GAS PRICES THREAD: National Average = $2.59!... gas hits lowest point in a month, no summer prices

[kanyewestjayz4life]

I filled up for 1.39 last week.

Was driving the the station with a smile like lets go 1.39.

They hit me with the 1.47, i was like

but still

.

Sorry for all the smilies, i never use em but thought this was perfect. lol

 

[thaisativa1]

all the fun and games are over guys. Gas prices are going up and never coming back down. RIP.

 

[proper english]

im gonna buy a couple of those wooden pirate barrels and fill it up w/ gas. that should last me half a year..

 

[tbone95860]

Originally Posted by FIRST B0RN

The creep towards $5 a gallon begins.

It shouldn't go up that high again.
They're speculating $2.75 by the summer, but not a return to $4

 

[chicagokid23]

Vegas
shell is at $1.75

 

[kanyewestjayz4life]

Yea i herd it will stay under 3.50 or something the year of 09.

 

[paulbaekr]

1.70 in Georgia

 

[tbone95860]

Oil drops largest % in 7 yrs...Developing...


NEW YORK (Reuters) - Oil prices slid 12 percent on Wednesday, the largest percentage drop in seven years, after a U.S. government report showed crudeinventories rose much more than expected in the world's top energy consumer.

Crude oil stocks swelled by 6.7 million barrels, the U.S. Energy Information Administration said, more than seven times the 900,000-barrel increase analystshad expected.

Gasoline and distillate stocks also rose as refinery utilization climbed and demand remained sluggish.

U.S. crude for February delivery settled at $42.63 a barrel, down $5.95 or 12.25 percent, the biggest single-day loss, percentage-wise, since prices plunged15.25 percent on September 24, 2001.

London Brent crude settled at $45.86, down $4.67.

"We had pretty large builds in all categories. I think it's a confirmation of the weak demand environment. Any time the market sees physicalconfirmation of that in inventory building, it's just another reason to move lower, and that's what we're seeing right now," said AmandaKurzendoerfer, commodities analyst at Summit Energy in Louisville, Kentucky.

Oil demand in the United States, as well as Europe and Asia, has been eroded by the global economic slowdown.

Total oil products demand in the United States in the past four weeks was down 2.9 percent from a year ago, the EIA said.

The bearish data overshadowed Russia's energy dispute with Ukraine and the conflict in Gaza, both of which had supported oil prices early in theweek.

While the Gaza conflict did not directly threaten any oil supplies, unrest in the Middle East can bolster prices because countries in the region pump abouta third of the world's oil.

Saudi Arabia's foreign minister rejected Iran's call placing an oil embargo on Israel's supporters at a Wednesday news conference in NewYork.

Russian gas supplies to Europe through Ukraine shut down completely on Wednesday, leaving growing numbers of European Union member states without Russianfuel in freezing mid-winter temperatures.

The dispute, which increased demand for gas oil and lent support to crude, echoes a similar confrontation three years ago that raised questions aboutRussia's reliability as an energy exporter.

 

[sooperhooper]

sunday, on my way to church, gas was 1.47, on my way back home THE SAME DAY it jumped to 1.64

 

[tbone95860]

Thursday, 1/08/2009
Current Avg. = $1.762

 

[suckafree85]

Gas is like $1.85 where I live.

 

[tbone95860]

Friday, 1/09/2009
Current Avg. = $1.782

 

[s dubl]

some spots near me already hit 1.99

 

[loveofthegame916]

Its back to 2.05 in Sacramento

 

[tbone95860]

Sunday, 1/11/2009
Current Avg. = $1.792

 

[tbone95860]

Thursday, 1/15/2009
Current Avg. = $1.799

 

[the mexican1262]

filled up earlier at 2.15

 

[dey know yayo]

oil prices will bottom next month when the equity markets bottom around dow 7500.

low gas prices are here for two reasons:
1. we had high gas prices because of huge perceived unsustainable emerging market demand growth. these markets are financed by american consumers, who werefinanced with artificial wealth because of greenspan's ******ed interest rate policies. that artificial wealth goes away (home equity collapse), emergingmarket wealth goes away, demand tanks.
2. low interest rates were causing the dollar to lose value quickly... as the markets crash, deleveraging helps the dollar, which hurts oil a lot. thefed's ESF euro swaps over the summer sparked the oil price crash. when the more than $2 trillion in sequestered money floods the market next month, oilwill start rising again.

oil probably won't get above 60-70/barrel imo.

oil priced in gold the last 5 years did not rise too dramatically. remember that. the fed likes inflation. it's the hidden tax.

 

[tbone95860]

Sunday, 1/18/2009
Current Avg. = $1.839

 

[suckafree85]

Its $2.00 for the cheapest gas here.

 

[tbone95860]

Sunday, 1/25/2009
Current Avg. = $1.845

 

[jackiechizzan]

cheapest for chevron is $2.09 around my way

 

[tbone95860]

Thursday, 1/29/2009
Current Avg. = $1.843

 

[rapsteady1]

I'm getting heated that in SoCal its going up... I filled the other day at 2.09.... It sure does beat paying 4+ like in the summer

 

[marvelous m4rk]

I filled up the Z tonight with premium unleaded at 2.17 up here in NY. The price went a couple cents, but it damn sure beats the past gas prices especiallylast summer prices, it was damn near 4 dollars a gallon.