bearrassler
Well-known member
The oil in ND is not in the oil sands, that is Alberta. I have heard that if oil were to fall below 50.00 per barrel many wells in ND would be shut down and not many new ones would be drilled.
Cheap Gas????
- Thread starter garyl62
- Start date
The oil in ND is not in the oil sands, that is Alberta. I have heard that if oil were to fall below 50.00 per barrel many wells in ND would be shut down and not many new ones would be drilled.
600_RMK_144
Well-known member
Wow! That's cheap. You win!
polarisrider1
New member
We have one station at $2.69 if you get a $5 car wash with 8 gallon fill.
Filled all my gas cans, bikes and sled with Shell premium at $2.98
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I thought it was $70/barrel but can't remember for sure.
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The long run average for gas inflation adjusted is about $2.50. That's simplistic of course, but with declining consumption and increasing production, eventually even the speculators will have to deal with supply and demand.
May bottom about $80 for Brent crude http://finance.yahoo.com/news/exclusive-privately-saudis-tell-oil-095520702.html
The pricing of oil is a complex and geopolitical issue. One unique thing about oil is that there's plenty of the resource in the planet to be used, yet the price to extract that oil tends to get expensive. The higher the price per unit the more of the resource can come to market. Yet an increase in supply does not equate to a decrease in price, due to the higher cost of extraction. You want tons of oil, its out there and accessible; you just have to pay a high price for a lot of it. We use the cheaper oil now. The Saudi's have the cheap and easy oil to use. I am shocked they haven't dropped the price a long time ago to cripple the American oil industry and styme the growth of efficient vehicles. This has been an issue that has been a long time in the making.
D
Deleted member 10829
Guest
Still $3.21 today in Spooner, but they are always higher here and every station is ALWAYS the same price. It's called collusion.
polarisrider1
New member
$2.55 in Greenville Mi.
Today lowest price in the nation.
Today lowest price in the nation.
600_RMK_144
Well-known member
Why so cheap? Everyone else in MI seems to be high? Do you have oil fields in town or something? Saw $2.89 today.
polarisrider1
New member
Not sure. Lowell has been dropping prices for about two weeks. I heard Greenville jumped back up a bit after making National news. Grand Haven/Spring lake have a end terminal where all gas trucks go to get gas for west Mi. And they are even higher. I suspect Lowell is in it for the publicity. But not sure.
polarisrider1
New member
Admiral and Speedway are still at $2.60 as I type. Meijer, shell and bp just went to $2.89 minutes ago. Suspect that's our new "spike price". I can live with that.
Cheaper gas may seem like a good thing on paper, and for many it certainly does help, but its not a good thing economic wise for the world. Current economic conditions in Europe are a hot mess, financials are in the toilet and are getting worse. That's a big reason why the US dollar is so strong against the Euro right now which also helps lower crude (gas). Europe is a stone throw away from a bad recession, and it anyone understands economics, what ever happens on one side of the globe has a direct effect on the other side. It seems like there is an artificial bubble right now for the economy, stocks are way over valued and its going t come back around sooner or later. The next year or two will certainly be interesting.
G
G
Guest
Russia and Venezuela both in hurt bag at sub $100 crude. Saudis not planning pull back. Oil in ND and Alberta more expensive to extract than Middle East oil. Good old price war coming. Much more world debt will be incurred along the way. ND and Alberta will reach a point where the boom will be over and just cap what they have already built. Jobs will be lost but the wells can easily be uncapped when price is right. This is going to be a long process. Prices will be sub $3.00 at he pump for quite a while. In the mean time Ebola will kill a bunch of folks which will lessen demand for oil even more. Strange new times ahead.
