Friday - September 26, 2014

Excitement At The Pumps

Good grief.

Gasoline is selling for $2.99.9 at the no-brand station down the road here. It’s been that price for about 3 days now, and today my $20 bought me 6 2/3 gallons. Half a tank. So in my mind, gas is only twice as expensive as it ought to be.

I haven’t seen gas at this price in ages. Last Fall, just before Thanksgiving? And IIRC, it was only there for about a week, then went up again.

And I hear it might be heading your way eventually; NJ has just about the least state taxes added on to a gallon of gas, so we’re the low price leader almost always. Some states, like NY, tack on 79¢ or more. Greedy bastiges.

[ September 24, 2014 ] The price of a gallon of gasoline may soon start with a “2’’ across much the country.

Gasoline prices typically decline in autumn, and this year they are being pulled even lower by falling global oil prices. By the end of the year, up to 30 states could have an average gasoline price of less than $3 a gallon.

The average in Springfield, Missouri, is already below $3, according to Tom Kloza, chief oil analyst at the Oil Price Information Service and GasBuddy.com. Several other cities are on the brink.

“And there will be more, many more,” Kloza said. Cities in high-priced states such as California and New York will not be among them, though, which will probably keep the national average above $3.

At the current national average of $3.35 a gallon, gas is a dime cheaper than a year ago at this time. The gap is 20 cents or more in seven states, including California, Kansas, South Dakota and Connecticut, according to AAA.
...
Last year, the national average fell 28 cents per gallon between Sept. 1 and Dec. 31. This year, gasoline had a head start. It entered September at its lowest level for the beginning of the month in four years - and the price of crude oil was rapidly heading lower.

The drop in global crude oil prices is a surprise. Despite increasing violence and turmoil in the Middle East, the world’s most important oil-producing region, the global price of oil has fallen to $97 a barrel, close to its lowest level in more than two years.

That’s partly because new technology has allowed U.S. drillers to consistently increase production from fields in North Dakota and Texas, adding to global supplies. At the same time, world demand is not growing as much as anticipated because of slower economic growth in China and Europe.

Yeeehaa for competition and capitalism!! Woo hoo!! In your face, camel lips!!

[ November 2013 ] The last time New Jersey saw the average gas price below $3 was on Jan. 13, 2011. After that, the foundering economy, coupled with unrest overseas, helped create an especially volatile oil market. Gas prices began a seesaw pattern that steadily ticked up. It wasn’t until September that prices began a near daily drop, and that has continued ever since.

Around the country, Arkansas, Missouri, Oklahoma and Texas already have average gas prices below $3.

But even with the lower prices, volatility is a problem and analysts say the fuel system is increasingly vulnerable to short-term shocks because refiners try to keep stocks of gasoline low to save money.

So my bit of NJ has had a price dip below $3/gal starting in September 2014, one that ran a week or two in mid-November 2013, and another short relief in mid-January 2011. For the most part, plain old 87 octane “Regular” (87 used to be called “Economy") has been over $3/gallon for almost all of the Obama Regime.



But hey, remember back in 2007, when we had that summer spike, and $3/gallon gas was the end of the world? How little we knew; hardly a year later we’d do it all over again, only much harder.

[ May 2007 ] Prices break record for 10th day in a row, topping $3.20 a gallon; New Jersey only state left with an average price under $3

Gasoline prices broke a record Tuesday for the 10th day in a row as every state except for New Jersey now has an average price above the $3 a gallon mark in AAA’s daily survey.

The latest reading from the motorist group Tuesday showed the nationwide average for a gallon of regular unleaded hit $3.209 a gallon, up from $3.196 on Monday. The group’s survey of 85,000 gas stations, by far the broadest sampling of gas prices, has been showing a series of record high prices starting May 13.
...
Before this recent run of record-high gas prices, the highest price ever recorded in current dollars was $3.057 in the AAA survey, which was set Sept. 4 and Sept. 5, 2005, in the wake of Hurricane Katrina. That storm disrupted refinery operations and pipelines and caused a temporary spike, sending prices above the $3 mark for eight days.

The only other time that the AAA national average has topped the $3 mark was in August 2006, after Israel invaded Lebanon and oil futures shot higher. Gas prices then reached as high as $3.036 during that 19-day spike

Yep. Then there was the nasty Spring and Summer of 2008. The speculators went wild, crude hit $145/bbl, gas prices topped out at what, $4.11?  About 35¢ more per gallon than what we’ve lived with now for years. And it was the End Of The World. Because Bush was President you know, so this was the never ending catastrophe that the talking head commies in the MSM prattled on about 24 hours a day. And then, somehow, around early August the price of crude dropped. Like a bomb. And went from over $140 to about $100 per bbl in a month. And by the time of the 2008 elections, gas was selling at or below $2/gallon here in NJ. And when the Big O took power, gas was something like $1.79. And it’s never been so inexpensive since.

Remember, the price of gas is NOT news. Because. Obama. You racist.

Posted by Drew458     on 09/26/2014 at 01:43 PM   
Filed Under: • Oil, Alternative Energy, and Gas Prices •  
• Comments (2) • Trackbacks(0)  Permalink •  

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