[TomGuy]

Not sure about a ‘glut’, but local gas prices at 6 of the 8 local stations have dropped under the $3.00 mark for the first time in over a year. They currently range from $2.94 to 3.08.

[thackney]

Glut is just headline rhetoric. But the US increase in oil supply is putting pressure on pricing.

From last month:
http://www.eia.gov/forecasts/steo/

Total U.S. crude oil production averaged an estimated 8.6 million barrels per day (bbl/d) in August, the highest monthly production since July 1986. Total crude oil production, which averaged 7.5 million bbl/d in 2013, is expected to average 9.5 million bbl/d in 2015, 0.2 million bbl/d higher than projected in last month’s STEO. If achieved, the 2015 forecast would be the highest annual average crude oil production since 1970. Natural gas plant liquids production increases from an average of 2.6 million bbl/d in 2013 to 3.1 million bbl/d in 2015. The growth in domestic liquids production has contributed to a significant decline in petroleum imports. The share of total U.S. petroleum and other liquids consumption met by net imports fell from 60% in 2005 to an average of 32% in 2013. EIA expects the net import share to decline to 21% in 2015, which would be the lowest level since 1968.

[Zuse]

When my lofo neighbors were complaining about high gasoline prices last year, I told them to expect prices to come down substantially before the elections (just like the unemployment rate).

B0 is patting himself on the back taking all the credit while he did everything possible to block domestic production.

[luvbach1]

Still averaging about $3.75 in San Diego