$2 / Gal Gasoline as OPEC tries to kill US Fracking.....

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I wanna know where my elected representatives are. Due to the dramatic change in the price of gas, shouldn't they be calling for hearings and wanting to crucify the oil companies and futures traders that supposedly control the commodity prices?

I find it amusing that they are more than willing to use the words "supply" and "demand" when the prices fall, they never seem to use those words when they're headed the other way.

 
I saw $1.72/gal yesterday in Flint. Odd that it was $2.19 in Georgia yesterday also, as it's usually a lot cheaper down there than here.

 
they are too busy taking credit for the low prices to worry about that..

I don't credit anyone but American ingenuity- (although I am sure several politicians are taking credit) All we need is a few more refinery's in this country...

 
From the "Front Lines" of the oil industry....Expect prices to stabilize over the next few weeks. Then climb a little as we get into summer and have to change to "Summer Blend" gasoline. Domestic drilling is slowing down some, and a few projects are being scaled-back to minimum level to satisfy the terms of the leases. (Commonly called "Lease Protection Mode" in the industry.) The US oil & gas industry can handle the low prices by shutting down production in the expensive-to-produce wells and scaling back drilling.

National oil companies that are inefficient, have high over-head cost, or are supporting weak economies (Think Russia, Nigeria, India, Norway, etc) are getting hit hard. They are the ones that can't tolerate low prices for very long.

 
Freon said:
From the "Front Lines" of the oil industry....Expect prices to stabilize over the next few weeks. Then climb a little as we get into summer and have to change to "Summer Blend" gasoline. Domestic drilling is slowing down some, and a few projects are being scaled-back to minimum level to satisfy the terms of the leases. (Commonly called "Lease Protection Mode" in the industry.) The US oil & gas industry can handle the low prices by shutting down production in the expensive-to-produce wells and scaling back drilling.

National oil companies that are inefficient, have high over-head cost, or are supporting weak economies (Think Russia, Nigeria, India, Norway, etc) are getting hit hard. They are the ones that can't tolerate low prices for very long.
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We are seeing this in our exploration company stocks we own. The refineries mr snicks works with are saying much of the same thing.

 
filled up at $1.89 yesterday even though i could have waited. I didn't want to be standing outside today or tomorrow in the subzero windchill temps....full service gas stations of yesteryears would be nice in this kind of weather.

 
$2.19 at one of the more expensive stations, which means that it should be under $2 if I cross into South Carolina. Need to go ahead and fill up the truck finally.

 
$1.97 at a full service station.

I can't remember the last thyme it cost me under $35 to fill up.

 
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One station here was at 1.99 Cars in long lines to save $5.00. Not worth it.

 
After a few days of having cheaper gas here than on the WI side of the Cheddar Curtain, all is back to normal. Filled up for $1.95 North of the border. It's running around $2.15 here right now.

 
so we had some meetings with local / regional oil & gas folks on a transportation project. What they are saying is that the majority of the medium sized US firms had per barrel prices locked in for 2015 and that this will probably effect a lot of the smaller operations but that none of the medium to larger (US) firms had any major reductions planned. It was interesting that most all of them said they had been going balls to the wall work wise for the last decade or more and any slow down would be beneficial to the fracking industry to do maintenance and other system upgrades. They did say they were a little afraid of the Saudi's ability to pull oil at $25 / barrel that they couldn't go that low and still keep the doors open..

Hoping the US technology can keep moving and help fracking which will help the US oil and gas companies get through this!

 
The price was down to $1.99 gallon on my commute this morning. Filled up last week at $2.08 a gallon. It only cost me $16.42 to fill up. :D

 

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