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Gov’t tells US drivers to get used to cheap gas
Associated Press ^ | Nov 13, 2014 12:08 AM EST | Jonathan Fahey

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 ...


TOPICS: Business/Economy; Travel
KEYWORDS: cheapgas; doe; energy; fracking; fueloil; gasoline; globalwarminghoax; heatingseason; oil; oilprices; opec
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1 posted on 11/12/2014 10:41:16 PM PST by Olog-hai
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To: Olog-hai

It hasn’t been that cheap since December 2010.


2 posted on 11/12/2014 10:43:10 PM PST by goldstategop (In Memory Of A Dearly Beloved Friend Who Lives In My Heart Forever)
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To: Olog-hai

The effects of the Republican wave are already being felt!


3 posted on 11/12/2014 10:44:31 PM PST by Cowboy Bob (They are called "Liberals" because the word "parasite" was already taken.)
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To: Olog-hai
U.S. consumers will save $61 billion on gas compared with this year.

Too bad it's being offset by the higher prices of water and electricity...at least it is here in the West

4 posted on 11/12/2014 10:45:06 PM PST by BookmanTheJanitor
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To: Olog-hai

It’s $2.40 a gallon here.


5 posted on 11/12/2014 10:47:15 PM PST by 2ndDivisionVet (The question isn't who is going to let me; it's who is going to stop me.)
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To: Olog-hai

Done to offset how much they’re ripping us off in every other way? Obamacare being # 1


6 posted on 11/12/2014 10:47:29 PM PST by jsanders2001
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To: 2ndDivisionVet

When did this become “cheap gas”?


7 posted on 11/12/2014 10:48:15 PM PST by GeronL (Vote for Conservatives not for Republicans)
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To: Olog-hai

And they expect you think that $2.94 per gal is low because ... you’re stupid.


8 posted on 11/12/2014 10:49:58 PM PST by TigersEye (ISIS is the tip of the spear. The spear is Islam.)
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To: GeronL

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?


9 posted on 11/12/2014 10:51:08 PM PST by 2ndDivisionVet (The question isn't who is going to let me; it's who is going to stop me.)
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To: Olog-hai
Don't get too comfortable, folks.

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.

10 posted on 11/12/2014 10:52:25 PM PST by zeestephen
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To: TigersEye

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.


11 posted on 11/12/2014 10:56:23 PM PST by Olog-hai
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To: zeestephen

Yes, but most Texas plays are good until $60bbl.


12 posted on 11/12/2014 10:57:09 PM PST by 2ndDivisionVet (The question isn't who is going to let me; it's who is going to stop me.)
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To: 2ndDivisionVet

How much did a gallon of milk cost in 1972?


13 posted on 11/12/2014 10:57:28 PM PST by eyedigress (e(!zOld storm chaser from the west)/?s)
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To: Olog-hai

Obama will figure out how to screw this up and get gas prices higher.........


14 posted on 11/12/2014 10:58:01 PM PST by 48th SPS (Not Republican. Not a Democrat. I am an American)
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To: Olog-hai

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.


15 posted on 11/12/2014 10:58:59 PM PST by lee martell
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To: eyedigress

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


16 posted on 11/12/2014 10:59:27 PM PST by 2ndDivisionVet (The question isn't who is going to let me; it's who is going to stop me.)
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To: Olog-hai

Yes, I recall paying an ave. of $1.54 in 2005. I thought that was high then.


17 posted on 11/12/2014 11:01:46 PM PST by TigersEye (ISIS is the tip of the spear. The spear is Islam.)
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To: 2ndDivisionVet

In 1972 gas was 32 cents.


18 posted on 11/12/2014 11:02:05 PM PST by eyedigress (e(!zOld storm chaser from the west)/?s)
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To: Olog-hai

Wasn’t it below $2 a gallon while Bush was president?

Obama brought us $4 a gallon gasoline.


19 posted on 11/12/2014 11:03:18 PM PST by wastedyears (I may be stupid, but at least I'm not Darwin Awards stupid.)
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To: Olog-hai
We really need the government to tell us? You mean we cannot see it for ourselves at the station? Another reason the energy dept., the education dept., the “environmental protection agency,” the agriculture department and a host of other federal agencies should all be abolished. Their only purpose is to further their own existence and harass the populace.

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.

20 posted on 11/12/2014 11:03:38 PM PST by Fungi
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