what does a barrel of oil have to drop to so its $0.999/gal

I'm not sure but I'd guess $30.

It will never drop that low again. They realized that they can get 3-4 bucks a gallon out of us no problem. It never really correlates to the price of crude in a logical way.

I think around $20. In 98 I remember driving from Va. to Co. and spending less than $150 in gas. It was .99 a gallon back then.

We will never see those lows again in this country, barring something incredibly insidious going on. The low cost of oil has in large part to do with the overall value of the backing currency, in this case the dollar. With other nations proposing the use of other currency or already moving to something of value, it would not be unforseen that the US work some backroom deal with OPEC to cover their ass, but I don't think it would stay secret very long and that favoritism would undoubtedly spark a conflagration of anti-American sentiment that makes the current discourse look like nursery rhymes.

I think it was $12 a barrel then.

It doesn't, all that has to happen it to remove the taxes on it which supposedly fund the wagon trails these idiots call roads and highways.

After all, it's 6 cents a gallon in Venezuela right now, so they are just raping the fuck out of Americans.

40

If oil is free, you still have taxes and the cost of refining and putting in additives to comply with government regulations which will cost about $1.25

Last Edited by ADEND on 11/05/2014 12:54 AM

In 1978, crude was $16 per(42gal)barrel and gasoline was $1 per gallon.

[link to inflationdata.com]

.

42 US gal. in a barrel of oil.
42 x .999 = $41.958

It would be around 20 or so.

U.S. refineries produce about 19 gallons of motor gasoline from one barrel (42 gallons) of crude oil.

More at the link
[link to www.eia.gov]

I was only a year old then.

I like oldies.
i like old tv from the 60's to 80's
i like old fashion.


Boy, was I born at the wrong time.

The only reason oil is this expensive is because the market has been created where the average person had no choice but to purchase the gas, and so conventional rules of the market didn't apply, but now we have a number of other issues which private interests have created and which are lending to the collapse in oil prices.

One, wages haven't moved in 40 years. They are still paying the 8 dollars an hour I made in 1982 as a store clerk. Yet again, gas is now well over twice that amount. Then the taxes on cigs and booze have been nothing short of rape, and then we had the insurance industry sponsor corporate welfare legislation which passed in 49 states and makes extortion for auto insurance the law, even though you still have buy uninsured motorist coverage, and even if you have never had an accident, and even if it's completely unconstitutional.
So the only really amazing part to me is that the gas is as high as it still is, and that must say that people are having to not buy other things.

Rather obviously one can see the over-all decline of the entire economy has been because private interests have corrupted the principles of liberty and are plundering the pockets of people with legalized theft to such an extent that the consequences are predicable and are almost certain.
Which means economic collapse at some near point.

Now the Saudi's are always going to follow the next new leaders, and so the insane plane of the PNAC Terrorists went south and actually has done more to destroy the U.S. than any other attack or invasion in the entire history of the nation. So the Arabs see we are going under, and just as their previous British Rulers also fell under the Nazi's, it was also then that the Arabs switched alliances to he Germans, only to again switch back to the US, or rather more correctly, the NATO Oil Barons when the defeat of the Nazi's became evident.

Who knows, oil might crash, but it's crashing because people can't afford to drive and honestly, on a friday night, between trying to get someplace and not be stopped by the cops and cited for some stupid shit, or maybe shot, that it's become too much to even venture out after hours on the weekends. So of course the oil is crashing and the nation is crashing and the corporate assholes who are ruling our political system are the responsible people for all that is happening.

30$ a barrel