Gas prices

[sue71, esq]

Perhaps this belongs on the PPB (please don't make me go back there), but can anyone explain why gas prices are suddenly plummeting? I mean, here in LA, we're talking about a $1.25 or so drop that I've seen from the high just a few weeks ago. About $.50 of that was in the last week alone, as prices are dropping nearly $.08/day.

Don't get me wrong, I'm happy about it but sheesh! What's with the roller coaster? Inexplicable increases, followed by crazy drops.

Thoughts? Explanations?

[Bluedog]

Perhaps this belongs on the PPB (please don't make me go back there), but can anyone explain why gas prices are suddenly plummeting? I mean, here in LA, we're talking about a $1.25 or so drop that I've seen from the high just a few weeks ago. About $.50 of that was in the last week alone, as prices are dropping nearly $.08/day.

Don't get me wrong, I'm happy about it but sheesh! What's with the roller coaster? Inexplicable increases, followed by crazy drops.

Thoughts? Explanations?

A strong dollar and weaker demand globally. The global economic woes are further undermining the price of a barrel of oil since it is believed that a worldwide recession will continue to decrease demand. The Chinese government's recent $500+ billion plan to boost economic activity may increase demand a bit in a key region, but some think it will be short-lived. Oil prices have fallen in tandem with stock prices - again, propelled by the fear of a global recession.

[CameronBornAndBred]

It's because the price of oil has plummeted. It's under $60 a barrel now.

http://money.cnn.com/2008/11/11/markets/oil/?postversion=2008111115

[OZZIE4DUKE]

It's because the price of oil has plummeted. It's under $60 a barrel now.

http://money.cnn.com/2008/11/11/markets/oil/?postversion=2008111115

Check out these prices, or rather, check out the poster's name :D
http://www.northcarolinagasprices.com/index.aspx?&area=Smithfield

Prices in Raleigh are under $2/gallon in some places. I feel like I'm paying half price for the stuff!

[devildeac]

Check out these prices, or rather, check out the poster's name :D
http://www.northcarolinagasprices.com/index.aspx?&area=Smithfield

Prices in Raleigh are under $2/gallon in some places. I feel like I'm paying half price for the stuff!

Haven't seen <$2/gal in Raleigh yet today. Best I've seen is $2.13 at a Circle K about 3 miles from our house.

My wife bought gas this AM at a Marathon Oil for $1.76. Of course, you'll have to drive to Lavabe land to purchase it at that price;). She'll fill up again in Virginia on her journey home and I'd bet less than $2/gal.

Think I'll start looking at SUVs again:rolleyes::rolleyes:.

[billybreen]

Haven't seen <$2/gal in Raleigh yet today. Best I've seen is $2.13 at a Circle K about 3 miles from our house.

My wife bought gas this AM at a Marathon Oil for $1.76. Of course, you'll have to drive to Lavabe land to purchase it at that price;). She'll fill up again in Virginia on her journey home and I'd bet less than $2/gal.

Think I'll start looking at SUVs again:rolleyes::rolleyes:.

You're not the only one (http://www.wsoctv.com/automotive/17945476/detail.html). That popping sound you heard was Throaty's head exploding.

[TillyGalore]

Check out these prices, or rather, check out the poster's name :D
http://www.northcarolinagasprices.com/index.aspx?&area=Smithfield

Prices in Raleigh are under $2/gallon in some places. I feel like I'm paying half price for the stuff!

GTHc? I don't get it. :rolleyes:

[TillyGalore]

You're not the only one (http://www.wsoctv.com/automotive/17945476/detail.html). That popping sound you heard was Throaty's head exploding.

With the banking situation we're in, how are people getting loans for cars? I must be missing something.

[DukieInKansas]

Check out these prices, or rather, check out the poster's name :D
http://www.northcarolinagasprices.com/index.aspx?&area=Smithfield

Prices in Raleigh are under $2/gallon in some places. I feel like I'm paying half price for the stuff!

Love the poster's name.

I passed a station with $1.83/gal on the KS side. That would put it at $1.78/gal or less on the MO side due to lower taxes. I won't be looking at an SUV - I want good gas mileage no matter what the cost.

[billybreen]

With the banking situation we're in, how are people getting loans for cars? I must be missing something.

I think they are just trading in their Priuses (Prii?) :)

[CameronBornAndBred]

I paid $2.17 to get to Durham last Saturday, was the first time I've filled up for under $50 in a long time. If I had my gas sipper Saturn with me, I probably could've gotten there and back for under $30. Not sure what prices are right now, but obviously cheaper than last weekend.

GTHc hasn't filled out their profile..whoever it is needs a sticker!

[TillyGalore]

I think they are just trading in their Priuses (Prii?) :)

LOL

In the last few years we've had issues with gas prices, one of which related to Katrina. I would think that knowing prices can easily return to where they were, $4+, people would stay away from the gas guzzlers.

I hate SUVs because I can't see through or over them from my little sedan.

[Lavabe]

Haven't seen <$2/gal in Raleigh yet today. Best I've seen is $2.13 at a Circle K about 3 miles from our house.

My wife bought gas this AM at a Marathon Oil for $1.76. Of course, you'll have to drive to Lavabe land to purchase it at that price;). She'll fill up again in Virginia on her journey home and I'd bet less than $2/gal.

Think I'll start looking at SUVs again:rolleyes::rolleyes:.

Just to be clear, the price per gallon fell below the price for a bottle of Kentucky Ale.

[Bluedog]

Still around $2.80 in Chicago. Although that's a lot better than it was not too long ago, and at least I'm not in Cali or Hawaii, I suppose....

[bjornolf]

Two days ago at my local Costco here in Northern Virginia, I paid $1.92/gal. for regular. First time it was under $2 in as long as I can remember. The Sunoco down the block was at $2.02, and the Wawa around the corner was $1.95. ;)

[OZZIE4DUKE]

Haven't seen <$2/gal in Raleigh yet today. Best I've seen is $2.13 at a Circle K about 3 miles from our house.


Check on New Bern Avenue/US 64 Business outside the Beltline. The first station you come to is Shell, and if you go another 1/4 mile, the BP and 76 are even cheaper.

Check here http://www.raleighgasprices.com/

[devildeac]

You're not the only one (http://www.wsoctv.com/automotive/17945476/detail.html). That popping sound you heard was Throaty's head exploding.

I was truly kidding. The automakers are offering great deals with 10-15K off their monsters (I guess that lets you know the profit margins they had before) but how long will it take before gas is $3 or $4 or more/gal again and then the howling starts all over again. I'll keep driving my 30 mpg+ vehicles.

[devildeac]

Just to be clear, the price per gallon fell below the price for a bottle of Kentucky Ale.

I'd still rather drink a Kentucky Ale, even if it belongs on the "ycch, beer" thread:p.

[devildeac]

Check on New Bern Avenue/US 64 Business outside the Beltline. The first station you come to is Shell, and if you go another 1/4 mile, the BP and 76 are even cheaper.

Check here http://www.raleighgasprices.com/

Those places are about 10 miles+ from our house and we are rarely over in that area of Raleigh. The stations just off the Beltline on S. Saunders Street are usually a bit cheaper than other areas of Raleigh, too. Thanks.

[OZZIE4DUKE]

Those places are about 10 miles+ from our house and we are rarely over in that area of Raleigh. The stations just off the Beltline on S. Saunders Street are usually a bit cheaper than other areas of Raleigh, too. Thanks.

We've been buying gas at that Hess station for years, ever since we got their Hess Visa which gets us 5% rebate on the following bill. Any of you who don't have that, or similar cards from Shell (Mastercard) and BP/Amoco ( I think also MasterCard, but it could be a Visa) are missing a great way to trim your gas costs.

I got gas yesterday for $1.95. Half price or less from just 2 months ago. As bad as the economy is, much of the consumer problem was caused by the drain of high ($4.00+) gas prices. I predict that the Christmas shopping season won't be as bad as the "experts" predict because consumers will have more money in their pockets and will spend it on presents. Those that still have jobs, anyway.

[mattman91]

$1.71 on my road here in Asheville. Loving it :cool:

[JasonEvans]

$1.71 on my road here in Asheville. Loving it :cool:

China and Russia are not loving it... but !#^!@^@^ em!

[sue71, esq]

I paid $2.89 for premium at Costco the other day, and I was happy about it.

(California gas prices are insane, so don't get me started. I was just happy premium dropped below $3.)

[mattman91]

I paid $2.89 for premium at Costco the other day, and I was happy about it.

(California gas prices are insane, so don't get me started. I was just happy premium dropped below $3.)

What isn't expensive in California?

[sue71, esq]

What isn't expensive in California?

Touché.

[Doria]

I paid $2.89 for premium at Costco the other day, and I was happy about it.

(California gas prices are insane, so don't get me started. I was just happy premium dropped below $3.)

Yeah, I'm in SoCal, too, and when my car finally gave up the ghost for good last fall, I had to replace it with one that didn't require premium. Premium coupled with the abysmal mileage my 22-year-old car got probably cost more than food & utilities per month.

[JasonEvans]

one that didn't require premium.

Hang on... I was always under the impression that premium was a hoax and doesn't really impact cars much at all. This website (http://www.cartalk.com/content/premium-vs-regular-1#15) seems to agree with me.


Q. My owner's manual says my car will run just fine on regular, unleaded gas. Will "treating" it to premium gas provide any benefit?

A. Let's be perfectly clear about this:

NO! The only thing you'll be benefiting are the portfolios of impoverished oil company executives.


Q. So, are there any circumstances under which premium gas would be a good idea?

A. If you plan to haul your mother-in-law in hot weather, or are going to be driving up monstrous mountain passes with a heavily laden car, then you might consider filling up with a tank of premium gas.

-Jason "there are some really old cars where Premium helps with knocking, I think, but these cars are older** than my college-aged son" Evans

**- Just re-read the previous post and the car in question is 22 years old, so maybe it did need premium for the knocking... above post remains as a warning to anyone foolishly buying premium with a car less than 20 years old.

[mattman91]

And now we're down to $1.66.

[devildeac]

According to my petroleum friend, $1.29 at some places in Oklahoma City and In The Annapolis:eek:.

[fuse]

Hang on... I was always under the impression that premium was a hoax and doesn't really impact cars much at all. This website (http://www.cartalk.com/content/premium-vs-regular-1#15) seems to agree with me.





-Jason "there are some really old cars where Premium helps with knocking, I think, but these cars are older** than my college-aged son" Evans

**- Just re-read the previous post and the car in question is 22 years old, so maybe it did need premium for the knocking... above post remains as a warning to anyone foolishly buying premium with a car less than 20 years old.

All cars come from the manufacturer with variable programming that will allow you to run on various grades of gas.

Cars that come with "use premium" are high performance cars that are tuned for best performance with higher octane.
Put regular gas in and you may not damage the engine and you will also not operate at the advertised horsepower and torque you paid for.

Some of us foolishly take this a step further.
My car's chip has been tuner modified.
I can switch programs for different octane gas.
If I put 87 octane gas in while running the 93 octane program, the engine will knock.

As with most things in life, your mileage may vary.

I'd put regular gas in every car that the manufacturer does not recommend premium for.
For cars that premium is recommended, I'd use premium.

The funny thing to me about the whole dialog is growing up, the three grades were separated by a nickel a grade and the cost difference wasn't material. Now, the difference between regular and premium is 25 cents a gallon or more.

Real or not I saw a sign for a gas station in Michigan where gas hit 74 cents a gallon -wow!

I am pretty sure the tax per gallon is higher in NC than that.

[wavedukefan70s]

My lexus will rattle if i run less than 89 in it.i run non ethanol fuel in my old mustang and my lawn equipment. Its expensive but at 8 to 10 mpg(if i take it easy) its a moot point.

[sue71, esq]

My car is 10 years old and is considered to be "advanced age" by the manufacturer, but then again this car should be able to go another 5-10 years.

Anyway, it still gets really good mpg- almost the same as when I first got it. I find that the mpg drops when I use regular, not abysmally, but enough that I notice it. So I keep on with premium, though I'll occasionally* get the random tank of regular to ease the wallet.



*Occasionally = once every few months (so maybe 2-4 times/year).

[Doria]

Yeah, JasonEvans, the old car was a '93 J30, and the owner's manual advised using premium. It could take normal unleaded, but as it aged, it got less happy with it. Of course, eventually, it got less happy with everything in general... New car is an omnivore, though.

[Mtn.Devil.91.92.01.10.15]

Premium is the only way my 19 year old truck passes inspection.

Also, mattman91 - what road do you live on??

[mattman91]

Premium is the only way my 19 year old truck passes inspection.

Also, mattman91 - what road do you live on??

Right off of New Leicester.

[devildeac]

Premium is the only way my 19 year old truck passes inspection.

Also, mattman91 - what road do you live on??


Right off of New Leicester.

In a trailer down by the river...

;)

[mattman91]

In a trailer down by the river...

;)

Actually, in a camper down by the creek :p

[devildeac]

Actually, in a camper down by the creek :p

McDowell Creek? Down near the new Sierra Nevada Brewing Company location, off I-26, near the airport? Sweeeeeet!!!!!!

[mattman91]

McDowell Creek? Down near the new Sierra Nevada Brewing Company location, off I-26, near the airport? Sweeeeeet!!!!!!

I wish!

I live pretty close to the new Noble Cider location that recently opened. I need to find some time to pay it a visit. I mean, hard cider is like the sophisticated version of Zima, right?

[devildeac]

I wish!

I live pretty close to the new Noble Cider location that recently opened. I need to find some time to pay it a visit. I mean, hard cider is like the sophisticated version of Zima, right?

Had a can of Smith and Forge hard cider last pm that was left over from our son's visit/gathering with some of his friends at our abode over Christmas. Color me unimpressed. Waaaay too sweet. Maybe Zima-like:eek:.

But, keeping it thread-relevant, I paid $1.809 last pm to fill up the tank, along with about 5000 others, at our local Sheetz. In the southern part of town, refined crude (oil, that is) may be purchased for as low as $1.729.

[budwom]

All cars come from the manufacturer with variable programming that will allow you to run on various grades of gas.

Cars that come with "use premium" are high performance cars that are tuned for best performance with higher octane.
Put regular gas in and you may not damage the engine and you will also not operate at the advertised horsepower and torque you paid for.

Some of us foolishly take this a step further.
My car's chip has been tuner modified.
I can switch programs for different octane gas.
If I put 87 octane gas in while running the 93 octane program, the engine will knock.

As with most things in life, your mileage may vary.

I'd put regular gas in every car that the manufacturer does not recommend premium for.
For cars that premium is recommended, I'd use premium.

The funny thing to me about the whole dialog is growing up, the three grades were separated by a nickel a grade and the cost difference wasn't material. Now, the difference between regular and premium is 25 cents a gallon or more.

Real or not I saw a sign for a gas station in Michigan where gas hit 74 cents a gallon -wow!

I am pretty sure the tax per gallon is higher in NC than that.

I've had a series of Volvos with turbo engines which, according to the manual, require premium gas...but the dealer himself is a former neighbor of mine and he told me to
ignore it, as others have mentioned, the modern cars can adjust for regular gas with no discernible decrease in power, mileage or knocking...kind of surprised me, but we've been
doing this for years now (since 2000 or so)...indeed, your mileage/experience may vary, but I've never had a problem, with 150k miles on one car, 120k on the current vehicle...

[duke79]

I paid $1.89/gallon for regular yesterday in Massachusetts. Amazing !! I bought a hybrid car eight years ago when gas was above $3.00/gallon and seemed to be going much higher. Of course, I remember when my father would fill his Oldsmobile Cutlass station wagon for $5.00 in the late 60's when gas was $.29/gallon. I doubt we're going back to those days.

[rasputin]

Do the weauxfgods pay attention to gas prices?

[The Gordog]

I paid $1.89/gallon for regular yesterday in Massachusetts. Amazing !! I bought a hybrid car eight years ago when gas was above $3.00/gallon and seemed to be going much higher. Of course, I remember when my father would fill his Oldsmobile Cutlass station wagon for $5.00 in the late 60's when gas was $.29/gallon. I doubt we're going back to those days.

$5 is worth about $25 now, so we're pretty darn close!

[Tom B.]

Filled my car up today for $1.19/gallon. I had 40 cents/gallon of "fuel perk" points, but still...

Let's see...filled the car up for $1.19/gallon, The X-Files is coming back to TV, a blizzard's about to hit DC, an Independence Day movie will be released this summer, Duke's men's basketball team has lost three games in a row, and a Clinton is running for President. We're one Friends marathon from 1996.

[DU82]

Filled my car up today for $1.19/gallon. I had 40 cents/gallon of "fuel perk" points, but still...

Let's see...filled the car up for $1.19/gallon, The X-Files is coming back to TV, a blizzard's about to hit DC, an Independence Day movie will be released this summer, Duke's men's basketball team has lost three games in a row, and a Clinton is running for President. We're one Friends marathon from 1996.

Or a Friends reunion...http://www.digitalspy.com/tv/friends/news/a780781/nbc-officially-confirms-that-a-friends-reunion-is-happening-minus-matthew-perry/

[devildeac]

$1.099 in Oklahoma City. Astounding. I'll likely post something similar a year or 2 from now when it's $4.099 or $5.099 somewhere in the US.

[budwom]

$1.099 in Oklahoma City. Astounding. I'll likely post something similar a year or 2 from now when it's $4.099 or $5.099 somewhere in the US.

They've got themselves a whole bunch of energy companies in Oklahoma about to go under, tough times.
Lots of jumpy banks, too. Financing energy companies looked like a sure thing up until recently.

A buck nine is reminiscent of my year in Carrboro, 1971, Ole' gas, 19 cents/gallon. Filled the Red Shark (Olds Delta 88 monster) happily.

[devildeac]

They've got themselves a whole bunch of energy companies in Oklahoma about to go under, tough times.
Lots of jumpy banks, too. Financing energy companies looked like a sure thing up until recently.

A buck nine is reminiscent of my year in Carrboro, 1971, Ole' gas, 19 cents/gallon. Filled the Red Shark (Olds Delta 88 monster) happily.

Yep, good for the pocketbook/tank but bad for the economy in those areas with jobs, housing, R&D, etc.

[budwom]

yup, many years ago when the U.S. imported yooge amounts of oil, any drop in prices was basically a de facto tax cut, all
kinds of extra money in the pockets of consumers. Good times!

But now, not only is the oil sector heavily affected in the U.S. (a sector that had been hopping and fracking for years), but
it's dawned on Wall Street that a whole lot of banks are very badly exposed. During the boom times they couldn't lend
money fast enough...now, a whole lot of oil field bankruptcies loom....someone will eventually pick up a lot of assets on the cheap, but
right now the economy wobbles...

p.s. bad news for the Saudis: while they'd hoped that keeping supply high and prices low would drive out a lot of
U.S. producers (and it will), I saw a very knowledgeable guy say that someone will pick up these assets, and when
prices bounce back up to the $50 level (or whatever level they require) all it takes is three weeks and three million bucks to
get the oil back in production. So US oil production isn't necessarily going away, it's just taking a nap.

[jjasper0729]

p.s. bad news for the Saudis: while they'd hoped that keeping supply high and prices low would drive out a lot of
U.S. producers (and it will), I saw a very knowledgeable guy say that someone will pick up these assets, and when
prices bounce back up to the $50 level (or whatever level they require) all it takes is three weeks and three million bucks to
get the oil back in production. So US oil production isn't necessarily going away, it's just taking a nap.

A nap would be good, assuming that whomever gets the assets on the cheap doesn't do what happend 20 years or so ago and cap the wells. Once that's done, it's a whole new drilling operation. Then it would take longer. I am hoping that the wells stay open and they just go into "sleep" mode like you're suggesting

[snowdenscold]

A nap would be good, assuming that whomever gets the assets on the cheap doesn't do what happend 20 years or so ago and cap the wells. Once that's done, it's a whole new drilling operation. Then it would take longer. I am hoping that the wells stay open and they just go into "sleep" mode like you're suggesting

Is that like the difference between Sleep, Hibernate, and Shutdown ? :D

[jjasper0729]

Is that like the difference between Sleep, Hibernate, and Shutdown ? :D


https://www.youtube.com/watch?v=YY6wwAhvirY