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OT Gas Prices

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Chef in the Making
Chef in the Making Posts: 902
edited November -1 in EggHead Forum
I never thought I would see gas prices below 3.50 but today I paid 3.49 in Delaware. That's 60 cents off of what it was a month ago.

so I am wondering if gas is falling that much in other areas.
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  • Jeffersonian
    Jeffersonian Posts: 4,244
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    Yep, we hit right at $4.00 a gallon, and we're paying around $3.35 or so now.
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  • Fidel
    Fidel Posts: 10,172
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    Prices are dropping. Global demand has waned, especially since the Olympics have started. With demand down speculators are buying even less, compounding the supply side wane in crude prices. The dollar is also gaining strength against other currencies, so the per barrel price is down quite significantly over the past 30-45 days.

    If only that would translate into meat prices dropping, but I'm not holding my breath for that.
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  • Car Wash Mike
    Car Wash Mike Posts: 11,244
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    The Saudis have it figured out IMHO. They know we won't pay $4 a gallon. That is why they are demanding a OPEC meeting ASAP and have been for months.
    As far as meat prices, geeze. Hope so. They want 50 cents for a ear Olathe Corn this year. :woohoo: :woohoo:

    Mike
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  • bayouegger
    bayouegger Posts: 287
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    $3.59 down here in New Orleans. We are usually 15 cents higher then most places.

    I use to pump gas in high school,(1978) I can remember writing 56.9 a million times on the credit card recipts!! Seems like a million years ago.

    Steve
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  • Fidel
    Fidel Posts: 10,172
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    The United States imports more oil from Canada than we do from Saudi Arabia.

    Mexico is the #3 exporter of oil to the US.

    OPEC only supplies roughly half our oil, and that is only a recent phenomenon. 2007 was the first year OPEC accounted for half or more of oil imported in the past six years.
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  • Big'un
    Big'un Posts: 5,909
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    $3.59 tonight on the ride in to work. 40 miles south of Atl.
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  • stike
    stike Posts: 15,597
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    what i perversely enjoy is that the folks b!tching about gas a while back at 3.70 are now glad it's only 3.70
    ed egli avea del cul fatto trombetta -Dante
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  • Car Wash Mike
    Car Wash Mike Posts: 11,244
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    I understand that Rod, but they are worried about demand.
    If we can get it cheaper from them, well? They have a product we need, but won't overpay.

    Mike
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  • Wanabe
    Wanabe Posts: 355
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    I paid $4.21 in Michigan this July. I'm in Columbus Oh and it's $3.52.
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  • Slotmercenary
    Slotmercenary Posts: 1,071
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    :S carwash mike wrote:
    The Saudis have it figured out IMHO. They know we won't pay $4 a gallon. That is why they are demanding a OPEC meeting ASAP and have been for months.
    As far as meat prices, geeze. Hope so. They want 50 cents for a ear Olathe Corn this year. :woohoo: :woohoo:

    Mike

    it is still above the $4 mark in norcal . i have to disagree. we WILL pay whatever they set it at if we want to drive and they know it.
    growing up in NJ the family business was oil and gas and the rack price is set by the cartel. like it or not.
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  • Ottawa_egger
    Ottawa_egger Posts: 236
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    It's $4.75/gallon here in Canada, down from about $5.50 in July. I'm going camping in the Adirondacks tomorrow and I'm gonna roll across the border on fumes and fill up at one of the "gas'n'smokes" store on the reserve.

    Mark my words that oil is going to be sub-$100/bbl by Xmas. I was saying that back in July when it was $140+ and everyone thought I was a fool. They're all pretty smug right now. $140 oil wasn't predicated on demand, and with the US economy slowing and the Olympics coming to an end, what demand there was is going to recede even more than it has.

    I thing people underestimate the impact of China's Olympic build-out in supporting the natural resource prices. China spent $40B in the build-out, where the previous Olympic cities spent $6-7B tops. And given the price of labour in China you know that raw materials make up a larger % of that spend than for other countries. Just my two bits, but if you hold energy or mining stocks, be cautious that the risk/reward profile has shifted from a year ago.
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  • deepsouth
    deepsouth Posts: 1,796
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    gas is around $3.50 for regular unleaded.....

    i remember YEARS ago being in italy and it was $7.00 per gallon or more and that was when the dollar wasn't as weak as it is now. i'm glad it's getting better, but it could be far worse.
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  • Egg-on-Medford
    Egg-on-Medford Posts: 160
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    It's down in Chciagoland, but regular is still over $4. Higher in the Cook County, especially in Chicago. A little lower in Lake Cty, just north of Cook (next suburb north from me, so we often get gas there). High gas taxes in ILL. Highest sales tax in the USA now in Cook Cty.
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  • AZ Traveler
    AZ Traveler Posts: 664
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    We're down to $4.11 now
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