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Page added on November 16, 2015
Sub-$2 gas on the horizon again
Though gas prices remain stubbornly higher in Lincoln, they are creeping down toward $2 a gallon in other parts of Nebraska.
Lincoln’s average for a gallon of regular unleaded was $2.36 as of Monday, according to both AAA and GasBuddy.com. That’s down 7 cents from a week ago and 25 cents from a month ago.
But according to AAA, it’s still one of the highest average prices among larger cities in the state. Only North Platte and Kearney have higher prices.
The state average as of Monday was $2.24 a gallon, and Columbus, Grand Island and Omaha all had average prices lower than $2.20.
According to GasBuddy, at least two stations in Omaha are now selling gas for less than $2 a gallon, and several others around the state are selling gas for $2.05 or less.
The lowest price of any station in Lincoln is $2.13.
Nebraska’s average price is 8 cents higher than the national average, which AAA said is likely to be below $2 a gallon by Christmas for the first time since 2009.
“Historically, gasoline demand tends to decline during the month of November, and with the autumn refinery maintenance season nearing completion, pump prices are expected to move lower to close out the year, barring any unanticipated outages or supply disruptions,” AAA said in a news release Monday.
Even with last week’s terror attacks in Paris, oil prices are expected to stay low. They were around $42 a barrel Monday after falling nearly 10 percent last week.
Refinery issues, which caused prices in Nebraska and other Midwest states to spike a few weeks ago, are largely resolved, AAA said.
Also Monday, the National Association of Convenience Stores said the results of a consumer survey it did show low gas prices may boost holiday shopping this year.
The group said 42 percent of regular Black Friday shoppers said they will spend more this year thanks to gas prices that are more than 70 cents cheaper than they were a year ago.
16 Comments on "Sub-$2 gas on the horizon again"
Plantagenet on Mon, 16th Nov 2015 11:23 pm
Its pretty amazing to see sub two bucks for a gallon of gasoline considering that conventional oil production peaked in 2005.
cheers!
GregT on Tue, 17th Nov 2015 1:03 am
Its (sic) pretty amazing that the average price of gasoline in the US was closer to a buck a gallon prior to the peak in conventional oil production.
http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=pet&s=emm_epm0_pte_nus_dpg&f=a
makati1 on Tue, 17th Nov 2015 1:30 am
“Sub-$2 gas on the horizon again”
Won’t make a difference. The consumer’s incomes are shrinking faster than the price of gas. And less and less is being shipped by truck these days as there is no demand for much besides necessities.
Take it down to $0.29 like it was in ’62 when I bought my first car. Won’t change the direction the US economy is going … down.
It might make it easier to move that SUV you will be living in when you lose your house. LOL
marmico on Tue, 17th Nov 2015 3:45 am
Its (sic) pretty amazing that the average price of gasoline in the US was closer to a buck a gallon prior to the peak in conventional oil production.
Money illusion. Four cents of every wage or salary dollar will be spent on gasoline in 2015. Almost six cents/wage dollar was spent for those who pine for the Leave it to Beaver era.
https://research.stlouisfed.org/fred2/graph/?g=2AtO
Davy on Tue, 17th Nov 2015 4:07 am
I have to admit with disdain the stupid tendency of Americans to talk about gas prices. It shows just how pissed they are going to be when price gyrations hit and shortages become common. “The best cure for low prices is low prices” that was a catchy 20th century phrase too bad those days are gone. Low prices today are a disease that will destroy our vital resources of supply. We are in uncharted waters in the dark with a malfunctioning compass.
marmico on Tue, 17th Nov 2015 6:23 am
Davy Green Acres spends less money on gasoline than Levittown Ward Cleaver did for the same work. That is charted.
Beaver Cleaver was the first baby boomer in U.S. demography.
BC on Tue, 17th Nov 2015 12:21 pm
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMb
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AM9
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMg
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMk
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMH
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMM
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMA
https://research.stlouisfed.org/fred2/graph/fredgraph.png?g=2AMu
Anonymous on Tue, 17th Nov 2015 7:50 pm
Oh, this is wonderful news indeed! Now every American will be able to afford to drive from their front doors to the curb to pick up their newspaper again.
Hoo-ray!
makati1 on Tue, 17th Nov 2015 8:14 pm
Marm,
1n 1962 gasoline was $0.25/gal. The Federal minimum wage was $1.25* = 5 gallons before taxes. (Gross income)
In 2015 gasoline at $2/gal and the Federal minimum wage at $7.25(as of July this year) = a bit less than 4 gallons.
*http://www.348-409.com/1962flash.html
**http://jobsearch.about.com/od/increase/fl/minimum-wage-rates-2015.htm
You have to take the baselines if you are making comparisons, or they are bogus.
If you subtract out the tax difference, and go to net income, (actual purchasing power) That 4 gallons would drop to maybe 3 or less.
peakyeast on Tue, 17th Nov 2015 10:04 pm
Yeah – every American – except the unemployed, the “disgruntled” workers which is becomming a rather large group AFAIK. As well as all the people in prison..
Btw. Isnt it quite ironic that the “land of the free” has 707 prisoners per 100,000 population. Which ranks it second “best” in the World…
I would have thought a country that claims to be land of the free indicated that it should be below average in that statistic.
Freedom is incarceration and War is Peace.
And next week you will get 20grammes extra chocolate… Or was it gasoline below 2$ they said?
marmico on Wed, 18th Nov 2015 5:00 am
Baseline?
In 1964 Joe Sixpack earned $2.53 per hour, leaded gasoline cost $0.31 per gallon and the average fuel efficiency (AFE) of a car was ~14 miles per gallon (mpg). Joe could travel 115 miles per hour of work.
Fifty years later in 2014 Joe earned $20.60 per hour, unleaded gasoline cost $3.50 per gallon and the AFE was ~24 mpg. Joe could travel 140 miles per hour of work.
Gasoline was more affordable in 2014 than in 1964. In 2015 Joe will be able to travel ~200 miles per hour of work.
Davy on Wed, 18th Nov 2015 7:15 am
Peaky, your wonderful Europe will be sinking into the swamp just like America. I know Europe all too well and your high standard of living and peace among nations is just a veneer for a continent of discontent, hatred, and resentment. You guys will rip each other apart soon enough. We see what is happening in America but that will be nothing like Europe where most countries have a pride that is 3 sizes too large for reality next to another country with a pride 3 times too large. When that pride gets mixed with violence well look out. Europe taught us what world war is and there is no reason Europe won’t tear itself apart again.
peakyeast on Thu, 19th Nov 2015 5:20 am
@Davy:
I totally agree with all you wrote except: “Wonderful Europe”.
At this point I am against all governments and the existence of most people. 🙂
EU is no better than the states – perhaps even worse.
I am generally an agnostic anarchist. Not anarchist in the popular sense, though.
And I dont believe we can have a functioning anarchy at this point. But then: I dont believe we can have a functioning Anything at this point.
Davy on Thu, 19th Nov 2015 5:37 am
Well, Peaky, you are harder on your Euro-self than I was. When I go to Italy every other year to see my wife’s family it is wonderful for me. I especially like hiking into the mountains to this one special eco-farm and getting fresh Ricotta cheese. The quality of life per the food is hands down better than the States. Our food is poor to bad. You can get good food if you pay higher for imports, make it yourself, and or look around for a specialty local supplier. BTW, I agree with what you said about the States in the comment in question.
peakyeast on Thu, 19th Nov 2015 7:23 am
@Davy: Some 20 years ago I would have called Denmark and perhaps Europe wonderful.
But the legislation has gone completely ape. Everything is controlled down the very last detail. About the only thing that is free to some degree is which of 3 ways you can go to work.
If you ask me Europe feels like Detroit would have felt after it peaked and serious decline set in. But then I imagine it must also feel like that in the US?
Going up in consumption is so much more beautiful – than going down 😉
I have never been in the states – I was as close that I got a visa, but then I decided against going – since I couldnt justify the extreme expenditure in energy just to pleasure myself.
My wife has been there – she didnt complain about the food.
Actually she said about three things:
1.She said all servings were monstrous
2. that she was amazed at how many afro-americans that were hanging around streets looking up to no good.
3. That the police were crazy in sneaking or hiding around – really carefully looking at everything for the slightest trouble in order to give tickets.
🙂
Davy on Thu, 19th Nov 2015 8:49 am
Peaky, I hate being a carbon whore this is why I am going to see my wife’s family every other year in Italy. You are correct I feel the decline especially nowadays. I especially see it with our daily discussions where we here on this board aggregate news of decline. I can see how people that don’t have the interest in these subjects we do can easily be convinced things are not as bad as they really are.
On the subject of food, yes, ours serving sizes and the all you can eat buffets are disgusting and must end. It is bad for our health and for the health of the global world. Actually it is only common with a portion of the population. Many people are health conscious and avoid this situations eating still too many eat this way.