Gas under $1

burner31

burner31

Well-known member
How low will it go?
This was taken in Michigan this past week-end
 

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anything over 29.9 cents is high to me....In a gas war as a kid in Virginia I pumped it for 18.9 a gallon. I've purchased it in Texas during a gas war at 12.9. When cokes and coffee left the 5 cent mark the consumers 'bout crapped their pants. lol
 
Ditto on the gas war prices. We lived in western NY at the time and decided to hop in the 50 Ford to get pizza in NYC. (Only folks from that area as I was would understand why it was worth a 400 mile trip). We refueled in Scranton PA and gas was 11.9 cents per gallon.

I have had a diesel bus since 1990 and in my log book I show I paid as little as 62 cents per gallon for the first several years.
 
Too cheap is not good for the US economy either, although it sure feels good when at the gas station! Its going to cost a lot of people their jobs in the oil fields. The trouble is, its a false low. Prices below cost of production are not good for any industry long term. On the flip side, excessive profits are not good for an industry either. Markets will sort themselves out eventually if allowed to. Farmers go through this type of market swing, although it has gotten better due to long term contracting.
 
Personally I have no issue with oil companies being compensated for the cost of retrieval and refining, but I have a big problem with someone in the middle east getting a tummy ache and the price of fuel going through the roof.
 
I used to pump 5 gal/$1, plus stamps, or dishes/glasses. My Mother remembered 7 gal/$1 but nobody had a dollar.

The majority of crude oil in this country does NOT come from the middle east, but the guy with the tummy ache does still affect us.
Paul in CT
 
This going to send the middle eastern guys broke since oil is basically the only source of revenue.
Don't know how countries like Kuwait, Qatar and Emirates will be able to maintain all those extra tall buildings and air conditioning systems they have with no oil.
I guess that will be the end of the pissing competition to see who can build the tallest building over there.
USA is almost self sufficient in oil production so I read some where recently.
Own oil means better defense and security.
 
fiftyV8, I've been kinda wondering about this if it isn't why prices are tumbling, with Iran coming back in the oil game and all that. Keeping Mideast profits down. I'm sure there is an unseen hand in all this.

In the meantime we're all loving it!
 
fiftyV8, I've been kinda wondering about this if it isn't why prices are tumbling, with Iran coming back in the oil game and all that. Keeping Mideast profits down. I'm sure there is an unseen hand in all this.

and all of this cheap gas only cost us another 154 billion to our bottom line..........

amazing the geniuses we have in DC................!

wish I had been born "smart"
 
I just paid 1.75 a gal last night. That is equivalent to 25 cents a gallon in 1968, which was when I first started paying attention to gas prices.
 
I remember around 1996 in CA when gas hit over $1.20 a gallon the out cry was so huge, I was expecting a 2nd Civil War.
 
fiftyv8 said:
I remember around 1996 in CA when gas hit over $1.20 a gallon the out cry was so huge, I was expecting a 2nd Civil War.
Click to expand...

I remember when the gas went from 30 cents to 42 cents overnight with predictions of going up to 80 cents a gallon, my neighbor said he's walk before he'd ever pay that for gas.:eek:

Later he bought a pickup truck with a large camper on the back to go travelling.:D
 
I was working in a gas station when the first embargo hit (Oct 17, 1973), I always had a full tank when you were only allowed to get gas on odd/even days depending on your license plate number.
I remember very well the anger of people when they were allowed only ten gallons, and as the price headed towards $1, people stating they will walk, ride a horse or just not drive all together before they ever pay $1 for a gallon of gas.
I left Calif. in '98, gas was $1.20 something, when I got to Oklahoma gas was half the price.
 
Yes CA was well out of tune with the rest of the country when it came to gas prices especially compared to the east coast.
I figure it is still similar today, who can afford to live in CA with more than one car...
 
fiftyv8 said:
This going to send the middle eastern guys broke since oil is basically the only source of revenue.
Don't know how countries like Kuwait, Qatar and Emirates will be able to maintain all those extra tall buildings and air conditioning systems they have with no oil.
I guess that will be the end of the pissing competition to see who can build the tallest building over there.
USA is almost self sufficient in oil production so I read some where recently.
Own oil means better defense and security.
Click to expand...

What's going on here is that the middle east guys are controlling the market. The more we FRACK the more it has an affect on them. Our number one export in this country is gasoline. Refined crude. Always has been. The oil cartel guys have no problem with that as long as we buy the crude from them. Fracking has changed that to a degree except for the fact fracking costs more to get out of the ground than what is being pumped in the middle east. The FRACKERS need oil to sell around $85.00 to $100.00 a barrel to make any money at it. Oil is at an all time low right now. Somewhere around $30.00 a barrel. The Saudi's can still make money at those levels but the FRACKERS can't.

The FRACKERS are closing down a lot of their operations as they can't make any money. It's what the oil cartels was hoping to accomplish.
 
Probably right about the prices and the fracking, but the lavish life styles of running a country and being a Saudi prince/s and the like is based on an oil price much higher than $30 a barrel.
I thought I read somewhere that around $28 was break even price...
 
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