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Gas prices


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#1
icehater

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RBOB is down to $2.37 a gallon. Should mean we see regular 87 octane pricing out in the $2.75-2.85 range in the more reasonable stations before too much longer. Cheapest price I saw was $2.99 so far. http://www.cmegroup....b-gasoline.html
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#2
weathergeek87

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I also paid $2.99 at the Delta in Pompton Plains last week.
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#3
weathergeek87

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View Posticehater, on 03 October 2014 - 02:13 PM, said:

RBOB is down to $2.37 a gallon. Should mean we see regular 87 octane pricing out in the $2.75-2.85 range in the more reasonable stations before too much longer. Cheapest price I saw was $2.99 so far. http://www.cmegroup....b-gasoline.html

Why the drop in prices recently? So much for the excuse being "middle east turmoil" for the rise in prices a few years ago.
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#4
icehater

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View Postweathergeek87, on 03 October 2014 - 07:32 PM, said:



Why the drop in prices recently? So much for the excuse being "middle east turmoil" for the rise in prices a few years ago.
US supply and production increases have thwarted the Mid East pressures which were always overplayed in the first place. Plus you have greater and greater fuel efficiency. I've gotten over 30 mpg in a big v8 and I average 23-25 mpg. Even my gas eating truck gets me 18-19 mpg. These days I exceed what the EPA says I'm going to get. We've peaked in gas consumption IMO and supply is increasing.

#5
weathergeek87

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View Posticehater, on 03 October 2014 - 10:27 PM, said:

US supply and production increases have thwarted the Mid East pressures which were always overplayed in the first place. Plus you have greater and greater fuel efficiency. I've gotten over 30 mpg in a big v8 and I average 23-25 mpg. Even my gas eating truck gets me 18-19 mpg. These days I exceed what the EPA says I'm going to get. We've peaked in gas consumption IMO and supply is increasing.

Do you think these lower prices will become more of the norm or could we see another major spike in the future?
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#6
icehater

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View Postweathergeek87, on 04 October 2014 - 10:42 AM, said:

Do you think these lower prices will become more of the norm or could we see another major spike in the future?
It's going to take a big Mid East issue to spike. You'll have your ups and downs but long range I think gas prices are stable to lower. They've been that way for years now ever since we had the big spike to $147 a barrel oil prices before the banking collapse. Then oil badly over-corrected to $35 a barrel. These days it's probably priced about right given the US dollar. It might be a tad too high. Gas was always priced too high. That's why it's dropping more than oil. Notice how you never here about oil (or even gold now) as currencies anymore.
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#7
icehater

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Cheapest price I saw was yesterday, 2.83 for regular, 2.99 for plus and only 3.09 for 93 octane. Oil has fallen another 5% from yesterdays opening market prices and OPEC is in disagreement on what to do. US production from shale is way up and probably at a recent history high and that's adding a lot of supply to a glut market to begin with. The Saudi's seem to be moving to a strategy to hold market share rather than to preserve $95-100 a barrel oil prices. So that means we probably fall under $80 a barrel pretty soon and we see a further 10-20% drop in gas pump prices. RBOB is down to $2.17 a gallon or 20 cents a gallon cheaper than when I restarted this thread 10 days ago. RBOB that cheap will get you to the $2.55-2.60 range for regular once that price works its way thru the system even if oil stabilized in price right here.
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#8
weathergeek87

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Some of the cheaper stations even here in Queens are down to $3.27/gal for 87 octane. They've been dropping fast. Usually we're 40-50 cents more than NJ so if prices drop to $2.50/gal in NJ than we could drop to $3/gal here. Cheapest I've seen since that dip in 2008/09.
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#9
icehater

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Everything is going against oil right now. Demand is down, supply is up and the dollar is strong.
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#10
icehater

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RBOB now at $2.15 a gallon and oil barely above its critical support level of $80 a barrel. There are many that feel if oil falls under $80 it'll fall right to $70 which is a further 15% decline. We don't want oil to fall too much more. At $70 it'll curtail future investment and production will wane eventually pushing prices back up. Everyone is trying to catch the bottom here. Hedge fund investment in oil went up alot late last week and early this week but oil, after a brief spike up in response, is backing down again falling over 2.5% today. It must have been 10 years ago when we had a thread on oil and guess where it was - somewhere around $90 a barrel.
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#11
Mike_The_Golfer

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I saw some stations here in Queens the last few days down to $3.29. That's the lowest I've seen around here in a very long time. If it can just stay stable around these levels, I think most people would be happy.
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#12
lab94

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pAID $2.79 they are slow in lowering the price but fast to raise it
http://www.cocorahs.org/ViewData/

My COCORAHS ID - NJ-MS-18

http://nycmetroweath...r/lab94/br1.jpg

Elevation 794
18-19 to date 20.1"
17-18 snowfall- 79.3"
15-16 snowfall - 34.2".........16-17 snowfall- 48.7"
13-14 snowfall - 65.6".........14-15 snowfall - 63.4"
11-12 snowfall - 22.8".........12-13 snowfall - 52.1
09-10 Snowfall- 75.30" .....10-11 snowfall - 62.00"
07-08 snowfall- 39.40".. . ...08-09 snowfall- 42.70"

Snowfall Average 53.22"

#13
carribeanpirate

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View Posticehater, on 22 October 2014 - 03:49 PM, said:

RBOB now at $2.15 a gallon and oil barely above its critical support level of $80 a barrel. There are many that feel if oil falls under $80 it'll fall right to $70 which is a further 15% decline. We don't want oil to fall too much more. At $70 it'll curtail future investment and production will wane eventually pushing prices back up. Everyone is trying to catch the bottom here. Hedge fund investment in oil went up alot late last week and early this week but oil, after a brief spike up in response, is backing down again falling over 2.5% today. It must have been 10 years ago when we had a thread on oil and guess where it was - somewhere around $90 a barrel.

You hit the nail on the head.....the are barriers that should keep it from falling below $80. It's expensive to produce tar sands and frack, so below $80 is cost prohibitive. Supply from there will slow and level off prices.

#14
icehater

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RBOB down to $2.06, that's 31 cents or 15% down since I first posted on this thread. Probably going to see $2.49 a gallon prices for regular gas before too much longer. Oil is going so low that it's going to impact valuations of oil companies and have some negative impact on S&P 500 index funds.
Monmouth county NJ

#15
Mike_The_Golfer

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$3.14 is the lowest I've seen so far in Queens.
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#16
icehater

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Sorry about that, I should have said NJ prices.
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#17
Mike_The_Golfer

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View Posticehater, on 04 November 2014 - 10:14 AM, said:

Sorry about that, I should have said NJ prices.

I knew what you meant. I was just reporting what we have here.
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#18
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http://www.usatoday....-high/18471735/
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#19
icehater

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Today I saw 93 octane under $3 for the first time. A Hess station down here (cash or credit) had regular at $2.63, 89 octane at $2.79 and 93 octane at $2.99. There's a Delta station in Hazlet on Rt 36 that's usually 10 cents a gallon cheaper and almost always is the cheapest gas I see in Monmouth County.
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#20
weathergeek87

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Paid $2.59 at the Gulf in Riverdale (Rt. 23 and I-287) this weekend.
Here at home it's down to $3.09 at the cheapest stations. Another week or so and it should be below $3 even here which I never thought I'd see.
Home: Hamburg, NJ (Hardyston Township, Sussex County) Elevation 700'
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