An “order of magnitude lower” is saying that they’re paying $.289/gallon for gas that everybody else is paying $2.89/gallon. I.e., one “order of magnitude” is a factor of 10.
You’re link shows a wide range of prices, but nothing that’s “an order of magnitude” lower.
$2.85 here in Eagle Ford shale country. Fracking is a part of it, Saudi Arabia saying that they’re not going to cut production in order to keep prices above a certain amount is another, a third is a general glut of oil caused by decreased demand, and a fourth is the lowering of the “Middle East conflict” premium that was built into the price of oil and gas to begin with. If the winter is relatively warm, prices might stay this low for a few months. OTOH, if it’s a very cold winter, the added demand for heating oil may cause oil prices to rise.
Sacramento Ca area. Prices at ARCO (the cheap stuff) just got below $3.00
Yesterday it was $3.05. Haven’t seen a price yet today. Yes, it’s been going down steadily for several weeks.
Here in France the prices have been dropping too.
In my area they’re down to 1,21 euro/L for diesel, a price I had last seen back in 2007, compared to more than 1,3 euro/L just a few weeks ago.
Surprised me a lot.
Way down. I’ve seen it as low as $2.79 here in Tucson. The good news is that prices are expected to drop another 15 or 20 cents by Thanksgiving.
Gas has been under $3 here in NE Indiana for the first time in almost five years.
They boosted the price back over $3 for two days last week, but it dropped and has been steadily dropping since then.
Fracking…it’s FAN-tastic!!!
Tennessee–i paid $2.61, pre-Kroger-Discount of 3 cents per.
2.71 at Costco. Been a while since other states made us look “pricey”.
Hmmm
Don’t know what our “regular” place is charging. But the QuickiMart near us is at $2.92 and that’s usually the highest place around. It just leaps out at me each time I drive by.
There have been many times since 2008 that “experts” have predicted we would never see gas under $3 a gallon again. Here’s an article that references such predictions. I remember after reading one of those predictions that I paid $2.99 just a couple months later.
Note that $2.92 today corresponds to $0.39 in 1964. Definitely a rip-off.
Adjust for inflation–milk, locally, is $2.99 a gallon.
How does that shape up to 64?
And don’t let anyone tell that this gas price drop has anything to do with the election on Tuesday!
Just because the drop might make people feel a little bit better about how the economy is doing and how that just may make one feel a little better about those currently in power, this gas price decline has *nothing *to do with politics!
Where in the Caribbean are you? Diesel prices have fallen a full 15% over the past few weeks here in the Dominican Republic. Since that is what I burn I don’t keep track of gasoline. But I am still paying $4.50 per gallon for my diesel here.
I saw $3.04/gal. in Hollister CA last weekend. That’s down quite a bit. The station right around the corner from my place in San Jose is selling regular for $3.29.
I paid $3.59 for premium yesterday, in Sacramento. That was at the Shell station nearby just off the freeway, so it’s nowhere near the lowest price in town.
Price of milk in 1964 was .49/gallon, gas was .30/gallon.
So milk is a bit cheaper, while gas is 30% more expensive. But given that the cars today get far better mileage, on a per-mile basis, gas is still cheaper today than inflation-adjusted 1964.
Bay Area here, just filled up my car today and noticed it was much cheaper than usual. $3.40/gallon for 91 octane.
I was giving the 2.92/gallon as an example *high* value here. I calculated that the cheapest places w/customer loyalty discount would indeed be around .30/gallon in 1964 prices.
It has been the case for some time that the long term average price for gasoline is remarkably constant.
Just wondering how much the taxes on a gallon of gas have gone up since '64 - seems to me that needs to be accounted for to give an accurate comparison. I know when I first got to Indiana in 1976, sales tax was not included at the pump - you had to pay that in addition. But while I was there, they mooshed it all together, so you paid what the pump said.
We’re driving to Florida in a couple of weeks to help out my FIL post-knee replacement - I’m not dreading the cost of fuel nearly as much as I have in the past.
Lowest I’ve seen so far is $3.09. This is all a very good thing for the economy, even it’s only short term relief. It won’t amount to much for individuals, the big impact will be in the savings in production and distribution, but at least the money isn’t being funneled into the our oil company overlords.