what the hell is happening to gas prices?! I just paid $1.67

[Qurelly]

I live in Virginia. This is madness. Gas prices could go below a dollar at this rate. Took only $18 to fill up a nearly empty tank

America seems to really be on the upswing. Jobless rate is also the lowest it has been in years

Wow

[MaxGluteus]

fill your pool

[Bigcarllittlewi]

fill your pool

This. It wont last long.

[EnderG60]

Gas prices have nothing to do with anything the US did.

The saudies are doing it for numerous reasons. They are crippling the Russian economy, distroying the main source of money for ISIS and cutting the prices so far down that the new oil wells being built by the US and others will now cost more to operate then will be generated by oil prices. Thus ensuring they maintain a level of control on oil production.

Overall great move for them in the long run.

Cliffs. Dont expect it to last.

[Qurelly]

Gas prices have nothing to do with anything the US did.

The saudies are doing it for numerous reasons. They are crippling the Russian economy, distroying the main source of money for ISIS and cutting the prices so far down that the new oil wells being built by the US and others will now cost more to operate then will be generated by oil prices. Thus ensuring they maintain a level of control on oil production.

Overall great move for them in the long run.

Cliffs. Dont expect it to last.

That's why I am filling up every time I get gas. Almost wish I still had my gas guzzling crown Vic. Current car gets 40 mpg

[googlesearch]

long live israel




































not






















srs

[RockyIV]

Gas prices have nothing to do with anything the US did.

The saudies are doing it for numerous reasons. They are crippling the Russian economy, distroying the main source of money for ISIS and cutting the prices so far down that the new oil wells being built by the US and others will now cost more to operate then will be generated by oil prices. Thus ensuring they maintain a level of control on oil production.

Overall great move for them in the long run.

Cliffs. Dont expect it to last.

x2 on this. Sucks for all the people that moved to work the shale oil boom

[Rambostyne]

Thanks, Obama!

[envisu]

Why can't these kunts leave prices like they are? Making my life a lot easier.

[OneWayFS]

Gas is going to shoot back up higher than ever after this little price valley if the Saudis are really successful with this strategy. They're basically choking out every other oil producer at this point.

[ausgrdr]

ausbrah checkin in, nearly $1.00 a litre for petrol here

[kkevinn6]

thats good

[USAPump]

Gas is going to shoot back up higher than ever after this little price valley if the Saudis are really successful with this strategy. They're basically choking out every other oil producer at this point.

Doubt it. Cheap gas is here to stay and will continue to get cheaper.

It's simple - there is more supply than there is demand. To top if off, the 2020s will be the decade auto manufactures begin heavily marketing electric vehicles and in order to compete, gas will have to be cheap.

It is going to eventually balance because there will be a point where not enough money can be made per barrel from drilling but that is about it. The market will simply adapt to this. No more gorrilion dollars a year from working the oil fields that's for sure.

[newleaseonlife]

Lol @ $1.67...I remember when it was .98 cents per gallon.

[wrangler1987]

thats good

kevin it cost me 21.33 to fill up the entire rental car in Florida

[Marronis]

it's sub 2 just enjoying it while it lasts lol no need to be pessimistic

[cncman]

Everyone in O&G will lose their jobs then it'll go back up due to OPEC's strategy. Drive out the 'muricans by creating a supply that outmatches demands and hold out until no one can afford to produce. The rig count where I work rose in CAN but rapidly keeps falling off in US. Only a matter of time until money is hemorrhaged by small service companies and manufacturing companies (who make parts for oil service companies like BH, HAL, SLB,...) go completely under.

[residesinAZ]

time to invest in oil

[BangBrahs]

it hit about 1.65 per gallon here but is already climbing back up I'm in MI

[jz416]

Doubt it. Cheap gas is here to stay and will continue to get cheaper.

It's simple - there is more supply than there is demand. To top if off, the 2020s will be the decade auto manufactures begin heavily marketing electric vehicles and in order to compete, gas will have to be cheap.

It is going to eventually balance because there will be a point where not enough money can be made per barrel from drilling but that is about it.

This is simply not true.

The reason Oil prices have dropped is because the legalized cartel is putting the squeeze on non member oil producers (mainly USA, and Canadian oil sands to a lesser degree). Once they have squeezed out the USA (if their plan works) OPEC will do as OPEC does, and limit supply to ensure high prices.

[bhujerban]

Just wait until we have another natural disaster (hurricane, earthquake, etc.), or something major happens in the political world. The prices will go back to their pre-2015 figures before long.

But now is the time to buy stock in oil.

[CGDuke]

Meanwhile in the UK we're still paying like £1.15/litre? Down from £1.50 though. You guys really dont know how good you have it. Eurobrahs are getting bent over

[BosshoggDBB]

18 dollars for a full tank? mirin hard


Still paying 1.45 euro for a litre

So about $5.50 per gallon

[Condyle]

new oil wells being built by the US and others will now cost more to operate then will be generated by oil prices. .

This is the correct answer. Breakeven for many shale oil wells is $60 a barrel. It was at $50 not long ago, and the futures market was selling at $50 for delivery in July. So, the market doesn't expect the price to rebound either. Add to this the fact shale oil is sour (high sulphur), and new wells tap out after a year or so meaning ongoing capital costs... yeah, the Saudis are shutting it down like bosses. They're also sitting on some $8bn in cash reserves.

Cleanest kill I've ever seen, so long and thanks for coming, US shale oil industry.

[IIIWolverineIII]

Ban Saudi Arabia

[jross2021]

Lol @ $1.67...I remember when it was .98 cents per gallon.

Minimum wage was also probably $4/hour then.

[cncman]

This is the correct answer. Breakeven for many shale oil wells is $60 a barrel. It was at $50 not long ago, and the futures market was selling at $50 for delivery in July. So, the market doesn't expect the price to rebound either. Add to this the fact shale oil is sour (high sulphur), and new wells tap out after a year or so meaning ongoing capital costs... yeah, the Saudis are shutting it down like bosses. They're also sitting on some $8bn in cash reserves.

Cleanest kill I've ever seen, so long and thanks for coming, US shale oil industry.

not much can be done (other than going to war)

[londonirish]

Still over £1 a litre most places here, £1.10 cheapest diesel. 75% is tax though.

[TS3g]

I'm gonna go get some trash cans, fill them up, then sell the gas out of my van when the prices skyrocket again

Wildcard, b*tches!!!! Yeeeeehaaaaw!!!

[IIIWolverineIII]

Inb4 KGB starts assassinating Saudi royalty