If not by year's end then eventually. Adjusted for inflation $1.75/gal. was the norm before 2002.
Posted on 06/30/2015 5:45:36 AM PDT by expat_panama
The oil price collapse of 2014-2015 began one year ago this month (Figure 1). The world crossed a boundary in which prices are not only lower now but will probably remain lower for some time. It represents a phase change like when water turns into ice: the composition is the same as before but the physical state and governing laws are different.*
[snip]
The main cause of the price collapse of 2014-2015 was over-production of oil. Most of the increase came from unconventional production in the United States and Canada–tight oil, oil sands and deep-water oil. From 2008 to 2015, U.S. and Canadian production increased 7.65 million barrels per day (mmpbd). During the same period, non-OPEC production less the U.S. and Canada decreased 2.85 mmbpd and OPEC production increased 1.79 mmbpd (Figure 2).
[snip]
OPEC is as concerned about long-term demand as it is about market share. Oil is the only major source of revenue for many OPEC countries and low demand, potential competition from other fuel sources, and the effect of a perceived link between oil use and climate change are existential threats. Related: BP Data Suggests We Are Reaching Peak Energy Demand Demand growth for oil has been declining since the late 1960s (Figure 5). OPEC hopes to stimulate demand ...
[snip]
Oil price collapses in 1981-1986 and 2008-2009 are the only analogues for the present price situation (Figure 16). So far, the current price collapse seems more similar to 1981-1986 than to 2008-2009. [snip] We have had a year of lower oil prices. Based on available data, I see no end in sight yet. The market must balance before things get better and prices improve.
(Excerpt) Read more at finance.yahoo.com ...
Ah. If only...
Do you think comparing the lowest price at a single store to the average price in an area (including the high-rent areas) is a fair comparison?
We should compare average to average or the comparison is meaningless.
Looks like quite a few of stores in the Alburquerque area in the low 2.40’s.
http://www.albuquerquegasprices.com/
Yeah, they are. They’re not near me, though. I live up in Rio Rancho (part of the major metro area). I filled up yesterday at Costco on Coors Bypass.
Understood, but note that even the Albuquerque Metro Area is about 10 cents on average lower than the rest of the state on average. So I'm comparing apples to apples with my statement. Look at your list you sent me. In the area, we can see as much as a 35 (or more) cent/gallon swing in prices. For some reason, all the Chevrons in the area are almost always 25 to 40 cents/gallon more expensive. The gas isn't that much better, but they charge out the wazzoo for it.
I'm comparing what I paid at one store yesterday, with what I paid at that same store 6 months ago. The price, on average, in the state has gone up 80 cents/gallon since January.
$3+ in the people’s soviet of Washington State. It just went up again - by at least $0.15, since Inslee signed the new budget.
State workers - across the board 4.8% salary increase. Teachers - 3.2 % plus a two year bonus of 1.8% per year that ends 2017.
Transpo spending is through the roof. Money being slung everywhere.
Who backed the gas tax increase?
Republicans.
Over $3.00 in Oregon.
understood, thank you.
Gas Buddy helps you find the lowest price in your area:
Currently $2.67 in my little Cow Town.
If not by year's end then eventually. Adjusted for inflation $1.75/gal. was the norm before 2002.
What do you think the fallout of Puerto Rico’s debt problems will be?
What makes you think oil at ~$20 is likely? The cheap easy oil is mostly gone. Even the Saudi’s are spending large dollars on expensive heavy crude to keep up production rates.
Setting aside the fact that you're making up weird stuff that I'm supposedly thinking (and why do you you think you can read everyone's mind and TAKE OVER THE WORLD like Blue Tentacle?), we probably want to just work with what is. The last time oil went for less than $20/barrel (2014$) was in '98, and it hasn't been there since. Markets are what they are and we need to make peace w/ 'em. Oil's now trading under $60 like it's been for the decades before this last one, and evidently the oil there is now is easy enough at the prices we got.
Slump. LOL. Paying low fuel prices = something bad.
OK!! If ever the combined wisdom of all the financial savants assembled here on FR is needed, it is now, today!!
Tell us!!! What should we do? Buy? Sell? Hold?
We must know!!!
What do you claim I am making up, the Saudi's large amount of dollars invested to produce heavy oil?
Oil's now trading under $60 like it's been for the decades before this last one, and evidently the oil there is now is easy enough at the prices we got.
But the gasoline prices we got are not in line the oil prices from the time period you referenced, that was back when oil was in the $20s.
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