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Gas Prices - News & Discussion

Home Forums General Columbus Discussion Gas Prices – News & Discussion

Viewing 15 posts - 136 through 150 (of 512 total)
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  • #361023
    Walker Evans
    Walker Evans
    Keymaster

    [b]Chart: Why $4-Per-Gallon Gas Is Damn Cheap[/b]
    BEN JERVEY
    March 21, 2011

    [i]Inspired by Cord’s thought-provoking post on the per gallon prices of various liquids, and by Sarah Palin’s ill-informed Facebook rant on the “$4-Per-Gallon President,” I decided to take a closer look at gasoline prices around the world. Mrs. Palin might be interested to learn, that the world already has quite a few $4-Per-Gallon Presidents. In fact, the world already has $6-Per-Gallon Parliaments, $7-Per-Gallon Prime Ministers, and $8-Per-Gallon Presidents![/i]

    READ MORE: http://www.good.is/post/chart-why-4-per-gallon-gas-is-damn-cheap/

    #361024

    Rockmastermike
    Participant

    Nothing to see here… gas will always be cheap… move along…

    “Columbus already has a fabulous rapid-transit system. ‘It’s called the freeway’” – R.Weiler, COTA board of directors, 2008

    #361025
    hugh59
    hugh59
    Participant

    I am a little bothered by the President going to Brazil and encouraging them to do the kind of offshore drilling that is being regulated into nonexistence off our own shores. That will keep gas prices and our trade deficit high.

    #361026
    hugh59
    hugh59
    Participant

    I am a little bothered by the President going to Brazil and encouraging them to do the kind of offshore drilling that is being regulated into nonexistence off our own shores. That will keep gas prices and our trade deficit high.

    #361027

    JonMyers
    Participant

    hugh59 wrote >>
    I am a little bothered by the President going to Brazil and encouraging them to do the kind of offshore drilling that is being regulated into nonexistence off our own shores. That will keep gas prices and our trade deficit high.

    On another note, Brazil’s high gas prices jumped off that chart for me. If I’m not mistaken they presently have oil discoveries, which dwarf those of Venezuela, and thus, have the means to be a petro state with low subsidized oil prices. I’m surprised they don’t.

    #361028

    Rockmastermike
    Participant

    hugh59 wrote >>
    I am a little bothered by the President going to Brazil and encouraging them to do the kind of offshore drilling that is being regulated into nonexistence off our own shores. That will keep gas prices and our trade deficit high.

    According to DOE, US oil demand was 19.1 million bbl/d in 2010 and grew by a modest 380,000 bbl/d in 2010 (2% growth, which is actually historically pretty low).

    US production was, and I’m just going to quote here from the DOE for the sake of completeness… ( http://www.eia.doe.gov/steo/ ):
    [quote]Domestic crude oil production, which increased by 150,000 bbl/d in 2010 to 5.51 million bbl/d, declines by 110,000 bbl/d in 2011 and by a further 130,000 bbl/d in 2012 (U.S. Crude Oil Production Chart). The 2011 forecast includes production declines in Alaska of 60,000 bbl/d in 2011 and an additional decline of 10,000 bbl/d in 2012 because of maturing Alaskan oil fields. EIA expects production from the Federal Gulf of Mexico (GOM) to fall by 240,000 bbl/d in 2011 and by a further 200,000 bbl/d in 2012. These production declines in Alaska and the GOM are partially offset by projected increases in lower-48 non-GOM production of 190,000 bbl/d and 70,000 bbl/d in 2011 and 2012, respectively.[/quote]

    According to the MMS, OCS drilling (offshore) accounted for 29% of us total production, or 1.4 million bbl/d. ( http://www.boemre.gov/stats/ocsproduction.htm which has links to other useful tables too). Also according to MMS, the off limit oil fields are maybe 25% of the size of existing resources. Maybe more, maybe less.

    So… lets just assume, as a thought experiment, for a minute that all of these fields that are now ‘off limits’ are suddenly in play. Also lets make the erroneous assumption for fun that a bunch of really expensive offshore rigs suddenly spring into existence and put those plays into massive production and increase our offshore oil production at a simply stunningly impossible best-case (never gonna happen) rate of 50% overnight (adds .7 million bbl/d to bring the total up 2.1 million bbl/d). That impossible rate of increase would account for 3% of US demand of 19.1 million bbl/d. Or about 5% of US oil imports. In reality it would take years, with US demand growing at 2-3% per year every year.

    So… anyway… that whole “offshore drilling deregulation is gonna save us at the pump” argument is pretty much a political one and not one actually based in geological reality.

    Another nice article on the subject: http://www.scientificamerican.com/article.cfm?id=can-offshore-drilling-make-us-independent

    edit: I’m not saying we as a country should not be trying to increase production. But it’s not going to be easy. We will NEVER be able to regain the 10 mbbl/d production we once reached that could not be sustained. Opening up closed offshore deposits is no silver bullet. And thinking that the marginal amounts of oil remaining in US territory are going to have any effect near or long term on the cost of gas is just wishful thinking that ignores the scale of the issue.

    #361029

    Paul
    Participant

    FYI the average price for Canada on that infrographic is incorrect.

    #361030
    Walker Evans
    Walker Evans
    Keymaster

    Chart: It’s Impossible to Reduce Our Dependence on Foreign Oil with Domestic Drilling:

    http://www.good.is/post/chart-it-s-impossible-to-reduce-our-dependence-on-foreign-oil-with-domestic-drilling/

    #361031

    deraj1013
    Participant

    [i]From the Dispatch…[/i]

    [b]Demand, Mideast tensions behind gas-price rise
    Unleaded prices at two-year high[/b]

    [i]By Dan Gearino[/i]

    Drivers woke up to $3.79 per gallon gasoline at many stations across central Ohio, the highest prices in more than two years.

    [url=http://www.dispatch.com/live/content/business/stories/2011/04/04/gasoline-prices-on-the-rise.html?sid=101]Read more[/url]

    #361032
    Walker Evans
    Walker Evans
    Keymaster

    [b]AAA: Ohio Gas Jumps 12 Cents In A Week[/b]
    Monday, April 4, 2011
    WBNS-10TV

    [i]Oil prices at their highest levels in 2 years have helped to push Ohio gas prices up 12 cents from last week. [/i]

    [i]A survey from auto club AAA, the Oil Price Information Service and Wright Express shows the statewide average price for regular-grade gasoline is now $3.67 a gallon, compared to $3.55 last Monday. [/i]

    READ MORE: http://www.10tv.com/live/content/local/stories/2011/04/04/story-columbus-ohio-gas-prices.html?sid=102

    #361033
    Walker Evans
    Walker Evans
    Keymaster

    [b]$4 for gas? It could hit $5 a gallon[/b]
    Tuesday, April 5, 2011
    BY DAN GEARINO
    THE COLUMBUS DISPATCH

    [i]After a weekend surge, $4 per gallon gasoline is within sight, and $5 gas doesn’t sound nearly as far-fetched as it did a few months ago.[/i]

    [i]Drivers did double takes yesterday morning when they saw that the price had risen to $3.79 per gallon at many stations across central Ohio. Prices are rising because of the continued unrest in the Middle East and evidence that U.S. demand will increase because of the recovering economy, analysts say.[/i]

    READ MORE: http://www.dispatch.com/live/content/business/stories/2011/04/05/4-for-gas-it-could-hit-5-a-gallon.html?sid=101

    #361034

    Lakee911
    Participant

    That makes Mega Bus look even better.

    #361035

    Lakee911
    Participant

    At $4.00/gallon it would cost me $14.29 to get to and from work every week (assuming 28MPG in my standard Accord). Approx. drive time per week is 2 hours.

    I could take the bus, but that would mean an extra 8 hours of transit time per week. An (express) monthly pass is $76/month which is approx $17.50 per week (paying the daily fares each trip would be $25 per week).

    I can’t factor in car insurance because I wouldn’t get rid of my car.

    I could ride my bike … but ya, I’m not gonna really do that. lol

    #361036
    Walker Evans
    Walker Evans
    Keymaster

    You can factor in wear and tear, mileage and depreciation value on your car though.

    Eight hours per week on the bus means around a 40 minute one-way trip, right? I’m sure that’s longer than your commute, but you can also get a few things done on the bus… or relax. ;)

    #361037

    Lakee911
    Participant

    Straight line depreciation, maintenance/wear and tear over approx. 17 years and 200K miles is about 15cents per mile. That’s an extra $15/week drivng to work so the bus does look a little better.

    That was also an extra 8 hours. 10 total, plus walk and wait time. No thanks. :(

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