Posted on 09/26/2011 8:21:06 AM PDT by Evil Slayer
As gasoline prices keep falling at the pump, analysts are wondering how low they can go.
Crude prices could continue to drop, in part because of lingering economic woes seem likely to keep demand down.
The national average is down to $3.54 for a gallon of regular, and in the city with the cheapest gas, St. Louis, the going rate was $3.08 a gallon as of Friday, according to the Lundberg Survey released Sunday.
Some Central Jersey stations are also in that ballpark. Two stations in Old Bridge, Middlesex County, and one in Marlboro, Monmouth County, have pegged regular at $3.07, while one Trenton station has $3.08 and another has $3.09, according to www.NewJerseyGasPrices.com.
With a drop of another dime possible, according to Lundberg, that could mean gas selling for less than $3 a gallon once again in the region.
And that's without crude prices falling more, which could happen.
"The worsening perceptions of the European economies means there's a potential for the damage to petroleum demand to go viral worldwide," analyst Trilby Lundberg told Bloomberg News.
(Excerpt) Read more at philly.com ...
Thanks. The answer is in your link. When I was keeping track before, Brent and WTI were pretty close. Now Brent is over $100 and WTI is below $80. There has been a disconnect between those for some reason.
Never mind...
Just like every run up in gas prices, it never seems to go down to the previous mean low prices. Always seems to stop at $0.25 - $0.40 higher than before.
My theory is that if you run up gas and diesel prices to the painful level, let it sit there for a month or two and then let the prices 'slip' to a lower price, but higher than before, the people will be so relieved that prices have come down that they accept the new, higher, mean price and quit their bitchin'. But the fuel companies get what they want, and state governments keep quiet because the sales tax portion of the price is producing additional revenue for them to squander.
Carbon credits cooked into the price?
That would REALLY get my dander up!
I still have my “Drill Here Drill Now” sticker on my back windshield. I’m not taking it off just because the price went down.
I bought regular unleaded yesterday in Wylie, TX (near Dallas) for $3.099 a gallon.
I drove a Jag when I lived there, twenty years ago. Gas was $6.00 a gallon, then. I don't miss it one bit.
It should be about $3 because the wholesale gas is around $2.58 right now. So, at least based on what the difference is in my area (a little higher gas price because we are oil central), gas should tumble to about $3.05-$3.10 here.
Back home in Kansas, it likely will drop to $2.85 or so since there isn’t near the inflation in prices there.
FUBO GTFO! 481 Days until Noon Jan 20, 2013
One primary reason appears to be Uncertainty - no one knows what Pres. A**hole is going to do (to us all) next and oil prices are fluctuating in a wider range. As a consequence, wholesalers are charging a bigger markup to both their primary and secondary market customers.
Next, refinery expenses are up - a lot. Why? Because the aforementioned President and his administration will not allow any new refineries to be built in this country, while the old ones are slowly declining both in number and output.
Then, add the cost of new environmental (and other) business regulations that are of course passed on to the consumer.
That’s what ticks me off about living in Midland (well, not a desert fan either, but the economy is doing great here in oil central).
We are the oil region, yet our prices are always way higher than DFW. Still in the 3.40 range in Midland/Odessa. If you go out west of the Permian Basin like Fort Stockton etc., it’s still around $3.59.
$3.95 in Colville, Wa
Has Obama put in an SOS call to his Moose buddies in OPEC?
$3.85 is the cheapest I have seen in Washington state...probably $.09 cheaper in other places. It hasn’t been below $3 in two years....frickin liberals...always raising gas taxes.
What changed is we got used to paying $3. And it stopped being a poltical issue.
If a GOP president is sworn in, there will be more pressure to lower prices.
$3.91 at Unocal stations in Los Angeles, a little lower at Arco.
Many stations in the L.A. area are selling unleaded regular for over $4.
The last time oil was priced this low, gas was selling at around $2.90, so something’s wrong here.
$3.129 at the usual filling station this morning here in Knox Vegas. Driving with the gas light on, hoping for a drop before tomorrow morning.
“$3.60 IN nc.” I just bought it for $3.15 in Martinsville VA. It was $3.60 or so in Greensboro, right across the line.
Bought yesterday at Costco in Issaquah, still $3.75. Dropped as low as 3.67 in mid-august, then up to 3.75 2 weeks before Labor Day, has not budged since, even tho oil futures have dropped. Gas Buddy tells me still 3.75 at Costco, but 3.64 at Sam’s in Renton. Not enough to justify a trip, but if I am in the neighborhood, I would certainly top off.
Now matter the price -— we are still sending our wealth to the Middle East when we could be using our own energy resources and creating jobs for Americans.
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