Oil Prices Nosedive: Good News at the Pump

[magnusfide]

The price of U.S. crude fell below $27 a barrel amid a global glut in oil supplies that seems to be getting worse. That's the lowest price since May 2003 and a far cry from the $100 a barrel it fetched in the summer of 2014.

Article here.

[Crowe]

For those worried about stock market losses if you aren't near retirement age, don't worry. It will come back. You are buying cheap stocks right now.

For those who are saying don't worry about the stock slide, think again. That's how economies start to scratch. Dozens of US-based oil companies have closed killing boon towns and creating job losses. Cheap at the pump is good for our personal pocketbooks which hopefully will have some ripple effect in the economy but overall it's not necessarily a good thing.

[MNGeeks61]

$1.59 per gallon here at the Holiday three blocks from my house.

With the Holiday discount I paid 1.54.

Lowest in Minneapolis is 1.50.

However, I shouldn't have looked at my 401k after yesterday's stock market losses...yeesh.

[Trlrboy]

$1.77 for 87 octane is Rockwall, TX. Diesel is $1.83 in the same area.

[azdryheat]

I can't help remembering the gas "shortage" in the mid-70's - gas rationing and long lines at the pumps.

[old_guy]

don't worry about the stock market, they will get the price of oil back up so keep your tanks full with cheap gas. one morning you will wake up and the price will jump a dollar a gallon

[romore]

Not here either. It dropped to $0.88/l in Abbotsford near Vancouver but still $1.05.9 locally on Monday. 35 miles away was $0.98. Jerks.

[midnightsadie]

remember the oil company can charge what ever they want, the price is not fixed.enjoy while you can.

[mgirardo]

Still over $2.50? That's crazy! Gas here in Brunswick, GA is in the $1.75/gallon range.

-Michael

[lanerd]

Good news at the pump, but for sure not on the stock exchange. Another big dip yesterday and probably today. Looks like it's time bail to change my IRA to low risk.

2.53/gal here yesterday.

Ron

[PUCampin]

And even less here in SoCal, average is still just under $3. My local station, the cheapest in the entire valley is $2.65. Jerry Brown needs his carbon tax cap and trade money to build his train project.

[old_guy]

not in our town, the gas station owners are slow to give up a chance to make big money over the lower prices