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 ...
a low volume ping...
I seem to remember being in San Antonio around 71 or 72, and I thought a gallon of gas was about 30 cents a gallon, and I thought it was too high. Times have changed.
It was down to 1.00 in 2000.
The middle east found out our secret to success in 1973.
We had no means to counter them.
We do now, except we have a jack=ass in the White Hut that says gas needs to be 4.00.
I wonder just whom he was promising what.........
I remember my mother screaming she’d NEVER pay 38 cents a gallon. That was either 72 or 73.
So the price of air travel should be lower as well no?
“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.”
I hope the price hasn’t been manipulated in order to make fracking unprofitable.
I am from North Dakota, so I hope the economy keeps plugging along. I hope also, that necessity is the mother of invention, and that they can find newer and cheaper technology to get it out of the ground. I don't know if they can, but I hope they do. What did they all do, when oil was $35 a barrel? Work in other career fields?
Well, now you know what I was thinking too.
back in ‘71, I smoked and a carton of cigarettes was $20.
That is the entire reason. Stop America from being oil independent. They have their price now.
It is 2.43 in free states.
I was in the backseat of a Kingswood Estate, not driving.
Cheap gas? Please, get it under a $1.50 and then we’ll talk.
I have a feeling that’s just a pipe dream though, along with a real pension plan, and government accountability.
“When did $300,000 become a starter home?”
Probably, when somebody decided to build it in California. My mother’s small two bedroom house in a bad neighborhood cost her 400k, and in a state that everyone is rushing to leave at that.
$400,000 buys you as near a mansion as you’d like here in North Texas.
That’s $2.00 per pack. Most of us were paying about .55 cents.
Four quarters of butter is up to $5 to $6 now around here.
I look for special sales and can find it for $2.50. But some people must be paying $5 - $6 for it.
Do you have Aldi’s there?
The Saudis have been increasing production for the last year.
Their wells break even around $10 per barrel.
OPEC has been manipulating oil prices for the last 40 years, and probably longer.
I know, I live outside of Houston. I wouldn’t dream of moving to California for any reason. My mother, on the other hand, is a petroleum geologist who whose “people skills” are so bad that the only oil company left that would hire her is in California. It’s a shame, because she’s an excellent geologist when it comes to the technical aspects of her job, possibly the best in the state.
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