Who thought $2 gas would last?

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I knew it wouldn't, but many people said we will see $2 gas for years to come. Nope, prices are on the rise again, and no doubt heading back $3+. Just like prices tanked when OPEC flooded the market with crude, prices are now going up due to a roll back in production. Now, who was it that said the industry doesn't control prices?
 
In 2007, when oil hit $100 a barrel -

I told all my co-workers "You'll never see $2 a gallon gasoline ever again"

I was wrong....

Everything goes in cycles.
Including oil field jobs, which are VERY much on the rise again!
 
Consider yourself lucky that you pay under $3 for a gallon of gas. Your northern neighbors get fleeced by what we pay.


Right now a gallon converted to USD IS $3.98. May be a bit cheaper when you buy at Costco or at night when gas prices gonna down 12 cents per liter.

People in UK and Europe pay much more. If electric cars were cheaper, I'd make the switch.
 
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It’s not about the USA any longer. China imports more oil than America. Japan combined with India also imports more oil than America. The oil industry has had very poor profits for the last three years. Yes, $3.00 Gas is here again. More companies will explore and the cycle wii begin again. This time it’s going to be complicated with electric cars.
 
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There is no way it could last.

In the UK petrol is over $6.00 for a US Gallon at the moment at my nearest Costco.

Some other petrol stations have it closer to $6.50 or even more depending on location.

No doubt there will be places where it costs close to $7.00 for a US Gallon.
 
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I buy Hybrid cars and EFI Mowers-
The beauty is that when gas is $2 you buy hybrid cars cheap- a win-win
 
Originally Posted By: bigjl
There is no way it could last.

In the UK petrol is over $6.00 for a US Gallon at the moment at my nearest Costco.

Some other petrol stations have it closer to $6.50 or even more depending on location.

No doubt there will be places where it costs close to $7.00 for a US Gallon.


I believe it is over $10 a gallon in Norway as it pays for their health insurance- well that is what
my customers tell me.
 
People that went out and bought new SUV and full size trucks. Same ones that complain the loudest about gas prices.

It never changes. Gas prices drop and demand for SUVs and Trucks go up. My truck was worth more than I paid for it for a while.
 
If it goes up high enough then people will start dumping gas guzzler vehicles. I always buy the vehicle with best fuel efficiency I can afford. I just ride the wave.
 
Originally Posted By: MONKEYMAN
If it goes up high enough then people will start dumping gas guzzler vehicles. I always buy the vehicle with best fuel efficiency I can afford. I just ride the wave.

YIP!
 
Yeah … it’s normally like the flight from Houston to Dallas … very little time at cruising altitude … mostly up/down …
wink.gif
 
The transport companies added fuel surcharges 10 years ago when the price was high but never dropped those charges once the price went down to sub $2.00.

Now they'll do it again.
 
Originally Posted By: JC1
Consider yourself lucky that you pay under $3 for a gallon of gas. Your northern neighbors get fleeced by what we pay.



Maybe so, maybe not. If it fully balanced the roads budget and infrastructure improvement costs, it would be OK.

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Anyone who thought it would last is practically an idiot.

The cost will be indexed in some way to inflation, target profit margins by downstream, mid and consumer-end businesses, etc.

More supply of the commodity doesnt guarantee indefinite low prices permanently. Especially when various entities with various vested interests are playing in on overall supply.
 
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