Posted on 04/07/2015 8:27:21 AM PDT by Perkinsbob54
ROSWELL – Gasoline prices in New Mexico could drop to as low as $1.60 a gallon this year as the United States and the Organization of Petroleum Exporting Countries engage in an outgoing crude oil price war, an expert told the New Mexico Landmen’s Association on March 27. Dr. Daniel Fine, associate director of the New Mexico Center for Energy Policy at New Mexico Institute of Mining and Technology, said at the landmen’s association’s monthly meeting recently that crude oil storage in the United States is at a near maximum, meaning it will be some time before crude oil prices rebound.
While the price war is likely to result in a “stalemate” between U.S. oil producers and OPEC members such as Saudi Arabia, Fine said crude oil consumers, particularly motorists, are likely to experience unusually low prices at the pumps for months to come.
Fine predicted gasoline prices in the Albuquerque market for the remainder of 2015 would rise slightly to $2.35 a gallon before leveling off somewhere between $2.35 and $1.65 per gallon. He said gasoline prices in Albuquerque could drop to as low as $1.60 a gallon.
“I would use that as the bottom range,” Fine told the Daily Record after his hour-long address to the landmen’s meeting at the Roswell Country Club. “I can’t say how soon. That will depend on the events now in front of us.”
(Excerpt) Read more at cibolabeacon.com ...
. Except, in order to have super-low gasoline prices, the price of oil has to be too low to support exploration and many forms of oil recovery, thereby decimating 100,000's of jobs. Catch 22?
C&T was supposed to mostly affect the cost of electricity (shutting down coal-fired power plants). I don't know about you, but my electricity bills are almost double what they were a couple years ago.
Last year, in the Houston area, we were paying $1.60 a gallon. The cheapest I found it was aroun $1.40 per.
It’s good for my economy, not so good for Texas economy.
Better be buying canned beans with the savings...
He will find a way to use the gov’t to shut down oil & gas production. Guaranteed.
Whether it’s Constitutional or not matters not.
$1.98 near Richmond, VA this past weekend.
I worry that this may kill domestic production as to get us back on the middle east crude teat...
How low does it have to get before it cam be feasible to replace my electrical utility for my hosue with a generator and a fuel tank?
I would rather NOT see Saudi Arabia win the war against American fracking. I’d prefer those slightly higher prices IF we would use American fuel in the American economy and (1) keep the frackers from going bankrupt and being forced to sell out to Saudis or their covert operatives, (2) keep the frackers pumping oil out of the ground, and (3) keep the frackers hiring Americans by the boxcar load.
Not funding Islamofascism through the back door has to be worth something.
Unless you live in Hawaii where electricity runs about 35 cents / KWHR there is no bottom fuel price where you could afford to run your own machine. The price of the quality , dependable, machine would never recover even if the fuel were free. Just wanting to be off the grid is another question and might not depend on fuel cost. But it’s really difficult to beat the price of central station power.
Just as an easy example let’s say your monthly electric is 100 bucks. It would take ten years saving those payments to pay off even an entry level machine. But the machine, regardless of what it is, would not last that long without at least major maintenance. So you would be starting over at least every three years or so. And that would make you wish you’d stayed on the grid, financially at least.
I fill up my vehicles...when they need to be filled up.
Check with SunPower. I only have a $135/month electric bill, and I can finance a new 4kV solar panel set and inverter for less than that, and I’m doing it with a home equity loan so I can deduct the interest. The system has a 25 year warranty and SunPower has the most durable and efficient panels on the market.
Plus the Federal Government will be giving me a big fat 30% tax credit on the price including installation. Unless you live in the snow belt or a hydroelectric paradise, anyone who has air conditioning but no solar is throwing money away hand over fist.
The southern bay area has been around $3 (give or take) lately. I paid $2.95 yesterday in Morgan Hill.
The Texas economy is more than the oil industry.....Rex Tillerson said that Exxon Mobile can do business at $40.00 a barrel. The oil industry has had more than a decade at inflated oil prices.....a correction is overdue and needed by oil consumers!!!
“Fine said summertime gasoline prices should be somewhere under $2 a gallon. He said if gasoline prices drop to $1.65 a gallon, those would be the lowest gasoline prices in the United States since 1998.”
Not here it wouldn’t, prices dropped to 1.39 late in 2008.
This would be BAD for a lot of economically viable States from Louisiana and Texas to North Dakota.
But, if you can’t compete, better die and pave the way for something better.
But not for domestic oil production.
Funny that...
Gas in Indianapolis shot up 17% tonight, from $2.05 to $2.39.
Yup - and my Jeep is thirsty. Only 3.6L and I have a manual transmission, but they don't get good gas mileage.
Those associated with the oil industry are not happy, however, to see prices fall further.
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