Jumping Gas Prices

In Denton Close to where I live, fuel prices have jumped .20 cents or more. I guess they are going back up now?

its kinda weird though, prices per barrel of oil remained unchanged yesterday for the most part from what i was told

I can understand them going back up. I just hope they don't rip our heads off.

Same in Lewisville. $1.68 going to work. $1.89 on my way home. Ticks me off. Luckily Walmart was still at $1.67 so I filled up. I was almost empty anyways...

Honestly $40/barrel oil hurts more of my friends and family than helps my pocketbook. Jmho

i rather it be $3 a gallons and these guys have jobs around here

Well its been said that $5 a gallon gas is coming.

State of the union address causes these things every time. He mentioned getting money and support to send troops after Isis. That's all it took for speculation to jump gas prices. He even mentioned how the gas prices have saved each person around $740 this year. That was "the setup" for the military action part. "Grease the part ....then yank!"

Haven't gone up around here. Around $1.70 on the way to work this morning.

I think this would be better for everyone, a happy medium.

I know that it's a big part of our economy and for many people it's their livelihood but when gas was at $3-4 a gallon I don't remember anyone making one post on this forum saying "gas sure is high but at least my buddy is doing good!"

What I remember is everyone complaining about not having as much money in their family budget, being able to fish as much, make as long a run during pre fishing or fishing trails closer to home and on and on...

I think I'll just enjoy the feeling I get when I pull up to the pump and what it's putting back into my pocket and ultimately the overall economy and be grateful.

Doesnt matter if gas is $3 a gallon, US oil makes no money until its $80ish a barrel, and they will not run until oil prices hit that. It costs America roughly 2x to produce a barrel of oil as it does for Saudi Arabia. Source: I have a friend who works for Exxon Mobile

I'm okay with paying 1.60 a gallon all day every day.

I agree with you. I've never said that I won't buy that fish finder on sale or not order off of the dollar menu because I want someone to make more money. Every time that I leave the pump I am grateful for saving money for my family. I have never heard anyone in the oil business say that they needed to cut their prices to help me out.

We all know that this is a short time play to put a few companies out of business and then the prices will be back up even higher than before to make up their losses.

No doubt. I will defiantly be taking more trips away from the normal home range if prices stay where they are.

They are not losing money

Who?

This

If high gas prices are good for us then we should be good with wheat and corn going higher so we can pay $4 for a loaf of bread. I am sure it would help some people.

I sure wish oil would go back up. As of now over 20,000 lay offs in the oil industry alone. My company employees roughly 500 on average and due to layoffs and cutbacks we are at 300 right now. Cold be worse yes, but I'm not worried about fishing at the moment. Fishing won't ever happen if I don't have a job to pay the bills.

I guess people don't realize how other industries can be effected by Energy markets. Oil jobs were a big factor in job creation that Obama spoke about last night. Energy market issues will bleed into other markets, new home construction will get hit. Looked at a new home development yesterday, and spoke to the super. He said they have already had a few people pull out of there contracts.

There is a much larger picture than just how much fishing you can get done or saving $10 at the pump

Given I understand how all the different industries are tied together and how it will trickle down to other areas. But I have a hard time understanding how a water hauler can make $150,000 when its a (no offense meant to anyone out there) a $50,000 job. I understand the immediate need but not with that kind of mark up

Seems like if they ran leaner/smarter, they could still doing what they need while keeping the right profit margin.

Find another job. I don't mean to be an azz but, I think it is kinda of messed that a lot of oilfield workers want everyone not in the oilfield to suffer just so they can prosper. I am all for helping the American economy. If that means gas prices need to go up so be it. If that means that oil prices go down so be it. And just to cover myself I worked in the oilfield for 6 yrs until I found another job.

Love cheap (relatively) gas..................

sadly my boat has about $80 worth of gas in it and today it would only cost me 40 to fill it up

cheap gas prices also mean cheaper shipping, more auto sales. And lets be real, gas is half of what it was a couple months ago, i save more than 10$ at the pump. More like 20$ and i fill up at least once a week. So roughly save $60 ever 2 weeks or $120 a month. Thats a pretty significant savings

I'm saving between $300 and $400 a month right now on fuel. That's a little bit more than $10. When you work in a volatile industry you know it can happen. In 2007 when new homes crashed I didn't see very many folks wanting to offer up an extra $300 a month out of there pockets to make sure I was still employed.

Yeah I'm for helping out the economy, but gas at $1.55 (Murphy station in Austin) helps everyone, and it is an immediate help. I do feel bad for those laid off, but you drive on and get another job, it has happened to me before and yes it sucks, you just have to deal with life!
JR

as far as hurting jobs look at it this way it is helping delivery people, taxis, airlines etc. so there are benefits to lower prices. the price wont remain low but if it did people have to adapt and look for other employment

I understand what you are saying, it's a local market, but they will find jobs in another business if they are willing. They had to realize their job is tied to global economy, and that it could come crashing down at any time. If they were frugal with their money, they will be just fine. Cheap gas also creates jobs.

I don't understand why cheaper oil causes loss of jobs, the only person who should suffer is the guy selling the oil out of the ground. Everything else should remain the same. If anything the demand will go up if its cheaper? I'm sure it's more complicated than my simple thought process...Hell what do I know.

Ding. Ding. Ding.

Paid $1.63 this morning @ Murphy's in Crowley. All the others on area had gone up to $1.89 overnight. See the writing on the wall and don't like what I'm reading! Oh well, enjoyed it while it lasted!

I'm not in the oilfield. I'm an I/E tech in a plant. Everything is tied to the oilfield as you should know. Oilfield hurts plants just as much. And trust me I've been looking for a new job as a backup.

Well, nice while it lasted. The rise is beginning. Went up from $1.77 this AM to $1.89 this afternoon.
Soo much for the upcoming year promised savings for every household!
BS!!!

Went from $1.74 to $1.89 at Kroger in Plano today.

Oil companies!

We are talking about an industry that has averaged $45 billion profits the last 5 years. Laying off someone lower on the totem pole allows the executives to bring home $20 million a year salary plus a few million in bonuses. No way the executives could survive in the world if they weren't excessively over paid.

Do you think they really care about the employees who do the real work? Nope!

Well, wait a minute. Obama took credit for lower gasoline prices just last night, so I hold his butt responsible today! Right??

Yes, he did. The problem is that after that he spent the rest of his discussion of the oil industry describing everything he wants to do to throw roadblocks in its way if not downright destroy it.

He is as responsible for falling oil prices as I am for disappearing hydrilla.

yes he did. He also mentioned the word "veto" a few too many times while staring at the republicans. Lol. Scary [censored] right there.

If I remember right there is about 2 weeks worth of lag between oil prices and gas prices. There was probably a slight up tick in oil recently but with the current oil prices it will be going lower, at least short term. I lived through this in and area that the lions share of the economy was oil dollars back in the early 90's when oil was $17 a barrel. Lots of folks with out jobs and relocating but on the flip side I was able to fill up my tow rig and my boat for under $100 for both. Both together when close to empty held around 80 gallons of fuel.
Another thing you have to consider is the fact that a fiberglass boat is made almost entirely from oil based products. When oil goes down, they get cheaper to make and this is good for the boating industry. Some of the savings may get passed along to the consumer if these prices stay lower hold for a while or longer. I have seen already where Skeeter is offering rebates and that may be the direct result of their contruction cost getting cheaper.
Sadly I do have friends working in the oil field that are unemployed already but it has been a shot in the arm for our family budget. I also noticed while grocery shopping this weekend that some of the items I purchase regularly where noticibly cheaper.

Still dropping in Austin. Just saw $1.55 at a couple places. Been a while since I could fill up for about $30

We have all systematically overpaid for years on end. Artificially high oil and gasoline prices cost me and my family tens of thousands of dollars over the last decade or so. As it stands now I am probably saving around $500 per month vs. when gas was close to $4 per gallon. That's $6,000 per year, $30,000 if it lasted five years. And...that is take home pay.

I could have bought a truck or a boat with that money and at least I would have an asset. After pumping it all into my gas tank I am left with...nothing.

I'm not about to regret the pendulum swinging the other direction for a while.

Is it not possible that he's a owner/operator. I know that if a person has a big rig & a frac sand trailer they can be a owner/operator and gross between 500-600 a year depending on how hard they want to run.

Ogles824 is correct about the lag prices. I believe week before last oil got up over $50 a barrel.

What about the employees that worked for the company that drilled the well? The company that provided the fluids, the company that fracked the well?

There's tons in the oil industry besides the man that is selling the oil.

If you look outside of the oil industry, what about the hotel owner that will now have empty rooms?

The restaurants that will now have more empty tables.

People will move out of town and grocery stores will have less shoppers.

Less oilfield workers working will mean less home remodels for carpenters.

More houses on the market, fewer new houses being built.

Less concrete work, less plumbing work, less electrical work, etc.

If you are a doctor you will probably have fewer patients as workers move out of town, or don't go to the doctor for less serious issues now that money is tight.

I don't care what you do, if you live in West Texas there's about a 90% chance that your work will be negatively affected by a plummet in oil prices.

The same will be true for Louisiana. Big cities that have pharmaceutical plants and such won't be hit as hard, but the far majority will feel the effects.

Its easier to fill up your boat at $4.00/gallon when you're working than it is at $1.50/gallon when you are not working.

That being said, I think their can be a healthy compromise. With the wells that are producing in the Bakken and in the Eagleford, I would be surprised to see oil hit $100/bbl again. I think it will SLOWLY rise back to $80/bbl and remain pretty close to there.

NO, WE ARE SAVING $100,000 OR MORE BECAUSE ITS $1.50 A GALLON CHEAPER THAN WHAT IT HAS BEEN FOR 8+ YEARS.

The lower gas prices have easily increased my disposable income $400 a month. I am just now realizing how much I've missed it over the last 8 yrs. I hate to see anyone unemployed but I also feel the oil industry has been running a little fat at my expense for quite a while.

The oil industry is a "boom" and "bust" industry, always has been for the people who actually do the work.

The key is while you are making $100-200k a year busting your butt, put some back, the bust is coming, always does for the workers. The fat cats are still making their's one way or other...

I understand what you are saying, but after the company that pumps the oil out of the ground gets paid kess, everyone else in the process of making gasoline makes the same as they were making before. $40/barrel oil doesn't cost more or less to refine than $120/barrel oil, it's not more expensive to ship (less actually since fuel is less)and the station operators are still making their same % as before. They still have to pump the stuff out of the ground,refine it and ship it, so why should people in the industry lose jobs? I'm sure there are reasons, I just don't know.

I hate to see anyone loose their job. On the other hand I own and operate a communications company that has over 10 vehicles filling up an average of twice a week. If prices stay under $2.00 were looking at approx. 30-40k annual savings. I can't complain about the opportunity to have a good year.

Actually what is happening right now with oil should have taken place 4 or 5 years ago. The market has had a glut for that long. OPEC artificially inflated the prices and why I don't know. The good thing about our situation in this country is if inventories start to correct and drop and OPEC tries to jack the prices again we crank up our drilling and production and pull back on the price........

Amen

Sure helps big truck sales too when the fuel prices go down. Operating cost go way down allowing for companies to update their fleet. We are experiencing higher than expected orders and are continuing to hire and try to keep up with orders.


My wife works for a oil company and it cost her some of her bonus, but I'm getting more ot at my employer so it kind of event out. I know I am enjoying the lower prices at the pump. With a buck off a gallon at kroger I have been pumping gas for less than I ever have

Everybody giving praise about gas prices,well bs. IN 1978-1980 oil prices were @38-42 dollars a barrel and gas was @ .65-.75 cents a gallon. So if gas could be made for that then why not now!!!!!!!!!!!!! Guess what I'm trying to say is that the big money makers arte to stay exactly that. BIG MONEY MAKERS!!!! I also worked on the oilfield and know how this works.

I'm not saying high gas prices are good for everyone. Not saying I want to see gas hit $4.00/gallon either. Just saying it affects more people than those simply pumping the oil out of the ground and selling it.

The operators aren't going to continue to drill the same number of wells with prices where they are now. The NAM rig count is projected to be 50% of what it was in 2014 before the price decrease.

When the rigs lay down, roughnecks are out of work. The cementing companies that would normally cement the well is out of work. The frack company that normally fracks the well sees a decrease in work. The chemical companies that normally provide the fluids, will see less work.

Now you have excess horsepower and personnel, so the operators get to nickel and dime everyone to cut costs so that the service companies are now doing less work with lower margins and the chemical companies are selling less chemical with lower margins.

With many of these people out of work, they won't hang around in an area that revolves around the oilfield. Because of this, hotel rooms will now be empty, along with restaurants, etc.

It affects more than the man working in the oilfield. I know it doesn't affect everyone, especially if you are closer to bigger cities such as DFW and Houston that have other industries. But West Texas revolves around the oil industry. More people than the operator will feel the effects.

I also don't buy that they aren't making money at $40/bbl. They may not pay for the well as quickly as they would like, but they will eventually make a profit. But it doesn't matter what we believe.

If you have something that you believe you can sell for $80/bbl in 1 year, why would you sell it for $40/bbl today? So they just aren't going to continue drilling as many wells, and thousands will be out of work.

As far as someone else mentioning $40/bbl oil and less than $1.00/gallon gas, what wages were roughnecks making then and what wages are they making today? What was the value of a dollar then vs. today? What was the price of iron then vs. today? In addition, those were probably shallow vertical wells getting out all of the "easy" oil.


But to be honest, with all the wells drilled in the Eagleford producing 2,000 bbls oil/day over the last 4 years, I'm surprised its taken this long to drop.

The petrol industry has always operated in boom and bust cycles.
Jobs in that industry come and they go.
Bonus payments come and they go.

The effects always ripple through the economy.

It's all cyclical, but the real kicker is that those cycles are controlled and the peaks/valleys are intentional.

It's also important for one to understand the deal that Henry Kissinger made with the Saudi Arabians in the 70's.

Some professions are simply cyclical. If you choose to take the path of a profession that falls into this category and do not educate yourself on the financial risks, I don't know what to tell you.

I am in the sub prime auto lending industry and it falls into the cyclical category. I'm not gonna cry when times are bad, nor am I gonna gloat when they are good.

I've seen both sides.

Bigger fish to fry.

I understand the point you're trying to make but we can make a laundry list just as long of the direct benefits to the economy from the savings that people are enjoying across this country.

Let's just enjoy it while it lasts...

Well he is wrong on that. There is no reason gas should be as high as it was that is ridiculous about like it is now 1.80 to 2.00 is fine are they going to make billions and billions no are the greedy SOB's making money hell yes. Its all greed period end of story.

Its called greed period.

Hey hopefully you are right. Hopefully this will stimulate the economy. I'm just scratching my head trying to figure out where the thousands that recently lost their jobs that were employed in the oilfield are suddenly going to get jobs outside of the oilfield.

I'm not selfish enough to say everyone should pay $4.00/gallon so I'm better off. I want what is better for everyone as a whole. From what I've seen in the past, when the price of oil is high, everyone is working; whether you are a mechanic, waiter/waitress, carpenter, electrician, etc. When the price of oil drops, many are out of work.

High gas prices doesn't only benefit oilfield workers. People were starting out making $15/hour in North Dakota because the shortage of people looking for jobs. What happens when thousands are looking for jobs? They aren't going to pay those types of wages.

Maybe this time will be different.

What exactly is he wrong about? Oil in Saudi Arabia is much easier/cheaper to produce than the shale oils being produced in the U.S.

I too question the $80/bbl to "make" money, but that's really just my opinion, I haven't seen the expenses involved. I'm betting it just takes a little longer to recoup their investment, but in the longrun they will make a profit. At the same time, would you sell stock at $40/share today, if you knew you could get $80/share for it next year? Is that being greedy? or being smart?

This right here is what alot do no realize. It is not the roughnecks out in the fields that should lose their jobs, how about cutting some of those benefits packages for those top level executives. Their salaries, bonuses and severance packages are enough to employ some people. The top level people are more concerned on protecting THEIR money, then ensuring the lives of the lower echelon of workers. How many times do we see athletes take pay cuts to get other people around them? Not much, but it does happen.

And like others have said, if you are making $200k/year, be frugal with your money, because at any given point in time, it could be taken away. I know with my measley little salary, and $3+ gallon fillups, I had to get rid of my Chevy truck because $90 week fillups were really starting to take a toll on be able to provide for my family. SO this break in gas prices is long over due. I believe that there were more people out of work when oil prices sky rocketed and the economy tanked.......That is just my observation

You are correct that the refining cost are basically the same if oil is $40 or $120. But I will try to explain why jobs are lost when oil is $40. the refining is the last step in oil production, so let's look at how many different jobs there are getting the oil to the refinery: geologist to find it, landman to lease the land, construction company to clear roads and drill site, trucking company to haul drilling rig to site, drilling company to drill well, pipe company for both casing and drill pipe, leasing company for pumps and generators, Fracking company, construction company to build pipeline, service company to complete the well, set pump jack, storage tanks, separators, etc.. companies that sell the equipment, trucking company to haul water and oil. ( This is not a complete list of all companies involved in the drilling process ).
So this is where I'm going with this: if it cost X dollars to produce X barrels of oil you want to sell at a price that covers your cost? When the price does not cover those cost you do not drill, THEREFORE all the jobs listed above are lost!! Then as mentioned above all are affected

I have worked in the oil industry and out. And I for one feel a little bad for guys that are working for their families but I don't feel bad for kids that buy 50k -70k dollar trucks and or spend 30k on a side by side after they rig it out or go to the bar and spend 3k-4k a night. I mean when I fill up my truck and my diesel tank because I am in the cattle business and it cost a few hundred bucks for some diesel. That hurts and even though cattle prices are the best they have ever been I remember spending $416 to fill up my 100 gallon tank a few year ago during hay season and that was once a week. I love gas or diesel being as cheap as it is. It helps out so many people. The oil industry is crazy I know a guy with no education making well over 300k a year at the age of 26. I think he prolly saves his money. But its awful hard for me to feel sorry for the guys that blow all that money before its made.

sorry for all the run on sentences.

I tell you what. Take the money your saving from lower gas prices and give it to someone that got laid off. So you can feel better. Life's about making the right decisions. I was laid off right after buying a house. My dad didn't give me any money but he did say I'll pay you to paint my porch. Two weeks later I went back to my former employer. 5 months after that was called back from layoff.

Here's my 2 cents. Roughnecks do make a decent wage for what they do. If you look at the big picture though, many are traveling hours from the house, staying away from there family more than 6 months per year. It's the life we choose. So the money we make also includes compensation for that. There are missed birthdays, anniversaries, and holidays. There again, it's a personal choice.
As far as the economy, if you lay off 20,000 employees, and the average employee makes 100,000 per year, you are looking 2,000,000,000 per year, that's money that will not go back into the economy. Those 20,000 employees are now going to draw unemployment, that's money that is coming from the federal government, but the government is not going to be making as much, due to the fact there is no taxes being paid on the 2,000,000,000 in lost wages. Guess who picks up the tab for that. But hey, people are saving 300/month at the pump. There has got to be a balance between fair oil prices any price gauging.
As far as companies not making money at 40/bbl, that's true. The oil that is being used right now is mostly foreign oil that is produced at a much cheaper rate due to government regulations, ease of drilling, and simple logistics. The Middle East has flooded the market to drive the price down.
Sorry for the length of this, and thanks for reading

Man the dum## in this forum are unreal! Keep enjoying the low gas and thinking life is good but if you live in texas your life is effected by the oil and gas ind, wait tell the end of year and all you read about is short coming on taxes these are not walmart jobs we are losing once the oil money slows so will Texas,,

Business comes and goes... Economic growth rises and falls for certain states or products over time. A lot of people have been laid off for along time for different reasons. That will never change.

Gas is $1.99 in Knoxville, Tn.....go south 60 miles.....$1.75.....I shop Kroger....with their savings card....I usually save .80- $1 per gallon.....it helps....

Gas price is a steady $1.679 here in Gonzales. I have lived and worked thru many oil booms and busts, and this one is no different from any other. During the boom, people spent money like there was no tomorrow. They built and bought things they didn't need. Oilfield workers driving new pickups, companies buying more equipment. Then the bust hits, all those new pickups sitting on banks parking lots, all those drilling rigs laid down, companies filing bankruptcy. If they would have just been reasonable in spending, the may have been able to survive till the recovery. And there will be a recovery.

I don't truly understand oil prices and gas prices. I smile when gas is cheaper and cringe when it goes up. That said, I bought the Jeep I have when gas was $3.59 a gallon "because it gets 17+mpg and is 4wd". I also bought my wife a Lexus Hybrid,"because gas was so expensive". Now it's not uncommon to use $25-$30 a week in gas for my jeep to get to work and back and go fishing everyday. Her car went from $21 a week in fuel to $10 a week in fuel. She drives A LOT. I was preparing for much higher fuel prices and this recent savings has been nice. I don't think it's gonna last. Haha. But the thing that most people do not do nowadays is PLAN! I plan for the bad times and that allows me to enjoy life. I do not go crazy when times are great. I stockpile money. Lol. I resist the temptation to buy a HellCat...and a BassCat. I make due with a crappy old Nitro Z6.

My mom, on the other hand, has her land in SDakota leased to a oil research company and she went from getting MAD MONEY to AMAZING MONEY. lol. But, she's doesn't spend it crazily. She invests it and says it will not last for ever (the oil) and when the Bakken dries up, it's game over. So she just takes the money and invests. The land, BTW, is worth 20x more money per acre today than it was 10yrs ago. And not due to oil. Because LAND is a true finite resource. Fuel isn't. There is alternatives. I think it's funny how people talk about "Texas oil". It doesn't come close to the amount of oil in the Dakotas and southern canada.

Oh well. I'm in the camp of "it is what it is".

I would bet that oil companies still show massive profits, Even at this oil price... what does that tell you???

It tells me that when the price went down, they cut their work force so they could keep their profits up

I think its hilarious that so many people believe that just because you are working in the oil industry you are making $200,000 - $300,000/year.

In addition Saudi's, didn't drive down price. They didn't produce much more oil than they have in the past. The U.S. in fact is the one that ramped up production and flooded the market. Saudis dropped prices to maintain market share, they didn't drop prices to get more business. We are importing less oil than we ever have.

http://www.vox.com/2014/12/16/7401705/oil-prices-falling

Here's a good read on the subject.

I saw this happen back in the 80's and a lot of people lost their rears when the oil boom crashed.
This is a lesson that needs to be remembered nothing last forever.
Heck I have never seen a brisket cost $75 till now...
Things will get back to where it was sooner or later

How much has ethanol gone up. The feds keep them in business. I retired from the oil patch 8 years ago after 35 years and went through several booms and bust. If oil would stabilize at 65 a bbl they would start drilling again if every one and I mean every one would get in line on prices such as rigs,services,pipe,cement,mud companies, wages and any thing related people would go back to work.I know they were paying consultants 2 grand a day plus expenses and a lot of them don't know their a-- from a hot rock. People don't realize that to complete a 5000 ft lateral well from start to finish can cost 3-5 million bucks depending on number of zones Again check out ethanol that's forced down our throats.

The latest statistic I heard was that for every one penny drop in the price of a gallon of gas American consumers keep an additional $1.4 billion in their wallets instead of pumping into their vehicles.

Gas around here has dropped over $2.00 over the last few years, probably $1.50 in the last several months. A $1.50 drop at $1.4 billion per cent pumps another $210 billion in disposable income into the economy.

$210 billion comes out to 1,050,000 jobs that pay $200,000 each...or over 2 million jobs that pay $100,000 each.

In other words, you can never fry up a pancake so thin that it doesn't have two sides.

I'm confused as to why anyone would be suprised by what's going on, if you didn't see it coming and you work in the oil patch, your not very observant. How long did you think it was going to take when the oil glut was created for prices to drop? I hate for anyone to lose thir job but the money that is being put back in folks pockets across the country is an unbelievable amount of money. My personal opinion is that we've been getting raped for years by the oil industry,OPEC and the speculators. I'll gladly take a $38 fill up of my truck every week as opposed to $80. It should have never gotten that high in the first place!

Ditto, many people and families are losing jobs due to low oil prices, it's hurting a lot of people. I would rather they go back up, not to a $130 a barrel, but some where in-between.

Cheers,

George

It tells me they budgeted for $50.00 oil.

Exactly. The oil production was fairly stable until U.S. companies decided to ramp up and get more of the action. Not that I am against us producing more. They miscalculated the impact either by thinking that they could add to the barrels being produced and make a lot of money or that OPEC would be forced to lower production. OPEC called them on it knowing that they could outlast them and shut down most of their competition.

If I understand it correctly, the ramp up in production, that may not have been the wisest choice at the time, created more jobs and now people are losing a percentage of those jobs across the industry. A double edged sword. Start new wells and create jobs thereby creating an unstable environment which is now costing some of those jobs to disappear.

It will all work it's way back to normal eventually. Some companies will shut down, older companies will rehire and we will be back to what we were paying and probably more. My biggest concern is the government getting involved and raising taxes on gas while the prices are low.

This post is proof so many TFFers can spin anything to fit with their views and opinions.

Oil was WAY OVER PRICED and we as consumers paid the price, so if you made a butt load of money in the oil business good for you. If you thought it would last forever and did not plan, that's your own fault and good luck to you.

I am sorry some are losing jobs, but noway in hell I am sorry that I am not paying outrageous prices at the pumps.

Tells me those people gonna have to swallow their pride, learn to budget, and find a lesser paying job. I've been on a tight budget for years w/ the high gas prices. Like someone already posted, if someone in the oil business didn't see this coming, well......

Look at it this way, with drilling down, we'll get to see if the lakes fill back up. There's always a positive

With oil prices falling, why spend trillions to build a pipeline from canada to the gulf, just in case wee need some oil....

I ain't getting it..... someone please enlighten me!

If private enterprise/people want to build it with their own money, what difference does it make if anyone else expects it to be profitable?

**** Breaking News ****

Saudi Prince King Abdullah died. Let's see what gas prices do now. Futures was up about 3.1% after the news of Abdullah's death.

Amazing that folks don't understand the ripple effect an industry as big as oil has.

Uneducated really fits the bill on some posts here.

X2 to the above post

Exactly. $210 billion to $280 billion in increased disposable income for consumers because they aren't pumping it into their gas tanks will multiply several times over and the impact on the American economy will be huge.

Drop in the bucket versus what an industry that big spends along with their employees. That goes for any large industry.

I saw this when reading another article.

The 2013 profit totals are in for the big five oil companies—BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell. Their financial reports indicate that they earned a combined total of $93 billion last year

Its all kinda bittersweet in our house. The extra money is nice but at the same time our son makes his living in the oil field as do quite a few of our family and friends. I hope eventually the prices level off to a happy medium for consumers and oil industry folks.

this is what im talking about im in the 80 percent of the folks that work outside the oil and gas and we have been getting pounded the last fifteen years and the 20 percent that do work in it have been living high on the hog well now im going to have some of that hog and they can have spam now. and ask bass champs how they like this low gas prices there was over 300 teams at rayburn last week

Americans use on average about 370 Million gallons of gas a day, so if they are at least saving a dollar per gallon from a few months back that's 370 million dollars a day Americans now have to spend on something other than gas. Multiply that by 30 days and the number is mind boggling. And that's not even factoring in diesel users. I sympathize for all those being hurt by the bust side of the current oil market but man this is putting a lot more money into people's pockets than one can even imagine. We've been eating [censored] with this $3.25-$3.50 a gallon gas for like 4 years now, imagine the money that's been pissed away in that time frame. It might even equal our deficit!

Short term your probably correct. Long term just wait and see it trickle down.

I like the extra money in my pocket period. The oil company's will still make billions.

How many economists do we have out there ?

I wonder whats going to happen with the oil prices with the Saudi King Abdullah passing away?

Hopefully go up to about $80 a barrel LOL

They need to leave it alone. People in oil made way way to much off us for a couple years. But with people spending less at the pump, They are helping the economy by spending the extra $$$ other places instead of making the gas ceo's laying back & loving it.

You have any idea what kind of markup you are paying on everyday items versus what you pay for oil related items???

You might be surprised who is "making too much" off of you.

No change, the Saudi's can pump a barrel of oil for less than $20 and want to slow down the fracking boys. It will be a while before the low prices really effect them but it's already affecting the fracking so they will continue to pump all they can. But American ingenuity will kick in soon and the fracking industry will figure out how to take some cost out of the process. If they do this and I'm sure they can, we will in the end kick the Saudi fanny. They have diminishing oil reserves and we are finding more and more and with natural gas running out our ears. We will win this thing and may end up with a stable oil price that will keep gas affordable as well a leaving a thriving oil industry. U S A.....U S A

OPEC will meet again in June-July
They predict it to be bad till the 4th qrt.
So enjoy the cheap gas prices while they last.
It will get worse before it gets better, I'm afraid.
That's just my .02 cents, and I machine parts for the major drilling companies

When a guy overseas dies and the price of oil goes up something is wrong period! Oil company's are greedy bastards period. My mom worked for BP for 30yr she will say the same thing greed drives those company's.

The recent increase probably has more to do with cold fronts that have been crossing the nation for the last two weeks. More heating oil needed up north.
Crude oil has been around $48 a barrel and forecasts for futures put it as low as $25.

So relax. Even it stays where it's at right now, you're saving a bundle.

Well I am one of the guys that got laid off due to low oil prices so its not that great for me. Hope it goes back up soon.

No kidding, you guys that are praising low prices, what about us oilfield guys? Sucks for us

She would probably say that about any business.

supply and demand, just like any other commodity.

It does. How do you feel when stuff you buys goes up and down?

I have a couple in laws who are in the oil fields. They spent the majority of their time overseas in Libya, Saudi and Chad. One just got layed off, working in N Mexico and says if nothing comes up soon he may go back to the middle east again.

Yes sir it does but when the price of oil is over priced everything goes up food,travel,delivery cost, and so on so yes I like putting more in my pocket instead of oil company [censored] rapping me. Oil company's need to do a better job of saving money as well. I saw a company spend $1100 a pallet for grass here in Houston spent over 175K to replant grass on 2 acres crazy. I also seen where they pay 5 guys to stand around waiting on contractors that never show up and these guys are 3k a week guys standing around doing nothing for weeks at a time. I know the roughneck guys work their butts off I have a cuz that works on a rig but he knows to put that money back b/c it's here today gone tomorrow. I hope you guys get your jobs back soon good luck.

The argument that higher oil prices is good for our economy is absolutely ludicrous.

Oil guys saying there's a negative trickle effect, because they are losing jobs. If your somewhat educated, you probably understood the risks, and also have the skills necessary to find another job.

While the O&G sector, and the ancillary businesses directly related to it might struggle a bit, the overall positive effect of lower gas prices benefits far more people than it hurts.

I'm in the oil and gas industry and yes this slow down scares the life outta me... Might be selling my boat.. But in one way or the other this price of oil affects us all in negative ways one way or the other... maybe not sooner.. but later. It hurts business everywhere... Cheap gas is great. But I Cant afford 1.00$ a gallon if I get laid off.. Damn sure wont be fishing!!

Here is something I found out recently... Store owners set whatever price per gallon they want to. I do understand price per barrel has everything to do with it but store owners can price however they want to. A buddy and I stopped to put gas in his boat at a store in Athens Tx. There were no prices on the signs outside and the pump screen that reads the price was so sun faded you couldn't read it. He pumps his gas pays 10 bucks and only got 3 gallons or so give or take. That store was charging 1.00$ more per gallon then any where else!!! I called Valero and the guy told me they can charge what they want. Store owners set the price. Just makes you wonder....How much cheaper gas could be.

All I know is it is saving me money touring the circuit this spring. Haha



How much you want for your boat? When gas prices are down and tax season rolls around, I make mad money at my daily 9-5. I feed off of drug dealers, thugs, football players, and others wanting to live beyond their means. Hah. You might look to a career change, I'm backed up over a year and still taking deposits on new customers. It seems the farther backed up I am, the more I am in demand. Lol. I'm finishing up a car for a customer today that his initial invoice was generated in 2010! Five years. Lol. Yeh. Saturday I had to dust off parts of it and dig out my notes and picture logs to remember where I left off on it over a year ago. Oil prices? My mom likes em high as they can get, I like them reasonable, my customers are too stupid to understand them and only see cheaper gas for their twin turbo Bentleys and 8mpg Lamborghini's.

One of my customers owns Kingdom Research Oil Exploration. Haven't seen him in a new Ferarri or Nissan GTR in a while. Maybe he's slowing down. Lol.