Some gas stations have it at $1.30 a gallon, What does that really mean?

[Stuart G]

There are gas stations in Wisconsin, Illinois and Indiana that are selling gas at $1.30-$1.40 a gallon. I saw one near the Whiting Indiana refinery, selling it for 1.19 a gallon. Whiting Indiana is at the southern end of Lake Michigan, right near the Illinois/ Indiana border..It is a BC Refinery...(the old Standard Oil of Indiana)....here is a link:

http://www.chicagogasprices.com/map_gas_prices.aspx?z=11&lat=41.992958&long=-87.940493&sid=140&ft=A


enlarge the above map above, and move it around..in order to see all stations in the U.S.A.. (the above is a local map, around Chicago's airport, enlarge it to see Indiana and Wisconsin, enlarge it more for all U.S.)

That means that there is so much of it, that they, the oil refineries, are willing to sell it at 1960 prices..of about 25 -30cents a gallon....Inflation is five or six times what prices were then. A car I bought in 1970 cost 2000,and now same one is 7 or 8 times that ..house was 30,000, times 6.5 $200,000 today..and so on, and so on. So this cheap gas is very cheap if you consider the inflation involved

Take the number 27 and multiply it by 5..and you will get $1.35..In the early 60s, 27cents a gallon was very good...Inflation has multiplied most stuff by 5 or 6. So, I bought gas in the mid 60s for 32 cents.. The oil people can't get rid of it..so..the price gets lower and lower. Why?.

.Pointed out here in an earlier thread, that Saudi Arabia is over producing to get rid of oil fraking in the U.S. which could ultimately affect them. Put the price so low, to put them out of business, ..and raise later. It ain't pretty, but at least we can gat real cheap gas now....So I am bringing this to your attention. Oh, I never thought I would see it this low..

...good luck...

[nichomachus]

1. It means the Saudis aare also,

with the backing of the US, flooding the market with oil in an attempt to tank the economies of Iran, Russia, and Syria.

Don't worry. One day the Saudis will realize they need a few buck and prices will shoot up to $5 a gallon in the blink of an eye.

[Stuart G]

4. I agree with you ...it will last just as long as they want it to.

If they stop the overproduction, it will take a while, then boom...."$5.00 a gallon in the blink of an eye.."

yes..that is what they can do...

[KentuckyWoman]

2. They'll suck us in then plug the pipes again.

I've seen it happen over and over. Walmart didn't make up the game plan they just used it well.

[bemildred]

3. I am reminded or Gandalf and the Balrog fighting as they fall into the abyss.

[LiberalArkie]

5. A refinery is not something you can start and stop. It costs big money to start one back up after

going idle. They can cut production a little bit, but I am starting to believe that they are running as low a production level as possible. I was reading a couple of months ago about tankers in the Gulf of Mexico lined up as far as the eye can see. All the storage facilities are full and no place to put it.

[SheilaT]

6. A friend who lives in Kansas posted a picture of

gas at 90.9 cents per gallon a couple of weeks ago.

Gas where I live (Santa Fe) is about $1.55, give or take a few cents.

I'm happy, because the way I budget means my gas money simply builds up, and then when I take a long driving trip I use the excess to pay for food while on the road. Like so many I have limited money, and it's nice to see one portion of it going a lot farther.

[pinboy3niner]

7. It's $2.75 on the corner near me in SoCal. nt

[Jim Beard]

8. Its really bringing some oil income dependent countries

down a few notches. Really hurting Russia and Venezuela.

[Stuart G]

9. Well said. nt

[Jokerman]

10. $1.29 in Indianapolis n/t

[Jokerman]

11. From $1.29 to $1.59 in a couple of hours.

I should have filled up at lunch.