Just saw gas at $2.49/gallon

[JonRam99]

Who in the world are we trying to squeeze now? Putin? I know I haven't been paying attention to the news, but it's gotta be someone obvious.

Someone else may be able to (or may already have) answered this much more intelligently, but the Saudis are actually trying to squeeze the USA. We don't buy so much of their oil now because of the US fracking boom; we used to be their #1 customer, but not anymore, so now the Saudi's have surplus oil they can't sell. Instead of easing back on their pumps to try to keep the price of oil high, they actually kept pumping the same volume, meaning they flooded the oil market; too much oil = lower oil prices. The whole reason they're doing this is to break the US fracking industry: the fracking process costs a lot in order to coax the oil out of the ground, so the Saudi's are trying to crash the price of a barrel of oil below the magic number of $50 / barrel. At the moment, they have succeeded: it's $46.50 / barrel. If this prices lasts a while, it will cost our oil industry too much to produce oil from fracking, and the Saudi's will win.

The good news is, in all this, YES, Putin's Russia is getting squeezed hard, as well as every other dictatorship that depends on selling oil to keep their economies afloat: Venezuela, Iran, ISIS (they sell on the black market), etc. In fact, if the price of oil stays low, Russia will go bankrupt, just like they did in the 80's when the USSR went bankrupt.

 

[Ramhusker]

Someone else may be able to (or may already have) answered this much more intelligently, but the Saudis are actually trying to squeeze the USA. We don't buy so much of their oil now because of the US fracking boom; we used to be their #1 customer, but not anymore, so now the Saudi's have surplus oil they can't sell. Instead of easing back on their pumps to try to keep the price of oil high, they actually kept pumping the same volume, meaning they flooded the oil market; too much oil = lower oil prices. The whole reason they're doing this is to break the US fracking industry: the fracking process costs a lot in order to coax the oil out of the ground, so the Saudi's are trying to crash the price of a barrel of oil below the magic number of $50 / barrel. At the moment, they have succeeded: it's $46.50 / barrel. If this prices lasts a while, it will cost our oil industry too much to produce oil from fracking, and the Saudi's will win.

The good news is, in all this, YES, Putin's Russia is getting squeezed hard, as well as every other dictatorship that depends on selling oil to keep their economies afloat: Venezuela, Iran, ISIS (they sell on the black market), etc. In fact, if the price of oil stays low, Russia will go bankrupt, just like they did in the 80's when the USSR went bankrupt.

Awwwww, cue up the violin for those poor poor bastards. The fracking chaps will rebound in due time because we Americans are resilient but screw the rest of the lot. Let them hock off a few gold Rolls Royces.

 

[Force16X]

$2.09 today. guess cardale jones should have gone pro.

 

[Stranger]

Someone else may be able to (or may already have) answered this much more intelligently, but the Saudis are actually trying to squeeze the USA. We don't buy so much of their oil now because of the US fracking boom; we used to be their #1 customer, but not anymore, so now the Saudi's have surplus oil they can't sell. Instead of easing back on their pumps to try to keep the price of oil high, they actually kept pumping the same volume, meaning they flooded the oil market; too much oil = lower oil prices. The whole reason they're doing this is to break the US fracking industry: the fracking process costs a lot in order to coax the oil out of the ground, so the Saudi's are trying to crash the price of a barrel of oil below the magic number of $50 / barrel. At the moment, they have succeeded: it's $46.50 / barrel. If this prices lasts a while, it will cost our oil industry too much to produce oil from fracking, and the Saudi's will win.

Time to dial up a war

The good news is, in all this, YES, Putin's Russia is getting squeezed hard, as well as every other dictatorship that depends on selling oil to keep their economies afloat: Venezuela, Iran, ISIS (they sell on the black market), etc. In fact, if the price of oil stays low, Russia will go bankrupt, just like they did in the 80's when the USSR went bankrupt.

Add the USA to your list of countries. Oh wait, we just sell Dollars.

 

[Dieter the Brock]

Kyle Texas - passing by the shell station it was $1.80 regular
That's Texas prices for you

Also say a badass billboard for the Attorney that ROCKS!!!

 

[Force16X]

http://finance.yahoo.com/news/oil-prices-fall-output-remains-022950324.html

i'm guessing pump prices will jump upwards of 50 cents a gallon on the next bump up. it went up 30 cents a gallon last week for whatever conspirical reasons.

 

[-X-]

I just saw a Shell station down the street that had $1.87 (cash) for regular.

 

[Warner4Prez]

I think we bottomed out at $1.79 in ND this past week. Already nickel and diming its way back up around town though. And yes, they've hit the panick button in the Western half of the state where the Bakken Barons are fracking their lives away. I believe we're already down like 40 wells from where they were last year.

 

[RhodyRams]

seems like Rhode Island prices bottomed out at 2.09 and slowly creeping back up now

 

[Rams and Gators]

seems like Rhode Island prices bottomed out at 2.09 and slowly creeping back up now

Same in England was £1.039 per liter ($6.07 per gallon) but back up to £1.059 and rising. I was hoping we'd get below £1, but it wasn't to be .

 

[bluecoconuts]

Went to the low 2's in LA, now back up to high 2's, low 3's.

 

[Mojo Ram]

Do your grocery shopping at Kroger owned grocery chains. Use the fuel points that you accumulate. For every 100 pts you earn, you get 10 cents off/gallon at the pump.

 

[dieterbrock]

Still under 2 bucks a gallon here in NJ
And you don't even have to pump it yourself