Oil Prices Plunge!

[Bassboss]

2.19 now

[srv1990]

$1.69 here in most places.

[Tokyo Tony]

First time it's dipped below $2 in my town in a long time: $1.99  ;D

It's really amazing how much less money I spend now than I did over the summer. I was driving a lot more in the summer, filling up about every 6 days for $55 to $65. Now I'm filling up every 8 days or so (can't fish after work anymore  :-/ ), and it's about $25. That's a difference of over $200/month, and I have a 15 gallon tank  8-)

RW - in your opinion, how much lower might gas prices go? Do you think oil will stay in the mid- to high-40's for a while?

[roadwarrior]

OPEC has scheduled another "Emergency Meeting" for next week.

I expect them to cut production quotas again in a desperate attempt

to defend $50 oil. I doubt we will see a break through $40, at least

in the short-term. However, demand for gasoline is highly correlated

with economic activity. If the world economy continues to deteriorate

substantially, there really is no bottom for oil.

[DADto4]

1.89  in indy today

[Tin]

1.93 in RI

[llPa1nll]

RW I saw a story today that stated that Deutsche Bank said on Wednesday oil could fall to as low as $40 a barrel next year. Read it here. No expert here but with that story and the weakening demand it seems that prices will continue downward. What are your thoughts on that RW?

[roadwarrior]

From three posts up:

Re: Oil Prices Plunge!

Reply #503 - Today at 10:52:42      

OPEC has scheduled another "Emergency Meeting" for next week.

I expect them to cut production quotas again in a desperate attempt

to defend $50 oil. I doubt we will see a break through $40, at least

in the short-term. However, demand for gasoline is highly correlated

with economic activity. If the world economy continues to deteriorate

substantially, there really is no bottom for oil.

8-)

[roadwarrior]

;D ;D ;D ;D $48.70 ;D ;D ;D ;D

[Siebert Outdoors]

How low will she go?

30's maybe??? :-?

[Glenn]

$1.93 here.  That's amazing, considering we have one of the highest gas taxes in the country.  Normally we're a good .30 - .50 higher than everyone else.  By the looks of this thread, we're on par with everyone.  What a dramatic drop!

[Long Mike]

Tulsa - $1.659.  A three cent drop overnight.

[Muddy]

$1.93 here. That's amazing, considering we have one of the highest gas taxes in the country. Normally we're a good .30 - .50 higher than everyone else. By the looks of this thread, we're on par with everyone. What a dramatic drop!

Maybe they can use some of that tax money to get you fellas up there a major league pitcher or two  

[roadwarrior]

http://www.foxbusiness.com/story/markets/industries/energy/average-gasoline-prices-fall--gallon-1990136934/

;D ;D ;D ;D

[srv1990]

Saw $1.59 on my way home from work, a 10 cent drop from this morning going to work!

[Hookemdown.]

1.68

[Siebert Outdoors]

1.49 is what I paid in KC over the weekend.

[roadwarrior]

Although oil is currently trading well above lows, there is a lot of buzz

about a $35 bottom.

Hmm...We are currently at $51.53. Locally gasoline is $1.57-$1.69

without discounts.

;D ;D ;D

[Siebert Outdoors]

Is there a way to calculate what the average price of gas to price of oil should be?

Say 50 per barrel would be 1.50 for gas.  Is there any way to do this?

[Daniel A.]

One of my instructors works at a refinery. He said that a barrel of oil yields 42 gallons of gas. Add 45% - 55% for taxes and other mark-ups and you come pretty close to what a gallon of gas costs at the pump.

[brgbassmaster]

Finally below 2$ were at 1.89. Only cost me 45$ to fill the truck.

[Troutfisher]

I was so glad when my truck had 1/4 of a tank in it, and I filled it up for only $20.  When gas was $4 a gallon, it would have been outrageous!

[Hookemdown.]

1.49

8-)