The Official Gas Price Discussion Thread
#1641
Come on under $3 a gallon gas
Crude Oil Jan 15 (CLF15.NYM) - NY Mercantile
$68.78 - down $4.91 (6.66%)
Oil Prices Plunge After OPEC Stays Put - WSJ
Which OPEC Members Are Breaking Even?
Crude Oil Jan 15 (CLF15.NYM) - NY Mercantile
$68.78 - down $4.91 (6.66%)
Oil Prices Plunge After OPEC Stays Put - WSJ
OPEC Leaves Production Target Unchanged
Brent Crude Price Plunges to Fresh Four-Year Low
VIENNA—OPEC members rejected calls for drastic action to cut their oil output, keeping their production ceiling unchanged and suggesting the cartel is bracing for lower prices longer term.
The decision on Thursday sent crude prices into a tailspin and spilled into currency and European stock markets. If Thursday’s market rout proves lasting, it will provide more relief to consumers in gasoline-guzzling countries like the U.S. But it is hammering the finances of big oil producers, from Russia to Venezuela, and biting into profit at oil companies big and small.
The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than one-third of the world’s oil, agreed at their meeting in Vienna to stick to the group’s current target of producing 30 million barrels a day.
Since the cartel is currently pumping more than its ceiling, the decision -- backed by a commitment from OPEC members to comply with it -- implies a cut of around 300,000 barrels a day, based on OPEC’s own figures. That would put only a relatively small dent in global oil supply even if implemented, and the group has exceeded its ceilings most quarters since late 2011.
The decision sent oil prices tumbling, with the West Texas Intermediate benchmark falling below $70 a barrel for the first time in more than four years. Oil for January delivery fell $4.64, or 6.3%, to $69.05 a barrel as electronic trading on the New York Mercantile Exchange halted at 1 p.m. Thursday. The Nymex floor was closed Thursday in observance of Thanksgiving. The global Brent contract for January fell $5.17, or 6.7%, to $72.58 a barrel on the ICE Futures Europe exchange.
Currencies of major oil producing countries slid, with the Russian ruble hitting a record low against the euro and nearing an all-time low against the dollar. Share prices of major European oil companies dived, with Royal Dutch Shell PLC down 4.3%, Total SA off 4.1% and BP falling 2.7%.
Analysts had estimated OPEC would need to take 1 million to 1.5 million barrels a day off the market to support oil prices, which have fallen by more than 30% since the summer.
The absence of stronger OPEC action makes a rebound in oil prices less probable, putting more strain on oil-producing countries which became used to oil prices above $100 a barrel for much of the time since early 2011. Among OPEC’s members, only Qatar and Kuwait will be able to balance their budgets next year with prices at their current level.
The biggest losers from the current price trend could include Russia, which is already suffering from an economic slowdown and feeling the effects of both lower oil revenues and Western sanctions imposed because of the Ukraine conflict.
But the drop in prices has helped consumers in developed countries such as the U.S. heading into the holiday shopping season. Lower prices at the pump and on heating bills give consumers more money for discretionary items such as restaurant meals, electronics and haircuts.
The decline in gas prices over the last six months is equivalent to a $75 billion tax cut in the U.S., said economists at Goldman Sachs in research published Wednesday. Falling fuel prices also reduce production and shipping costs for an array of U.S. manufacturers, farmers and businesses.
The national average for regular gasoline fell to a four-year low of nearly $2.80 a gallon on Thursday, according to auto club AAA. Gas prices were as high as $3.68 at the end of June.
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While most OPEC countries want to see global oil supply reduced to help boost prices, most individual members have been unwilling to cut their own production for fear of losing crucial oil-related income and market share. Algeria and Venezuela said they would cut their own production if a collective cut is agreed.
Another problem for OPEC is that if it were to cut production sharply, resulting higher oil prices might only help incentivize yet more production from U.S. shale oil leading OPEC to lose more of its share of global markets.
Iraq’s oil minister Adel Abdul-Mehdi said OPEC was left with little choice but to maintain its production target, saying a deeper cut might not raise prices and could result in countries losing market share.
Venezuela, which will need oil prices at $117.50 a barrel to balance its government budget next year according to Deutsche Bank , proposed a sharp output cut, according to people familiar with the meeting. Beforehand its representative Mr. Ramirez told reporters he wanted two million barrels a day of oversupply out of the market.
That idea was aggressively opposed by OPEC’s Gulf members, led by the group’s largest producer, Saudi Arabia, which has sought to maintain its market share—a third of OPEC’s total production—by cutting prices in recent months.
Brent Crude Price Plunges to Fresh Four-Year Low
VIENNA—OPEC members rejected calls for drastic action to cut their oil output, keeping their production ceiling unchanged and suggesting the cartel is bracing for lower prices longer term.
The decision on Thursday sent crude prices into a tailspin and spilled into currency and European stock markets. If Thursday’s market rout proves lasting, it will provide more relief to consumers in gasoline-guzzling countries like the U.S. But it is hammering the finances of big oil producers, from Russia to Venezuela, and biting into profit at oil companies big and small.
The 12-member Organization of the Petroleum Exporting Countries, who collectively pump more than one-third of the world’s oil, agreed at their meeting in Vienna to stick to the group’s current target of producing 30 million barrels a day.
Since the cartel is currently pumping more than its ceiling, the decision -- backed by a commitment from OPEC members to comply with it -- implies a cut of around 300,000 barrels a day, based on OPEC’s own figures. That would put only a relatively small dent in global oil supply even if implemented, and the group has exceeded its ceilings most quarters since late 2011.
The decision sent oil prices tumbling, with the West Texas Intermediate benchmark falling below $70 a barrel for the first time in more than four years. Oil for January delivery fell $4.64, or 6.3%, to $69.05 a barrel as electronic trading on the New York Mercantile Exchange halted at 1 p.m. Thursday. The Nymex floor was closed Thursday in observance of Thanksgiving. The global Brent contract for January fell $5.17, or 6.7%, to $72.58 a barrel on the ICE Futures Europe exchange.
Currencies of major oil producing countries slid, with the Russian ruble hitting a record low against the euro and nearing an all-time low against the dollar. Share prices of major European oil companies dived, with Royal Dutch Shell PLC down 4.3%, Total SA off 4.1% and BP falling 2.7%.
Analysts had estimated OPEC would need to take 1 million to 1.5 million barrels a day off the market to support oil prices, which have fallen by more than 30% since the summer.
The absence of stronger OPEC action makes a rebound in oil prices less probable, putting more strain on oil-producing countries which became used to oil prices above $100 a barrel for much of the time since early 2011. Among OPEC’s members, only Qatar and Kuwait will be able to balance their budgets next year with prices at their current level.
The biggest losers from the current price trend could include Russia, which is already suffering from an economic slowdown and feeling the effects of both lower oil revenues and Western sanctions imposed because of the Ukraine conflict.
But the drop in prices has helped consumers in developed countries such as the U.S. heading into the holiday shopping season. Lower prices at the pump and on heating bills give consumers more money for discretionary items such as restaurant meals, electronics and haircuts.
The decline in gas prices over the last six months is equivalent to a $75 billion tax cut in the U.S., said economists at Goldman Sachs in research published Wednesday. Falling fuel prices also reduce production and shipping costs for an array of U.S. manufacturers, farmers and businesses.
The national average for regular gasoline fell to a four-year low of nearly $2.80 a gallon on Thursday, according to auto club AAA. Gas prices were as high as $3.68 at the end of June.
......
......
......
While most OPEC countries want to see global oil supply reduced to help boost prices, most individual members have been unwilling to cut their own production for fear of losing crucial oil-related income and market share. Algeria and Venezuela said they would cut their own production if a collective cut is agreed.
Another problem for OPEC is that if it were to cut production sharply, resulting higher oil prices might only help incentivize yet more production from U.S. shale oil leading OPEC to lose more of its share of global markets.
Iraq’s oil minister Adel Abdul-Mehdi said OPEC was left with little choice but to maintain its production target, saying a deeper cut might not raise prices and could result in countries losing market share.
Venezuela, which will need oil prices at $117.50 a barrel to balance its government budget next year according to Deutsche Bank , proposed a sharp output cut, according to people familiar with the meeting. Beforehand its representative Mr. Ramirez told reporters he wanted two million barrels a day of oversupply out of the market.
That idea was aggressively opposed by OPEC’s Gulf members, led by the group’s largest producer, Saudi Arabia, which has sought to maintain its market share—a third of OPEC’s total production—by cutting prices in recent months.
Which OPEC Members Are Breaking Even?
Each OPEC member needs to sell oil at a certain price to balance its budget. But there is a wide gap between the prices at which different members break even. Limiting output would raise prices but individual countries would risk losing market share.
Last edited by AZuser; 11-27-2014 at 09:06 PM.
#1642
might as well call it $2.66 a gallon here in MN where I live.
Michigan is about to get a serious gas tax increase over the next few years
The gas tax would effectively rise to 25 cents in April, 31 cents in 2016, 36 cents in 2017 and 41 cents in 2018 based on current prices.
Michigan is about to get a serious gas tax increase over the next few years
The gas tax would effectively rise to 25 cents in April, 31 cents in 2016, 36 cents in 2017 and 41 cents in 2018 based on current prices.
#1643
$3.07 for regular this morning at the local 76, Shell, and Chevron stations. I guess oil needs to hit $65 before I see under $3
Energy sector imploded this morning. Just about everything's down and hitting new 52 wk lows.
Energy sector imploded this morning. Just about everything's down and hitting new 52 wk lows.
#1644
Moderator
Join Date: Oct 2004
Location: Not Las Vegas (SF Bay Area)
Age: 39
Posts: 63,169
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I gassed up at the Costco in Maui, HI 1.5 weeks ago.
$3.31/gal for regular
What's funny everywhere else was like $4.30/gal
$3.31/gal for regular
What's funny everywhere else was like $4.30/gal
#1645
Moderator
Join Date: Oct 2004
Location: Not Las Vegas (SF Bay Area)
Age: 39
Posts: 63,169
Received 2,773 Likes
on
1,976 Posts
Regular was $2.99/gal paid by cash. Or $3.05 for credit/debit.
#1646
$260 gal on the way to work today for 87
#1647
GO RANGERS!!!!!!!!!!!!!!!
iTrader: (6)
Paid 2.659 for 92 before.40/gal discount.
#1651
Moderator
Saw 2.94 for premium today
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charliemike (12-02-2014)
#1654
Ex-OEM King
I paid $2.89 for premium here this morning...
#1655
Evil Mazda Driver
Filled up the Elantra with 87 regular for $2.89 this evening although cheapo brand gas can be had for $2.59 or so on the east side of town. It was still slightly above 'E' so I got out of the gas station for $27.50. I'm REALLY hoping we get below $2 a gallon because that means I can fill from empty for around or slightly less than $20, something I never thought I'd do with this car.
#1657
Moderator
2.899 here this morning for 93.
#1659
Ex-OEM King
#1660
Finally under $3. At Shell, 87 is $2.97, 89 is $3.07, and 91 is $3.19
AmEx also has a special sign up offer where I get $5 back when I spend $30 or more at Shell. That's like another $0.40 off per gallon for a 12 gal fill up.
Meanwhile....
Crude Oil @ $60.90 or -4.58% today
AmEx also has a special sign up offer where I get $5 back when I spend $30 or more at Shell. That's like another $0.40 off per gallon for a 12 gal fill up.
Meanwhile....
Crude Oil @ $60.90 or -4.58% today
Last edited by AZuser; 12-10-2014 at 01:04 PM.
#1662
2024 Honda Civic Type R
Well, would you look at this!
I cannot remember the last time 93 octane was around $3. It's so nice to be able to fill up the tank for $30.
Paid $3.049 for 93 octane last night, December 11th, 2014.
According to my Fuelly stats for my car, the lowest I've ever paid for 93 octane was $3.579 back on December 23rd, 2012 (besides 12/1/14).
The highest I've ever paid for 93 octane is $4.799 on May 9th, 2013 and April 15th, 2014.
My average price is $4.18 per gallon.
If 93 octane goes under $3, it will be like winning the lottery!
I cannot remember the last time 93 octane was around $3. It's so nice to be able to fill up the tank for $30.
Paid $3.049 for 93 octane last night, December 11th, 2014.
According to my Fuelly stats for my car, the lowest I've ever paid for 93 octane was $3.579 back on December 23rd, 2012 (besides 12/1/14).
The highest I've ever paid for 93 octane is $4.799 on May 9th, 2013 and April 15th, 2014.
My average price is $4.18 per gallon.
If 93 octane goes under $3, it will be like winning the lottery!
#1663
Suzuka Master
Just paid 2.93 at shell for 93oct
#1664
93 will definitely be under $3 for you. I'll probably even see 91 under $3 soon.
Oil just dipped into low $58 territory this morning. First time in 5 years they say. Some are saying we'll see $45 oil soon.
Oil sinks below $59 after IEA cuts demand outlook - MarketWatch
Oil just dipped into low $58 territory this morning. First time in 5 years they say. Some are saying we'll see $45 oil soon.
Oil sinks below $59 after IEA cuts demand outlook - MarketWatch
Oil sinks below $59 after IEA cuts demand outlook
SAN FRANCISCO (MarketWatch) — Crude-oil futures fell Friday after the International Energy Agency delivered the latest reduction to forecasts for global oil demand.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -2.99% fell $1.27, or 2.2%, to $58.69 a barrel. Futures ended the previous session below the key $60 level for the first time in five years.
January Brent crude on London’s ICE Futures exchange LCOF5, -2.42% fell $1.13, or 1.8%, to $62.58 a barrel on Friday. Brent also closed at its lowest level since 2009 on Thursday.
Crude losses deepened after the IEA cut its 2015 global oil-demand view by 230,000 barrels a day to about 900,000 barrels a day.
Both WTI and Brent crude have now lost almost 45% of their value since June this year, in what market participants are now calling the “oil shock of 2014”.
SAN FRANCISCO (MarketWatch) — Crude-oil futures fell Friday after the International Energy Agency delivered the latest reduction to forecasts for global oil demand.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in January CLF5, -2.99% fell $1.27, or 2.2%, to $58.69 a barrel. Futures ended the previous session below the key $60 level for the first time in five years.
January Brent crude on London’s ICE Futures exchange LCOF5, -2.42% fell $1.13, or 1.8%, to $62.58 a barrel on Friday. Brent also closed at its lowest level since 2009 on Thursday.
Crude losses deepened after the IEA cut its 2015 global oil-demand view by 230,000 barrels a day to about 900,000 barrels a day.
Both WTI and Brent crude have now lost almost 45% of their value since June this year, in what market participants are now calling the “oil shock of 2014”.
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RPhilMan1 (12-15-2014)
#1665
For some reason, my no-ethanol premium doesn't seem to keep in line with national gas price averages. When 10% ethanol premium is at $3.07, my no-ethanol is at $4.59. I'm sure the gas station is making a nice profit Bullshit...
If the price of ethanol blend goes down even further and no-ethanol doesn't, I'm seriously going to consider going back to filling up with the cheaper ethanol blend.
If the price of ethanol blend goes down even further and no-ethanol doesn't, I'm seriously going to consider going back to filling up with the cheaper ethanol blend.
#1669
Moderator
$2.169 for regular yesterday!
#1672
Engineer
$2.85 for 93
$2.53 for Regular
This is Boston suburbs at an Irving I usually fill up at. It's been dropping steadily.
$2.53 for Regular
This is Boston suburbs at an Irving I usually fill up at. It's been dropping steadily.
#1673
2024 Honda Civic Type R
Seems like further south by you is cheaper. Naturally, further away from the city.
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Curious3GTL (12-17-2014)
#1677
GO RANGERS!!!!!!!!!!!!!!!
iTrader: (6)
Paid 2.45 for 91 Saturday.
#1678
Gas is a nice $2.28 9/10 over here for 87 at the BP off of 5 at the MSP airport at the corner of edgecumbe W7 and 5
#1679
Moderator
Reports on the radio this morning of $1.83 in South Houston
#1680
Suzuka Master
:hump: $2.83 at Shell $34 to fill up.