WHERE IS THE ECONOMIC BOOST, THOUGH?
America is about to go below the $2.00 mark for a gallon of gas for the first time since 2009 – and further decreases are likely. Sadly, cheap gas hasn’t created the consumer renaissance some economists had projected.
Why not? Well, as it turns out Americans are spending those savings elsewhere – leaving a massive hole in the consumer economy.
Anyway, according to the AAA Daily Fuel Gauge report, the average price for a gallon of regular unleaded gasoline is currently $2.01. That’s down twenty cents from last month – and down 62 cents from a year ago. Here in South Carolina, the average price per gallon for regular unleaded is $1.80. That’s down fourteen cents from a month ago and down 63 cents from a year ago. Only two states – Michigan and Missouri – have cheaper gas.
What’s driving these low prices? Supply. Due to spiking domestic production, a barrel of crude currently costs $37 – down from $108 last June (when the national average for a gallon of unleaded gasoline was $3.68).
What are prices like in your area? Post what you paid in our comments section below …
36 comments
I ate at Taco Belle last night, that gas was free.
HA! +2
And it left some residue in my tailpipe.
Don’t forget your Bloomberg Consumer Comfort index update, today.
Yes! It was up modestly … will have a report on that momentarily.
Oil is down to 36 +- per barrel. Our allies the Saudis plan to put an end to US oil production and to crush the Russians. It cost us and the Russians more than $40 a barrel to get the stuff out of the ground. The Venezuelans are hurting as well. Their costs of production is much higher than the Saudi’s as is oil from the North Sea Wells. Interesting times.
I’m not complaining. The only way the Saudis can keep US production down is by keeping prices down. As soon as prices get too high, American and others production will increase.
OPEC has lost all controlled of price.
OPEC, contrary to the prevailing viewpoint- has rarely been able to keep prices higher than market. (google opec cheating)
Everyone always remembers/quakes over the 70’s oil crisis. (well, those old enough to have endured it and/or remember it)
And what was the Feds response, the ole double nickle.
What the fuck did you expect them to do, raise it to 90 mph?????
Oil was in short supply (there were actually spot shortages in the summer of 1973 prior to the Arabs cutting us off).
I remember Nixon mention the tar sands in the Dakotas and a early version of “fracking” during his presidential address to the nation during the gas shortage (which was a direct result of us providing direct assistance to the Israelis during the Yom Kippur War which pissed the Arabs off)
Funny thing was that it took over 30 years before we started extracting the oil. As some have posted, when oil gets high enough extraction will come back around.
The Arabs still hold some sway and can influence our economy. They can’t afford for us to become energy independent. They’d go broke keeping their population satisfied and the whole place would go down the shitter if there was less market for their oil.
You think the risk of terrorism is serious now, that ain’t nothing compared to what would happen if the royal Saudi family lost control of Saudi Arabia…Talk about social unrest in the Middle East……….
What the fuck…I don’t know, what the fuck yourself.
lol
I know one damn thing you don’t know jack shit about how the world really works
That’s what the fuck I know………….
I know one thing you don’t know anything about, sarcasm.
Too bad we can’t buy you for what you’re worth and sell you for what you think you’re worth.
Damn, you gotta quit looking in the mirror at yourself so much!!!
lol…it’s funny watching you two old codgers beat on each other, reminds me of the Boondocks:
http://www.youtube.com/watch?v=S-Gr1wJGOG0
That was a good one.
“You think the risk of terrorism is serious now, that ain’t nothing compared to what would happen if the royal Saudi family lost control of Saudi Arabia”
Most of the 9/11 hijackers were Saudi’s(one Egyptian national and Paki if I remember right).
There’s a reason they were pissed at the US.
That’s peanuts compared to if the Royal House of Saud goes under because they don’t have the lion’s share of oil revenue for the entire world and the natives get restless because the Royal family ain’t providing the comforts they have been accustomed to.
If that were to happen (and there is a VERY slim chance of that happening for some time to come….) you ain’t seen nothing yet!!!!!
Was there for the whole shebang. Quickly followed by the recession of 1974 (as far as I’m concerned was a worse recession than the 2008 one – everybody I knew got laid off… which was not the case in 2008…..).
That recession kicked the country in the ass and things have never been the same as far as I’m concerned.
Our aiding Israel during the Yom Kippur was what pissed the Arabs off and they closed the spigot.
I was in the 82nd Airborne at the time and the first elements (DRB = Division Readiness Brigade) were less than 15 minutes from take off when they scaled back.
Second highest nuclear alert in US history – right behind the Cuban Missile Crisis in October 1962 (which was 11 years almost to the day of our alert)
I’ve been in 3 wars since then but I’ve never been as scared as I was as a “bulletproof” 20 year old paratrooper in October 1973…………….
The Yom Kippur War alert changed my life.
1.64 in Greenville
The most recent oil drop has not yet seemed to register.
Alaska may have to institute an income tax for the first time in decades, per USA Today.
Where is Sarah Palin when you need her?????
I thought that bat-shit crazy MILF had all the answers…
I know, I know……
It’s all “Obammer’s” fault!!!!! = (the standard Fox network answer to everything…)
One other thing…
The price of motor oil went up through the roof a few years back when gas went up and has yet to come down…..
I change the oil in all my vehicles and the best price I can find is around $3.00/quart for generic oil (O’Reily type stuff – which is good oil BTW) in a 5 quart “jug”
Hell, brand name oil (Valvoline,Castrol,etc.) is now going for 5-6 bucks/quart let alone that synthetic stuff (which I don’t use).
It’s just crazy…………
Why aren’t there any CUSTOMERS at that station in the photo?
It’s a BP station, they’re all down the street at Spinx.
This is all Obama’s fault!
BP buys oil from ISIS….https://www.youtube.com/watch?v=54OLF2rDSpo
Thank you President Obama, and thank you America.
You know what some of these smart-assed hard right wingnuts would say don’t you????
They’d say: “If that fucking “Obammer” wasn’t prez, gas would be 25 cents a gallon!!”
Ann Coulter was right, you can’t discuss anything with dick-headed zealots!!!!!
“Official disclaimer” “I voted 3rd party both times when “Obammer” ran for prez”
Dutifully noted:
“Sparklecity”
I target nuts closer to home.
Without a doubt……
Right, because Bush ALWAYS got credit for gas prices being low and NEVER, EVER got criticized for them being high or accused of being a shill for (gasp) BIG OIL.
Avg. price of ga was $1.84when Obama took office in January 2009 on the promise of change, according to the U.S. Energy Information Administration.
From 2009-2014 avg.gas price under Obama was $3.50 a gallon.
Today it is around $2.00 a gallon.Obama screwed the American people with these high gas prices for 6 years and they are still higher than when Bush left office.
Slow news day?
$1.98/gallon for diesel near Anderson yesterday
Stations are price gouging. Where is your state attorney general on that???