street. Gas prices in a given area normally don’t deviate very much from other stations, and unless you are going to be purchasing a thousand or so gallons of gas I just don’t see the point in going out of your way to fill up at a station that is selling gas at 4 or 5 cents per gallon lower than other nearby stations.
I always just shake my head and laugh when I see two gas stations across the street from each other. One is selling at $3.67 per gallon, the other is selling at $3.63 per gallon. Invariably, every single time, cars will be lined up at the $3.63 per gallon station while there is no waiting at the $3.67 per gallon station. Is saving $.80 on a fill up really worth the wait?
We’re still paying $3.43 in Salt Lake, despite the governor’s assurances that nobody’s gouging. Of course, there was an admission by the local industry that a “little padding” might be going on, in anticipation of lower profits this winter. Meanwhile, our prices are higher than California’s.
$80.00 a barrel today. That equates to about $2.17/gal for gas in the near future.
Just filled up for 2.97 in S. Jersey.
Maybe, but it's fun. Irrational exuberance.
This morning I took an hour "praise hike" in the mountains...hiked along, trying to recount to myself everything good in my life. All day people have been saying "you sure are cheerful today."
$2.99 in areas of Wisconsin.
$2.90 here in South Austin.
$3.36 in central NY State.
I’ll usually drive five miles out of my small town (where gasoline is about 15-20 cents higher than at the “highway” stations over the hill) to fill up my truck. Of course, with a 36-gallon fuel tank even a 10-cent difference per gallon makes it a worthwhile trip if I combine it with other shopping over there.
Gas here has been around $2.80 - $2.90 for a week.
I paid 3.69 for a 5.4 gallons of gas yesterday. Today, it went down to 3.55. I figure it will be in the 3.30’s next week.
Burn some of that cheaper gas on Nov. 5 and drive a few like minded voters to the polls!!! Do your part!!!
The attention span of the typical dumbed down American is less than 30 minutes.
Reduced prices for gas bother me in that now everyone will forget the continuing importance of “Drill here, Drill now.”
Until next summer when the national average goes over $5 for the first time and then they will all be screaming again.
Just saw $2.53 in OKC
$2.97? Where in Jersey do you live?? Nearly every station near me is now under $2.70.
$2.93 at the Costco here in Maryland. Funny how the media isn’t running any stories about the slide in gas prices. In fact, I keep hearing commercials talking about “soaring gas prices”. When Iraq is going well, talk about high gas prices. When gas prices drop, talk about the stock market. I only thought the market was for the rich getting richer? Makes me crazy.
Well, in January of 2007 I was getting gas for $1.99 a gallon in Dallas (at QuikTrip over by Love Field).
You said — “It’s not great until gets back below $1.50/gallon.”
Well, the last time I saw that price (it was $1.49 a gallon for me in Portland, OR) was around January of 2004.
I don’t think it’s getting back down to that...
Why are prices going down? The only change that I’m aware of is that we have ended the ban on offshore drilling. Is the lower price of gasoline due to the free market and de-regulation?
It’s odd, but it seems that many people take good news for granted. Prices go down and there is no curiosity as to why that happened. Shouldn’t we want to understand and replicate success?
When prices go up, I hear that it is due to “greed.” When prices go down, I hear no explanation. For those who offer greed as an explanation for price increases, are prices falling because people are now less greedy than before?
$2.79 here in Omaha
3.99 in NC
$2.52 here in Missouri.
Wholesale prices of gas fell 22 cents on Friday, to 1.80/gal. It’s going down further
Dems say "but even if we drill now, we won't see any oil from that for years!"
But current producers take the future into account, and try to pump and sell all they can right now, before all that new oil comes on the market, with the result that anticipated future supplies and prices affect current prices immediately.
$2.31 in Oklahoma City (at 7-11), with other 7-11s at $2.35
$2.84 in Tulsa (at QuikTrip; a major brand and a Top Tier Gasoline; http://www.toptiergas.com/ ) — which always seems to be higher with QuikTrip setting the price that everyone goes in lockstep around. But it’s been dropping fast, sometimes twice a day, and the signs outside can’t keep up with the pump prices.
Drive about 90 miles (from Tulsa) and get gas for 50 cents a gallon cheaper... LOL...
You asked — “Why are prices going down? The only change that I’m aware of is that we have ended the ban on offshore drilling. Is the lower price of gasoline due to the free market and de-regulation?”
When banks are closing and/or being taken over by governments all over the world, stock markets are crashing all over the world, there is talk among some governments about closing the world’s various stock markets, the outlook is for a major, major recession world-wide — and you’re asking why the price of oil is going down...?? LOL...
Oh...., and to duplicate the reduction of oil prices in the future, just crash the world’s economy. That should do the trick...
You said — “Wholesale prices of gas fell 22 cents on Friday, to 1.80/gal. It’s going down further”
Does that mean everyone is driving less in the U.S. now? And/or, is it a combination of the lowered price of crude oil?
I would imagine that everyone is driving less now. And typically, the price of gas does come down about now. It should be the lowest sometime around January of next year (typically).
I’m guessing the lowered price of gasoline is reflecting the lowered price of oil. Plus the hurricane season is over, the refineries are back up now, and people are not doing a lot of vacation driving right now.
$2.67 in Liberty, MO.
I’m going to guess that entities that were holding oil off the market, currently have an incentive to liquidate assets for cash.
If I understand you right, you are saying that the demand for gasoline is less due to the financial crisis. Perhaps.
Maybe people have curtailed their vacations. For myself, I was on a driving vacation last week. Maybe people are planning their daily trips better so as to make fewer trips to the store, etc. I was already doing that. Did demand for gasoline really fall so far so fast? It’s not as obvious to me as it is to you, LOL.
You said — “If I understand you right, you are saying that the demand for gasoline is less due to the financial crisis. Perhaps.”
I would definitely say so... LOL...
I mean, *really* — you can’t have bank meltdowns, major company and financial institution bankruptcies, 401K plans melting down to half the value, home values crashing, governments talking of shutting down stock markets world-wide for a breather, hearing of a once-in-a-hundred year financial crisis — and then say, “Well, I’m just going to spend my money on a vacation to get away from it all...” Someone who says that is totally divorced from reality or has so much money that they basically light the fireplace with $100 bills.
And then you said — “Maybe people have curtailed their vacations. For myself, I was on a driving vacation last week. Maybe people are planning their daily trips better so as to make fewer trips to the store, etc. I was already doing that. Did demand for gasoline really fall so far so fast? It’s not as obvious to me as it is to you, LOL.”
Of course, the major vacation period of time for the year is over. Typically, the price of gasoline will be the lowest sometime around in January, but with it dropping (on the average) through this time of year, too.
And, just think about it, the price of gas was about $4.00 a gallon just a month ago (thereabouts) and now it’s on the way down to $1.99 a gallon (very soon now...).
You can’t take that much money out of everyone’s pocket (the great middle class) and not expect to have some “adjustments” taking place. Taking $4.00 a gallon out of your pocket every time you drive — and if you *continue* driving just like you drove before with gasoline prices at $2.00 a gallon — you would *have to* take that money out of your budget somewhere else.
Well, I think people *are* driving less. In fact, the statistics have shown it — that over the last year people have *consistently* driven less every month. It’s been down, down, and down.
You said — “I’m going to guess that entities that were holding oil off the market, currently have an incentive to liquidate assets for cash.”
That may very well be so. Who wants to hold onto a higher priced commodity when the bottom is dropping out on it... LOL...
BUT, the biggest culprit in holding oil off the market is OPEC. They consistently state that they are going to *manipulate* the market in order to hold the prices up to where they can get more money. Of course, OPEC can’t necessarily control the world’s financial system crash, which will drive down the price of their oil, because of everyone cutting back everywhere and on everything they can — drastically reducing their “prior” lifestyle and accommodating to the current conditions.
HOWEVER, I believe that it was *OPEC* (itself) that drove the world financial system to this major crash, and not necessarily all the other (and legitimate) problems that have been uncovered. Those other problems could have been weathered, if it weren’t for OPEC taking so much money out of the western economies (which drive the world’s financial system).
OPEC is to blame for our current situation. It would serve them well, to have oil go down to $15 a barrel and let them “eat sand” for a while.... LOL...
I agree that expectations can affect things immediately.
Earlier this year, some thought that the price of oil was too high relative to the circumstances at the time. The thinking was that oil was priced high due to the possibility of reduced supplies from the Middle East. Such things as sinking a tanker, etc. Maybe now that our oil industry can drill for oil, a risk has been balanced by an opportunity.
Here’s a nice gas price map for the United States....
http://www.gasbuddy.com/gb_gastemperaturemap.aspx
As of today, Saturday, 10/11/2008, I’m in the darkest green area of the U.S. :-)
Obviously this calls for a Congressional investigation and hearings, with a view to enforcing all the price-gouging that these service stations are engaging in.
Gas taxes (per gallon) for the various states in the United States...
http://www.gasbuddy.com/tax_info.aspx
Reformulated Gasoline Blendstock for Oxygen Blending (RBOB) Futures market information...
http://commodities.about.com/od/profilesofcommodities/p/gas_futures.htm
Gas looks like it’s going down below $2.00 a gallon soon...
I was saying — “Well, I think people *are* driving less. In fact, the statistics have shown it — that over the last year people have *consistently* driven less every month. It’s been down, down, and down.”
Take a look at the last number of months, running back to October of 2007 and see that the driving has been less every single month since back then.
http://www.fhwa.dot.gov/ohim/tvtw/tvtpage.cfm
I was on a driving vacation last week. The only problem we faced was one of occupancy. The places we stayed were booked solid, so our choice of rooms was constrained.
It can be hard for people to understand reality for all the faulty reporting. The press has been saying that we are in a recession throughout the Bush administration. But we were never in a recession - two consecutive quarters of negative economic growth.
Some pundit pointed out that he was watching TV and reports about reduced credit availability alternated with adds for easy credit. So where do we really stand?
It is true that the stock market has fallen and keeps falling. It seems to me that the fall in stocks coincides with the bail-out bill. Perhaps it was caused by the bail out bill.
As for oil and gas, I am struck by the fact that we have ended a decades long ban on offshore drilling, and the price of gasoline has fallen by about 40%.
One Democratic Congressman said (several weeks back) that supply has nothing to do with price. I consider that to be amazing. It’s kind of like saying that a falling apple has nothing to do with gravity. Economists are right in considering supply and demand to be the determining factors in price. Supply and demand reflect current conditions, and expectations for the future. It can be a little hard to untangle all the many factors affecting either supply or demand. But surely allowing producers to drill for oil is important.
In some ways we’ve been here before. Under Carter we had price controls on gasoline and on domestic oil, and we had a crisis. Under Reagan, we deregulated. We removed the price controls on gasoline and on domestic oil. The crisis disappeared. Then, as now, the most common response was “filler up.”
You were saying — “It can be hard for people to understand reality for all the faulty reporting. The press has been saying that we are in a recession throughout the Bush administration. But we were never in a recession - two consecutive quarters of negative economic growth.”
Big systems move slow, but the results *inevitably* come down the line. Whether you are talking about personal finances or weather systems (as in AGW [Anthropogenic Global Warming]), or the health of a business or a national economy, or the overall world financial system — they all move slowly from various “inputs” that they have.
Now, we’ve had some fairly drastic inputs and everyone (personally) also has their own “inputs” (with their own personal finances) — and none of these inputs have had the *results* that will come down the line from them.
On the financial system, I would say that you should see some pretty serious “results” by the first of the year. On a personal level, it would depend upon how much “elasticity” you have in your own personal finances (and likewise with others). There is *still* some elasticity there and the “results” haven’t “come down the line” yet. But, they will and then all the personal elasticity will be gone plus any that was left in the overall financial system will be gone (I think that was gone a long time ago). Then, it will be a *big hurt* on the personal level. The “big hurt” is going to come next year for everyone personally.
So, go out and vacation while you can, because the “big hurt” is coming next year as what is being played out right now, works its way down to the personal level...
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