http://www.bloomberg.com/news/2014-12-03/first-u-s-gas-station-drops-below-2-a-gallon.html

http://www.gasbuddy.com/GB_Map_Gas_Prices.aspx

I know it won't last long but loving it while it does.

 

And tell me who should get the credit for this marvelous state of affairs? I think the responses will be varied an interesting.

Some have suggested it might actually last a long time.

 

The greedy oil barons, the scientists, engineers, technicians and all those who work in the petro industry.

 

Come in Europe fuel is so cheap that we bath in it!!

 

And tell me who should get the credit for this marvelous state of affairs? I think the responses will be varied an interesting.

I do! I fracc ND crude formations for a living and the living is good!

 

I don't agree with tcmtech every day, but when I do, the topic is usually fracking.

A boost in US output has screwed up the OPEC monopoly. Once screwed up, the OPEC countries that plan their state revenue (and income) on a specific oil price suddenly scramble when oil prices fall below the target - they try to make up the lost revenue on volume instead. This causes an even bigger flood of product in the market and a spiraling down in price as each OPEC member try's to under-cut the other members to minimize their deficits. Deficits are terrible for these countries while oil prices drop because they cannot get loans at anything near a reasonable rate - unstable countries/undesirable government policies/falling revenue sources.

Prices might hit $1.50 in early 2015 but rebound somewhere around $2.50 - 2.75 / gallon in the next 18 months as OPEC members and US producers realize that you can't sell at a loss and make it up on volume.

Edit: just today, PUTIN signed the Russian budget for 2015 based on oil revenue estimate planned on $100/barrel (today's prices are $67) - denial is short term solution, an empty bank account makes one face reality eventually.

 

I do! I fracc ND crude formations for a living and the living is good!

Ahhh.....release the bakken!
http://www.bloomberg.com/news/2014-...all-headed-for-63-may-be-no-russian-joke.html

 

Ahhh.....release the bakken!

And then some. How many states now have an official financial allotments set aside just for when they need to sue the EPA to keep our jobs and oil industry in our country?

The point is no matter what the world market or the government legislates our state and the local oil industry will still be going full near force here even if foreign oil hits less than $50 a bbl. The price will eventually go back up and when it does we wont be sitting with our hands under our butts wishing that we would have kept going on adding capacity and infrastructure while the price was down.

 

.

And then some. How many states now have an official financial allotments set aside just for when they need to sue the EPA to keep our jobs and oil industry in our country?

The point is no matter what the world market or the government legislates our state and the local oil industry will still be going full near force here even if foreign oil hits less than $50 a bbl. The price will eventually go back up and when it does we wont be sitting with our hands under our butts wishing that we would have kept going on adding capacity and infrastructure while the price was down.

I wouldn't bet on the political leaders of ND to be particularly visionary or adept at predicting the future if the past history of state leaders is any indication of that ability. Reactive with a time lag is the best you can hope for. Enjoy it while you can, but don't get blind-sided. You might want to switch to bottled water unless of course you're worried about BPA.

 

Price of 100LL AVGas has gone from ~$6/us gal down to $4.80. Aircraft owners are still getting gouged. When I started flying, AVGas was $0.79/us gal.

 

And tell me who should get the credit for this marvelous state of affairs? I think the responses will be varied an interesting.

Some have suggested it might actually last a long time.

I can't answer that without getting political and letting my conspiratorial suspicions show. I will say that it's no accident and it's not supply and demand; there is no free market in the "global economy."

Oops. I may have said too much.

 

Heating oil has gone up from $3.99/gl to $4.26/gl in Alabama.

 

Whose fault was it when prices went up? More correctly who was the last person blamed for rising prices? Should they get the credit for falling prices? I'm just sayin'

 

You guys over there don't know you're born; ordinary car fuel over here costs the equivalent of $7.24 US per US gallon . I've no idea what aviation fuel would cost, but obviously a helluva lot more.

 

You guys over there don't know you're born; ...

What does that mean? Is this a disconnect between pronunciation and spelling. The Welsh have some truly cool words that are absolutely unpronounceable, especially place names.

 

Look at the taxes especially the value added taxes....

In the late 70s, i was paying 500 lira per liter and th excange rate eas 880 lira per dollar.

 

the price of gas has dropped, and diesel is still $1.00 more.

 

What does that mean? Is this a disconnect between pronunciation and spelling.

Obviously the phrase hasn't crossed the pond. It means you're unaware of how fortunate you are.
As for place names, you mean like this?
http://www.google.co.uk/url?sa=t&rc...1-g3ccdCp4LkWDM8QJmhOsg&bvm=bv.80642063,d.ZGU

 

Ahhh...OK, now I understand the expression and you're spot on.
As for that place name...YEAH that's the ticket. Absolutely stunning, amazing, and absolutely over the top extreme! I count 58 letters.

 

Over here in the UK, we pay for a litre what you pay for a gallon. Our greedy government steal about 70% tax form us on fuel. The price per barrel has fallen, but here at the pumps it has not changed. When the price per barrel goes up again, the cost at the pumps will rise, it never drops. I just don't use my car any more, it has been in the garage for over a year. I am not giving the thieving bastards any more of my money.

Daniel.