charts at source
$27
You saw it here first. :-D
Yeah, when’s diesel gonna come down?
How will this affect the oil patch? Are we looking at a repeat of the economic desolation of the 80’s in Texas?
Dead economy, dead oil prices. Lower gas prices? In your dreams...
Not that you can tell here in Pennsylvania.
Thanks, Governor Corbett! Enjoy your retirement!
Just as I’ll be enjoying the fistful of new taxes that your successor is gonna cram down my piehole.
I like it for purely selfish reasons. I’ve been working off a great many gallons of gas that I have stored and stabilized (Pri-G rocks!) from when it was ~$2/gal. I’m looking forward to refilling everything and getting back to prime SHTF preparedness.
1. All the "climate scare" pronouncements could start to affect oil consumption in the long run.
2. Increasingly tight fuel economy requirements for motor vehicles worldwide will cut consumption of gasoline and diesel fuel on motor vehicles on a per capital basis.
3. The opening of new oilfields in North America is hurting OPEC, who can no longer rely on the American market.
4. We may be on the verge of a breakthrough in electric car battery technology that could increase the range of electric cars as much as 300%. That right there could mean electric cars become viable replacements as commuter cars.
5. If the liquid fluoride thorium reactor experiments in China and India succeed, it would be the biggest breakthrough in energy production since the development of petroleum products at the beginning of the 20th Century. That could lead to all motor vehicles going full electric with the next 50 years, and that will REALLY decrease the demand for crude oil.
In short, technology could make petroleum products being used for motor fuels be obselete by 2050. By then, we'll look back on gasoline and diesel fueled motor vehicles like we looked back on people burning coal for heat in the 19th Century now.
Apparently not low enough so I can ever buy a V8 again.