Gas for under $3 a gallon, now nearing $2 a gallon (1 Viewer)

[chauncey]

So how low can a barrel of oil get before the "high cost of extraction" of US's renewed production is no longer viable? Aren't these companies already stressed ti break even?

$80

 

[Bottomfeeder Sports]

So how low can a barrel of oil get before the "high cost of extraction" of US's renewed production is no longer viable? Aren't these companies already stressed ti break even?

$80

So what happens in about $12 assuming it stays there?

 

[Bottomfeeder Sports]

So how low can a barrel of oil get before the "high cost of extraction" of US's renewed production is no longer viable? Aren't these companies already stressed ti break even?

$80

So is $74 bad, $60??? Or, were you just teasing?

 

[bentley]

So how low can a barrel of oil get before the "high cost of extraction" of US's renewed production is no longer viable? Aren't these companies already stressed ti break even?

$80

So is $74 bad, $60??? Or, were you just teasing?

The people I know started re examining any expansion plans at $80 and look to start cutting back at $75. I work for an insurance company that writes a ton of oil and gas and we are looking at revising estimates down based upon expected decreases in employment and payroll in the sector in the near term.

 

[Das Boot]

$2.54 here the other day.

 

[Bottomfeeder Sports]

So how low can a barrel of oil get before the "high cost of extraction" of US's renewed production is no longer viable? Aren't these companies already stressed ti break even?

$80

So is $74 bad, $60??? Or, were you just teasing?

The people I know started re examining any expansion plans at $80 and look to start cutting back at $75. I work for an insurance company that writes a ton of oil and gas and we are looking at revising estimates down based upon expected decreases in employment and payroll in the sector in the near term.

While I was immune to its happening on the East Coast, I have since made some friends of those that grew up in solid middle class families in Oklahoma, Louisiana, and Texas during the '70s, very early '80s who saw their family's (and their friend's) income "dry up" when cheap oil killed (or at least wounded) the domestic production from the '80s until recently. I'm pretty certain in some of the "drill baby drill" threads I expressed concern of history repeating itself of even some producers ramping up production to facilitate such happenings. It sounds like this is now at least a little bit of a concern among those "in the know". I guess we shall see how it plays out. While ultimately we need to get off of fossil fuels, hopefully the transition is a little easier on families than what happened to my friends in the '80s.

 

[fantasycurse42]

Update the thread title? Gas under $2 a gallon...

 

[Mr. Ected]

Update the thread title? Gas under $2 a gallon...

On a drive back from Disney to DC earlier this week, got/saw $2.25 next to the highway in several places. Nice to have a long drive with cheap gas!!

 

[EYLive]

We're seeing lots of sub $3 in Los Angeles. Horray!

 

[TheIronSheik]

Kids who get their license now will be complaining by the end of 2015 how gas just skyrocketed to around $4 a gallon in such a short time for no reason.

 

[Cold Dead Hands]

Paid $2.16 today. Still too much. Gas needs to be around $1.50

 

[Fat Nick]

Aside from the impact on my gas spending, I'm LOVING the timing of this falling right in the middle of Heat Oil season. I filled up my heat oil tank and paid 1/3 less than I did this time last year.

 

[Aerial Assault]

Yup. What's the excuse from the industry this time? The refinery strike?

 

[Fennis]

Yup. What's the excuse from the industry this time? The refinery strike?

Obama

 

[Jack White]

Seeing $3.50 everywhere :kickrock:

Where?

Still under $2 at Costco and Sam's in my market.

 

[Sinn Fein]

Lowest I got was $1.86...may never see that again

 

[The Commish]

Yup. What's the excuse from the industry this time? The refinery strike?

Absolutely. Can't be surprised by this though, right?

 

[EYLive]

$3.09 this week.

 

[Gr00vus]

$3.09 this week.

All hail the cartel. Can we get off of fossil fuels yet?

 

[The Ref]

Part of me is disapointed gas is on the rise because it's going to cost me more to drive and have a negative impact on the economy.

The large part of me who put a moatload in UGA about three weeks ago is anything but disapointed.

 

[RedmondLonghorn]

$3.09 this week.

All hail the cartel. Can we get off of fossil fuels yet?

That sounds great. Which technology do you want to spend more to use? And where are you going to get energy in not particularly sunny, nor windy, nor rivery places?

 

[Gr00vus]

$3.09 this week.

All hail the cartel. Can we get off of fossil fuels yet?

That sounds great. Which technology do you want to spend more to use? And where are you going to get energy in not particularly sunny, nor windy, nor rivery places?

Solar and nuclear. And when you say "spend more to use", I assume you're ignoring the cost of tax loopholes, subsidies, international political/diplomatic issues, military expenditures, and environmental damage (and the occasional attempt to repair it) we bear when using fossil fuels. And having to move fuel from where it's generated to where it's needed - we have to do that with fossil fuels already, so that's not a point of differentiation.

It will be great - just because we haven't figured out all the minutia yet doesn't mean it won't be.

 

[NutterButter]

Seeing $3.50 everywhere

Good god. Still barely over 2 in NJ.

 

[msommer]

Yup. What's the excuse from the industry this time? The refinery strike?

As far as I understand three refineries have been taken off line for maintenance and upgrades