Not good for people who live around the fracking areas.

Gas below $3.00, that's Obama's fault!

Why not?

earthquakes

Pussy.

LMAO

They may be winning now but they're depleting their supplies at a higher rate while we're sitting on ours. Then again, it's not like they're going to run out anytime soon...

Man-made Earthquakes, poisoned tap water that can be lit on fire out of the faucet, dead babies.

Did you actually read those links?

Donger, what is up with diesel prices, up about .30 over the weekend and almost a $1 spread v gas now?

They know you're not going to stop buying it. Our demand is down 35% in the last 10 or so years. Yours has probably gone up with all the big rigs I see on the road.

I saw gas in the 2.70's. We're gonna hit 2.50 a gallon over the winter. I love it.

$2.45 here in OKC... Filled up last night on the way home from the airport...

I was like woot woot....

Crude dropping again today. Approaching the $75.00 mark. Gasoline at $2.91

I can't speak to the alleged $0.30 increase over the weekend, but diesel is taxed higher than gasoline and I believe that the refiners are having to deal with new low-sulfur regulations now as well.

U.S. crude production climbed above 9 million barrels a day last week for the first time in at least 31 years because of the shale boom.

Output rose 1 percent to 9.06 million barrels a day, the most since at least January 1983, when the weekly data series from the Energy Information Administration begins. The EIA has monthly data going back to 1920 and that shows production is at the highest level since February 1986.

The combination of horizontal drilling and hydraulic fracturing, or fracking, has unlocked supplies from shale formations in the central U.S., including the Bakken in North Dakota and the Eagle Ford in Texas.

U.S. crude production will rise to an average of 8.57 million barrels a day this year, up from 7.46 million last year, the EIA said in its monthly Short-Term Energy Outlook yesterday. Output is projected to climb 9.9 percent to 9.42 million barrels a day in 2015, the most since 1972.

West Texas Intermediate crude for December delivery dropped $1.62, or 2.1 percent, to $75.56 a barrel at 11:22 a.m. on the New York Mercantile Exchange. Futures touched $75.26 today, the lowest level since Oct. 4, 2011.

$70 is probably the floor.

Yeah, I can't really see if going much below that, barring a another recession.

Oil will drop into the $60's and gas will bounce around the $2.00 level or maybe as low as $1.75 a gallon.

Russia is trying to stir things up and create chaos because their economy is taking a financial beating!

The US and the Saudi's are pumping the shit out of all the wells and flooding the market, plus the strength of the US dollar is really helping drive down the price-a double win for American citizens!

It sure as hell hasn't dropped much around here lately, still holding out just under $3.

Get used to the cheap gas price for a while, says USA.

Unlikely, OPEC is starting to put pressure on the Saudi's to cut production. If it goes below $70, it is likely that the Saudi's will cut some production.

Saudi's can make money all the way down to around $35 a barrel and they HATE Iran so not sure they will listen.

Do you actually think there is no link between increased fracking and disposal of fracking waste and the huge increase in earthquake activity in the central plains?

I think that there may be a link, but it isn't proven, as his link states:

http://www.fresnobee.com/2014/11/03/...akes.html?rh=1

Which is why I asked if he read the links he provided.

The only scientist listed in the article who said that the link between fracking and more specifically disposal of fracking solution and earthquakes could not be proven was the dipshit hired by Gov. Brownback.

I'm all for cheaper oil, but not at the expense of billions of dollars in earthquake damage. If there is a major earthquake in Oklahoma or Kansas, most people will lose their homes without insurance to rebuild.

I think that the article is a great example of correlation versus causation.

I haven't seen anyone predicting that there will be a huge earthquake in Kansas or Oklahoma, caused by fracking or not.

What are you suggesting should be done?

Find a different way to dispose of the fracking waste instead of pumping it deep into the ground.

Crude down ~6% at $68.23, after dropping to $67.00 today.

Saw anywhere from $2.42 to $2.69 Wednesday while driving to MO from TX.

Wanna reconsider your position? :hmmm:

Russia, Iran, Venezuela and a few other oil producing countries with deep debt and budgets planned on $125+ per barrel oil are going to start seriously "cheating" on their production quotas to try and make up the large deficits accumulating on their balance sheets.

This is a self-fulfilling prophecy when oil begins it's decline. It is hard to stop until it becomes incredibly painful for everyone and we are nowhere near the bottom yet.

I said low $60's for oil but I wouldn't be shocked if it gets down to $55 a barrel.

Hooray for lower gas prices!

Just paid $2.43 a gallon at Hy-Vee, filled my truck up, sitting on a little less than a 1/4 tank for $40 bucks, I'm digging it.

Next time get better pizza with the money you save, ya cheap bastard!

ROFL I love you guy's. Bunch of dick's.

Go the fuel saver card route and you'll be digging this....

http://tapatalk.imageshack.com/v2/14...ecc3236668.jpg

It made my undies sticky...

LMAO God damn you.

http://oi62.tinypic.com/intirm.jpg

Paid $1.53 per gallon today. Thanks Kroger.

Down to $2.34 in south Texas.

My undies would be all the stickier!

Reports are out that OPEC will cut back production to quell the dropping prices of crude.

That was from a few days ago and instead of raising, they dropped them even further.

$2.87 in SoCal. I can't remember the last time it was this low.

Early spring 2010

Somebody heard them say, "WHAT THE FRACK IS GOING ON HERE????"

Gasoline is too inexpensive, at the moment. It's irritating me - too many poor people driving more often. Get back to $3.50, plz.

So high gas prices when the demand is huge and refining can't keep up. But when demand goes down, they cut production?

Serious question.

Are you referring to the Saudis/OPEC?

Just a guess, but I'd say that OPEC is not decreasing production because they actually want crude prices to drop further and kill off the competition.

[QUOTE=Donger;11153795]Are you referring to the Saudis/OPEC?[

I "think" so.

Seems like if the price of oil goes down, they just change up the production so they can bump prices back up?

As a general rule, when crude production decreases, the price of crude goes up and with it, the price of gasoline.

I've heard they want it to drop so low that shale will be deemed too expensive to compete.

You must still read newspapers to get your current news, send all your bills by checks and the snail mail, use AOL dial up, have a push button home phone on the wall and have TV antennas for your 13 channels. :eek:

Your "news" is completely wrong.

They'd have to keep it low in that case. Not sure if I see that happening.

Great pricing tables

http://www.bloomberg.com/energy/

Thats 1977 prices:thumb:

They pretty much have no choice. The US will be the world's largest exporter of oil by 2020, surpassing Venezuela. Russia's got the natural gas. If OPEC is to compete, they'll need to keep their prices low.

They realize the end is near and it's better to sell low than not sell at all.

$1.53? Wow, that's insane! I was happy to pay $2.83 the other day.

This is amazing for our economy. Soon, airline travel will return to more reasonable levels, the cost of food will decrease and there will be billions of dollars that will be spent on goods instead of energy, boosting our economy.

Just imagine a time when fusion is in play.

This is a major reason why Obama's economy has been so bad-$1.2 trillion more spent on oil and gasoline since he took office. That increased money has has crippled the middle class.

Ah, no to all of the above. But go ahead and be a dick about something I read online that stated OPEC was meeting about cutting production.

How much did you have to spend in store to get .90 off per gallon?

Not being a dick, you were just 24-48 hours behind the results of the non-cut at the OPEC meeting that made prices plunge $5-6 a barrel in one day.

That's already happening. Sub-$70 crude will stop a lot of shale E&P.

Not sure really. It's all "normal" shopping, we just pick items with 3-5 cent off per gallon. We rarely "shop ahead" (buy something you don't need to get the fuel saver points), but if it's a staple, it's something we're going to buy soon anyway, then sure.

It's really been amazing actually.

Unfortunately, I think the Saudis can still make good profit at $40 to $50, IIRC. Shale can't.

Holidays, slow news cycles hell I don't know. :shrug: I will stand corrected! Now where's my newspaper? :D

Will this affect your business?

I think the breakeven for the Saudi's is like 33. I don't think many places can come close to that, even a lot of other OPEC countries.

No. I don't work in the industry.

Oh, that's good then.

That's with Kroger fuel points, he must have got $1 off/gal. I filled both our vehicles and a 5 gallon gas can for the same price today.

So the only real loser is the shale industry?

At these prices, why **** with shale? Sit on it.

Hell, increase reserves.

$2.83 or $1.57?

Kroger points sound awesome!

Nice to see someone believe me on this, for once. Thanks.

It's not a bad deal, but we have to spend $1,000/mo to get that much of a discount.

Pretty much.

Well, it's exposed the weakness of our position. Our domestic output has been extraordinary, but it isn't economically-viable when crude is low. That's what I've been mentioning over the last year or so in this thread.

Crude plummeting isn't really a good thing all around.

We don't export crude. It isn't permitted, by law, with a dew execeptions. Some have been suggesting that change, however.

Ouch, we just buy items that have a certain amount off (1-5 cents), and that 5 cents off is good for 30 days.

It's a win-win because I'm sure Hy-Vee uses it to rid the shelves of sow moving items, but if you're getting it anyway, who cares.