# Up Your's OPEC!



## eagle2250 (Mar 24, 2006)

How long has it been since you paid less that $2.50 for a gallon to put gasoline in the iron horse(s)? For me it was just yesterday, returning home from the local outlet mall (price paid, $2.49 and nine tenths of a cent). Some are saying it might actually drop to below $2.00 per gallon! How low might it go and how much are they charging for gas in your neck of the woods?


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## vpkozel (May 2, 2014)

It is always puzzling to me when people act like gas prices are set by some star chamber like body. 

Please note that this is not to say that OPEC can not affect the price at all, but new finds elsewhere in the world (including Iraq's added production) have lessened their impact in the past decade or so. 

This is also not to say that I am not happy about gas prices being down...


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## SG_67 (Mar 22, 2014)

The thing to remember about OPEC is that they rarely act in the interest of the collective. In the end, it's "every man for himself", or rather every country for themselves. 

The Saudis are are able to pump oil at an incredibly cheap price, among the cheapest of the OPEC nations. They can ride out the storm when other countries stop pumping as much because the profit margins just aren't there anymore.


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## Quetzal (Jul 25, 2014)

The real question is how long will the prices remain below $3.00..?

-Quetzal


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## eagle2250 (Mar 24, 2006)

^^We can't know for sure how long the depressed prices will last, but on the way to Church this AM we passed two stations selling gas for $2.47 a gallon. They do seem to be on the downward track! :thumbs-up:



vpkozel said:


> It is always puzzling to me when people act like gas prices are set by some star chamber like body.
> 
> Please note that this is not to say that OPEC can not affect the price at all, but new finds elsewhere in the world (including Iraq's added production) have lessened their impact in the past decade or so.
> 
> This is also not to say that I am not happy about gas prices being down...


It is not so much what a single player or group of players is doing, but rather changes in the oil fortunes of many. As you say, Iran is adding to the mix of exports, but Russia's production and sales are up and the US production is higher than it has ever been and our reliance on imports is substantially down. However it would be a mistake to take this good fortune for consumers too seriously, as if it continues for too long, US production will be adversely affected....a bit of a double edged sword, wot?


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## ChrisRS (Sep 22, 2014)

And what makes it interesting is that only the very strong will benefit.
https://www.businessweek.com/articles/2014-11-26/russia-wont-cut-oil-production

I also understand that OPEC nations set budgets assuming an average of $100 per barrel.

Mid 2.50's here in Atlanta.
On that I85 run to Charlotte, South Careolina has prices very similar to your in Indiana.


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## drlivingston (Jun 21, 2012)

$2.45 this morning at Sam's Club.

Check your local listings here:
https://www.gasbuddy.com/


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## Donnie (Nov 14, 2014)

Paid $2.32 at QuikTrip this week.


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## Chouan (Nov 11, 2009)

$3.47 for me. Having done a vast amount of calculations!


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## SG_67 (Mar 22, 2014)

Chicago will always be more expensive, thanks to the multiples of taxing authorities that exist.


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## WouldaShoulda (Aug 5, 2009)

SG_67 said:


> Chicago will always be more expensive, thanks to the multiples of taxing authorities that exist.


Time for a tax riot.

No cheap gas, no peace!!


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## Anon 18th Cent. (Oct 27, 2008)

Bad news in my book. The fed's CAFE standards seem to be a good idea, but all they do is encourage driving, especially wasteful cars. We should have a big tax on gasoline. That would have the desired effect: better mileage and spurring people to use alternatives.

Classic example of "The Tragedy of the Commons" all the way around. Driving and gasoline production. Privatize the benefits and socialize the costs.


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## WouldaShoulda (Aug 5, 2009)

Edwin Ek said:


> We should have a big tax on gasoline. That would have the desired effect: better mileage and spurring people to use alternatives.


Social engineering and Control thru Nanny-Statism never rests.


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## eagle2250 (Mar 24, 2006)

^^+1 and besides, the gasoline taxes that have been collected over the past decade or so, have been spent on everything but for what they were intended...infrastructure improvements to our roadways and bridges, etc.


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## WouldaShoulda (Aug 5, 2009)

Not to mention being regressive and hitting the poor the hardest.

Of course, we could hand out gas rationing cards like food stamps!!


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## SG_67 (Mar 22, 2014)

Edwin Ek said:


> Bad news in my book. The fed's CAFE standards seem to be a good idea, but all they do is encourage driving, especially wasteful cars. We should have a big tax on gasoline. That would have the desired effect: better mileage and spurring people to use alternatives.
> 
> Classic example of "The Tragedy of the Commons" all the way around. Driving and gasoline production. Privatize the benefits and socialize the costs.


Not really sure how petroleum production and use qualifies as an example of The Tragedy of the Commons.

Increasing the gas tax and other attempts to curb gasoline use have not really worked now have they? All it will do is take money out of the economy and put it into the black hole that is the federal budget.


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## Snow Hill Pond (Aug 10, 2011)

eagle2250 said:


> However it would be a mistake to take this good fortune for consumers too seriously, as if it continues for too long, US production will be adversely affected....a bit of a double edged sword, wot?


Let's enjoy it while it lasts. I thought the days of filling the gas tank with a Jackson and having enough left over to get a hot dog and coke were long gone. Now, I'm not so sure.


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## WouldaShoulda (Aug 5, 2009)

Snow Hill Pond said:


> Let's enjoy it while it lasts. I thought the days of filling the gas tank with a Jackson and having enough left over to get a hot dog and coke were long gone. Now, I'm not so sure.


No hot dog and coke for you!!

We know what's best.

That $2 is going to the new gas tax scheme to cool the planet, Fatty!!


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## Snow Hill Pond (Aug 10, 2011)

WouldaShoulda said:


> No hot dog and coke for you!!
> 
> We know what's best.
> 
> That $2 is going to the new gas tax scheme to cool the planet, Fatty!!


Just when I thought things were looking up. BTW, would it make a difference if the dog was lo sodium and the drink was a coke zero?

Yes, and speaking of people who know what's best for us, I am in awe of the number of pundits wringing their hands over low gas prices as an indicator of a stumbling economy. Talk about getting it upside-down. An economy grows in spite of high energy prices. Low energy prices will spark an economic boom. Unless of course, you're right, and the pols decide to harsh our mellow with a stupid onerous gas tax. Good grief, didn't Reagan teach us that a growing economy benefits everyone...including the treasury dept with a larger and growing tax base!


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## eagle2250 (Mar 24, 2006)

Just yesterday I filled the tank with gasoline costing me $1.99 and 9/10ths per gallon, after which we passed a station charging $1.94 and 9/10ths per gallon.

How low will it go? :icon_scratch:


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## Donnie (Nov 14, 2014)

Our local Kroger had it at $1.919 last night. We used our 'points' to shave .60 off of that. Got 17 gallons for about $22.


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## Gurdon (Feb 7, 2005)

eagle2250 said:


> ^^+1 and besides, the gasoline taxes that have been collected over the past decade or so, have been spent on everything but for what they were intended...infrastructure improvements to our roadways and bridges, etc.


eagle2250,
Are you sure about this? I thought that gas taxes, not to say the hundreds of millions spent in mid 20th Century interstate highway construction, went into the construction and maintenance of..., highways. I'm not an expert on transportation funding, so I may have missed news about diversion of highway funds to some other, non-transportation related, purpose.

In the West one frequently sees signs at highway construction sites describing the share of federal funds, and state and local funds, as well, financing the construction.

Regards,
Gurdon


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## momsdoc (Sep 19, 2013)

We've been hitting the $1.99 point for a while now in Nj. So Chris Christy want to raise gasoline taxes by $0.5-0.6. He claims it will generate money to repair the worst road and bridge infrastructure in the nation. Yep more work for the "connected" road pavers. Ever wonder why they decided to have Tony Soprano live in Caldwell NJ?

On a lighter note, the 2 countries most hurt by the low prices are Russia, and Saudi Arabia's arch enemy Iran. Coincidence? The Ruble is down by 1/3, yet this weekend the News banner around the Dow Jones building in Times Square stated that Putin says the Ruble is strong. I was so flabbergasted I almost ran off the road.


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## justonemore (Jul 2, 2009)

Happily I hardly ever use a car over public transport. Those complaining of high gas prices don't get much sympathy from me...

$1.55 per liter equals $5.87 per gallon (& it seems to always be about the same price).

https://imageshack.com/i/ipbQrkdrj


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## Snow Hill Pond (Aug 10, 2011)

According to Gas Buddy, there are places in the US where gas is selling for less than $1.70/gal today. Wow, I don't know how long it'll last, but I'm enjoying the ride.

https://www.gasbuddy.com/gb_gastemperaturemap.aspx


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## SG_67 (Mar 22, 2014)

One of the Costco in the suburbs had regular for $1.99. I haven't seen gas that low in the Chicago area for over 10 years.


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## Snow Hill Pond (Aug 10, 2011)

SG_67 said:


> One of the Costco in the suburbs had regular for $1.99. I haven't seen gas that low in the Chicago area for over 10 years.


There's an outside chance that the price might break a buck before it's all through. Feels like a time warp. I'll know if that's the case if I turn on the radio and hear Air Supply and Juice Newton.


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## SG_67 (Mar 22, 2014)

^ Funny you mention that because it reminds me of gas prices when in high school. The hovered at between $.90 and $1.00. Anything a dollar was considered highway robbery. 

I remember in 2000-2001 (I think it was then) when gas broke above $2.00 here in Chicago and people were freaking out! The state share of the gas tax was put on hold for the remainder of the year. Right after Katrina we were, although only for a short while, >$5/gallon.


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## WouldaShoulda (Aug 5, 2009)

Obama approval rating hovers at 50% again.

Coincidence??


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## Snow Hill Pond (Aug 10, 2011)

WouldaShoulda said:


> Obama approval rating hovers at 50% again.
> 
> Coincidence??


Could be, but I think it's the "free" community college plan.

It's an interesting idea, but part of me thinks that it would be easier if the President just gave an associate degree to anyone who attends high school for at least a couple of days. The effect would be the same for those receiving the diploma and cheaper for the rest of us, the working taxpayers, footing the bill.


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## SG_67 (Mar 22, 2014)

Snow Hill Pond said:


> Could be, but I think it's the "free" community college plan.
> 
> It's an interesting idea, but part of me thinks that it would be easier if the President just gave an associate degree to anyone who attends high school for at least a couple of days. The effect would be the same for those receiving the diploma and cheaper for the rest of us, the working taxpayers, footing the bill.


Nothing spells out ownership and responsibility like government giving out free goodies.


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## WouldaShoulda (Aug 5, 2009)

Everybody likes the free candy man!!


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## SG_67 (Mar 22, 2014)

^ Especially when your neighbor is working 2 jobs to buy it for you.


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