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JEFF IN MODESTO

Who has the cheapest gas prices?

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Moose

Price per barrel of oil still dropping

Energy
Crude Oil (WTI)52.69-0.58 (-1.09%)Jan 02
Crude Oil (Brent)56.42-0.91 (-1.59%)Jan 02

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JEFF IN MODESTO

$2.25 gal here in modesto

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Josh-O

Dang Jeff, that's cheap for Ca standards. The cheapest fill around my parts is 2.45

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Xerarch

$2.07 is cheapest here, haven't seen that in a long time. Hopefully we'll break $2.00 before this is over.

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Silas_Sancona

Lowest I've seen nationally: OKC $1.56 Locally (Bradenton-Palmetto/ Sarasota area): $2.08. $1.99 showing up around Pinellas county and in Tampa. Phoenix is also below $2 gal. Expect solid -$2 around here within the next two weeks.

-Nathan-

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Al in Kona

Gas prices in Hawaii are usually always higher than on the Mainland. I bought gas at Costco in Kona last week for $2.95 a gallon which is probably one of the cheapest places to get gas in West Hawaii (Big Island) most of the time.

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Moose

Hmmmm, oil is trading at below $US 50.00 a barrel. I may recall a 47.50 number that was rebuffed - although those posts have disappeared ... :interesting:

Energy
Crude Oil (WTI)49.23-0.81 (-1.62%)08:32
Crude Oil (Brent)52.15-0.96 (-1.81%)08:35

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JEFF IN MODESTO

Currently oil is trading at $47.90 a bbl in a see saw market.

I heard that $30 bbl is probably the bottom before prices level out.

Jeff

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DoomsDave

So much for ND fracking boom . . .

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WestCoastGal

Just paid 2.379 per gallon this a.m. It was nice to see how far a $20 went! Kind of liking the good ole days.

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JEFF IN MODESTO

So much for ND fracking boom . . .

Hmmmm, I thought that this is what brought this about in the first place.

From what I understand most american company's are still turning a profit.

New starts May not happen with oil so cheap.

Venezuela or Russia. They need over $100 a barrel.

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Xerarch

The Bakken formation in North Dakota is not the only place booming with shale oil production, the Eagle Ford formation in Texas is huge, there are also others, and don't forget the Utica and Marcellas natural gas shale boom in Pennsylvania, Ohio, and West Virginia. Last I checked the Bakken needs about $58 a barrel to break even, most of the Eagle Ford needs about $50 with the sweet spots needing about $30. Lack of infrastructure in many of these areas impedes better profitability. So with the price now below $50, there will be major repercussions in shale production.

In the short term, nothing has changed, all wells that are already producing will continue to produce, the costs are already sunk so you might as well produce and get what you can. Eventually large companies will mothball production in areas that aren't profitable, small companies will scramble to produce until they are forced out of business. This whole process will take some time to unfold. Who knows where the bottom is and what twists and turns will arise.

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JEFF IN MODESTO

The Bakken formation in North Dakota is not the only place booming with shale oil production, the Eagle Ford formation in Texas is huge, there are also others, and don't forget the Utica and Marcellas natural gas shale boom in Pennsylvania, Ohio, and West Virginia. Last I checked the Bakken needs about $58 a barrel to break even, most of the Eagle Ford needs about $50 with the sweet spots needing about $30. Lack of infrastructure in many of these areas impedes better profitability. So with the price now below $50, there will be major repercussions in shale production.

In the short term, nothing has changed, all wells that are already producing will continue to produce, the costs are already sunk so you might as well produce and get what you can. Eventually large companies will mothball production in areas that aren't profitable, small companies will scramble to produce until they are forced out of business. This whole process will take some time to unfold. Who knows where the bottom is and what twists and turns will arise.

Seems reasonable !

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Jeff Searle

Just paid $2.99 for diesel yesterday. Dang was I happy!

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DoomsDave

Oh give me a home, where the Loidicias roam . . . And the Dypsis and Syagrus all play

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WestCoastGal

Just paid 2.379 per gallon this a.m. It was nice to see how far a $20 went! Kind of liking the good ole days.

Yesterday the price at that station went down to 2.339.

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Moose

Just paid $2.99 for diesel yesterday. Dang was I happy!

Wow - a forty two sent drop since your post on Dec. 12th - who could of ever thought that would be possible. :w00:

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Jeff Searle

Wow Ron, thanks for pointing that out! I absolutely love it! I now feel like Big Oil Companies aren't sticking it to us.

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JEFF IN MODESTO

Even with the stupid extra tax imposed by State rulers Jan 1st, lowest price in

Modesto is $2.21 gal at Costco.

That's what I love about Costco, they sell at a price that forces the others to follow.

I read Costco in Honolulu the price is $2.68.... quite reasonable!

Again.... Thank you Yankee ingenuity for coming up with a way ( fracking) to bring prices back down where the lil guy can afford to drive his 4x4 again!

Lol

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Xerarch

You're absolutely right Jeff, this is a supply and demand response brought on by American ingenuity bringing a tidal wave of new supply to the market.

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DoomsDave

You're absolutely right Jeff, this is a supply and demand response brought on by American ingenuity bringing a tidal wave of new supply to the market.

Combined with arab ingenuity at trying to suppress it. (Love to see Putin and Chavez squirm.)

I didn't think they'd do that. They're atop easy reserves. They could just let the frackers sweat and boost the price up.

The frackers won't go away, either. They'll fold up the man-camps, regroup and come back when prices rise. That happened back in the 1980s.

According to this article, we may see oil fall below $35 a barrel - or lower.

http://www.msn.com/en-us/money/inside-the-ticker/why-oil-prices-are-headed-below-dollar35-a-barrel/ar-AA7XI0p

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Xerarch

You're absolutely right Jeff, this is a supply and demand response brought on by American ingenuity bringing a tidal wave of new supply to the market.

Combined with arab ingenuity at trying to suppress it. (Love to see Putin and Chavez squirm.)

I didn't think they'd do that. They're atop easy reserves. They could just let the frackers sweat and boost the price up.

The frackers won't go away, either. They'll fold up the man-camps, regroup and come back when prices rise. That happened back in the 1980s.

According to this article, we may see oil fall below $35 a barrel - or lower.

http://www.msn.com/en-us/money/inside-the-ticker/why-oil-prices-are-headed-below-dollar35-a-barrel/ar-AA7XI0p

I can't blame the Saudis for what they're doing, they are trying to protect their market share. If they had lowered production in order to keep prices high, that would have only encouraged more development of unconventional plays. Every piece of market share that they give up would just be eaten up by someone else. Keeping up production and pushing prices through the floor is the only way to hang on to their current portion.

I do agree that they can't suppress the shale revolution forever, the whole reason that prices rose in the first place is because there wasn't enough cheap production in the world to keep prices low. Time will tell where the price settles and what areas will be profitable under the new equilibrium.

Besides, the Saudis and other countries can't tolerate prices this low forever, even though they can produce oil for as low as $10 a barrel in the best formations, their national budgets and social programs are propped up by oil revenue and they need much higher prices to balance the budget.

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Moose

I don't think its the shale oil production that is the main factor for the oil pricing. The US oil production pretty much made the country self sufficient consumption wise. Oil was being driven up prior to the shale production due to India and China's increased consumption. What is really driving the price down is the supply, not because of American production but the discourse in OPEC. Venezuela and Russia economies have become very dependent on the selling of oil. Europe consumption has dropped due to increased fuel efficiencies and some economic tightening of the belt. Consumption in China and India has wavered and stalled. The expansion of their economies, especially China has slowed. The explosive growth could not br sustained and are experiencing "growing pains".

Bottom line is that OPEC did not adjust to the world demand. Instead of maintaining production levels or dropping slightly, those oil producers who are hurting have ramped up the production. The more they produce, the more supply, price drops so the produce even more to infuse cash into their coffers. OPEC could not maintain control without the Saudis taking the lead. Due to the "cheaters" the Saudis are letting this ride because they can afford to do so. Their letting the cheaters pump oil until their economies bottom out. All is not well and harmonious in OPEC today.

Just my opinion.

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yachtingone

My motorcycle gets 75 MPG burning regular gas. I haven't paid much attention to the price of gas since I bought it! Right now $1.00 takes me 30 miles!!!

post-1270-0-79697700-1420852587_thumb.jp

Did I mention it's fun to ride?

Randy

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yachtingone

History has proven that high oil prices are not sustainable! I have seen it cycle many times since 1974's odd even gas line days! Price goes up we buy better mpg vehicles and we become more efficient on using our vehicles of which oil producers hate! Then they lower gas prices to have us consume fuel with carelessness.

Randy

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Xerarch

Just saw gas for $1.98, that's the first sighting below $2 for me. I'll be out and about tomorrow, bet I can spot some for less.

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JEFF IN MODESTO

$2.18 at Costco in modesto

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Silas_Sancona

As id thought, we also cracked $1.99 this week and more stations both here in Bradenton as well as Sarasota are following. $1.89 was the lowest I saw up in Tampa.

Jeff (in Modesto) makes a good point in regards to places like Costco or Sam's club being the first stations where -$2.00 prices first showed up in the area. Other spots quickly followed suit.

As far as how low prices could fall.. dare I say the possibility of.. prices approaching/ perhaps falling below $1.25 somewhere across the country..

A crazy thought, .99 cent gas.. Possible??

It is crazy to think that in less than a year someone considering a cross country move could save upwards of $650.+ dollars just in gas.

-Nathan-

Edited by Silas_Sancona

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DoomsDave

History has proven that high oil prices are not sustainable! I have seen it cycle many times since 1974's odd even gas line days! Price goes up we buy better mpg vehicles and we become more efficient on using our vehicles of which oil producers hate! Then they lower gas prices to have us consume fuel with carelessness.

Randy

High oil is relative.

As it runs out, it will get higher and higher, like Bob Marley . . .

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Moose

Just topped off my tank here at $2.15 per gallon this morning. Same station had diesel at $2.73. :wub2:

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_Keith

$1.89 seen commonly around here for a couple of weeks, but seems to now be stuck at that point.

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Xerarch

$1.91 at Sam's club here yesterday. My brother in Salt Lake says it was $1.80 at Costco, that's pretty awesome.

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Moose

wow

Energy
Crude Oil (WTI)46.01-2.35 (-4.86%)10:38
Crude Oil (Brent)47.56-2.55 (-5.09%)10:42

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JEFF IN MODESTO

And to think in July 2008 it was $145 a bbl.

At the same time I paid a record $4.99 gal for gas.

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Alicehunter2000

One day it will run out.......just not today....lol

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Silas_Sancona

...And they just keep falling..

Locally: $1.91 around Sarasota; $1.91 here in Bradenton also.. Lowest in the Tampa Bay area, $1.85.. North Tampa.

OKC down to $1.49.. but the lowest I saw nationally: $1.44 at a station outside Houston, Wowza!

Perhaps a run at the $1.30's, ..or lower, wasn't as crazy as id thought.

-Nathan

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Xerarch

One day it will run out.......just not today....lol

Not today, not in a hundred years. I think we'll have a new/alternative energy source long before we ever run out. The idea of "peak oil" was a myth.

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JEFF IN MODESTO

Both Brent and WTI are selling for around the sme price at $45 and some change..

Looks like the price of oil is dropping at a rate of $1.00 bbl per day.

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_Keith

$1.89 seen commonly around here for a couple of weeks, but seems to now be stuck at that point.

Unstuck, I guess as I just paid $1.79 for fill up. And note I only buy national brand gas like Chevron, Exxon, etc. so I am sure it can be found cheaper at the discount places.

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JEFF IN MODESTO

$2.11 a gal here in modesto!

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