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JEFF IN MODESTO

Who has the cheapest gas prices?

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JEFF IN MODESTO

Gas prices are falling fast here in central ca.

I just paid $2.64 a gal.... Sure takes the edge off when you drive a 4x4 that gets 10mpg in the city.

Based on the crash in world oil prices today.

Can sub $2 a gal be far?

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Jerry@TreeZoo

The lowest I have seen it around here is about $2.759, I have heard it is $2.50 in Tennessee at Costco.

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Trava

1 liter in Croatia is 1,75 $, 1 gallon is about 6,6 $.It must be that our country is much richer than USA?

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Xerarch

Many countries have huge taxes on gasoline making for the prices that you have shown in Croatia. Other countries, like many Middle Eastern countries have huge subsidies, making for dirt cheap gas. The USA has a fairly low gas tax when compared to many countries.

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JEFF IN MODESTO

Could be.

Still with world oil prices plummeting by nearly 50%...... people in Europe/ Australia should still should see a break at the pump. Or do the goverment take up the slack in additional gas/road taxes?

I bet your roads are nicer than ours!

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Xerarch

As of today the price per barrel is $77.75, I would have a hard time believing that prices at the pump haven't also come down everywhere. This is pretty huge news, everyone seemed to think that oil was going to be above $100/barrel forever, the lower price is having huge economic effects over the world, both good and bad. As for us, it feels good at the pump.

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JEFF IN MODESTO

As of today the price per barrel is $77.75, I would have a hard time believing that prices at the pump haven't also come down everywhere. This is pretty huge news, everyone seemed to think that oil was going to be above $100/barrel forever, the lower price is having huge economic effects over the world, both good and bad. As for us, it feels good at the pump.

Don't look now..... The prices have dropped below $69bbl

Oil prices crash below $70

November 28 LONDON

Oil prices came crashing down Thursday to trade below $70 per barrel after OPEC announced it was leaving oil production levels unchanged.

WTI crude trading in the U.S. fell by roughly 7% to just below $69 -- a level not seen since May 2010.

In Europe, Brent crude prices also fell by about 7% to trade just below $73.

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JEFF IN MODESTO

Looks like the bottom is falling out the price of oil .

Here is the latest!

Oil is still falling.

In afternoon trade on Friday, West Texas Intermediate crude prices in the US dropped more than 10% to settle at $66.15 a barrel, a more than $7.50 drop in just 24 hours.

At one point on Friday, WTI futures briefly breached $66.

Brent crude prices, which are the global benchmark, also cracked $70 a barrel on Friday.

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DALION

If we keep producing shale oil and explore for more oil sources locally, we could destroy the Russian economy as well as many more oil money dependent countries. Don't let politicians fool you. This is part of their grand scheme.

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JEFF IN MODESTO

No doubt, not that I entertain any happiness in seeing someone go broke over the whole ukraine crisis, however, thier whole economy is corrupt with the mafia benifeting from the western world paying bloated oil prices.

It's about time Yankee ingenuity was used rather than military might as a political leverage .

Based on what I'm seeing, the new long term oil price should settle between $50 and $65 a bbl.

Oil rich Countries that can't compete need stop gouging the world and come up with an alternate perhaps more Eco friendly way to make a living.

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Xerarch

Oil at $50-$65 a barrel would be very hurtful to the current shale boom, it will be interesting to see how this plays out, where the price will settle and how it affects what type of formations are still profitable etc.

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JEFF IN MODESTO

I think at $65, some shale production will go idle.

The price will go up and down... But $100 a barrel .... Will never happen again.

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DoomsDave

For now, the price is falling.

But, as China and India get cars, and we refuse to give up ours, the price will rise again.

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Josh-O

Jeff, I saw gas for 2.99 at a no name station the other day. I think you win :)

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Xerarch

The industry is always cyclical, and when it booms we think it will boom forever, when it's down, we think it will be down forever, and we're always proven wrong.

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Josh-O

agreed with you statement!!

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JEFF IN MODESTO

The great thing about the shale boom is that it hasn't even reached its potential.

If domand from China and India does increase, then the price goes up, there is insentive to produce more...production and price is stabilized based on need,

Not by greedy opec.

Us production is predicted to be the worlds number one producer by the mid 2015.

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Dave-Vero

One news story warned that some US oil producers could go bankrupt if prices stay low, and that Saudi Arabia might be hoping to see that happen. Russia, not so much.

It's somewhat surprising to see so much downward volatility.

We have $2.56 at Sam's Club.

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Silas_Sancona

Lowest I have seen locally: $2.63. Won't be surprised if those same stations in Sarasota are in the $2.50's sometime next week. Tampa Bay Area: $2.54.. Nationally: $2.19 around Oklahoma City.

With Oil at $66 and likely to continue the fall, -$2 buck gas is not far off.. though maybe not everywhere, unfortunately.

-Nathan-

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JEFF IN MODESTO

IF it drops to $60 a barrel , gas prices should be around $1.99.

I'd be content with $2.49,

If the stays around $60, most shale producers will still make a small profit.

I think opecs real worry is what will happen when we master the technology to to get shale oil out for sub $30 barrel!

I heard that is just 5 years away

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Moose

Gas prices are falling fast here in central ca.

I just paid $2.64 a gal.... Sure takes the edge off when you drive a 4x4 that gets 10mpg in the city.

Based on the crash in world oil prices today.

Can sub $2 a gal be far?

Best I've seen is $2.65 a gallon at an Exxon in Hialeah, Florida.

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JEFF IN MODESTO

Cheapest I can find today is $2.57 gal.

But today is sunday, they usually don't changes prices much on weekends. I bet the next couple of days will see gas prices fall another 10 cents a gal or more.

Jeff

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Xerarch

$2.57 in California? Dang I thought you guys were supposed to have expensive gas, it's more like $2.85 here.

Edited by Xerarch

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JEFF IN MODESTO

Yea... I'm not holding my breath.

We have oil wells , oil refineries and also a lot of people.

So it seems like the oil companies have us subsidies gas prices. A lot of times our gas prices are more expensive than Hawaii ... And california ships gas to hawaii!

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JEFF IN MODESTO

Oh darn, I forgot about the loonies in Sacramento

They've done just what I predicted and created a new " global warming tax " of up to $1.20 a gal.

Can you imagine , they are gonna tax a theory!

Next new calif tax?,

Expect 10 cent surcharge on green m&m's to fund homeless Martians!

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paulgila

Oil at $50-$65 a barrel would be very hurtful to the current shale boom, it will be interesting to see how this plays out, where the price will settle and how it affects what type of formations are still profitable etc.

from what i hear on NPR that is exactly what OPEC is trying to do. the question is can they go to $40/barrel for long enough to knock out our shale oil production permanently.

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JEFF IN MODESTO

that would be like saying that since Venezuela needs to get $120 gal to break even, and since the price is going to be much lower.... for a long time, they will stop producing.

Not the way things work.

With the price dropping ... there will be some segments that wont be profitable.... shale as well as traditional drilling.. But I highly doubt companies invested trillions of dollars without adding the price fluctuation into consideration.

If the price drops to below $40 bbl..... most countries couldn't make a profit.

Best the Saudis can do is hope that Shale oil production doesn't expand much more than it already has..... ( The more something new is done the cheaper it gets with time. )

. Cuz if we can improve on existing shale production , sand will be the biggest export from the middle east.

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Funkthulhu

I'm actually rather disappointed that I still had to pay $2.679 a gallon last night, we're usually pretty in step with KS, OK, SD....

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Darold Petty

Ecuador has nationalized its oil industry and sets the retail price. Ecuador also uses the United States dollar as its currency.

High octane gasoline is $2.05, regular gas is $1.48, and diesel is $1.15. These prices were current last month, in November.

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JEFF IN MODESTO

Interesting. I wonder why there is so much of a spread in prices in equador?

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Moose

Oil is down to $ 63.09 a barrel - how low can it go?

These oil prices are reeking havoc on the Russian economy.

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_Keith

Down to 2.46 a gallon here on average, can be found in the high $2.30's here and there.

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Daryl

Just saw it here for A$1.22 a litre...that is the cheapest it has been in many years. It is supposed to keep dropping as well. That's US$3.82 a US gallon...you guys have it easy!

Although the current price in Venezuela is 7.6 cents per US gallon...

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JEFF IN MODESTO

Daryl, I could live with $3.82 a gallon, though today the price was $2.49 gal.

Venezuela cant give their gas away.... so they can just keep it. I understand they need to $100 - $120 a barrel to break even...I doubt that they will ever see that in our lifetime. Looks like it don't pay to be greedy.

The price goes high enough, someone will find a way to produce it cheaper. I'm hoping that will happen with solar power.... we have a really greedy power company here.

The lowest I ever saw a gallon of gas was 19 cents when I was a kid.... I remember my dad complaining when the price jumped to 20 cents! lol

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aztropic

Still dropping... Seems like it drops a couple cents each fill up.

aztropic

Mesa,Arizona

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JEFF IN MODESTO

Oil dropped to $59 a barrel today... Lowest in 5 years.

Funny how gas prices don't drop as fast as oil.

Last time the price was below $60 a barrel, I paid $1.89 a gallon, yet the cheapest gas around is $2.49 gal

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Really full garden

Regular gas just dropped to Q.23.49 here. Thats about $3.09 a gallon.

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Xerarch

Gas prices have been falling steadily since you began this post and I still haven't reached the initial $2.63 that you started the post with, I think the cheapest I've seen is $2.67.

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Jeff Searle

Just paid $3.41 for diesel. And oil is now at or below 60 a barrel. So glad to see this!

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Moose

Oil is trading at $59.19 a barrel as this is being posted and may drop further. World demand is projected to be down for 2015 and OPEC keeps pumping. They won't drop production numbers as they don't trust that some of their members will cheat.

As for Mr. Putin, he screwed himself and the Russian people with his actions this year. Isolating his economy that is heavily dependent on oil, lets see how much his people will love him now.

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