I never thought I would see this again:
Gas prices dip below $2 in some parts of Texas
Dan Ronan, a Texas AAA spokesman, said falling crude oil prices, the slumping economy and steady gas inventories have helped reduce prices.
“They are dropping pretty quickly,” he said. “Enjoy it while it’s here.”
In Harlingen, in the Rio Grande Valley area, a gallon of unleaded gas is selling for $1.98 today at Stripes convenience store, sparking a price war with a nearby H-E-B station that was selling for $1.99.
Wow! As I said a couple of posts back, plunging prices pose a big risk for inventories. Keep a close eye on demand at these prices. If demand picks up and inventories can’t recover, we will go into spring in position for gas prices to reverse in a hurry.
Now, I think I will go out for a drive.
Author: Robert Rapier
Robert Rapier is a seasoned chemical engineer with three decades of international experience in the energy sector. He holds undergraduate degrees in chemistry and mathematics, and a master’s in chemical engineering. Robert has worked extensively in oil refining, production, synthetic fuels, biomass energy, and alcohol production, earning several patents along the way. As Editor-in-Chief of Shale Magazine and a prolific author for Investing Daily, he shares his expertise through various newsletters and his latest book, American Energy: A History of Power, Progress, and Change. Robert's insights have been featured on 60 Minutes, The History Channel, CNBC, and PBS, among others. His articles have appeared in top publications like the Wall Street Journal, Washington Post, and The Economist. For nearly a decade, he has covered the energy sector for Forbes.
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We got some gas for .68 a gallon in Oklahoma back in ’98 on our way to LA. We snapped some pictures,because I knew we’d never see it again.
There is one station in Houston that has $1.99. I filled up today at $2.13 in SW Houston. Most places are $2.30-2.39, but there are a few stations still at $2.89.
Where are the conspiracy theories that big oil is lowering the price to manipulate the election? Or could it be that the messiah has just willed it to be so?
King, did you see Oil Watchdog whining about COP’s profits? Note the comment below the fold where someone points out Dugan’s absurdities.
RR
Robert (or others):
What do you think are the best public-accessible sites for obtaining global supply-demand numbers for petroleum, and their trends? Most of the sites that I find other than this one are too full of conspiracy or other nonsense. Thanks!
Robert – Dugan has really gone off the rails now. Low oil and gasoline prices don’t square with her worldview, unless it is part of a larger conspiracy to make even more profits.
What do you think are the best public-accessible sites for obtaining global supply-demand numbers for petroleum, and their trends?
I rely on the EIA for that kind of data. Their forecasts are poor, but the data are good. The IEA is also a good source, especially their monthly Oil Market Report. It has the most up to date data on world oil production.
RR