I Paid Less than $2.50 a gallon for gasoline!

[Cow Poke]

Add this to CP's post and you understand where I'm coming from...there's actually a sweet spot that keeps the economy humming along with out damaging the future.

Texas' economy still has a lot of Oil and Gas components in it. As does several other states...(the Dakota's anyone?) So, low oil prices will have the greatest repercussions on those states. A lot of oil and gas that was profitable at $100/barrel isn't at below $70. The figures I've seen are that fracking wells usually aren't profitable below $70. So, what happens is exploration slows WAY down. So gas gets cheap, but LONG term, gas goes way up when the wells we have in place start running low because instead of moving exploration and drilling equipment from one place to another, it's all been sold and now you have startup costs to get exploration back on track...

As a matter of fact, a LOT of the reason gas is down is because of some of the newer technologies in oil and gas, made possible because prices were high enough to support research, development and deployment. Some of those very same "boom" areas are now becoming "bust", because prices won't be able to support the more expensive extraction techniques. In addition, there's significant pushback on the fracking that has been going on all over the place.

HOPEFULLY, the pendulum (high price - very low price) will find a point (LJ's "sweet spot") where gas prices (actually oil prices) can settle where it can be good for the economy, good for the oil/gas industry, and good for the consumer.

(I know more about gas than oil, but if I recall, the "sweet spot" for oil was around $80 a barrel?)

[Raphael]

I just paid NZ$1.945/l (for 91 unleaded....lowest its' been in nearly 2 years)

That's US$1.50 per litre

which works out to.... US$ 5.67 per gallon

[rogue06]

The station down the street is advertising gas at $2.319/gallon (I bought gas there two days ago at $2.349)

[Jedidiah]

The best I have paid in years was 2.99

[Cow Poke]

I just paid NZ$1.945/l (for 91 unleaded....lowest its' been in nearly 2 years)

That's US$1.50 per litre

which works out to.... US$ 5.67 per gallon

Thanks for doing all that math.

[Cow Poke]

Even some of the notoriously higher priced stations around here are $1.99 or less.

[Sparko]

just paid 1.989 at krogers

[Cow Poke]

just paid 1.989 at krogers

That's less than three bucks!

[rogue06]

just paid 1.989 at krogers

Perhaps I should drive up to Kentucky to fill my tank the next time I need gas.

[Cow Poke]

Perhaps I should drive up to Kentucky to fill my tank the next time I need gas.

Come to Texas --- $1.82

[Sparko]

i got mine in Indiana.

[Cow Poke]

i got mine in Indiana.

You drove there from Alabamastan?

[Sparko]

You drove there from Alabamastan?

That would be Teal!


I wonder how long till we have to rename Indiana to "Native Americania?"

[One Bad Pig]

That would be Teal!


I wonder how long till we have to rename Indiana to "Native Americania?"

You can't name a state that! They're not mascots!

Best I've seen here so far is $2.35/gal. You think this is causing oil producers here some pain? It is flat wrecking the Russian economy.

[Cow Poke]

You can't name a state that! They're not mascots!

Best I've seen here so far is $2.35/gal. You think this is causing oil producers here some pain? It is flat wrecking the Russian economy.

AND taking the wind out of the sails of the Iranian Bozos, and cutting into the income of ISIS....